Toronto, Ontario – July 18, 2022 – Orefinders Resources Inc. ("Orefinders" or the "Company") (TSX.V: ORX) is pleased to announce the results from assays received from its 4,000-meter drill program on the McGarry Gold Project. The assays demonstrate mineralization in several locations, including what the Company believes could represent a new mineralized zone. Based on the results, the Company has identified several targets on the property that require further exploration.
McGarry Drill Highlights:
Drill hole MCG22-007 intercepted gold from 309 to 310 metres of 7.52 g/t gold, and drill hole MCG22-004 intercepted 4.43 g/t gold from 466 to 470 metres. These two intercepts represent what appears to be a new mineralized zone, as both intercepts are on the same gradient on the northwest side of the same geophysical anomaly. Being 850 meters apart and with no historical drilling between intercepts, the next round of drilling is expected to consist of ten 500m holes into the same geophysical anomaly to test the potential of a nearly 1km mineralized zone.
The objective of this drill program was to explore new zones which have never been tested. McGarry is located in the Cadillac Larder-Lake Break which is a major gold-bearing structure, which also is prone to secondary and tertiary structures that can be major sources of gold deposits. This drill program utilized 2021's property-wide induced polarization survey which outlined new targets along these structures.
About McGarry Gold Project
McGarry is immediately adjacent to the Kerr Addison Gold Mine which produced over 11 million high-grade gold ounces. McGarry also hosts a NI43-101 indicated mineral resource of 123,000 oz at an average grade of 7.7 g/t gold (uncut or 112,000 ounces with grades top-cut to 51.4 g/t gold) and an additional inferred mineral resource of 30,000 oz at an average grade of 5.3 g/t (uncut or 29,000 ounces with grades top-cut to 51.4 g/t gold) per McGarry mineral resource estimate from 2009 (see cautionary note at the end).
Startup of the 2022 Knight Drill Program:
Preparation for a new drill program on Orefinders Knight Project is set to begin. This program will test a series of mineralized holes from the Duggan Zone that Orefinders only recently uncovered from a historical database. These intercepts, from 1987, returned 238 g/t gold from 70 to 71 meters in drill hole 1316-10 and 10 g/t gold from 47.5 to 48.5 meters in drill hole 1316-07.
The Company will seek to confirm these historic holes and test their depth and continuity. Historically at Knight, only one drill hole was tested at depth, and it returned excellent grades with hole DGN21-004 intercepting 11.5 g/t from 196.5 to 197.6 meters.
The Company also plans holes on the Tyranite Mine Zone of its Knight project. The Company will follow up on a previous intercept of 4.7 g/t Au from 220 to 225.6 meters by drilling two step-out holes a hundred meters to either side and testing a further 100 meters below.
Drilling and Explorations Plans for 2023
As a part of Orefinders $60 million strategic partnership with Agnico Eagle Mines Limited, Orefinders is preparing its exploration and drill budgets for 2023. Details on the expected meterage and specific project plans to be released once finalized.
The technical information in this news release has been reviewed and approved by Jared Beebe, 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.
Agnico Eagle Mines Limited (TSX: AEM) holds an option to acquire up to a 75% interest in Orefinders Knight and McGarry projects (the "Projects") in exchange for spending $60 million on the Projects.
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Stephen Stewart, Chief Executive Officer
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.