TORONTO, Oct. 4, 2022
/CNW/ - Orefinders Resources Inc. ("Orefinders" or the
"Company") (CSE: MIS) is pleased to announce that it has acquired
100% interest in the GSL Zinc Project ("GSL" or the "Project")
through staking. GSL is a 60,000-hectare property in Northwest Alberta, along the Great Slave Lake
Shear Zone in Western Canada
Sedimentary. GSL has excellent access and infrastructure as it sits
along the McKenzie highway and has a railroad crossing the
claims.
GSL represents a grassroots generative opportunity from
Orefinders that is based on data that is publically available data.
GSL is within the Great Slave Lake Shear Zone in Western Canada's Sedimentary Basin, which
hosts the Pine Point zinc camp 330 kilometres northeast. The area
of GSL is covered by glacial till ranging from 15-50 metres in
depth, with few outcrops, and our exploration thesis has never been
effectively tested.
"Orefinders' focus remains gold. However our group has been
evaluating GSL for years, as we believe it presents exposure to a
potential new large-scale discovery. GSL offered a risk rewards
opportunity that we could not pass up. Our thesis on GSL presents a
basic question that can be answered with a relatively low-cost
drill program, and whose rewards are well suited to our business
model and returns we seek", said Stephen
Stweart, Orefinders CEO.
Why the GSL Zinc
Project?
It is thought that this world-class dispersion train of zinc
originated from a large source, which is likely Sedex (Sedimentary
Exhalative) in nature. Orefinders seeks to discover the source of a
4,000 square-km zinc (sphalerite) anomaly, as described below.
Sedex deposits are known to host large mines throughout the
world, with more than half of the world's zinc and lead has come
from Sedex deposits, including Mt. Isa in Australia and Red Dog in Alaska, Broken Hill in Australia and Grasberg in Indonesia.
Orefinders is targeting shallow SEDEX-type mineralization that
it believes is immediately beneath the glacial overburden at a
depth of between 20 and 50 metres. The Company believes that the
Denovian sequence on the GSL property is stratigraphically
equivalent to the Pint Point District (historical production from
1964 to 1987 of 64 million tonnes with an average grade of 7.0% Zn
and 3.1% Pb). Unlike Pint Point, no deposit on GSL has been found
because it does not outcrop, like Pine Point when it was discovered
northeast of GSL in the late 1800's.
Click here to View a Map of the GSL
Proprty
How are we testing GSL Zinc - Near
Term Drilling Plans
Orefinders will seek to immediately begin a 20-hole, 1,100
metres RC drill program of widely spaced, shallow holes through the
glacial sediments and into the bedrock. This drill program aims to
trace the sphalerite in till anomaly and sample the Cretaceous
bedrock beneath the till. Sedex deposits can be quite large and
flat-lying, hence any discovery would be very favourable to open pt
mining.
About the GSL Zinc
Anomaly
The zinc anomaly was discovered by the Geological Survey of
Canada (GSC Open File 5121;
Alberta Special Report 7, 2006). The discovery consisted of
numerous sphalerite grains in 30 Kg till samples ranging from
values of less than 30 grains in samples external to the anomalous
area and grain counts of up to 1047 grains in samples within the
anomalous area. Other studies have indicated the likely ice
direction of the most recent glacial movement, and the program is
designed to systematically sample shallow till samples moving "up
ice" until the anomaly ends, thus indicating proximity to the
source of sub-cropping zinc mineralization.
In 1990, an oil well drilled by Chevron on GSL intersected 10
metres of 3.7% zinc at approximately 1200 metres. However, the
source of the zinc anomaly Orefinders is targeting is likely hosted
by Cretaceous sedimentary bedrock at or very near the contact with
the glacial till. Lead-isotope analysis by the GSC indicates the
sphalerite grains found in the glacial till were not a product of
the Pine Point deposits but rather the result of glacial erosion of
a younger, undiscovered proximal zinc mineralization.
Click here to view GSL's Conceptual Geologic
Model
GSL is underlain by sedimentary sequences of the Western Canada
Sedimentary basin beneath relatively shallow till cover.
Cretaceous-aged (80 million years) shales and sandstones are
underlain by Devonian-aged (370 million years) limestones and
dolomites. The Devonian sequence is known to be stratigraphically
equivalent to the Pine Point district. Of particular importance is
the existence of an oil well drilled by Chevron on the Property in
1993, which intersected 10 metres grading 3.7% zinc in Devonian
dolomite at a depth of 1250 metres. Mineralization in the Chevron
drill hole is believed to be similar to mineralization at Pine
Point some 400 km to the northeast. It may be an example of
Mississippi Valley Type ("MVT") mineralization. Both Pine Point and
the Chevron drill hole are proximal to the Great Slave Lake Shear
Zone ("GSLSZ").
There is evidence at Pine Point for two regional-scale events of
increased geothermal activity, The obvious one which produced the
MVT deposits at Pine Point and occurring in the late Devonian
(circa 260 millions years) and a less well-documented event
affecting the Pine Point deposits, in the Cretaceous (circa 70
millions years). This latter event would have been active while the
Cretaceous sediment sediment sub-cropping on the Property were
being deposited in a reduced restricted basin to the east of the
Rocky Mountains. The zinc mineralization in the Chevron drill hole
suggests that the segment of the GSLSZ on the property has been
active in the past and may have provided a locus for mineralizing
fluids to move to the surface through the overlying stratigraphy.
Under this model the organic-rich sediments occurring in the
Cretaceous era were the host to a second Pine Point-type event but
in the form of stratiform sedex-style mineralization that were
subsequently eroded into the widespread zinc-in-till anomaly down
ice from the property.
QP Statement
The technical information in this news release has been reviewed
and approved by Charles Beaudry
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.
Agnico Eagle Mines Limited (TSX: AEM) holds an option to acquire
up to a 75% interest in Mistango's Kirkland
West and Omega projects (the "Projects") in exchange for
spending $60 million on the
Projects.
Neither Canadian Securities Exchange nor its Regulation
Services Provider accept 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. Mistango 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 Mistango. Additional information identifying risks
and uncertainties is contained in filings by Mistango with Canadian
securities regulators, which filings are available under the
Mistango profile at www.sedar.com.
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SOURCE Orefinders Resources Inc.