Orefinders Resources Inc.
TSX VENTURE : ORX

Orefinders Resources Inc.

December 03, 2014 15:13 ET

Orefinders Trenching Extends Gold Zones West of Conceptual Pit Limit at Mirado Property, Kirkland Lake, ON

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 3, 2014) - Orefinders Resources Inc. (TSX VENTURE:ORX) reports significant trench results from its 100% owned Mirado Gold Property located 35 km southeast of Kirkland Lake, Ontario. Trench MZTR14-07W channel sampling returned a weighted average grade of 1.80 g/t Au over the entire surface area of the trench (130 square meters) immediately west of SRK's conceptual pit limit for the current NI 43-101 resource. Trenching at the Bank occurrence, 1 km south of the current resource, exposed a north-northeast trending, steeply dipping, high-grade polymetallic massive sulphide replacement vein ranging up to 0.80 metres in width. This vein averaged 4.80 g/t Au over an exposed strike length of 30 meters and remains open to the north and south. Individual high grade samples reported included 44 g/t Au, 75 g/t Ag, 4.24% Zn, and 0.54% Cu.

Highlights from the trenching program are as follows;

2014 Trench Highlights
Trench-ID Channel-ID Length (m) Au (g/t) Comments
MZTR14-07W 6 3.65 12.9 Pyritized Volcanics
MZTR14-07W Including 1.50 30.1 Pyritized Volcanics
MZTR14-07W 8 4.45 2.23 Pyritized Volcanics
MZTR14-07W 10 GRAB 18.0 Pyritized Volcanics
MZTR14-07W 1 - 12 (All Channels) Combined Length of 59 Samples (49.50m) 1.80 Weighted Average of Entire Trench
MZTR14-02S 4 3.35 3.66 Pyritized Volcanics
MZTR14-03N 6 1.15 9.78 Pyritized Volcanics
MZTR14-03N 8 0.70 20.5 Pyritized Volcanics
MZTR14-Bank 1 GRAB 10.9 NNE Structure
MZTR14-Bank 7 0.80 7.21 NNE Structure
MZTR14-Bank 12 GRAB 44.0 NNE Structure
MZTR14-Bank 22 0.80 8.26 NNE Structure
MZTR14-Bank 15 GRAB 20.9 E-W Shear
MZTR14-Bank 19 0.30 7.36 E-W Shear
MZTR14-Bank - 30.00 (Strike Length) 4.80 Weighted Average Along NNE Structure

Bill Yeomans, P. Geo., President of Orefinders states, "The Mirado channel sampling results for MZTR14-07W demonstrates excellent exploration potential for expansion of the current NI-43-101 compliant resource beyond the western edge of the current conceptual open pit. This mineralization bears remarkable similarities to the Mirado deposit in terms of host rock and style of gold mineralization. The newly recognized Bank polymetallic massive sulphide replacement vein provides strong evidence for the potential discovery of gold-rich VMS deposits in this gold belt. Orefinders now controls over nine kilometers of favorable volcanic stratigraphy adjacent to the Goldfields land package. Much of this recently acquired ground was obtained through staking, and is 100% owned by Orefinders."

MZ Trench Zone

The gold zone exposed in MZTR14-07W is directly along strike and geologically similar to the Mirado south zone style of mineralization described in the Mirado NI 43-101 resource estimate prepared by SRK. A broad (>100m) zone of disseminated pyrite mineralization surrounds high-grade gold bearing pyrite-chalcopyrite mineralization hosted within intermediate volcanics and volcanoclastics. Three trenches in the MZ zone were competed as a follow-up to 2013-14 field seasons. Trench MZTR14-07W is located 5 meters west from the conceptual open pit designed by SRK Consulting Inc. The entire trenched area is mineralized with a weighted average grade of 1.80 g/t from 59 samples. The 59 samples represent 49.5 metres of combined sampling from 12 individual channels and is not a continuous length. A north-south striking fault exposed in this trench appears to locally control mineralization, with high grade mineralization west of the fault having a weighted average grade of 3.54 g/t Au from 28 samples. MZTR14-2S and MZTR14-3N exposed areas of pyritized volcanic rocks with zones up to 20.5 g/t Au over 70 cm. A total of 285 samples were taken in the MZ trench zone with assays ranging between 0.005 - 30.1 g/t Au. A trench location map can be viewed on the "Coreshack" page at www.orefinders.ca.

Bank

The Bank occurrence is located 1 kilometer south of the Mirado resource and is considered to be a newly recognized, polymetallic massive sulphide replacement vein containing gold-rich pyrite-chalcopyrite-sphalerite mineralization. The vertically dipping, north-northeast trending vein measures up to 80 cm wide and was traced over the entire length of trench in MZTR-Bank for 30 meters, with a weighted average grade of 4.80 g/t Au and grades up to 44.0 g/t Au locally. This sulphide replacement vein system is open to the north and south and truncated to the north by a 4 m wide, strongly oxidized, shear. This shear is locally Au-rich and returned results up to 20.9 g/t Au. A total of 156 channel and grab samples were taken ranging between 0.005 - 44.0 g/t Au.

Mineral resources are not mineral reserves and have not demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves. It is uncertain if further exploration will allow upgrading the classification of the Inferred mineral resources.

The chemical analyses were conducted in ALS Minerals' ISO 9001:2008 certified Vancouver, BC laboratory facility; gold values were determined using a fire assay method with a gravimetric over-limit finish. 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 assays. It should be noted that, due to their selective nature, assay results from grab samples may not be indicative of the overall average grade and extent of mineralization on the subject area.

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."

About Orefinders Resources Inc.

Orefinders Resources Inc. is a Canadian gold exploration company with 100% interest in the Mirado gold deposit which contains a current NI-43-101 compliant resource of 442,000 ounces contained within an inferred resource of 10,618,000 tonnes at an average cut grade of 1.29 g/t Au. Orefinders completed 12,060 meter drill program with 40 diamond drill holes during the first year of exploration at the Mirado property. During the fall of 2013 the land position of the project was significantly expanded through staking and the company now holds 2,348 hectares of highly prospective, under-explored ground that is easily accessible year round by all-season roads with nearby power and rail.

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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