Orefinders Updates on Pacific Precious Milestones and 2019 Exploration Results
News brief: Pacific Precious, a private company which Orefinders owns 31%, concluded its summer 2019 exploration program at its Kuta Ridge project. Multiple channels samples including 28.6 gpt gold over 1.5 metres were assayed along with the identification of four styles of gold mineralization on the property which confirm an epithermal system. Pacific Precious is on track to go public in Q1 2020 vis-à-vis a plan of arrangement.
Toronto, Ontario – November 7, 2019 – Orefinders Resources (“Orefinders” or the “Company”) is pleased to report that Pacific Precious (“Pacific”) has concluded its exploration program and is progressing in parallel with its going public process planned for Q1 2020. As a part of Pacific’s going public process, Orefinders plans to dividend a significant portion of shares that it owns in Pacific directly to Orefinders shareholders.
Exploration results from the Kuta Ridge project point towards an epithermal-style gold deposit that merits further exploration given the varied styles of gold mineralization present and the high grades encountered on surface during current and previous exploration programs.
Pacific Precious’ Going Public Milestones
|Minimum Spend as per Listing Requirements||Complete|
|Initial NI 43-101 Report||Complete|
|Submission of Report to Exchange||Complete|
|Audit of Financial Statements||In Progress|
|Preliminary Exchange Approval||Complete|
|2020 Q1 Financing / Going Public Process||Upcoming|
Pacific Precious Summer 2019 Exploration Program
The exploration program followed up on Pacific’s 2018 sampling program conducted which delineated a 6km long, north-south trending gold corridor on the Kuta Ridge Project where numerous high grade gold veins were located in surface bedrock. Additionally, four distinct types of high-grade gold mineralization were identified within the 6km long trend including:
- low-sulphide veins up to 0.5 metres width;
- high-grade quartz-arsenopyrite veins and breccias;
- sulphide veins with massive pyrite and;
- high-grade ribboned and brecciated quartz-pyrite veins with abundant visible gold.
Results from channel sampling include:
- 28.6 gpt gold over 1.5 metres
- 7.0 metres grading 1.56 gpt gold (including 1.0 metre sample returning 5.93 gpt)
- 14.5 gpt gold over 0.15 metres
- 41.0 gpt gold over 0.20 metres
Previously unknown mineralization was also delineated along the lower part of Koitman Creek at an elevation of ~1,650 metres above sea level (370 metres below the crest of Kuta Ridge). This is significant as it demonstrates that fluids boiled over a large vertical range, providing potential large range of gold deposition.
Compilation of Historical Work
Pacific Precious acquired and compiled historical data from the Kuta Ridge property. Exploration was conducted in the late 1980s and early 1990s by Picon and Kennecott and included stream, outcrop and float sampling, as well as drilling. One hole drilled by Picon returned 1.6 gpt over 10.2 metres, including 66.0 gpt gold over 0.3 metres in a quartz-arsenopyrite vein.
The Kuta Ridge property checks the major boxes for a gold discovery with the presence of high grade gold mineralization on surface in bedrock and in float, major fault structures and a history of artisanal and alluvial gold production. We believe that the major challenge now facing the project is to locate areas where these mineralized structures expand to minable widths and the best approach is still probably prospecting and hand trenching supplemented by mechanical stripping where appropriate. Moving forward, Pacific Precious’ priority will be to identify the source of the high-grade quartz-arsenopyrite and quartz-pyrite visible gold boulders in the Kuta Ridge trenching area. Six targets have been identified for further prospecting and trenching and part of the next phase of exploration.
“We are very encouraged with the results to date as we continue to develop our understanding of the geological and structural controls of the epithermal system at Kuta Ridge. The next phase of exploration will include further prospecting and trenching, and drilling with the ultimate objective of delineating a multimillion ounce epithermal gold deposit on the Kuta Ridge property,” said Charles Beaudry, P.Geo and CEO of Pacific Precious.
The technical information contained in this news release has been reviewed and approved by Charles Beaudry, P.Geo, Director and Vice President Exploration for both Orefinders and Pacific Precious, who is a Qualified Person as defined in “National Instrument 43-101, Standards of Disclosure for Mineral Projects.”
About Pacific Precious
Pacific Precious is a privately-owned Canadian corporation which owns 100% of the Kuta Ridge Project. Pacific Precious is the trade name of Kuta Ridge Exploration Inc. Details about Pacific Precious can be found in the Orefinders News Releases of March 4th, May 15th, and May 31st 2019 news releases available on the Company’s website and at www.sedar.ca.
About Orefinders Resources Inc.
Orefinders is a Gold exploration and development company focused in the Kirkland Lake and Shining Tree districts of Ontario’s Abitibi Greenstone Belt. The Company is listed on the Toronto Venture Exchange under the symbol ORX.
To Speak to the Company directly, please contact:
Stephen Stewart, Chief Executive Officer
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