TORONTO , June 3, 2019 /CNW/ - Orefinders Resources Inc. ("Orefinders" or the "Company") (ORX.V) is pleased to announce a diamond drill core resampling program on its Knight Project, located in the Shining Tree District 70KM southwest of Kirkland Lake, Ontario .
The intent of this program is to resample and compile the Knight projects diamond drilling which has been completed prior to Orefinders consolidating this land package. Orefinders has 31,900 metres of diamond drill core in its possession and inventoried which it used to complete its geologic model as described in the Company's September 5, 2018 news release.
"31,900 metres of drill core represents a drill program of nearly $5 million . Given Knight's multiple mineralized zones together with some excellent drill intersections and history of production this program is looking to create value efficiently. We've spent considerable time revaluating the project to see how the pieces fit together. We see this next phase as a cost-effective way to add value and increase our understanding of the project. We plan on validating Knight's drill core and undertake resource estimates if warranted without drilling a metre in the near term. Going forward this will serve as the basis for expansion drilling as our geologic model shows a clear trend in the mineralization which we believe was not considered by previous owners," said Stephen Stewart , Orefinders CEO.
Historical Drill Core
The Knight project hosts over 250 diamond drill holes for a total of 44,230 metres. On site at the Knight project Orefinders has inventoried a total of 31,900m of core that is in its possession. Most of this core is from the drilling completed since the 1980's. Except for the more recent sampling none of the old assays were controlled with QAQC procedures. However sufficient drill core remains to undertake a systematic resampling program in order to validate the old drilling at least from the 1980's period and younger.
Proposed Sampling Program
A systematic drill core sampling program will be undertaken with the objective of validating the assays from each drill program for which core is available. A random selection of mineralized samples will be quarter split and analysed for gold using complete QAQC controls including pulp standards and blanks and verification assay in a second laboratory. Once the old drill assays are validated the mineralized zones on Minto , Tyrenite and Duggan will be re-interpreted and if warranted, an independent Qualified Person shall be retained to prepare new mineral resource estimates.
Additionally some surface mapping and drill core review will be undertaken to help better understand the geology and controls on mineralization on the Knight Project.
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 TSX Venture Exchange under the symbol ORX.
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." Reports on historical mineral resources are based on available documents and in many cases there is no way to verify the quality of the estimates and are taken "as is" and are not considered as Current Mineral Resources. We caution the reader that we are not relying on these historical resources which are only being used to orient future exploration. The old core that is available the will be resampled with strict QAQC protocols in order to validate the historical results.
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.
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