January 15, 2014
Orefinders channel samples 11.35 g/t Au over 4.80m 200 Meters west of the Mirado resource limit
Orefinders Resources Inc. (TSX.V: ORX) reports high grade channel sampling results from its Mirado project, located in the Kirkland Lake gold district of Northeastern Ontario. The fall trenching and channel sampling program tested favorable volcanic stratigraphy beyond the limits of the current Mirado NI 43-101 Mineral Resource which contains 442,000 ounces within an inferred resource of 10,618,000 tonnes at an average grade of 1.29 g/t Au (see Orefinders December 9, 2013 press release). The pit design and parameters used by SRK Consulting (Canada) Inc. (“SRK”) in the NI 43-101 resource estimate report for Orefinders Mirado project can be reviewed at www.SEDAR.com. Orefinders channel sampled 11.35 g/t Au (21.8 g/t Au uncut) over 4.80 meters and 2.43 g/t Au over 9.20 meters in trenches located 200 meters west along strike from the western margin of the conceptual open pit shell developed by SRK using Whittle software and its Lerchs-Grossman optimising algorithm. Reported channel sample lengths are representative of true width.
The style of mineralization identified in the trenches is the same as the host rock of the Main Zone of the Mirado gold deposit and consists of stringer pyrite mineralization hosted in tuffaceous and fragmental intermediate volcanic rocks. Location maps indicating the location of trenches and high grade gold mineralization in relation to the current resource estimate for the Mirado project are available for review on the Orefinders website at www.orefinders.ca under “Core Shack”. Trenching program highlights are presented in Table 1.
*A capping strategy of 31.1 g/t Au was applied to all individual assays reporting > 31.1 g/t Au
Bill Yeomans, P. Geo., President of Orefinders states, “The Mirado channel sampling results demonstrate excellent exploration potential on adjacent ground located along strike from the current NI-43-101 compliant resource. The reported high grade trench mineralization shares remarkable similarities to the Mirado deposit in terms of host rock and style of gold mineralization. Areas outside the boundary of the conceptual open pit shells designed and outlined by SRK on maps accompanying this press release are vastly under-explored with only a limited amount of historical drilling. Orefinders recognized the potential of these under-explored areas and now controls over 6 kilometers of favorable volcanic stratigraphy along strike from the Mirado gold deposit. Much of this recently acquired ground was obtained through staking and is 100% owned.”
Mineral resources are not mineral reserves and have not demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves. It is uncertain if further exploration will allow upgrading the classification of the Inferred mineral resources.
The chemical analyses were conducted in ALS Minerals’ ISO 9001:2008 certified Vancouver, BC laboratory facility; gold values were determined using a fire assay method with a gravimetric over-limit finish. All samples collected for analysis were processed using Orefinders’ strict QA/QC (quality assurance / quality control) program which includes the insertion of standards, duplicates and blanks for quality control of the assays. The technical information contained in this news release has been reviewed and approved by Kevin Piepgrass, P.Geo, Vice-President Exploration for Orefinders, who is a Qualified Person as defined in “National Instrument 43-101, Standards of Disclosure for Mineral Projects.”
About Orefinders Resources Inc.
Orefinders Resources Inc. is a Canadian gold exploration company with 100% interest in the Mirado gold deposit which contains a current NI-43-101 compliant resource of 442,000 ounces contained within an inferred resource of 10,618,000 tonnes at an average cut grade of 1.29 gpt Au. Orefinders completed 12,060 meter drill program with 40 diamond drill holes during the first year of exploration at the Mirado property. During the fall of 2013 the land position of the project was significantly expanded through staking and the company now holds 3,440 acres of highly prospective, under-explored ground that is easily accessible year round by all-season roads with nearby power and rail.
On behalf of the Board of Directors
William Yeomans, P. Geo
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 may differ materially from results suggested in any forward-looking statements. Orefinders assumes no obligations 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 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 further information, please contact
William Yeomans, P. Geo.
VP Corporate Development