Orefinders Intersects 11.5g/t Gold over 5.25 Metres including 23.2g/t Gold over 2 Metres on its Knight Project
TORONTO, Feb. 11, 2021 /CNW/ - Orefinders Resources Inc. ("Orefinders" or the "Company") (TSX.V: ORX) is pleased report its latest results including a high-grade intercept in drill hole TYR20-005 of 11.5 g/t gold over 5.25m including 23.2 g/t gold over 2.0m on its 100% owned Knight Project in the Shining Tree Greenstone Belt, 110km southwest of Kirkland Lake, Ontario.
Newly received results from drill hole (Tyranite) TYR20-005 include the following mineralized intervals (Table 1).
- 11.5 g/t gold over 5.25m between 325.5m and 330.75m downhole.
- The intersection is hosted by sheared metavolcanic rocks 240 metres below surface proximal to the mine's previously excavated zone and approximately 230 metres up dip of the Tyranite Structure from a previously reported mineralized interval in drill hole TYR20-004.
- This mineralized interval includes a higher-grade interval of 23.2 g/t gold over 2.0m.
Other Highlights To Date from Drilling at the Tyranite Mine Target Zone
Previously reported mineralized intervals in two drill holes from the current drill campaign include:
- TYR20-001 : 4.18 g/t gold over 14.28m from 615.72m; and 2.03 g/t gold over 9.0m from 719m (News Release of November 5, 2020);
- TYR20-004 : 15.6 g/t gold over 3.6m from 604.4m ; and 2.2 g/t gold over 9.0m from 530m (News Release of January 29, 2021).
Assay Laboratory Delays
Orefinders would like to update shareholders that it has faced significant delays in the receipt of its assay results. The Company has kept in close communication with the laboratory and the delivery rate of assay results has recently improved substantially.
Further Technical Detail and Ongoing Drilling at the Knight Gold Project
All new mineralized intervals reported here are grade composites calculated using the Leapfrog Geo 3-D modeling software platform and applying a 1.7 g/t cut-off grade for composited intervals. Some previously reported intervals were determined as grade composites using a cut-off grade of 2.0 g/t; applying a 1.7 g/t cut-off grade to those previously reported intervals does not result in any changes to the calculated grades or interval lengths.
The drilling program at Knight is focused on three target zones described in a news release dated October 15, 2020. They include the Tyranite Mine zone, the Porphyry Lake zone (including several Minto-style targets) and the Duggan West zone. The thirteen drill holes planned for the Tyranite target zone have now been completed and approximately 900 assay results are pending. Development of Orefinders understanding of the Structural Geology controls on gold mineralization at Tyranite is advancing well and is expected to generate targets to be tested by future drilling. Drilling commenced on the Porphyry Lake target zone on January 26, 2021. Six of the eight planned drill holes at the Porphyry Lake target zone have now been completed and all assay results are pending. Orefinders looks forward to reporting further results for the Knight Gold Project as assays are returned from the laboratory.
Table 1. Mineralized Intervals from Drill Hole TYR20-005
From (m) |
To (m) |
Sample |
Assay Result |
Interval |
Interval |
Interval |
Interval |
325.5 |
326 |
0.5 |
1.88 |
||||
326 |
327 |
1 |
4.59 |
||||
327 |
328 |
1 |
17.7 |
||||
328 |
329 |
1 |
28.6 |
23.2 |
2.0 |
||
329 |
330 |
1 |
6.77 |
||||
330 |
330.75 |
0.75 |
2.23 |
11.5 |
5.25 |
Notes: The gold grades were calculated for grade composites using Leapfrog Geo software and a cut-off grade of 1.7 g/t |
QP Statement
The technical information in this news release has been reviewed and approved by Dr. Keith Benn, P.Geo., Vice President Exploration for Orefinders, 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 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 on 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.
To Speak to the Company directly, please contact: Stephen Stewart, Chief Executive Officer, Phone: 416.644.1567, Email: [email protected], www.orefinders.ca
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