TORONTO, July 14, 2020 /CNW/ - Orefinders Resources Inc.
("Orefinders" or the "Company") (TSX.V: ORX) is pleased to announce
that Pacific Precious, of which Orefinders is the largest
shareholder, has entered into an agreement to acquire the Golden
Trend Project in the Cortez Trend distract of Nevada from Rubicon
Resources Inc. ("Rubicon"). Golden Trend is immediately adjacent to
the 15,000,000 ounce Goldrush deposit which is owned by
Nevada Gold Mines, the joint venture
between Barrick (ABX:TSX) and Newmont (NGT:TSX).
Map of Golden Trend
Property
The Golden Trend property is sought after real estate, given it
is strategically located within the prolific Battle Mountain – Eureka trend. The Golden
Trend property spans 2,286 acres and lies immediately adjacent to
the Goldrush deposit property and southeast of, and along the same
structure as Barrick Cortez mine.
The Company believes Golden Trend shares similar geology to
Barrick's Goldrush deposit, however it has seen only limited
exploration to date and is therefore considered an early
exploration stage opportunity within this highly productive
environment.
Ron Stewart Appointed as CEO of Pacific
Precious
Ron Stewart is a
mining professional with over 30 years of experience in
exploration, project development, operations and capital markets.
Mr. Stewart was previously Senior Vice President, Technical
Services and Corporate Development at Guyana Goldfields, and prior
to that, President and CEO of Beaufield Resources, which was
acquired by Osisko Mining. Ron is also highly experienced in
the Capital Markets and was an award-winning equity analyst and
investment banker at Dundee Securities, Clarus Securities and
Macquarie Capital Markets.
"We are pleased to announce both the appointment of Ron and this
acquisition on behalf of Pacific Precious. These milestone marks
Pacific Precious's pivot towards Nevada and the Cortez Trend as its
focus backed with new strong leadership. The Kuta Ridge gold
project in Papua New Guinea
remains of interest, although company believes that now is not the
right time to take on an exploration project in that country. Our
team believes that Canada and
the United States are two
jurisdictions which clearly stand apart from the rest, while Nevada
is arguably the best jurisdiction in the world," said Stephen Stewart, CEO of Orefinders
Resources.
Pacific Precious Financing & Plan of Arrangement
Orefinders owns 10 million of the approximately 37 million fully
diluted shares of Pacific Precious. Shareholders can expect
that Pacific Precious intends to proceed towards a financing and an
expected Plan of Arrangement in the near term with the focus of
Pacific Precious now being in Nevada.
Any accredited investors interested in participating in Pacific
Precious' financing should contact us at sstewart@orefinders.ca.
The financing is only available to accredited investors.
Pacific Precious Presentation of Golden
Trend
Geology and Exploration Model of the Golden Trend
Project
The Golden Trend property is centred on an exposure
of the upper plate siliclastic rocks of the Vinini Formation hat is
bounded by the Cortez fault system to the west and the Northern
Nevada Rift to the east. A series of northeast trending, steeply
dipping reverse faults transect the property and are coincident
with anomalous, albeit low level, gold, arsenic and mercury soils
suggesting these structures provided channel ways for mineralized
hydrothermal fluids.
The presence of lower plate carbonaceous lithologies that host
the major Goldrush, Cortez and Pipeline deposits has been noted in
a single drill hole collared near the northern boundary of the
claim block. The confirmation of Carlin-style host rocks, the
diagnostic chemical signature and proximity to known multi-million
ounce deposits all suggest the Golden Trend property is worthy of
additional exploration work.
Future exploration will focus on defining deep drill targets by
analysing the relationship between the productive structures,
geochemical anomalism and possible geophysical signature of buried
Carlin-style deposits.
The Golden Trend recently completed a NI 43-101 Technical Report
which Pacific Precious will file for approval from the TSX Venture
Exchange in connection with its intended going public transaction
in the ensuing weeks.
QP Statement
The technical information contained in
this news release has been reviewed and approved by Ronald Stewart, P. Geo, who is a Qualified
Person as defined in the "National Instrument 43-101, Standards of
Disclosure for Mineral Projects."
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.