TORONTO, Feb. 9, 2022
/CNW/ - Orefinders Resources Inc. ("Orefinders" or the
"Company") (TSXV: ORX) is pleased to announce the kick-off of
the 4,000 metre Phase 1 drill program on its McGarry Gold Project
(McGarry, or the Project), near Virginiatown, Ontario, about 35 kilometers
east of the town of Kirkland Lake.
McGarry includes a segment of the Larder Cadillac Fault Zone (LCFZ)
which is a regionally important structure associated with gold
deposits in the Abitibi Greenstone Belt, such as the Kerr Addison
deposit that is situated about 1,500 meters east of the Project and
that produced about 12 Moz (million ounces) of gold. The Project
includes an Indicated Mineral Resource of 123 Koz (thousand ounces)
Au and an Inferred Mineral Resource of 30 Koz Au that are
determined as of September 30,
2011.
The 4,000 metre Phase 1 drill campaign at McGarry includes 10
planned drill holes and kicked off on February 3, 2022 with a single drill rig. The
first drill hole has been completed for a total depth of 288
meters. The second hole is currently at approximately 150 meters
depth and has a planned final depth of 420 meters. No assays have
as yet been returned from Phase 1 drilling.
Phase 1 drill targets are defined based on the results of
advanced 3-D modeling of new, extensive geophysical data sets
generated for the Company in 2021. The new data sets and modeling
have led to a refined understanding of the geological and
structural settings of potentially mineralized zones at McGarry and
to the identification the 10 high priority drill targets that will
be tested by the present drill program.
Details of the Phase 1 Drill Program
Drill targets for the Phase 1 program were defined based on the
results of advanced 3-D constrained inversion modeling performed by
Mira Geoscience of new geophysical data sets generated by an ORION
SWATH survey performed for the Company by Quantec Geoscience (NR
dated March 1, 2021). The new
geophysical data sets include both IP (induced polarization) and MT
(magnetotelluric) data that together provide high resolution
coverage of the Project to depths of around 2,500 meters, which
allows for more detailed modeling of the geology and structures at
the Project than was previously possible, and for the
identification of high priority drill targets.
The Phase 1 drill program and the geological, structural and
geophysical context of the high priority drill targets are
presented at the following link :
McGarry Phase 1 Drilling Program
Three drill holes totaling approximately 1,320 meters are
planned to test for mineralization along the regionally important
LCFZ where significant geophysical anomalies are modeled on the
faulted limb of a modeled synclinal fold, in a geological and
structural context interpreted by the Company to resemble that of
the nearby Kerr Addison deposit which is located about 1,500 meters
to the east. Seven drill holes totaling around 2,680 meters
are planned to test high priority targets associated with
geological and structural settings on the Project that are
associated with other fault and fold structures, as indicated by
the new geophysical data and the derived modeling products.
QP Statement
The technical information in this news
release has been reviewed and approved by Dr. Keith Benn, P.Geo., 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. Kirkland Lake
Gold Corp holds an option to acquire up to a 75% interest in
Orefinders McGarry, Mirado and Knight projects (the "Projects") in
exchange for spending $60 million on
the 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.
SOURCE Orefinders Resources Inc.
