Orefinders Intersects 9.50 m @ 59.2 g/t Au (uncut), Including 1.00 m @ 559 g/t Au, at Mirado Gold Project, Kirkland Lake
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/10/13 -- Orefinders Resources Inc. (TSX VENTURE: ORX) reports results from a further five holes (1,950.6 m) from its Phase I and ongoing Phase II diamond drilling program at the Mirado Gold project near Kirkland Lake, Ontario. All five holes being reported intersected significant high-grade and broad lower-grade gold zones.
Highlights of grade gold zones intersected near surface and at depth, include:
9.50m @ 59.2(i) g/t Au in hole MD13-07 including 1.00m @ 559(i) g/t Au
8.75m @ 7.50(i) g/t Au in hole MD13-05 including 1.50m @ 42.7(i) g/t Au
4.50m @ 6.50 g/t Au in hole MD13-10
6.00m @ 6.32 g/t Au in hole MD13-10
Lower-grade gold zones intersected include:
22.40m @ 1.41 g/t Au in hole MD13-05
17.50m @ 2.41 g/t Au in hole MD13-08
11.40m @ 2.58(i) g/t Au in hole MD13-10
31.40m @ 2.39 g/t Au in hole MD13-10, including 19.50m @ 3.65 g/t Au
A complete list of relevant gold intersections is located in table 1 below.
In calculating these intervals, high grade gold zones were capped at 31.1 g/t Au, with uncut values in excess of 31.1 g/t capped to 31.1 g/t Au; uncapped grades, where reported, (such as 559(i) g/t Au) are indicated with (i). True widths are estimated to be 80% of reported widths.
Table 1. Reported Gold Intersections - Mirado Gold Project
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Grade Au(i)
From To Interval Grade Au (g/t)
Hole-Id (m) (m) (m) (g/t) Uncut
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MD13-05 10.60 23.45 12.85 0.97
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MD13-05 101.00 123.40 22.40 1.41
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Including 115.90 121.50 5.60 4.15
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MD13-05 150.00 158.75 8.75 5.51 7.50(i)
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Including 154.50 156.00 1.50 31.1 42.7(i)
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MD13-07 86.20 95.70 9.50 3.68 59.2(i)
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Including 91.30 92.30 1.00 31.1 559(i)
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MD13-08 73.90 91.40 17.50 2.41
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Including 73.90 76.30 2.40 4.49
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Including 79.30 82.40 3.10 6.68
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MD13-09 13.70 15.80 2.10 1.08
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MD13-09 21.45 25.65 4.20 1.05
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MD13-09 45.00 47.20 2.20 1.17
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MD13-09 60.50 65.00 4.50 2.05
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MD13-09 87.80 89.40 1.60 4.04
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MD13-09 110.00 117.25 7.25 0.68
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MD13-09 134.00 152.00 18.00 0.95
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Including 143.00 147.50 4.50 1.45
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Including 150.50 152.00 1.50 3.82
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MD13-09 192.50 199.35 6.85 0.87
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MD13-09 232.70 234.95 2.25 0.9
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MD13-09 282.80 283.75 0.95 31.1 44.0(i)
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MD13-10 12.50 16.20 3.7 6.68
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MD13-10 57.90 59.50 1.6 2.34
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MD13-10 92.20 92.60 0.4 9.03
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MD13-10 108.90 120.30 11.4 2.1 2.58(i)
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Including 114.80 120.30 5.5 4.05 5.05(i)
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and Including 114.80 115.10 0.3 31.1 49.4(i)
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MD13-10 199.64 200.20 0.56 9.45
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MD13-10 257.70 289.10 31.4 2.39
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Including 265.20 284.70 19.5 3.65
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and Including 265.20 269.70 4.5 6.5
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and Including 278.70 284.70 6 6.32
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(i) represents uncapped gold grades
To date, assays from 3356 m of drilling have now been reported with an additional 3944 m of drill core in the process of being assayed.
Holes MD13-05 and MD13-07 were both drilled in the Mirado South Zone proximal to historic open pit and underground mine workings. These holes marked the end of the initial Phase I drilling program. Results continue to be encouraging and will help to further define near surface gold mineralization with bulk tonnage potential. Drill hole orientations are located in table 2.
MD13-08, MD13-09 and MD13-10 were drilled in the north zone proximal to the historic Mirado #1 shaft. Gold mineralization in the north zone appears to be shear-hosted and trending west-northwest. These shear zones are near vertical and can be traced to a depth of 200m from recent and historic drilling. The strike length has not yet been tested and remains open in both directions and at depth. These holes mark the start of the Phase II diamond drilling program. Drill hole orientations are located in table 2.
Table 2. Drill hole details
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Depth
Hole-Id Azimuth Dip (m) Zone
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MD13-05 225 -45 373.6 South
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MD13-07 225 -45 299 South
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MD13-08 225 -45 431 North
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MD13-09 225 -45 446 North
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MD13-10 225 -45 401 North
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total metres reported 1950.6
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Bill Yeomans, P. Geo., President of Orefinders states that "The first phase of drilling clearly demonstrates the bulk tonnage potential for gold mineralization on the property. We are also beginning to recognize an extremely high grade gold component at the Mirado deposit. Bonanza grades have been identified in drill core and at surface along structures that Orefinders now considers to be the high grade feeder zones associated with broad near surface gold mineralization."
A drill-hole location map for this press release which includes the location of the all of the Phase 1 drill holes and Phase II drilling to date is provided on the Orefinders website at www.orefinders.ca under a section called "Core Shack." As the drilling progresses and new results are obtained, additional information will be added under the Core Shack section and will include press release drill-hole maps, drill sections, photographs of the reported mineralized drill core intervals, and other related information.
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, President
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.
Neither TSX Venture Exchange nor its Regulations 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.
Contacts:
Orefinders Resources Inc.
William Yeomans, P. Geo.
President
1-250-707-0911
byeomans@orefinders.ca
Orefinders Resources Inc.
Stephen Stewart
VP Corporate Development
1-416-644-1567
sstewart@orefinders.ca
www.orefinders.ca