May 20, 2014
Orefinders Stakes additional 1,190 hectares at Mirado Gold Project, Kirkland Lake
Orefinders Resources Inc. (TSX.V: ORX) has staked an additional 1,190 hectares of land near Kirkland Lake, Ontario, adjacent to and along strike to the northwest from its wholly-owned Mirado gold project. The staking program increased Orefinders landholdings by 54% to 2,200 hectares, resulting with 100% ownership of favorable volcanic stratigraphy covering an additional six historical gold occurrences considered highly prospective for bulk tonnage gold deposits. The 2013 drill program at the Mirado project delineated a NI 43-101 compliant inferred resource, which contains 442,000 ounces Au at an average grade of 1.29 g/t Au, with the main focus of resource drilling targeting bulk tonnage mineralization at the South Zone (see press release dated December 9, 2013).
During the winter season, the Mirado project was reviewed by Dr. Jim Oliver, Ph.D., P.Geo. Dr. Oliver has more than 25 years exploration experience specializing in global mineral deposit evaluations, has worked on five continents in 25 countries and examined or worked on approximately 400 mineral occurrences or deposits. Dr. Oliver re-logged Mirado drill core from the 2013 drilling program, prepared a geological model and stratigraphic cross-sections. Two different ages and styles of gold mineralization were recognized at the Mirado deposit, at the North and South Zones.
South Zone bulk tonnage gold mineralization is related to late, highly gold rich quartz pyrite stockwork and extensional vein systems developed largely at competency contrasts within relatively flat lying volcanic stratigraphy. Auriferous quartz veins are preferentially developed near the hanging wall contact of a thick, laterally persistent, coherent felsic flow with overlying intermediate to mafic volcanic units. Strong gold mineralized zones track extensional offsets in the felsic section and property scale data suggests that multiple, potentially gold mineralized, structural zones may be identified along strike from the current resource areas.
Dr. Oliver also concluded that the North Zone represents an older gold mineralizing event, represented by a significantly gold enriched polymetallic volcanogenic massive sulphide (VMS) system. The North Zone gold target has a specific stratigraphic position, which is often defined by a persistent chert or felsic ash tuff horizon which exhibits good lateral and down-dip continuity within a vertical to steep northeast dipping section. In 2013, Orefinders drilled a limited number of diamond drill holes (six), on broad step outs, into this favorable target, and intercepted significant high grade gold bearing sulphide mineralization (eg. 6.0 m @ 6.32 g/t Au) associated with a strong coincident IP chargeability response (see press release dated April 10, 2013). Blocks of VMS material sampled from stockpiles located near the North Zone shaft area during the fall of 2012 assayed 134.5 g/t Au, 63.5 g/t Ag, 23.9% Zn and 1.6% Cu. Within the Archean Abitibi Subprovince, gold rich volcanic hosted massive sulphides represent important exploration targets and deposits, including the Horne, Quemont and Bousquet 1 and 2 Mines. One of the best documented deposits of this type is the La Ronde Penna gold deposit, 58.6 Mt of 4.31 g/t Au, located in the Doyon-Bousquet-La Ronde camp. An updated geological cross-section, through the North and South gold mineralized zones prepared by Dr. Oliver can be reviewed on the website at www.orefinders.ca under the “Core Shack” section for the Mirado Project.
Bill Yeomans, President, commented that, “The winter staking program targeted favorable volcanic stratigraphy associated with a major structure along strike from the Mirado deposit, with 100% ownership of six additional gold occurrences obtained for the minimal cost of staking fees. North Zone gold enriched massive sulphide mineralization is considered to be a high priority exploration target for Orefinders due to their excellent size potential. Recognition that Mirado claims overlie both structurally controlled gold vein systems as well as precious metals enhanced volcanic hosted massive sulphides significantly increases the net prospectivity of the claim block. It is expected that both target types will be aggressively pursued during the 2014 exploration season.
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.