TORONTO, July 9, 2019 /CNW/ - Orefinders Resources Inc.
("Orefinders" or the "Company") (TSX.V: ORX) is pleased to announce
that field work has started on Pacific Precious' Kuta Ridge
Property. The scope of work includes stripping, trenching and
channel sampling the outcropping gold occurrences which were
identified during earlier programs in order to attain more data on
the grade and width of these zones. Additionally, new areas on the
property will be mapped and prospected to identify new
mineralization.
View Map of Kuta Ridge's 5.5 km Gold
System
"We look forward to the results of the field work and we remind
investors that surface sampling has discovered and defined a 5.5
kilometre long open gold system with very high gold grades up to
238.0 g/t gold in surface outcrops. We see signs of typical
intermediate to high sulphidation systems, including localized,
north-south faults within the Kuta Ridge property that encompasses
the gold rich system, as well as mineralized veins outcropping on
surface. The most prospective areas are in the central part of the
property, to the south of the historical alluvial mining and occurs
on the southern facing slope of Kuta Ridge, an area which has
neither been explored, nor drilled. This is new information
and was not known by previous explorers and was discovered by the
locals while undertaking artisanal mining activities. The Kuta
Ridge project benefits from superb geological endowment, excellent
infrastructure, and the support of the local community," said
Charles Beaudry, Orefinders VP of
Exploration and Director of Pacific Precious.
View Pacific Precious Updated Corporate
Presentation
NI 43-101 Technical Report
Douglas Hutchison, consulting
geologist, Independent Qualified Person ("QP") as defined in
"National Instrument 43-101, Standards of Disclosure for Mineral
Projects", has been commissioned to complete a Technical Report on
Kuta Ridge as part of attaining a Property of Merit status for
Pacific Precious' going public process. The report is expected to
be delivered before the end of Q3 2019. In conjunction with the
site visit by the independent QP, Charles
Beaudry, Orefinders VP of Exploration and Director of
Orefinders Resources Inc., will also make a site visit to Kuta
Ridge to meet with staff and local community leadership.
Pacific Precious' Local Leadership
The Pacific Precious exploration team, which is local to
Papua New Guinea, is lead by two
experienced geologists in Thomas
Dott, Managing Director and Koiti Mel, Director of
Exploration, both based out of Mount Hagen, 4KM north of the Kuta
Ridge project.
Community Engagement
Pacific Precious is actively engaged with all stakeholders,
including local communities that live within the property.
All of the communities impacted by the current work program have
been consulted and the leadership of each community has signed an
endorsement of the company's presence as well as the work
objectives. As part of this agreement, a feast was organized
on the property at the start of the work program to celebrate the
agreement and to strengthen ties with the local communities.
Pacific Precious, as well as Orefinders Resources Inc. adhere to a
sustainable development policy that can be found on both
websites.
Next Steps
The objective of the current exploration program is to
prioritize best targets for diamond drilling along the known gold
structure. Additionally, Pacific Precious will conduct a
magnetic survey along the gold structure, as well as collect
samples along the vertical extent of the mineralized system for
fluid inclusion studies in order to better understand the
mechanisms of gold precipitation from hydrothermal fluids.
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 Pacific Precious, who is a Qualified Person as
defined in "National Instrument 43-101, Standards of Disclosure for
Mineral Projects."
About Pacific Precious
Pacific Precious is a privately-owned Canadian corporation which
owns 100% of the Kuta Ridge Project. Pacific Precious is the trade
name of Kuta Ridge Exploration Inc. Details about Pacific Precious
can be found in the Orefinders News Releases of March 4th, May
15th, and May 31st,
2019 news releases available on the Company's website and at
www.sedar.ca.
About Orefinders Resources Inc.
Orefinders is a Gold exploration and development company focused
in the Kirkland Lake District of
Ontario's Abitibi Greenstone Belt.
The Company is listed on the Toronto Venture Exchange under the
symbol ORX.
Orefinders also announces that in accordance with the
Corporation's Stock Option Plan, a total of 3,475,000 incentive
options have been granted to officers, directors and consultants,
all of whom have assisted in creating value for our shareholders to
date. The option's exercise price is $0.07 per share and they are exercisable for a
period of five years from the date of issue.
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.