TORONTO, Jan. 5, 2018 /CNW/ - Orefinders Resources Inc. ("Orefinders" or the "Company") (TSX.V: ORX) is pleased to announce that it has closed all of its Shining Tree area property acquisitions as described in November 30th, 2017's News Release. With the consolidation now complete, Orefinders owns a 100% interest in each of the properties.
Orefinders would also like to announce that given the consolidation of nine properties each with individual names, the Company will be referring to this cohesive and contiguous land package as the Knight Project, with the individual property names reverting to zones within the broader project.
"Given the region's recent consolidation and previous variety of names, we felt it prudent to give the Knight Project a singular name and one which is distinct to Orefinders. Knight is the name of the Township where our core interest in the District is located and its more geographically accurate given that Shining Tree is actually 30km west of our focus. We expect 2018 to be a busy year for Orefinders and we are looking forward to unlocking the value within each of our assets," said Stephen Stewart, Orefinders CEO.
Knight Project Highlights
As per Orefinders News Release from November 30, 2017, the Knight Project includes nine properties/zones know consolidated into one land package covering 67 claims, 14 patented leases covering over nearly 2,348 hectares. The Knight Project is located immediately adjacent to Tahoe Resources Inc.'s 1.09 million ounces Gold Indicated Resources and 2.91 million ounces Gold Inferred Resources Juby Gold Project.
- Several of the properties within the Knight Project host very high grade and/or long gold mineralization intercepts as demonstrated by drill results between 2010 and 2013, notably on the Minto Mine:
- 13.3 gpt Gold (11.0 gpt if cut to 31.1 gpt) over 82.5 metres in drill hole MC-09-01 (Creso Exploration news release August 9, 2010)
- 18.2 gpt Gold (7.9 gpt if cut to 31.1 gpt) over 65.7 metres and 4.61 gpt Gold (3.5 gpt if cut to 31.1 gpt) over 79.6 metres in drill hole MC-09-02 (Creso Exploration news release June 8, 2010)
- 1.01 gpt Gold over 192.0 metres, including 5.04 gpt Gold over 24.4 metres in drill hole MC-11-11 (Creso Exploration news release May 11, 2011)
- 1.15 gpt Gold over 280 metres, including 5.2 gpt Gold over 3.44 metres, 3.2 gpt Gold over 5.47 and 3.4 gpt Gold over 41 metres in drill hole MC-10-03b (Creso Exploration news release October 29, 2010)
- Duggan Mine's near-surface intersections include:
- 1.52 gpt Gold over 75.5 metres in drill hole D3-07 (Creso Exploration news release June 8, 2011)
- 2.20 gpt Gold over 34.50 metres including 40.0 gpt Gold over 1.0 metre in drill hole CD13-03 (Creso Exploration news release February 14, 2013)
- 1.5 gpt Gold over 80.9 metres, using metallic screen assay method, from CD13-03 (Creso Exploration news release March 13, 2013)
- Porphyry Lake Property has wide near surface drill intercept in porphyry intrusives:
- 1.57 gpt Gold over 25.5 metres* in hole PL-3, and
- a separate high-grade intersection in PL-3 of 36.1 gpt Gold over 1.5 metres (DDH report by J.S. Walker, 4 July 1998)
- The silver-cobalt Mann Mine includes:
- 181.2 gpt Silver over 28.75 metres (Creso Exploration news release December 14, 2011)
- 1.12% Cobalt over 1.4 metres
- The Tyrenite Mine has substantial mining infrastructure including a mine shaft rehabilitated in the 1990's, a headframe, skip and hoist, a core shack with core handling facility, ramp, and 6 on-site buildings.
Note on mineralized core intervals versus actual estimated mineralized widths: The Minto Zone is a near vertical breccia pipe and the drill holes referred to above are all steeply plunging and as such intersections are not true width. The exact geometry and hence the true width of the mineralized zones cannot be assuredly concluded at this time and therefore core lengths are reported. The Duggan, Porphyry Lake and Mann mineralization's are all sub-vertical and the true widths are approximately 60% to 75% of quoted intervals.
Orefinders would also like to announce that in accordance with the Company's Stock Option Plan, a total of 4,250,000 incentive options have been granted to officers, directors and consultants all of whom who have assisted in creating value for our shareholders to date. The options exercise price is $0.13, and they are exercisable for a period of five years from the date of issue.
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."
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.
For further information: To Speak to the Company directly, please contact: Stephen Stewart, Chief Executive Officer, Phone: 416.644.1567, Email: [email protected], www.orefinders.ca