TORONTO, June 1, 2020 /CNW/ - Orefinders
Resources Inc. ("Orefinders" or the "Company") (ORX:TSX.V) is
pleased to provide an update on its Knight Project's pending
exploration and drill program. In addition to the exploration
update, the Company would like to update shareholders on the recent
and significant acquisition of the Juby project by Caldas Gold
Corporation (CGC: TSX.V) ("Caldas"), which is contiguous to the
Knight property. Caldas Gold Corporation is 74% owned by Gran
Colombia Gold (GCM:TSX).
"We are pleased to welcome Caldas as our new neighbours to the
district and congratulate them on a fantastic strategic acquisition
of Juby. We are especially pleased to have Juby owned by a group
who appears intent on investing in it and in the Shining Tree
district, much like Orefinders is. The Juby is a large gold
resource on the highway in Ontario, which has not seen much investment
over the last 5 years given its owners were silver focused South
American operators," said Stephen
Stewart, CEO of Orefinders, who continued, "If it were not
for Covid-19, it is likely that Orefinders would be drilling on the
Knight project as we speak. However, given the current environment
we have chosen to be pragmatic and cautious while remaining eager
to begin our fully funded drill program on Knight."
Map of Orefinders Knight and Caldas Juby
Projects
Knight Project Drill Program
Orefinders has outlined
three distinct targets on its Knight Gold Project which it plans to
drill in 2020. Each target has a distinct geological style and have
not been previously drill tested.
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.
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. The Minto breccia
shows up very prominently on the high resolution heliborne magnetic
survey reprocessed by Orefinders and we visited three dozen similar
targets located within the same stratigraphic unit. 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
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.