TORONTO, Sept. 3, 2019 /CNW/ - Orefinders Resources Inc.
("Orefinders" or the "Company") (TSX.V: ORX) is pleased to announce
that it has identified high priority targets via processing of an
existing high-resolution magnetic-radiometric survey completed on
its Knight Gold project in Ontario. These targets have been evaluated in
conjunction with lithogeochemical arsenic anomalies, which together
have identified numerous potential breccia pipes targets like that
of the Minto which have yet to be
investigated.
"Our objective to identify one or more additional high-grade
gold breccia pipes like the Minto
zone which is known to host extremely high-grade gold. It's well
understood that breccia pipes tend to occur in clusters, and we
suspect Minto is no exception,
however their features can be difficult to locate. This new
geophysical processing now clearly depicts the Minto pipe which gave us a baseline signature.
We have since layered on its geochemical signatures to further
prioritize our targets and we will be on the ground in the coming
weeks to follow up on our findings," said Stephen Stewart, Orefinders' CEO.
The Minto Breccia Pipe
The Minto breccia pipe is
approximately 40 metres in diameter on surface and extends down to
beyond 1,000 metres in depth and forms the core of a larger,
unmineralized breccia pipe that is over 100 metres in diameter.
Past drilling has shown some of the highest gold grades in
Canada, including
- 18.2 gpt gold over 65.7 metres (Hole MC-09-02)
- 13.3 gpt gold over 82.5 metres (Hole MC-09-01)
Breccia pipes like the Minto
tend to cluster in districts. However, no other such breccia pipe
was found in the Shining Tree area despite the well documented and
widespread presence of breccia-type textures (J. Walker, pers.
Comm, 2018) throughout the Breeze Lake Volcanics, which host the
Minto pipe.
These new high-resolution geophysical images below in Figures 1
and 2 clearly show magnetic signatures outlining Minto as well as additional potential
Minto-style breccia pipes, which are backed by their spatial
relationship with arsenic anomalies on the property.
Results of Processing High-Resolution Heliborne
Magnetic-Radiometric Survey. Figure 1
Breccia pipes are associated with intense alteration that may
show a geophysical signature. Orefinders reprocessed a high
resolution heliborne magnetic-radiometric survey over the project
area that included re-gridding of existing 2D products as well as
3D inversions over specific target areas, including the
Minto deposit. The 3D
inversion of the magnetic data over Minto showed a well-defined, positive anomaly
corresponding to Minto breccia
(Figure 1). The product shown here is the E-perp and typically
shows halos around point-like anomalies such as Minto. The inversion is also visible to a
lesser extent on the 2D re-gridded Tilt-dv product and a follow-up
search for similar signatures outlined over three dozen circular
anomalies within the Breeze Lake Volcanics that could potentially
represent Minto-style breccia pipes. The Minto breccia is characterized by a strong
arsenic in rock anomaly, well correlated with gold tenor, and
extending irregularly into the surrounding wall rock for several
hundred metres. Historical work on the Minto breccia pipe also showed it responds
well to induced polarization geophysics but that the small size of
the target requires very tight line spacing that would be
prohibitively expensive to undertake at the property scale.
However it would be very cost-effective to survey specific targets
suspected of being a pipe and prioritize any anomalous response for
drill testing.
Heliborne Magnetic-Radiometric Survey Identifying Minto and
Potential Other Breccia Pipes. Figure 2
Furthermore, a rock sampling program by J. Walker on the
Porphyry Lake claims, which form part of the Knight Project,
identified an elevated arsenic domain located within the same
Breeze Lake Volcanics, centered on Porphyry Lake but extending to
the east to Minto. All the
Minto-type magnetic signatures
were identified within or near this corridor of arsenic-rich rocks
(Figure 2). Additionally, extensive sampling and multielement
analyses of the core from holes drilled on the Porphyry Lake claims
as well as Minto show a good
correlation between gold and arsenic. Given the association of
anomalous arsenic and the magnetic signature of the Minto Breccia
it is proposed that rock geochemistry of outcrops near the magnetic
anomalies could lead to prioritization on the anomalies as
potential, overburden covered breccia pipes.
Arsenic Anomalies Corresponding to Minto-type Magnetic Signatures. Figure
3
A property-scale field program will focus on visiting all the
magnetic anomalies with the Minto
signature and any outcrops found in the vicinity of the magnetic
anomalies will be sampled for gold by fire assays and multi-element
geochemistry, including arsenic on the hypothesis that a
Minto-type breccia may have leaked
arsenic-rich fluids into the surrounding wall rocks for several
hundred metres that could be detected in the rocks. Any
coincident magnetic-arsenic-gold anomalies identified could
represent good targets for follow up tightly spaced, ground induced
polarization surveying which has been shown to detect the Minto
Pipe.
QP Statement
The technical information contained in this news release has
been reviewed and approved by Charles
Beaudry, P.Geo and géo., 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." For the exploration undertaken by Orefinders all
assay batches are accompanied by rigorous Quality Assurance
procedures that include insertion of standards and blanks and
verification assays in a secondary laboratory. Quality Control
results, including the laboratory's own control samples, are
evaluated immediately on reception of batch results and corrections
implemented immediately if necessary.
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.
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.