TORONTO, June 3, 2019 /CNW/ - Orefinders Resources
Inc. ("Orefinders" or the "Company") (TSX.V: ORX) is pleased to
announce a diamond drill core resampling program on its Knight
Project, located in the Shining Tree District 70KM southwest of
Kirkland Lake, Ontario.
The intent of this program is to resample and compile the Knight
projects diamond drilling which has been completed prior to
Orefinders consolidating this land package. Orefinders has 31,900
metres of diamond drill core in its possession and inventoried
which it used to complete its geologic model as described in the
Company's September 5, 2018 news
release.
"31,900 metres of drill core represents a drill program of
nearly $5 million. Given Knight's
multiple mineralized zones together with some excellent drill
intersections and history of production this program is looking to
create value efficiently. We've spent considerable time revaluating
the project to see how the pieces fit together. We see this next
phase as a cost-effective way to add value and increase our
understanding of the project. We plan on validating Knight's drill
core and undertake resource estimates if warranted without drilling
a metre in the near term. Going forward this will serve as the
basis for expansion drilling as our geologic model shows a clear
trend in the mineralization which we believe was not considered by
previous owners," said Stephen
Stewart, Orefinders CEO.
Historical Drill Core
The Knight project hosts over 250 diamond drill holes for a
total of 44,230 metres. On site at the Knight project
Orefinders has inventoried a total of 31,900m of core that is in its possession.
Most of this core is from the drilling completed since the
1980's. Except for the more recent sampling none of the old
assays were controlled with QAQC procedures. However
sufficient drill core remains to undertake a systematic resampling
program in order to validate the old drilling at least from the
1980's period and younger.
Proposed Sampling Program
A systematic drill core sampling program will be undertaken with
the objective of validating the assays from each drill program for
which core is available. A random selection of mineralized
samples will be quarter split and analysed for gold using complete
QAQC controls including pulp standards and blanks and verification
assay in a second laboratory. Once the old drill assays are
validated the mineralized zones on Minto, Tyrenite and Duggan will be
re-interpreted and if warranted, an independent Qualified Person
shall be retained to prepare new mineral resource estimates.
Additionally some surface mapping and drill core review will be
undertaken to help better understand the geology and controls on
mineralization on the Knight Project.
About Orefinders Resources Inc.
Orefinders is a Gold exploration and development company focused
exclusively within the Abitibi Greenstone Belt. The Company is
listed on the TSX Venture Exchange under the symbol ORX.
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."
Reports on historical mineral resources are based on available
documents and in many cases there is no way to verify the quality
of the estimates and are taken "as is" and are not considered as
Current Mineral Resources. We caution the reader that we are
not relying on these historical resources which are only being used
to orient future exploration. The old core that is available
the will be resampled with strict QAQC protocols in order to
validate the historical results.
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.