ORX Orefinders Resources Inc

TORONTO, Jan. 29, 2021 /CNW/ - Orefinders Resources Inc. ("Orefinders" or the "Company") (TSX.V: ORX) is pleased report its latest results including a high-grade intercept in drill hole TYR20-004 of 15.6 g/t gold over 3.6m on its 100% owned Knight Project in the Shining Tree Greenstone Belt, 110km southwest of Kirkland Lake, Ontario.

Newly received results from drill hole TYR20-004 define two mineralized intervals (Table 1).

1.    15.6 g/t gold over 3.6m between 604.4m and 608m downhole.

• The intersection is hosted by sheared metavolcanic rocks 200 metres below the mine's previously excavated zone and approximately 80 metres to the north of previous reported mineralized intervals from drill hole TYR20-001 (News Release of November 5, 2020).
• This high-grade intersection is hosted by a sheared zone within the footwall (about 60 metres structurally below) the historically mined Tyranite fault structure. The footwall structure hosting that mineralized zone may be linked to a similar structure that deforms a syenitic intrusive body in drill hole TYR20-001 and that hosts a previously reported mineralized interval in that drill hole. Ongoing structural analysis should validate that interpreted structural continuity.
• This mineralized interval includes an assay of 42.1 g/t over 0.8 m (Table 1).

2.    2.2 g/t gold over 9.0m between 530m and 539m downhole.

• The mineralized interval is hosted by sheared metavolcanic rocks within the Tyranite fault structure, which was the primary target of the drill hole and about 145 metres below the mine's previously excavated zone.
• The mineralized interval includes two higher grade assays for 1 metre sample lengths including 4.6 g/t from 530 metres; 6.9 g/t from 538m.

Assay Laboratory Delays
Orefinders would like to update shareholders that it has faced significant delays in the receipt of its assays results. The Company has kept in close communications with the laboratory which has communicated that the previous backlog of results is expected to improve substantially.

Drilling of TYR20-004 was completed on November 20, 2020; the samples for which the results are reported here were received by the assay laboratory on November 27, 2020 and the results were returned from the assay laboratory on January 27, 2021.

Further Technical Detail on TYR20-004 and Ongoing Drilling at the Knight Gold Project
TYR20-004 was designed primarily to validate the continuity, at depth, of the mineralized Tyranite Shear structure beneath the historical workings at the Tyranite Mine, which represents one of several drill target zones at the Knight Gold Project.

The mineralized intervals reported here are grade composites calculated using the Leapfrog Geo 3-D modeling software platform and applying a 2.0 g/t cut-off grade for composited intervals.

The drilling program at Knight is focused on three target zones described in a news release dated October 15, 2020. They include the Tyranite mine zone, the Porphyry Lake zone (including several Minto-style targets) and the Duggan West zone. The thirteen drill holes planned for the Tyranite target zone have now been completed and drilling commenced on the Porphyry Lake target zone on January 26, 2021. Orefinders looks forward to reporting further results for Tyranite as assays are returned from the assay laboratory.

QP Statement
The technical information in this news release has been reviewed and approved by Dr. Keith Benn, P.Geo., Vice President Exploration for Orefinders, a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."  For the exploration undertaken by Orefinders, all assay batches are accompanied by rigorous Quality Assurance procedures that include insertion of standards and blanks and verification assays in a secondary laboratory.  Quality Control results, including the laboratory's control samples, are evaluated immediately on reception of batch results and corrections implemented immediately if necessary. 

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.

For the latest updates, please contact or follow us on Twitter @OrefindersR

SOURCE Orefinders Resources Inc.