TORONTO, Feb. 4, 2020 /CNW/ - Orefinders Resources
Inc. ("Orefinders" or the "Company") (TSX.V: ORX) is pleased to
announce the commencement of a $500,000 non-brokered financing. The net proceeds
of this financing will be used for a drill program on its 100%
owned Knight Gold Project and for general working capital.
The terms of the financing are as follows:
- Hard Dollar Units are 5 cents and
include a common share plus one half warrant exercisable at
8 cents for 2 years.
- Flow Through Units are 6 cents
and include a common share plus one half warrant exercisable at
10 cents for 2 years.
Details of the Drill Program
Orefinders has outlined
three distinct targets on its Knight Gold Project which it plans to
drill in 2020. Each of the three targets has distinct geological
styles and have never been previously drill tested.
Orefinders views the Knight Project as having highly prospective
geology within a large mineralized system, with gold having been
deposited over a protracted period. The geology of the Knight
Project is complex and has similar features to those found in the
Kirkland Lake-Larder Lake camp 110 km to the northeast.
Orefinders Knight Project is permitted to drill.
The untested drill targets include:
1. Porphyry Lake IP Anomaly Target
- Well developed high chargeability, low resistivity anomaly,
250m wide and 300m long and confirmed on 2 additional lines to
south.
- Possible mineralized porphyry core of gold-rich alteration
system.
- Large near-surface Induced Polarization (IP) anomaly
delineating potential source of mineralization at Porphyry
Lake.
- Two holes totalling 400m has been
earmarked to test this target from shore drilling.
Click here to view Details on
Orefinders IP anomaly on Porphyry Lake
2. Tyranite Mine
- Brand new 3D modelling of gold mineralization along the
North-South trending Tyranite fault. Tyranite's best intersected
grades and widths occur where the fault intersects the East-West
trending ultramafic units, and more specifically at the contacts of
the ultramafics with other lithologies.
- This interpretation of this geologic model has never been drill
tested.
- Drilling will focus on confirming the geological model and
in-filling between historical holes to attain appropriate hole
spacings for inferred mineral resource modelling. Depending on
level of financing up to 13 holes totalling 3,000 metres may be
allocated for this purpose.
3. More Minto
Pipe-like Targets
- New targets with geophysical and geochemical characteristics
similar to the Minto mineralized breccia pipe. Ten targets have
been selected for follow up geophysics with induced polarization
method.
- Up to 3 holes totalling 450m has
been reserved subject to favourable results from IP survey.
Click Here to View Details on
Knight's Three Gold Targets
Any accredited investors interested in participating in this
private placement should contact Stephen
Stewart at the email or phone listed on this news
release.
Completion of the Financing remains subject to the approval of
the TSX Venture Exchange. The financing may include any combination
of Hard Dollar Units and Flow Through Units. All securities issued
pursuant to the Financing will be subject to a statutory four month
and one day hold period. Subscription agreements are available upon
request. The financing is only available to accredited
investors.
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 exclusively within the
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.