- Drilling on Knight now Complete
- Drilling on McGarry in Kirkland Lake Ongoing
- Treasury is Strong with ~$9.8
million in working capital and +$6 million in cash
- Agnico Eagle JV Exploration Spend Increasing by 50% in
2022
- Full Update via webinar Now Available
TORONTO, March 10, 2022 /CNW/ - Orefinders Resources
Inc. ("Orefinders" or the "Company") (TSXV: ORX) is pleased to
provide a corporate update, including results from the now complete
Knight drill program, the in-progress drill program on its
McGarry Gold project in the
Kirkland Lake District, updates on
Orefinders cash and working capital positions, strategic
opportunities that Orefinders is evaluating, and its Joint Venture
partnership with Agnico Eagle Mines Limited ("Agnico Eagle";
TSX:AEM).
Orefinders has a strong balance sheet with $6 million in cash and a total of $8.5 million in working capital, including its +5
million shares in QC Copper & Gold (QCCU:TSXV) , 24.7 million
shares in Mistango River Resources (MIS:CSE), 5 million shares in
American Eagle Gold (AE:TSXV). Orefinders also benefits from its
$60 million joint venture with Agnico
Eagle, which sees AEM fund Orefinders exploration activities while
preserving its treasury. Orefinders also notes that Agnico's budget
for 2022 is increasing by 50% from 2021.
Orefinders Full Update: Webinar with CEO
Stephen Stewart
Details of Knights Phase 2 Drill Program
Orefinders
has completed its 4,400 metre Phase 2 drill program at the Knight
Gold Project located in the Shining Tree district of the southern
Abitibi belt about 100 kilometres southwest of Kirkland Lake, Ontario. The Phase 2 program
focused on extending mineralization proximal to the historical
Tyranite Mine (Tyranite Zone) and testing new exploration targets
to the South of the Duggan Zone, located about 1,500 metres to the
west of Tyranite. The best intercept was in TRY21-003 (drilled
at the Tyranite Mine area) with 4.67 g/T over 4.6 meters from 216.4
to 221 meters. Drill hole TRY21-004 also had an intercept of 2.01
g/t over 2 meters from 120 to 122 meters, corresponding to the
deeper intercept in TRY21-003. These intercepts are located 30 to
75 metres south of previously announced intercepts reported in 2021
and continue to show the expansion potential for mineralization in
this area
A map illustrating the locations of the Tyranite and Duggan
zones and the Phase 2 drill holes is provided in Figure
1 where representative sections showing significant results
are presented.
Drill targets were defined based on a combination of
geostatistical analyses of gold distributions at the Tyranite and
Duggan zones and on recently completed structural and geophysical
models that have led to a refined understanding of the structural
setting of gold mineralization at the Knight Project and to the
identification of new exploration targets.
Three drill holes totaling 1913 meters were completed to test a
newly identified target zone located about 1,100 metres to the
South of the Duggan Zone (inside the dashed oval in Figure 1) where
multiple N-S and E-W structures form a complex structural domain
associated with magnetic anomalies. These three drill holes
encountered strongly silicified and altered rock, but little
economic mineralization. All Phase 2 drill holes have been
completed, and all assay and material results have been returned
and reported.
McGarry Drilling is
Ongoing
Orefinders began drilling on its McGarry Project on
February 9 and has thus far completed
2,391 metres of a planned 4,000 metre drill program. Additionally,
Orefinders has submitted 1240 samples to the lab for assay. The
Company notes that it has engaged a new assay lab for the McGarry
Project and has been advised to expect results within a much faster
turnaround rate.
Agnico Eagle Joint Venture
Orefinders congratulates it
new Joint Venture partner, Agnico Eagle, in completing its merger
with Kirkland Lake Gold. Orefinders
has engaged with senior management at Agnico Eagle and confirms
that the planned exploration spending for 2022 is increased by 50%
of 2021
Orefinders Strong Cash Position Provides Opportunities for
Growth
Orefinders strong treasury ($6
million in cash and a total of $9.8
million in working capital on a marked to market basis) and
unique situation whereby Agnico Eagle is funding the Company's
exploration activities provides Orefinders with the opportunity to
evaluate other strategic investment opportunities. Orefinders has
been very active in evaluating such opportunities and expects that
such a transaction is likely to occur.
QP Statement
The technical information in this news
release has been reviewed and approved by Antoine Schwartzmann 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 TSX Venture
Exchange under the symbol ORX. Agnico Eagle Mines Limited (TSX:AEM)
holds an option to acquire up to a 75% interest in Orefinders
Knight and McGarry 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.
For the latest updates, please contact or follow us on Twitter
@Orefinders
www.orefinders.ca
SOURCE Orefinders Resources Inc.