TORONTO, June 17, 2019 /CNW/ - Orefinders Resources
Inc. ("Orefinders" or the "Company") (TSX.V: ORX) is pleased to
announce that Power Ore (TSX.V:PORE), of which Orefinders owns
5,059,752 shares, intersected 1.41% copper equivalent over 58.1
metres confirming shallow high grade disseminated copper
mineralization at Opemiska Copper Mine Complex in the Chibougamau District of Quebec.
Notable intersections include:
- 1.41% copper equivalent over 58.1 metres starting at
49.9 metres down hole including 5.9% copper equivalent over 8.5
metres in hole OPM-19-02
- 0.72% copper equivalent over 23.6 metres starting at 51
metres down hole including 1.47% copper equivalent over 7.1 metres
in hole OPM-19-01 (Twinned Hole of Historical Falconbridge Hole
S-807)
- 0.24% copper equivalent over 79 metres starting at 33
metres down hole including 0.51% copper equivalent over 25.7 metres
in hole OPM-19-03 (at the rhyolite contact, previously thought to
be unmineralized)
Table 1: Summary of Significant Mineralized
Intersections on Opemiska Project.
Hole
ID
|
Grade
|
Interval
(m)
|
From
(m)
|
To
(m)
|
Copper Eq
(%)
|
Copper
(%)
|
Gold
(gpt)
|
Silver
(gpt)
|
Cobalt
(%)
|
Zinc
(%)
|
OPM-19-02
|
1.41%
|
0.82
|
0.69
|
5.08
|
0.01
|
0.04
|
58.1
|
49.4
|
107.5
|
INCLUDING
|
2.29%
|
1.96
|
0.24
|
11.57
|
0.01
|
0.08
|
10.8
|
49.4
|
61.3
|
AND
|
5.94%
|
2.87
|
3.85
|
16.63
|
0.02
|
0.09
|
8.5
|
99.0
|
107.5
|
|
|
|
|
|
|
|
|
|
|
OPM-19-01
|
0.72%
|
0.39
|
0.29
|
4.23
|
0.01
|
0.12
|
23.6
|
51.0
|
74.6
|
INCLUDING
|
1.63%
|
0.79
|
0.78
|
8.69
|
0.01
|
0.37
|
7.1
|
51.0
|
58.1
|
|
|
|
|
|
|
|
|
|
|
OPM-19-03
|
0.24%
|
0.15
|
0.06
|
3.20
|
0.001
|
0.03
|
79.0
|
33.0
|
112.0
|
INCLUDING
|
0.52%
|
0.34
|
0.15
|
6.10
|
0.002
|
0.02
|
25.7
|
33.0
|
58.7
|
*Copper Equivalent
("Cu Eq.") grade including copper, gold, silver, cobalt and zinc
based on 100% recoveries is calculated using the following
equation: Cu Eq. = [(Cu % x 20 x Cu price) + (Au grade / 34.2857 x
Au price) + (Ag grade / 34.2857 x Ag price) + (Co % x 20 x Co
price) + (Zn % x 20 x Zn price)] / (20 x Cu price). We used Cu, Au,
Ag, Co and Zn price of US$2.65, US$1,325 and US$14.75, US$15.00 and
US$1.15 respectively.
|
Full details are available in Power Ore's June 14, 2019 news release.
"This first batch of assay results from Opemiska's Spring 2019
Drill Program highlights the potential of the project to host a
near surface resource based on a combination of remaining high
grade vein type mineralization and the surrounding disseminated
mineralization above a nominal cut-off grade of 0.5% Cu-Eq", said
Stephen Stewart, CEO and Director of
both companies. "This shows that we were justified in pursuing this
opportunity for Power Ore and we are happy that Orefinders, which
is focused on gold in Kirkland
Lake, has a participation in Power Ore, a Chibougamau copper-focused company. We
look forward to the remaining results from the drill program in the
coming weeks," added Mr. Stewart.
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
both Orefinders and Power Ore, 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
exclusively within the Abitibi Greenstone Belt. The Company is
listed on the Toronto Venture Exchange under the symbol ORX. Refer
to Power Ore's 14 June 2019 News
Release (link above) for a complete Description of QAQC procedures
used on the Opemiska project.
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.