TORONTO, July 9, 2019 /CNW/ - Orefinders Resources Inc. ("Orefinders" or the "Company") (TSX.V: ORX) is pleased to announce that field work has started on Pacific Precious' Kuta Ridge Property. The scope of work includes stripping, trenching and channel sampling the outcropping gold occurrences which were identified during earlier programs in order to attain more data on the grade and width of these zones. Additionally, new areas on the property will be mapped and prospected to identify new mineralization.
"We look forward to the results of the field work and we remind investors that surface sampling has discovered and defined a 5.5 kilometre long open gold system with very high gold grades up to 238.0 g/t gold in surface outcrops. We see signs of typical intermediate to high sulphidation systems, including localized, north-south faults within the Kuta Ridge property that encompasses the gold rich system, as well as mineralized veins outcropping on surface. The most prospective areas are in the central part of the property, to the south of the historical alluvial mining and occurs on the southern facing slope of Kuta Ridge, an area which has neither been explored, nor drilled. This is new information and was not known by previous explorers and was discovered by the locals while undertaking artisanal mining activities. The Kuta Ridge project benefits from superb geological endowment, excellent infrastructure, and the support of the local community," said Charles Beaudry, Orefinders VP of Exploration and Director of Pacific Precious.
NI 43-101 Technical Report
Douglas Hutchison, consulting geologist, Independent Qualified Person ("QP") as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects", has been commissioned to complete a Technical Report on Kuta Ridge as part of attaining a Property of Merit status for Pacific Precious' going public process. The report is expected to be delivered before the end of Q3 2019. In conjunction with the site visit by the independent QP, Charles Beaudry, Orefinders VP of Exploration and Director of Orefinders Resources Inc., will also make a site visit to Kuta Ridge to meet with staff and local community leadership.
Pacific Precious' Local Leadership
The Pacific Precious exploration team, which is local to Papua New Guinea, is lead by two experienced geologists in Thomas Dott, Managing Director and Koiti Mel, Director of Exploration, both based out of Mount Hagen, 4KM north of the Kuta Ridge project.
Pacific Precious is actively engaged with all stakeholders, including local communities that live within the property. All of the communities impacted by the current work program have been consulted and the leadership of each community has signed an endorsement of the company's presence as well as the work objectives. As part of this agreement, a feast was organized on the property at the start of the work program to celebrate the agreement and to strengthen ties with the local communities. Pacific Precious, as well as Orefinders Resources Inc. adhere to a sustainable development policy that can be found on both websites.
The objective of the current exploration program is to prioritize best targets for diamond drilling along the known gold structure. Additionally, Pacific Precious will conduct a magnetic survey along the gold structure, as well as collect samples along the vertical extent of the mineralized system for fluid inclusion studies in order to better understand the mechanisms of gold precipitation from hydrothermal fluids.
The technical information contained in this news release has been reviewed and approved by Charles Beaudry, P.Geo, Director and Vice President Exploration for both Orefinders and Pacific Precious, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
About Pacific Precious
Pacific Precious is a privately-owned Canadian corporation which owns 100% of the Kuta Ridge Project. Pacific Precious is the trade name of Kuta Ridge Exploration Inc. Details about Pacific Precious can be found in the Orefinders News Releases of March 4th, May 15th, and May 31st, 2019 news releases available on the Company's website and at www.sedar.ca.
About Orefinders Resources Inc.
Orefinders is a Gold exploration and development company focused in the Kirkland Lake District of Ontario's Abitibi Greenstone Belt. The Company is listed on the Toronto Venture Exchange under the symbol ORX.
Orefinders also announces that in accordance with the Corporation's Stock Option Plan, a total of 3,475,000 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 $0.07 per share and they are exercisable for a period of five years from the date of issue.
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