TORONTO, Nov. 8, 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 Mirado Project located to the southeast of Kirkland Lake, Ontario. A PEA was released in January 2018 highlighting the highly economic South Zone Open Pit zone of the Mirado Project, with a 158% IRR, an after-tax NPV at a 5% discount rate of $20.5 million, and a payback on initial capital of 7 months. The Mirado project has a current mineral resource estimate of 559,000 tonnes at an average grade of 2.61 g/t gold for 46,900 ounces (indicated resources), and additional inferred resources of 382,000 tonnes at an average grade of 2.66 g/t gold for 32,700 ounces, based on a cut-off grade of 1.0 g/t gold.
Links to Orefinders McGarry Presentation and 3D Video of the Property's Geology:
"This data compilation and 3D geological interpretation is a part of Orefinders process to define what our assets are, so that we can intelligently design our exploration and drilling programs. Having now compiled and integrated all previous work, this process is essentially complete not only for Mirado but for all of our existing assets. The results of this exercise complement the PEA released earlier this year, and provides areas of focus, along with a plan for moving forward. The entire data compilation process is a critical step in understanding the fundamental value that our projects offer, and it is also vital to have a well organized and complete database, along with a solid understanding and plan for the asset," said Stephen Stewart, Orefinders CEO.
Mirado Geology Interpretations & 3D Models
The 3D model that was defined by Leapfrog is consistent with pervious interpretations. The geology hosting the Mirado deposit is composed of felsic volcanic and pyroclastic rocks of the Skead Assemblage that have been dated to be the same age as the Upper Blake River Assemblage (2701+3/-2 Ma). At Mirado the mineralization of the Main Zone, which has some features similar to VMS deposits, consists of variable concentrations of sulphide stringers at the contact between a coherent felsic flow dome to the east and a sequence of northwest striking volcaniclastic rocks to the west. A major west-northwest trending, north dipping fault separates the Main Zone from the North Zone mineralization composed of bedded and banded layers of disseminated to massive sulphides within a vertically dipping sequence of volcaniclastics. To the west of the Mirado deposit the MZ Zone is characterized by a similar mineralized environment consisting of felsic fragmental rocks cut by high angle sulphide stringers and cut by longitudinal chloritic shear zones. Gold channel intercepts up to 21.8 gpt over 4.80 metres were obtained from sampling by Orefinders.
Deformation increases northward and reaches a maximum along the Lincoln-Nipissing deformation zone, the trace of which is marked by a major contact and contains porphyry intrusions, iron carbonate alteration and sulphide mineralization over a strike length of over 4.0 kilometres. Very little exploration has been done on this trend which includes the Charest Syenite that returned up to 14.8 gpt gold from grab samples of a quartz vein near an old abandoned shaft.
To the south of Mirado the property extends into the Catharine Volcanics that are the same age as the Kidd Munro Assemblage (2720 +-2 Ma). The boundary between the Skead and Catharine assemblages is defined by the Catharine Fault which crosses the property and intersects the abandoned Gold Hill Mine where a small historical production of gold (1926-1928) was extracted from a 365 metres shaft where a narrow vertical, northwest trending shear quartz veins occur and extend to the east and west and are open along strike and at depth.
The Mirado Property is well endowed with gold and base metal mineralization and in addition our focus on the Main Zone, which we plan on advancing to development stage, the other targets outlined on the property will require field work and possibly trenching and drilling. Any success on these targets are very likely to enhance the economics of the Mirado 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 Toronto 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." Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The inferred Mineral Resource which is included in the PEA has a lower level of confidence than that applied to an Indicated Mineral Resource and cannot be converted to a Mineral Reserve.
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.
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