March 20, 2013
Orefinders Commences Drilling on the Derlak – Red Lake Gold Project in Ontario
Orefinders Resources Inc. (TSX.V: ORX) has commenced drilling on the Derlak gold project located 5 kilometers southwest of the town of Red Lake, Ontario. A 1,200 meter drill program will test selected geophysical targets identified by a Quantec Titan-24/DC/IP/MT survey completed in December 2012 and further described in Orefinders press release dated February 27, 2013.
The current program will test a regional unconformity between the Balmer and Confederation Assemblages known as the “Madsen Trend.” This unconformity is recognized in the Red Lake camp for hosting significant gold mineralization associated with the Austin and McVeigh tuff horizons. These tuff horizons are the recognized host rocks at the Madsen mine, located immediately southwest along strike from the property, with the 21st level of the mine closely approaching the Derlak claim boundary.
Government studies completed by the OGS and GSC have recognized the younger Confederation Assemblage as being highly favorable for hosting an economic volcanogenic massive sulphide deposit. These surveys mapped vent proximal lobe-hyaloclastite felsic volcanic flows associated with submarine fissure vent systems in outcrops on the Derlak property.
In 1978 the OGS commissioned a Questor Mark IV airborne total field magnetic and time domain electromagnetic survey over the Red Lake area. A single 3 channel anomaly was identified on the Derlak property and was followed up with line cutting, ground magnetic, VLF and H.L.E.M. (Max-Min II) surveys completed by Selco in 1980. The anomaly was then ground tested by a shallow drill hole in 1981. The Titan survey demonstrated that the Selco drill hole was too shallow and did not adequately test the main target which is positioned at a deeper level vertically below the drill hole. Orefinders plans to test this target with a deeper drill hole.
Potential gold bearing sulphide mineralization associated with the Austin and McVeigh Tuffs along the Madsen unconformity will also be tested with holes planned to test deep seated targets that have never been previously tested by the shallow historical drilling.
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.”
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