TORONTO, May 3, 2019 /CNW/ - Orefinders Resources Inc.
("Orefinders" or the "Company") (TSX.V: ORX) is pleased to announce
that it has acquired 11,850,000 shares of Mistango River Resources
("Mistango") (CNX: MIS), or over 31% of the shares outstanding,
from Osisko Gold Royalties Ltd ("Osisko") in exchange for issuing 5
million Orefinders shares to Osisko. Mistango owns a series of
assets including the past producing Omega
Gold mine, located 5km west of Orefinders' McGarry Mine
project, and 15km northeast of Orefinders' Mirado project.
About Mistango's Omega Project
The Omega Mine produced over 215,000 ounces of gold between 1935
and 1947. Omega's NI 43-101 resource estimate was completed in
2013, consisting of an indicated resource of 4.92 million tonnes
grading 1.39 gpt gold (219,808 ounces), and an inferred resource of
4.69 million tonnes grading 2.43 gpt gold (365,400 ounces).
OMEGA Property NI
43-101 Resource Estimate 2013
|
Cut-off
Grade
|
Classification
|
Tonnes
(Mt)
|
Gold
(gpt)
|
Contained
Gold (ounces)
|
0.5 gpt Au above 130
masl
|
Indicated
|
4.92
|
1.39
|
219,438
|
3 gpt Au below 130
masl
|
Indicated
|
0.003
|
3.19
|
370
|
|
|
Total
Indicated
|
219,808
|
0.5 gpt Au above 130
masl
|
Inferred
|
3.35
|
1.8
|
190,900
|
3 gpt Au below 130
masl
|
Inferred
|
1.34
|
4.0
|
174,500
|
|
|
Total
Inferred
|
365,400
|
The preceding information is derived from the technical report
filed by Mistango titled "Omega Property – McVittie Township,
Ontario, Canada" dated effective
May 10, 2013 and filed on SEDAR by
Mistango on July 10, 2013. The
report indicates that it is prepared in accordance with NI
43-101. Although Orefinders considers it to be reliable,
Orefinders is treating it as an historical estimate, not a current
mineral resource, as Orefinders has not yet had a qualified person
do the work necessary to confirm that it may be classified as a
current mineral resource.
"We are pleased to welcome Osisko as a shareholder of
Orefinders. The acquisition of 31% of Mistango River Resources from
Osisko is an excellent opportunity for Orefinders to increase its
footprint within the prolific Kirkland
Lake-Larder Lake camp. This acquisition is in line with our
strategy of consolidating the Cadillac Larder-Lake Break. The Omega
mine is strategically located along the Cadillac Larder-Lake Break
proximal to Orefinders' McGarry Mine and Barber Larder projects.
Furthermore, it shares synergies with Orefinders' Mirado project,
which is just 15km southwest of Omega as well as Agnico Eagle's
Upper Beaver—just 7km north of Omega." said Stephen Stewart, Orefinders' CEO.
Early Warning
The Company's acquisition of shares of Mistango from Osisko took
place on May 3, 2019 in a private
sale pursuant to the terms of a securities exchange agreement
between the Company and Osisko. Immediately prior to the
closing of this share acquisition, Orefinders did not own or have
control or direction over any common shares of Mistango. After
giving effect to this acquisition, Orefinders owns and exercises
control over a total of 11,850,000 common shares of Mistango,
representing approximately 31.1% of the issued and outstanding
common shares of Mistango. Mistango has a head office at 4 Al Wende
Avenue, P.O. Box 546, Kirkland Lake,
Ontario P2N 3J5.
Orefinders acquired the Mistango shares for investment purposes.
Orefinders intends to evaluate its investment in Mistango and to
increase or decrease its beneficial shareholdings from time to time
as it may determine appropriate for investment purposes.
A copy of the early warning report corresponding to this press
release can be obtained from Stephen
Stewart, CEO and Director, at 416-644-1567 or on SEDAR at
www.sedar.com.
QP Statement
The technical information contained in this news release has
been reviewed and approved by Charles
Beaudry, P.Geo, Director and Vice President Exploration for
Orefinders who is a Qualified Person as defined in "National
Instrument 43-101, Standards of Disclosure for Mineral
Projects."
About Orefinders Resources Inc.
Orefinders is a Gold exploration and development company focused
within the Abitibi Greenstone Belt. The Company is listed on the
TSX Venture Exchange under the symbol ORX.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release. Certain information in this press release may contain
forward-looking statements. This information is based on current
expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward-looking
statements. Orefinders' assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to Orefinders. Additional information identifying risks
and uncertainties is contained in filings by Orefinders with
Canadian securities regulators, which filings are available under
Orefinders' profile at www.sedar.com
SOURCE Orefinders Resources Inc.