Orefinders Completes Knight Gold Project Drilling and Reports Partial Results from the Duggan Zone; 27% of All Assays still Pending

TORONTO, May 10, 2021 /CNW/ - Orefinders Resources Inc. ("Orefinders" or the "Company") (TSXV: ORX) is pleased report the successful completion of its drill program at the Knight Project, in the Shining Tree district of the southern Abitibi Greenstone Belt, Ontario.  Approximately 1,700 assay results remain pending from this drill program which represents 27% of the total number of samples submitted to the assay lab.

Orefinders is also pleased to report DGN21-004 initial results from drill holes designed to validate down-dip continuity of mineralization at the Duggan Target Zone. These newly received results from a limited number of samples from drill hole DGN21-004 include the following mineralized intervals (Table 1; Figure 1). Assay results for all other samples from drill hole DGN21-004 are pending.

• 4.82 g/t gold over 5.1 m between 192.5 m and 197.6 m downhole.
• This result includes a higher-grade interval of 9.55 g/t gold over 2.0 m from 195.6 m to 197.6 m.
• The interval is hosted by sheared intrusive rocks of gabbro and diorite compositions that represent part of the large Milly Creek pluton.
• The mineralized rocks are characterized by the presence of quartz-carbonate veins, pyrite and pervasive silicification and carbonatization that resulted from hydrothermal alteration that accompanied gold deposition.
• 2.66 g/t gold over 3.6 m between 316.8 m and 320.4 m downhole.
• Two of the samples from the mineralized interval include quartz-carbonate veins containing visible gold; Orefinders has requested the two samples be re-assayed using the screen metallic method to ensure that the coarse fraction of gold would be captured in the analysis.
• The intersection is hosted by sheared intrusive rocks of diorite composition.
• The mineralized rocks are characterized by the presence of quartz-carbonate veins, pyrite and pervasive carbonatization that resulted from hydrothermal alteration that accompanied gold deposition.

Further Technical Detail

These new results indicate continuity of mineralization to 60 metres down dip of previous results on the section that was sampled by drill hole DGN21-004 (Figure 1).

Mineralized intervals reported here are grade composites calculated using the Leapfrog Geo 3-D modeling software platform and applying cut-off grades that Orefinders considers to be appropriate for shallow mineralization at the Duggan Target Zone.

Table 1. Mineralized Intervals from Drill Hole DGN21-004.

Notes: The gold grades were calculated for grade composites using Leapfrog Geo software and a cut-off grade of 0.8 g/t; the higher-grade sub-interval was calculated using a cut-off grade of 5.0 g/t.

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.

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SOURCE Orefinders Resources Inc.

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