Orefinders Resources Inc. Amends Update on Mirado Project
Feb 12 15
Orefinders Resources Inc. reported that the disclosure concerning the in-situ value and cost of production for the inferred resource of stockpiled mineralization should be disregarded as NI 43-101 regulation and states that 'an issuer must not disclose the gross value of metal or mineral in a deposit.' The company also wished to clarify that it is not intending to prepare an 'in-house preliminary economic assessment.' The company will remain focused in 2015 on moving the Mirado project forward, and continue to evaluate properties using their very experienced management team. The technical information provided in this release has been reviewed and approved by William Yeomans, P.Geo, President and CEO for Orefinders, who is a Qualified Person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.
Orefinders Resources Inc. Provides Update on its Exploration Activities of Kirkland Lake Ontario at the Mirado Project
Feb 12 15
Orefinders Resources Inc. provided an update with regard to the company's exploration activities and plans for calendar year 2015. Recent staking in January, 2015 resulted in the company becoming the large landholder in a highly prospective greenstone belt located 35 kilometers southeast of Kirkland Lake Ontario at the Mirado project. The Mirado property now covers 2,417 hectares of Archean aged greenstone terrain underlain by the under-explored calc-alkaline Skead Formation, most of which is owned 100% through staking. The Mirado project includes two past producing gold mines, including the Mirado and Gold Hill deposits. The Mirado gold deposit has a current NI 43-101 compliant inferred mineral resource containing 442,000 ounces at an average grade of 1.29 g/t Au. This preliminary resource was achieved within the first six months of activities for the company with a 12,000 meter, 40 hole diamond drilling program, at an all-in discovery cost of CAD 6.00 per ounce. Throughout 2013 and 2014, Orefinders staked additional land targeting the main structure controlling gold mineralization at the Mirado gold deposit. The district-scale Mirado fault is considered to be southeast trending splay fault originating from the Cadillac-Larder Lake break. The Mirado deposit is characterized by bulk tonnage open pit mineralization, as well as narrow high grade gold zones targeted by historical underground mining activities. Underground development commenced in the 1940's on the 125', 250', 375' and 500' levels, while bulk tonnage mineralization was extracted from an open pit in the 1980's. In November 2014, the company located an archive of original historical surface and underground plan maps covering the history of surface and underground exploration at the Mirado deposit for the period from 1940 to 1968. The Cathroy Larder Lake Gold Mines dataset from the 1940's provided an additional 32,430 feet of historical drilling data from surface and underground diamond drill programs, including 173 underground diamond drill holes and 30 surface diamond drill holes targeting the North Zone. Detailed underground mine plans were also included, allowing drill holes to be accurately located with available underground survey data for the mine. The archive also included all of Mirado Nickel Mines work from the 1960's which included 32,183 feet of surface diamond drilling and 5,760 feet of underground drilling. This historical drill-hole information from 1940 to 1968 was unavailable during the time of Orefinders 2013 drill program, and was not utilized for any aspect of the 2013 NI 43-101 resource estimate. Although these two datasets are historical in nature and are not considered NI 43-101 compliant, the company is currently conducting an in-house study by integrating this additional 64,613 feet (19,694 meters) of historical drill-hole data (1944-1960) with the current SRK resource Gemcom model. The merging of the historical drill holes with more recent datasets will better define the geological controls on gold mineralization, particularly in the North Zone where the historical drilling data was extremely sparse or completely missing. The company considers the recently compiled historical drill-hole data to be of historical interest only and extremely useful for the in-house planning of future drill programs targeting expansion of the current resource. All work commitments for the MZ option agreement are now complete. The 2014 fall trenching program demonstrated continuity of gold mineralization on the MZ claims 200 meters immediately west of the SRK conceptual open pit, along strike from the Mirado deposit. One final CAD 40,000 cash payment as well as the issuance of 50,000 ORX shares, due on Feb. 8, 2016 will provide for Orefinders to earn a 100% interest in the claims, subject to a capped NSR royalty. Work will continue on the MZ claims in an effort to continue to expand the area of gold mineralization immediately west of the current resource. Upon execution of the final MZ property payment and share installment in 2016, all of the claims held in the 2,417 hectare land package will be owned 100%.
Orefinders Eyes Acquisitions
Feb 12 15
Orefinders Resources Inc. (TSXV:ORX) is looking for acquisition opportunities. Orefinders was very pleased to have Claude Bouchard, join Orefinders Board of Directors, enabling Orefinders to expand our capabilities to include mining engineering studies, advanced resource evaluations and in-house PEA's on potential future acquisitions.