September 04, 2013
Orefinders acquires 100% of Mirado Gold Project, Kirkland Lake, Ontario
Orefinders Resources Inc. (TSX.V: ORX) has completed its work obligations and made the final payment to acquire a 100% interest in the 12 patented claims of the Mirado gold project at Kirkland Lake from Jubilee Gold Exploration Ltd. (TSX.V: JUB), subject to a 3% NSR. These patented claims cover the area of historic gold exploration and production at Mirado from the 1930’s through 1987. This acquisition is considered to be the core asset of the 3,228 acre Mirado land package currently held by Orefinders. Since acquiring an option on the Mirado property in 2012, Orefinders has focused the majority of its exploration efforts on these claims, satisfying the $2 Million work obligation well ahead of schedule. Having intercepted high-grade gold near surface in multiple drill holes during 2013, Orefinders has elected to exercise its option to acquire this property by making the final $75,000 cash payment to Jubilee. The Mirado patent claims have now all been transferred to Orefinders and are Fee-Simple Absolute title to mining and surface rights, with minor surface right reservations, mostly for road allowances and hydro-electric transmission line easements.
In 2013, Orefinders drilled 40 holes (12,049) at Mirado, with results from 36 holes reported and assays from the final four drill holes pending. Highlights from the drill holes reported to date include the following high-grade gold intercepts, with bonanza grade gold mineralization cut to 31.1 g/t Au unless otherwise indicated:
- 19.2m @ 4.77 g/t Au in hole MD13-30, including 5.90m @ 27.7 g/t Au (uncut)
- 31.5m @ 10.9 g/t Au (uncut) in hole MD13-28, including 6.00m @ 52.2 g/t (uncut),
- 6.00m @ 6.27 g/t Au in hole MD13-25
- 14.50m @ 8.10 g/t Au in hole MD13-19, including 5.90m @ 19.2 g/t Au
- 30.20m @ 4.03 g/t Au in hole MD13-12, including 8.20m @ 10.6 g/t Au
- 61.30m @ 1.46 g/t Au in hole MD13-06, as well as 4.30m @ 9.88 g/t Au
- 46.10m @ 1.33 g/t Au in hole MD13-03, including 26.90m @ 1.93 g/t Au
In addition, bulk sampling of mineralized stockpiles at Mirado is ongoing with results to be reported when available (see our news release of May 28, 2013).
The Mirado property was originally staked in 1915. Historical surface exploration and underground mining during the period from 1915 till 1987 resulted in the completion of over 40,000 m of drilling in 442 surface and underground drill holes. A shaft was sunk to 540 feet on the North Zone with levels established on the 125′, 250′, 375′ and 500′ elevations along with 12,000 feet of drifting and crosscutting, 720 feet of raising and 1,723 feet of stope development by the end of 1948. Further surface and underground exploration and development occurred during the period from 1981-1987, including overburden stripping, development of a ramp, bulk sampling from a small open pit, and stockpiling of mined material currently located adjacent to access roads on the property. Previous operators were mainly focused on near surface bonanza grade gold mineralization, and as a result, all of the historical drilling and underground work targeted depths of less than 150 meters below surface.
In July, 2013, Orefinders retained SRK Consulting (Canada) to prepare an NI 43-101 compliant mineral resource estimate and technical report on the Mirado project.
Orefinders recently staked an additional 942 acres surrounding the Mirado patents, increasing Orefinders current land position at the project to 3,228 acres. The recent staking covered numerous historical high grade gold occurrences reported in the Ontario Department of Mines Annual Report Vol. LIX Part VI (1950). These gold occurrences have never been systematically explored. The staked ground is 100% owned by Orefinders and the updated land position map can be viewed at www.orefinders.ca.
Bill Yeomans, P. Geo, President of Orefinders, states “Given our outstanding drilling success at Mirado in 2013, we have elected to exercise our option to acquire a 100 per cent in this highly prospective gold project in Kirkland Lake, Ontario, one of the most prolific gold camps in Canada in one of the premier mining jurisdictions in the world. This year’s drilling at Mirado served to confirm both the historic high-grade drill results from over 40,000m of drilling reported by previous operators and our theory that Mirado offers the potential for near–term development of an economic bulk-tonnage open pit mine. We are looking forward to receiving the remaining assays from our recently completed drill program, the results from the bulk sampling conducted on our ore stockpiles on the property and the subsequent completion of the initial NI 43-101-compliant resource estimate by SRK Consulting later this year.
Gold values reported in this news release were obtained exclusively from diamond drill core. Drilling was completed by an independent contractor under the supervision of Orefinders’ technical staff. The core is then split and put into a sample bag which is labeled for each interval and a sample card tag put in each sample bag. Samples were picked up by ALS Chemex and sent to their sample preparation facility.
The analysis was conducted in ALS Chemex’s ISO 9001:2008 certified Vancouver, BC laboratory facility using fire assay method for gold with a gravimetric over-limit finish, and multi-element (ME-ICP41) techniques producing assays for a 35 element suite of minerals. 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 samples. After the core is logged for each drill-hole, the location of each site is located using a differential GPS in UTM coordinates using NAD 83 datum.
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