VANCOUVER, Jan. 7, 2013 /CNW/ - Orefinders Resources Inc. (TSX.V: ORX) has commenced diamond drilling on the Mirado gold property located near the prolific gold mining district of Kirkland Lake, Ontario. The Mirado property consists of 12 patented claims (432 acres) located 20 km southeast of the town of Kirkland Lake and is accessible by all season roads with nearby power and rail. This initial 2,000 meter Phase 1 drill program is designed to test the potential for near surface, bulk tonnage gold mineralization on the property.
In total, approximately $10 million in exploration and underground development work was completed at the Mirado property prior to 1987. As a result of the extensive amount of historical work completed during this period, the Mirado property is considered to be at the advanced stage of exploration. All of the surface and underground diamond drill-holes were previously surveyed by a professional land surveyor and this allowed Orefinders to relocate all of the historical surface and underground drill holes with the use of a differential GPS instrument.
Orefinders has taken the over 40,000 m of historical surface and underground diamond drill hole data and detailed surface and underground geological mapping and sampling data and built a 3D model of the deposit utilizing GEMcom software (GEMS). The 3D model was then integrated with a recent, deep penetrating IP survey that was conducted over the deposit during the spring of 2012. The IP survey was conducted over 14 line km and tested the Mirado deposit to a depth more than 300m deeper than any of the previous drilling and underground
workings; several significant, "chargeability" anomalies associated with
tuffaceous and pyroclastic units were detected near the top of the Skead volcanic assemblage. These geophysical targets will be systematically drill tested during the upcoming program.
The Mirado property does not currently have any mineral resource or reserve estimates. All historic reported drill intersections are non-43-101 compliant, since all of the drill core is no longer available for re-assaying for conducting industry standard QA\QC. The drill logs and historical assays are only being used internally as a guide to planning the 2013 diamond drill program, and results will be reported as they become available. For more information on the Mirado gold project, including properties maps and a Technical Report dated July 16, 2012, please visit our web site at www.orefinders.ca.
The technical information contained in this news release has been approved by William Yeomans, the President of Orefinders, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
SOURCE Orefinders Resources Inc.