TORONTO, June 11, 2021 /CNW/ - Orefinders Resources Inc.
("Orefinders" or the "Company") (TSXV: ORX) is pleased to announce
the completion of a DCIP-MT ORION SWATH ground-based Geophysical
Survey ("Survey") on its McGarry Gold Project ("McGarry"). McGarry
is adjacent to the Kerr Addison Mine that produced approximately 11
million ounces of gold before closing in 1996.
The initial 2-D modeling of the Survey data has shown
significant IP (Induced Polarization) and MT (Magnetotelluric)
anomalies associated with the Larder-Cadillac Fault Zone between
the McGarry headframe and the Barber-Larder open-pit and also at
other less explored target areas at McGarry (Figure 1).
"This sort of survey, combining quasi 3-D IP and
deep-penetrating MT technologies has never been conducted on
McGarry. This approach is aimed at delineating new exploration
drill targets that could lead to new gold discoveries on a highly
prospective project along the Larder-Cadillac Fault Zone," said
Keith Benn, Orefinders Vice
President of Exploration.
The Survey was designed to gather high-resolution data at depth
that will be key to identifying 'under cover' exploration targets,
i.e., potential ore bodies that do not reach the surface.
Subsequent 3-D modeling of this geophysical data set along with
machine learning applied to all available data for McGarry will
allow the Company to prioritize exploration targets for a drilling
program later in 2021.
Click here to see Figure 1 – Geophysical
Survey
Technical Detail on the Geophysical Survey and Initial
Modeling
Quantec Geoscience carried out their unique combined DCIP (DC
Resistivity and Induced Polarization) and MT (Magnetotelluric)
Geophysical Survey (ORION SWATH Survey) along 13
Northwest-Southeast trending survey lines covering the near
totality of the McGarry Gold Project. The Survey employed a broad
array of multi channel sensors to gather a large number of data
points for electrical properties in the geological subsurface thus
generating a high-resolution data set with coverage to significant
depths (DCIP to approximately 600 metres depth; MT resistivity to
approximately 1,500 metres depth). The Survey was completed on
April 2, 2021. Quantec processed the
resulting data and performed the initial 2-D inversion modeling of
the DCIP and MT data which were delivered to the Company on
May 26. The resulting data set and
initial modeling will allow for further high-resolution 3-D
modeling and the incorporation of the results along with available
geophysical, geological and drill hole data to identify and
prioritize new drilling targets to be explored in 2021.
Background on the McGarry Gold Project
Information on the location, geology, history and historical
resources at the McGarry Gold Project are presented on the
Company's web page at the following link :
McGarry Project Information
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."
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.
For the latest updates, please contact or follow us on Twitter
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SOURCE Orefinders Resources Inc.
