Orefinders drills 4.0 metres of 4.43 g/t gold at McGarry, Ontario

Headframe of the McGarry Mine that Orefinders is acquiring from Kerr Mines. Source Orefinders Resources Inc.

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Orefinders Resources Inc. [ORX-TSX; ORFDF-OTCQB] has released the results from assays received from its 4,000-metre drill program on the 100%-owned McGarry gold project 40 km east of Kirkland, northeastern Ontario. 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 metres apart and with no historical drilling between intercepts, the next round of drilling is expected to consist of 10 500-metre holes into the same geophysical anomaly to test the potential of a nearly one-kilometre 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.

McGarry is immediately adjacent to the Kerr Addison gold mine which produced over 11 million high-grade gold ounces. McGarry also hosts a NI 43-101 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.

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 metres in drill hole 1316-10 and 10 g/t gold from 47.5 to 48.5 metres 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 metres.

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 gold from 220 to 225.6 metres by drilling two stepout holes 100 metres to either side and testing a further 100 metres below.

As a part of Orefinders’ $60-million strategic partnership with Agnico Eagle Mines Ltd. [AEM-TSX, NYSE], Orefinders is preparing its exploration and drill budgets for 2023. Details on the expected metreage and specific project plans to be released once finalized.

Orefinders is a gold exploration and development company focused exclusively on the Abitibi greenstone belt. Agnico Eagle Mines holds an option to acquire up to a 75% interest in Orefinders Knight and McGarry projects in exchange for spending $60-million on the projects.


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