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.
