News brief: Pacific Precious, a private company
which Orefinders owns 31%, concluded its summer 2019 exploration
program at its Kuta Ridge project. Multiple channels samples
including 28.6 gpt gold over 1.5 metres were assayed along with the
identification of four styles of gold mineralization on the
property which confirm an epithermal system. Pacific Precious is on
track to go public in Q1 2020 vis-à-vis a plan of arrangement.
TORONTO, Nov. 7, 2019 /CNW/ - Orefinders Resources
("Orefinders" or the "Company") is pleased to report that Pacific
Precious ("Pacific") has concluded its exploration program and is
progressing in parallel with its going public process planned for
Q1 2020. As a part of Pacific's going public process, Orefinders
plans to dividend a significant portion of shares that it owns in
Pacific directly to Orefinders shareholders.
Exploration results from the Kuta Ridge project point towards an
epithermal-style gold deposit that merits further exploration given
the varied styles of gold mineralization present and the high
grades encountered on surface during current and previous
exploration programs.
Click here to view Presentation on Pacific
Precious' Exploration Results
Pacific Precious' Going Public Milestones
Milestone
|
Status
|
Minimum Spend as
per Listing Requirements
|
Complete
|
Initial NI 43-101
Report
|
Complete
|
Submission of
Report to Exchange
|
Complete
|
Audit of Financial
Statements
|
In
Progress
|
Preliminary
Exchange Approval
|
Complete
|
2020 Q1 Financing
/ Going Public Process
|
Upcoming
|
Pacific Precious Summer 2019
Exploration Program
The exploration program followed up on Pacific's 2018 sampling
program conducted which delineated a 6km long, north-south trending
gold corridor on the Kuta Ridge Project where numerous high grade
gold veins were located in surface bedrock. Additionally, four
distinct types of high-grade gold mineralization were identified
within the 6km long trend including:
- low-sulphide veins up to 0.5 metres width;
- high-grade quartz-arsenopyrite veins and breccias;
- sulphide veins with massive pyrite and;
- high-grade ribboned and brecciated quartz-pyrite veins with
abundant visible gold.
Results from channel sampling include:
- 28.6 gpt gold over 1.5 metres
- 7.0 metres grading 1.56 gpt gold (including 1.0 metre sample
returning 5.93 gpt)
- 14.5 gpt gold over 0.15 metres
- 41.0 gpt gold over 0.20 metres
Previously unknown mineralization was also delineated along the
lower part of Koitman Creek at an elevation of ~1,650 metres above
sea level (370 metres below the crest of Kuta Ridge). This is
significant as it demonstrates that fluids boiled over a large
vertical range, providing potential large range of gold
deposition.
Compilation of Historical Work
Pacific Precious acquired and compiled historical data from the
Kuta Ridge property. Exploration was conducted in the late 1980s
and early 1990s by Picon and Kennecott and included stream, outcrop
and float sampling, as well as drilling. One hole drilled by Picon
returned 1.6 gpt over 10.2 metres, including 66.0 gpt gold over 0.3
metres in a quartz-arsenopyrite vein.
Next Steps
The Kuta Ridge property checks the major boxes for a gold
discovery with the presence of high grade gold mineralization on
surface in bedrock and in float, major fault structures and a
history of artisanal and alluvial gold production. We believe that
the major challenge now facing the project is to locate areas where
these mineralized structures expand to minable widths and the best
approach is still probably prospecting and hand trenching
supplemented by mechanical stripping where appropriate.
Moving forward, Pacific Precious' priority will be to identify the
source of the high-grade quartz-arsenopyrite and quartz-pyrite
visible gold boulders in the Kuta Ridge trenching area. Six targets
have been identified for further prospecting and trenching and part
of the next phase of exploration.
"We are very encouraged with the results to date as we continue
to develop our understanding of the geological and structural
controls of the epithermal system at Kuta Ridge. The next phase of
exploration will include further prospecting and trenching, and
drilling with the ultimate objective of delineating a multimillion
ounce epithermal gold deposit on the Kuta Ridge property," said
Charles Beaudry, P.Geo and CEO of
Pacific Precious.
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.
www.pacificprecious.com
About Orefinders Resources Inc.
Orefinders is a Gold
exploration and development company focused in the Kirkland Lake and Shining Tree districts 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.