TORONTO, Aug. 14, 2020 /CNW/ - Orefinders Resources Inc.
("Orefinders" or the "Company") (TSX.V: ORX) is pleased to announce
a 5,000 metre drilling program on its 100% owned Knight Gold
Project, in the Shining Tree Greenstone Belt about 110km southwest
of Kirkland Lake, Ontario.
Details of the Drill Program
Orefinders has budgeted
approximately 5,000m of diamond core
drilling at two high priority exploration targets on its Knight
Gold Project in the Shining Tree Greenstone Belt. Drilling is
expected to begin in September 2020,
and an Ontario based diamond drill
contractor has been engaged to carry out the drilling. Orefinders
views the Knight Project as having highly prospective geology with
mineralization representing multiple styles. The geology of
the Knight Project is similar to that of the Kirkland Lake-Larder
Lake camp, in the southern Abitibi Greenstone Belt, 110 km
to the northeast. Orefinders' Knight Project is permitted to
drill.
Drilling will focus on:
1. Tyranite Mine (11 holes, 4,500
metres)
- Testing continuity of mineralization at depths below the
historical mine development where limited historical drilling has
indicated the presence of high gold grades.
- Testing the continuity of mineralization along strike of the
mineralized structure, to the north of the historical mine
workings.
- Drill core from all holes will be orientated to permit the
collection of detailed information on the orientations of
geological structures.
2. Porphyry Lake IP Anomaly Target (2 holes, 500
metres)
- The drilling target is identified as a near-surface high
chargeability anomaly with an associated apparent resistivity
anomaly, approximately 300m
long.
- The geophysical anomaly represents a potential gold-enriched
large hydrothermal alteration / mineralization system, an
interpretation that is supported by results from historical
drilling in the general area of the planned drilling.
Click Here to View Details on Knight's Drill Targets
QP Statement
The technical information contained in
this news release has been reviewed and approved by Dr.
Keith Benn, P.Geo., 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.
Options
Orefinders also announces that in accordance
with the Corporation's Stock Option Plan, a total of 2.4 million
incentive options have been granted to officers, directors and
consultants, all of whom have assisted in creating value for our
shareholders to date. The option's exercise price is $0.13 per share and they are exercisable for a
period of five years from the date of issue.
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.
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SOURCE Orefinders Resources Inc.