TORONTO, Oct. 18, 2018 /CNW/ - Orefinders Resources Inc. ("Orefinders" or the "Company") (TSX.V: ORX) is pleased to present its exploration plans, 3D geologic models and geologic interpretations for its McGarry Project located along the Cadillac-Larder Lake Break near Virginiatown, Ontario. The McGarry Project has historical indicated and inferred resources of 447,000 tonnes grading 7.89 g/t gold, and 157,000 tonnes grading 5.83 g/t gold, respectively (see note on historical resources). The mine produced gold as recently as 2013 and abuts the Kerr-Addison mine on our eastern border, which produced ~12 million ounces over 58 years, and the new Bonterra Resources spin off company Gatling Exploration's Bear Lake and Cheminis deposits on our western border.
Links to Orefinders McGarry Presentation and 3D Videos of the Property's Geology:
"This data compilation, validation and resulting new geologic interpretation is a part of Orefinders process to define what our assets are so that we can intelligently design our exploration and drill programs. Given the McGarry project, which encompasses multiple zones, is new to Orefinders this exercise is critical and one we are completing with all of our assets. This information is important for shareholders to understand the fundamental value which our projects have, but also it's vital to be well organized for the industry participants. Meaning when the larger companies evaluate assets, a well-organized and complete database along with a solid understanding and plan for the asset is essential," said Stephen Stewart, Orefinders CEO. He continued, "The McGarry acquisition was done under the radar and we then proceeded to add substantial value by resolving its legacy issues. The Cadillac Break is a major gold district which is now open for business. And our McGarry project has excellent in place infrastructure and was mined as recently as 2013. However, we view this as an exploration play. It's my own opinion that there is yet another orebody to be found along this trend of the Cadillac-Larder Lake break and what we've done with this data interpretation exercise is just one step towards finding it."
McGarry Geology Interpretations & 3D Models
The compilation work has highlighted several targets on the property that require further exploration. Comparisons with the geometry and structure of the South Mine Complex, on the Kirkland Lake Gold's Macassa Mine, located to the west of McGarry, underlines the importance of "off-break" structures as potential hosts for gold mineralization. "There has been comparatively much less work on the gold occurrences that are located away from the Cadillac-Larder Lake Deformation Zone which hosts the McGarry and Barber-Larder deposits, except possibly the Mill Zone located about 1km south of the headframe. These structures could represent secondary faults emanating from the main break and provide excellent hosts for gold. The volcanic domains to the south and north are composed of intercalated mafic and ultramafic volcanics and abundant porphyry intrusions and the mechanical contrast itself as well as the chemical reactivity of the iron-rich mafic rocks are known to be great hosts for gold," said Charles Beaudry, VP Exploration for Orefinders.
Within the McGarry Mine itself the 325N zone on the 2250ft level showed some promise and will be compiled in more detail in the coming weeks. However there is no current plan to dewater the mine and any exploration around the McGarry deposit will be done from surface until logistics favor re-opening the mine. At Barber-Larder the mineralized zone extends to the east beyond the existing pit and this area will also be the object of a detailed compilation to evaluate the potential of the zone both as a small open pit and for an underground development scenario.
"We have immediate targets that we can follow up on the Cadillac Break as well as along the Mill Zone trend that are drill ready. Additionally there is a good deal of basic field work to do to the south and north of the break, in areas that have not seen significant drilling since the 1940's", added Charles Beaudry. This work is planned to be undertaken in 2019.
McGarry Project Data Validation & Compilation
The acquisition of the McGarry project came with an abundance of data, spanning numerous decades including hard format data from as early as the 1930s. Orefinders has been validating and compiling all known work into its database. The Company believes that reliable and organized data is a critical component to understanding any historical project in order to design a work program which will unlock value. With our data exercise now complete, the finished products are our geologic interpretations and ensuing planned exploration and drill programs which are now detailed. These interpretations are intended to demonstrate to investors and to industry what these assets are, what their potential is and what our framework to develop them is.
McGarry Property Permitting
With the geologic interpretations and exploration plan now in place, the Company will move towards the advanced exploration and permitting phases with the Province so that the McGarry project is drill ready.
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.
QP Statement
The technical information contained in this news release has been reviewed and approved by Charles Beaudry, P.Geo, 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."
Important Note Regarding Historical Mineral Resources and Mineral Reserves
Orefinders cautions that a Qualified Person has not done sufficient work to classify the historical mineral resource estimates as current mineral resources or mineral reserves; Orefinders is not treating the previous estimates as relevant or as current mineral resources or mineral reserves and the previous estimates should not be relied upon. Orefinders considers these results as indications of the presence of mineralization on the property and will use the information to guide future exploration but the reader is cautioned not to rely on these estimates.
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.
