Toronto, Ontario – August 31, 2021 – Orefinders Resources Inc. ("Orefinders" or the "Company") (TSX.V: ORX) is pleased to announce that Mira Geoscience has been commissioned to complete integrated 3-D geophysical and geological modeling and Artificial Intelligence (AI)-driven exploration targeting programs on Orefinders’ Knight and McGarry Gold Projects, in the southern Abitibi Greenstone Belt, Ontario. The two modeling programs are designed to generate high priority drill targets for upcoming drilling campaigns in Q4 2021 through Q2 2022.
The Knight Project is located within the Shining Tree district of the southern Abitibi belt about 100 kilometres southwest of Kirkland Lake, Ontario. The 3-D geophysical inversion modeling will be carried out using Orefinders’ proprietary high resolution aeromagnetic data set and will be constrained using data from the recently completed Phase 1 drilling campaign (News Releases dated May 10, 2021 and July 26, 2021).
The McGarry Project is located adjacent to the past-producing (11.5 Moz Au) Kerr Addison mine, near Virginiatown, Ontario. The 3-D integrated geophysical and geological modeling will include newly generated deep-penetrating MT (magnetotelluric) and IP (induced polarization) data as well as public domain aeromagnetic data. Drill targeting at McGarry will apply AI methods to the integrated models along with the extensive historical drill hole database.
The 5,000 metre Phase 2 drilling campaign at the Knight Project is expected to kick off in October, 2021. Drill targets will be identified based largely on the structural model that will be derived from the geophysical inversions and also on recently completed geostatistical analyses of gold distributions at the Tyranite and Duggan exploration target zones.
Drilling to test the AI generated targets at McGarry is scheduled for Q2 of 2022. The total metres that will be drilled at McGarry will depend largely on the number and depths of the generated drill targets and is expected to be between 5,000 and 10,000 metres.
Technical Detail on the Geophysical Modeling and Targeting
Geophysical inversion at the Knight Project will benefit from the availability of a proprietary high resolution aeromagnetic data set derived from a heli-borne magnetic survey with 15 metre flight line spacing and 35 terrain clearance. Constraints for the inversion modeling will include geological, magnetic susceptibility and structural data collected from Orefinders’ Phase 1 drilling campaign as well as 3-D geological and structural models generated in-house by Orefinders using the drill hole database for both the Tyranite and Duggan target zones.
Integrated geophysical and geological modeling at the McGarry Project will include newly generated data provided by the ORION Swath DCIP-MT survey completed on April 2, 2021 by Quantec Geoscience (News Release dated June 11, 2021) as well as public domain aeromagnetic data, and an extensive historical drill hole database. Drill targets will be generated by applying AI methods to the analysis of the integrated models and the historical drill hole database.
Background on the Knight and McGarry Gold Projects
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 links :
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."
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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Stephen Stewart, Chief Executive Officer