Toronto, Ontario — October 14, 2015 — Orefinders Resources Inc. (“Orefinders” or the “Company”) (TSX.V: ORX) is pleased to announce the completion of its recent mapping and sampling on the Gold Hill claims as part of the Mirado Project. The ground follow up program was commissioned as a result of the Company’s positive results it received from its Induced Polarization survey as announced in September 29th’s News Release.
The ground work and sampling confirmed historical reports of the high grade Gold Hill mineralization. Samples taken from what is likely to be the ‘Main Vein’, which was mined in the 1920’s, was assayed and returned grades of up to 26.8 g/t Au across an 80 cm shear zone. Orefinders has also identified the ‘Vein #2’ and a potential third vein that is anomalous in gold. The Gold Hill claims are patented land and 100% owned by the Company. The results received from the Induced Polarization survey together with the vein discovery at surface clearly merits first modern drill program on the Gold Hill Zone. See Map depicting location of Sample results relative to the Gold Hill Shaft.
Gold Hill Past Production
Gold Hill Mine was in operation during the late 1920’s with a vertical shaft sunk to 1100 feet with 7,500 feet of drifting and production from 8 levels. Production was approximately 4,400 tons during the mines two year life span and had an average mining grade of 4.8 g/t Au. Historical underground sampling highlights very high grade zones of the Main vein.
|Level||Gold oz/ton||Vein Width||Length|
Historical values within the table are considered historical and therefore cannot be verified.
A bulk sampling program was conducted in 1985 by Goldbrook Explorations Inc. with a composite 200 ton sample collected from the 100 and 300′ levels. Results of this bulk sampling returned at average grade of 4.1 g/t Au over the sample.
Based on historical reports the Main Vein and Vein #2 converge at depth at 1100′ where the vein system widens and has been described as having abundant mineralization. Minimal work has been completed at this depth and there is no known exploration at deeper levels.
Recent mapping and sampling by Orefinders identified the Main Vein 100 metres along strike to the NW of the Gold Hill 1100′ Shaft and Vein #2 approximately 85m to the SE of the Shaft and returned a grab sample of 5.6 g/t Au. These Vein locations are consistent with Gold Hill’s historical production report. A third mineralized quartz vein was identified approximately 150m NW along strike and returned a grad sample with 0.84 g/t Au.
Additionally Orefinders would like to announce the appointment of its new Chief Financial Officer, Mr. Kirk Boyd. The Company would also like to thank Mark Gelmon for his service to the Company as its previous CFO.
The technical content of this press release has been reviewed and approved by Kevin E. Piepgrass, P. Geo., the Company’s Qualified Person as defined by National Instrument 43-101.
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.
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Stephen Stewart, Chief Executive Officer
Alexander Stewart, Executive Chairman