TORONTO, Oct. 20, 2021 /CNW/ - Orefinders
Resources Inc. ("Orefinders" or the "Company") (TSX.V: ORX) is
pleased to announce that the Phase 2 drilling program (previously
described in a News Release dated September
22, 2021) is now underway at the Knight Gold Project, in the
Shining Tree district of the southern Abitibi belt about 100
kilometres southwest of Kirkland Lake,
Ontario.
The Phase 2 program is focused on extending mineralization at
the historical Tyranite Mine (Tyranite Zone) to the South and to
depth and also on testing a new exploration target zone to the
South of the Duggan Zone, located about 2,000 metres to the West of
Tyranite (Figure 1).
The 5,000 metre Phase 2 drill campaign at the Knight Project
kicked off on October 13 with a
single rig and approximately 400 metres have been completed in the
first drill hole. Drill targets are defined based on a combination
of geostatistical analyses of gold distributions at the Tyranite
and Duggan zones and recently completed structural and geophysical
models generated by Mira Geoscience that have led to a refined
understanding of the structural setting of gold mineralization at
Tyranite and Duggan and to the identification of a new exploration
target zone that will be explored during the Phase 2 program.
Details of the Drill Program
In preparation for the Phase 2 program, drill targets were
identified based on geostatistical analyses of the distribution of
gold mineralization at the Tyranite and Duggan zones (shown in
yellow in Figure 1) and on the results of structural
interpretations and constrained inversion modeling of Orefinders'
proprietary high resolution aeromagnetic data set that is derived
from a survey with 15 metre flight line spacing and 35 metre
terrain clearance.
The first-order components of the modeled fault network in the
vicinity of the Tyranite and Duggan zones are shown as map traces
in Figure 1. As a result of the new modeling it is now recognized
that there are two populations of faults at the knight Gold
Project. One population is composed of broadly NNW-SSE to NNE-SSW
trending faults that are referred to as N-S structures; the other
is composed of WNW-ESE to WSW-ENE faults that are referred to as
E-W structures. Gold mineralization at both of the Tyranite and
Duggan zones is situated within domains where both N-S and E-W
structures are present and intersect each other.
Five drill holes totaling approximately 2,200 metres have been
planned for the southern part of the Tyranite Zone where drilling
is currently underway. The five planned holes are shown as blue
traces in Figure 1 and are designed to test an interpreted moderate
southward plunge to mineralized zones, as determined from
geostatistical modeling and also to explore the intersection of the
N-S Tyranite Structure that hosts most of the known mineralization
with a newly recognized E-W structure modeled from the magnetic
data.
Planning is currently underway for multiple drill holes to test
a newly identified Phase 2 target zone located about 1,100 metres
to the South of the Duggan Zone (inside the dashed oval in Figure
1) where multiple N-S and E-W structures form a complex structural
domain associated with magnetic highs.
Click Here for Figure 1
Figure 1. New structural model of the Knight Gold Project in the
vicinity of the Tyranite and Duggan zones. Fault traces are shown
in black and are overlain on the first vertical derivative
aeromagnetic map. Mineralization at Tyranite and Duggan is
indicated in yellow. The planned Phase 2 drill holes at Tyranite
are shown as thick blue traces; the Phase 2 drill target zone to
the South of Duggan is indicated by the dash oval. Existing drill
holes in the area are shown as thin grey traces.
Background on the Knight Gold Project
Information on the location, geology, history and historical
resources at the Knight and McGarry Gold Projects are presented on
the Company's web site at the following link :
Knight Project Information
QP Statement
The technical information in this news
release has been reviewed and approved by Dr. Keith Benn, P.Geo., 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 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.