Orefinders Updates on Power Ore's Drill Results in Chibougamau: 1.41% Copper Eq. over 58.1 Metres in Shallow Mineralization
TORONTO, June 17, 2019 - Orefinders Resources Inc. ("Orefinders" or the "Company") (TSX.V: ORX) is pleased to announce that Power Ore (TSX.V:PORE), of which Orefinders owns 5,059,752 shares, intersected 1.41% copper equivalent over 58.1 metres confirming shallow high grade disseminated copper mineralization at Opemiska Copper Mine Complex in the Chibougamau District of Quebec.
Notable intersections include:
- 1.41% copper equivalent over 58.1 metres starting at 49.9 metres down hole including 5.9% copper equivalent over 8.5 metres in hole OPM-19-02
- 0.72% copper equivalent over 23.6 metres starting at 51 metres down hole including 1.47% copper equivalent over 7.1 metres in hole OPM-19-01 (Twinned Hole of Historical Falconbridge Hole S-807)
- 0.24% copper equivalent over 79 metres starting at 33 metres down hole including 0.51% copper equivalent over 25.7 metres in hole OPM-19-03 (at the rhyolite contact, previously thought to be unmineralized)
Table 1: Summary of Significant Mineralized Intersections on Opemiska Project.
| Hole ID | Grade | Interval | From | To | |||||
| Copper Eq | Copper | Gold | Silver | Cobalt | Zinc | ||||
| OPM-19-02 | 1.41% | 0.82 | 0.69 | 5.08 | 0.01 | 0.04 | 58.1 | 49.4 | 107.5 |
| INCLUDING | 2.29% | 1.96 | 0.24 | 11.57 | 0.01 | 0.08 | 10.8 | 49.4 | 61.3 |
| AND | 5.94% | 2.87 | 3.85 | 16.63 | 0.02 | 0.09 | 8.5 | 99.0 | 107.5 |
| OPM-19-01 | 0.72% | 0.39 | 0.29 | 4.23 | 0.01 | 0.12 | 23.6 | 51.0 | 74.6 |
| INCLUDING | 1.63% | 0.79 | 0.78 | 8.69 | 0.01 | 0.37 | 7.1 | 51.0 | 58.1 |
| OPM-19-03 | 0.24% | 0.15 | 0.06 | 3.20 | 0.001 | 0.03 | 79.0 | 33.0 | 112.0 |
| INCLUDING | 0.52% | 0.34 | 0.15 | 6.10 | 0.002 | 0.02 | 25.7 | 33.0 | 58.7 |
| *Copper Equivalent ("Cu Eq.") grade including copper, gold, silver, cobalt and zinc based on 100% recoveries is calculated using the following equation: Cu Eq. = [(Cu % x 20 x Cu price) + (Au grade / 34.2857 x Au price) + (Ag grade / 34.2857 x Ag price) + (Co % x 20 x Co price) + (Zn % x 20 x Zn price)] / (20 x Cu price). We used Cu, Au, Ag, Co and Zn price of US$2.65, US$1,325 and US$14.75, US$15.00 and US$1.15 respectively. |
Full details are available in Power Ore's June 14, 2019 news release.
"This first batch of assay results from Opemiska's Spring 2019 Drill Program highlights the potential of the project to host a near surface resource based on a combination of remaining high grade vein type mineralization and the surrounding disseminated mineralization above a nominal cut-off grade of 0.5% Cu-Eq", said Stephen Stewart, CEO and Director of both companies. "This shows that we were justified in pursuing this opportunity for Power Ore and we are happy that Orefinders, which is focused on gold in Kirkland Lake, has a participation in Power Ore, a Chibougamau copper-focused company. We look forward to the remaining results from the drill program in the coming weeks," added Mr. Stewart.
QP Statement
The technical information contained in this news release has been reviewed and approved by Charles Beaudry, P.Geo, Director and Vice President Exploration for both Orefinders and Power Ore, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
About Orefinders Resources Inc.
Orefinders is a Gold exploration and development company focused exclusively within the Abitibi Greenstone Belt. The Company is listed on the Toronto Venture Exchange under the symbol ORX. Refer to Power Ore's 14 June 2019 News Release (link above) for a complete Description of QAQC procedures used on the Opemiska project.
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.
SOURCE Orefinders Resources Inc.
Contact
To Speak to the Company directly, please contact: Stephen Stewart, Chief Executive Officer, Phone: 416.644.1567, Email: sstewart@orefinders.ca, www.orefinders.ca