Orefinders Announces 14.3m of 4.18g/t Gold to Extend Tyranite at Depth, Discovers New Gold Mineralization Style

·5 min read

TORONTO, Nov. 5, 2020 /CNW/ - Orefinders Resources Inc. ("Orefinders" or the "Company") (TSX.V: ORX) is pleased to announce assay results from its first completed diamond drill hole of the 9,000m drilling program on its 100% owned Knight Gold Project, in the Shining Tree Greenstone Belt 110km southwest of Kirkland Lake, Ontario.

This hole, TYR20-001, was targeted at the Tyranite Mine and its purpose was to test the continuity of mineralization at about 200 metres below the deepest levels that had previously been mined.

Depiction of First Drill Hole on Orefinders Tyranite Mine (Figure 1)

TYR20-001 Returned Two Distinct and Significant Intersections of Gold Mineralization:

  1. 4.18 g/t gold over 14.28m (true thickness is estimated to be 11 metres) between 615.72m and 630m downhole.

  2. 2.03 g/t gold over 9.0m (true thickness is estimated to be 8 metres) between 719m and 728m downhole.

Further Technical Detail on Drill Hole TYR20-001
The first three drill holes at the Knight Gold Project are designed to validate the continuity, at depth, of the mineralized Tyranite Shear structure, beneath the historical workings at the Tyranite Mine that represents one of several drilling target areas at the Knight Gold Project. Drill hole TYR20-001 was completed on October 8, and the bulk of assays have now been returned. The second drill hole, TYR20-002, has been completed, and assays are pending. TYR20-001 and TYR20-002 are shown in a section in Figure 1. Drilling of the third hole, TYR20-003, is ongoing. All drill holes at the Knight Gold Project are oriented to allow measurements of structural features in the core.

Assay Results from TYR20-001
Positive assays results were returned from two mineralized intersections in TYR20-001. The cut-off grade used to calculate grade composites for both intersections is 1.0 g/t.

  1. Tyranite Shear Structure Mineralized Zone

  2. Syenite-Associated Mineralization in the Footwall

QP Statement
The technical information in this news release has been reviewed and approved by Dr. Keith Benn, P.Geo., Vice President Exploration for Orefinders, a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects." For the exploration undertaken by Orefinders, all assay batches are accompanied by rigorous Quality Assurance procedures that include insertion of standards and blanks and verification assays in a secondary laboratory. Quality Control results, including the laboratory's control samples, are evaluated immediately on reception of batch results and corrections implemented immediately if necessary.

About Orefinders Resources Inc.
Orefinders is a Gold exploration and development company focused exclusively on the Abitibi Greenstone Belt. The Company is listed on the Toronto Venture Exchange under the symbol ORX.

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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SOURCE Orefinders Resources Inc.


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