Orefinders Resources Inc.
TSX VENTURE : ORX

Orefinders Resources Inc.

August 13, 2013 14:05 ET

Orefinders Intersects 5.9 m @ 27.7 g/t Au (uncut) Within 19.20 m @ 4.77 g/t Au (cut) at Mirado Gold Project, Kirkland Lake

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 13, 2013) - Orefinders Resources Inc. (TSX VENTURE:ORX) reports additional high grade gold results for seven new drill holes (2,142m) from its phase II diamond drilling program at the Mirado Gold project in Kirkland Lake, Ontario. Highlights include hole MD13-30 which intersected 27.7* g/t (uncut) over 5.90 meters of bonanza grade mineralization (see Table 1) within an interval of 19.20 meters at an average cut grade of 4.77 g/t Au. These latest results are consistent with previously reported near surface high grade gold mineralization over broad widths in the South Zone, where recent drill results included 14.50m @ 8.10 g/t Au (Hole MD13-19), 8.20m @ 10.6 g/t Au (Hole MD13-12) and 4.30 m @ 17.2* g/t Au (uncut) in hole MD13-06 (see our news releases of March 4, April 30 and May 16, 2013).

Highlights of high-grade gold zones intersected near surface and at depth from these latest drill results include:

  • 19.20m @ 4.77 g/t Au in hole MD13-30, including 5.90m @ 27.7* g/t Au
  • 3.00m @ 6.28 g/t Au in hole MD13-30
  • 9.90m @ 2.67 g/t Au in hole MD13-36, including 1.50m @ 8.95 g/t Au
  • 5.30m @ 3.00 g/t Au in hole MD13-21, including 0.40m @ 37.2* g/t Au

Highlights of lower-grade gold zones intersected include:

  • 13.60m @ 1.41 g/t Au in hole MD13-26, including 5.00m @ 3.31 g/t Au
  • 11.90m @ 0.97 g/t Au in hole MD13-30, including 0.90m @ 7.08 g/t Au
  • 17.70m @ 0.90 g/t Au in hole MD13-33
  • 11.50m @ 1.41 g/t Au in hole MD13-34

A complete list of relevant gold intersections is presented 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 148* g/t Au) are indicated with an asterisk (*). True widths are estimated to be 80% of reported widths.

Table 1. Reported Gold Intersections - Mirado Gold Project
Hole-Id From (m) To (m) Interval (m) Grade Au (g/t) Grade Au* (g/t) Uncut
MD13-30 57.60 69.50 11.90 0.97
Including 58.50 59.40 0.90 7.08
MD13-30 90.30 109.50 19.20 4.77 10.2
Including 100.20 106.10 5.90 9.99 27.7
and including 105.20 106.10 0.90 31.10 148
MD13-30 193.80 196.80 3.00 6.28
MD13-31 18.50 20.00 1.50 0.89
MD13-31 75.50 77.00 1.50 1.22
MD13-31 188.00 189.50 1.50 2.13
MD13-32 9.50 18.00 8.50 0.86
MD13-32 55.00 57.00 2.00 0.76
MD13-33 6.60 7.50 0.90 0.91
MD13-33 20.00 37.70 17.70 0.90
MD13-33 69.00 70.00 1.00 1.05
MD13-33 102.00 110.00 8.00 0.45
MD13-34 17.00 20.10 3.10 0.64
MD13-34 25.60 37.10 11.50 1.41
MD13-34 44.20 45.30 1.10 1.46
MD13-35 23.00 50.00 27.00 0.44
MD13-35 60.00 63.60 3.60 1.13
MD13-35 92.40 95.40 3.00 2.34
MD13-35 102.40 104.40 2.00 2.00
MD13-35 141.00 143.00 2.00 1.74
MD13-36 5.50 18.50 13.00 0.42
MD13-36 90.10 92.00 1.90 1.69
MD13-36 107.50 110.50 3.00 0.96
MD13-36 118.70 120.50 1.80 2.27
MD13-36 155.20 156.50 1.30 6.49
MD13-36 161.00 167.00 6.00 0.63
MD13-36 213.50 215.00 1.50 1.54
MD13-36 230.00 231.00 1.00 6.37
MD13-36 235.00 238.70 3.70 1.57
MD13-36 288.50 290.00 1.50 1.53
MD13-36 294.50 296.00 1.50 2.88
MD13-36 356.00 357.50 1.50 3.02
MD13-36 368.00 377.90 9.90 2.67
Including 368.00 369.50 1.50 8.95
MD13-21 ext 281.00 284.20 3.20 2.12
MD13-21 ext 288.90 289.70 0.80 1.05
MD13-21 ext 344.60 349.90 5.30 3.00 3.46
Including 349.50 349.90 0.40 31.10 37.2
MD13-21 ext 356.30 357.80 1.50 2.62
MD13-21 ext 364.80 365.60 0.80 2.45
MD13-26 ext 303.50 317.10 13.60 1.41
Including 307.50 312.50 5.00 3.31
MD13-26 ext 320.00 321.50 1.50 1.79
* represents uncapped gold grades

The final 1,000 meters of drilling for the Phase 2 program have now been completed; assay results will be released when they become available.

Drill holes MD13-30, MD13-32, MD13-33, and MD13-34 were collared in the Mirado South Zone proximal to historic open pit and underground mine workings. These latest drill results continue to demonstrate excellent bulk tonnage potential associated with a component of near surface bonanza-grade gold mineralization. Drill holes MD13-31, MD13-35, and MD13-36 were drilled to target deeper, steeply dipping Au mineralization below the shaft and along strike in the north zone. MD13-26 and MD13-21 were both extended and successfully demonstrated continued gold mineralization at depth. Drill hole depths and orientations are provided in Table 2 below.

Table 2. Drill hole details
Hole-Id Azimuth Dip Depth (m) Zone
MD13-21 45 -45 449 North
MD13-26 45 -45 350 North
MD13-30 45 -45 221 South
MD13-31 45 -45 431 South
MD13-32 225 -45 254 South
MD13-33 225 -45 254 South
MD13-34 225 -45 152 South
MD13-35 45 -65 230 S-N
MD13-36 45 -45 380 S-N
total metres reported 2,142

Bill Yeomans, P. Geo., President and CEO, states that "The South Zone continues to report bonanza grade gold intercepts of potentially bulk mineable gold mineralization proximal to the ramp and open pit where a preliminary bulk sample was extracted by previous operators. The 2013 drilling has successfully expanded South Zone mineralization over a surface area of 250m x 300m and currently remains open along strike and at depth. North Zone high grade intercepts have been intersected at depths well below all of the previous historical drilling. The North Zone also remains open to further expansion along strike and at depth."

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

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.

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.

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