TORONTO, Oct. 15, 2020 /CNW/ - Orefinders Resources
Inc. ("Orefinders" or the "Company") (TSXV: ORX) is pleased to
announce the completion of the first diamond drill hole of the
ongoing drilling program on its 100% owned Knight Gold Project, in
the Shining Tree Greenstone Belt about 110km southwest of
Kirkland Lake, Ontario. Orefinders
is also pleased to announce that it has expanded its original 5,000
metre drill program to 9,000 metres.
Details of the expanded Drill Program
The expanded
drill program will include the deepening of holes on Tyranite,
exploration holes on the Minto-style targets and exploration holes
on the Duggan West Zone to test a geological setting like that at
Tyranite. More details on the targets are listed below:
1. Tyranite Mine
- Testing continuity of mineralization at depths below the
historical mine development where limited historical drilling has
indicated the presence of high gold grades and recent geophysical
modeling indicates a favorable structural setting at depth.
- 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 oriented to permit the
collection of detailed information on the orientations of
geological structures.
2. Porphyry Lake IP Anomaly Target
- The drilling targets are identified as several near-surface
high chargeability anomalies within a zone that is approximately
300m wide.
- The zone with the geophysical anomaly represents a potential
gold-enriched hydrothermal alteration / mineralization system, an
interpretation that is supported by results from historical
drilling in the general area of the planned drilling.
3. Minto-style Targets near Porphyry
Lake
- Recognized as having a geophysical (aeromagnetic) signature
similar to the Minto breccia
pipe-style discovery.
- Outcrop sampling on and proximal to the targets confirmed
anomalous gold values.
- Three Minto-stye targets will
be drill-tested.
4. Duggan West Zone
- About 400m to the West of the
historically drilled Duggan
Zone.
- Four drill holes are planned to test the trend that is
identified based on recently completed inversion modeling of the
high-resolution aeromagnetic data set.
- The modeling results are interpreted to indicate a geological
and structural setting similar to that of the Tyranite Mine that is
located about 2000m to the
Southeast.
Click here to View Details on Knight's Expanded
Drill Targets
Completion of the first Drill Hole and Ongoing
Drilling
The first drill hole of the Knight Gold Project
drilling program, TYR20-001 was completed on October 7, at a final drilling depth of
761m. TYR20-001 successfully targeted
the down-plunge extension of the historical Tyranite mineralization
at about 500m vertical depth and
about 185m below the historical
workings. Drilling of TYR20-002 began on October 8 to target the extension of the
mineralization around 120m further
down plunge and is planned for a final drilling depth of
approximately 800m. Assays from the
mineralized zone in TYR20-001 are currently pending.
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.
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.