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Orefinders Completes Titan Geophysics Survey at the Derlak Red Lake Gold Property
By: Marketwired .
Feb. 27, 2013 02:12 PM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/27/13 -- Orefinders Resources Inc. (TSX VENTURE:ORX) has completed a deep penetrating Titan 24 DC-IP-MT survey over its Derlak Red Lake Gold property in Ontario. A total of 16.8 line km was completed over the property at 200m line spacing with an azimuth of 350 degrees. Quantec Geoscience was commissioned for the survey using their patented Titan method which provides deep bedrock penetration with a higher resolution of data.
Results from the Titan survey have greatly enhanced Orefinder's understanding of the principal controlling gold-bearing structure on the property known as the "Madsen Trend" in the Red Lake gold district. The "Madsen Trend" defines a major unconformity between the Balmer and Confederation volcanic assemblages, a regional structural feature that hosts the historic Madsen gold mine, with reported historical production of 2.45 million ounces of gold from 1938 to 1976. Deep underground workings at the Madsen Mine were developed northeast from the Madsen #2 headframe along the mineralized gold bearing "Austin Tuff" horizon to within close proximity of Orefinders' claim boundary. The deep penetrating Titan survey identified several favorable drill target areas along the "Madsen Trend" on the Derlak patented claims.
Between 1936 and 1987, historic shallow diamond drilling at Derlak Red Lake gold property reported low grade gold intercepts within the "Austin Tuff" horizon similar to the host rock for gold mineralization at the Madsen Mine. This historical shallow drilling did not test the more prominent IP chargeability and resistivity anomalies identified at depth by the recent Titan survey.
Bill Yeomans, P. Geo, President of Orefinders, states that, "We are pleased that the Titan geophysical survey has identified several large, deep-seated geophysical targets on the property that have never been tested. Drilling will commence in the near future to test the economic potential these targets."
The Derlak Red Lake project is ideally located 5km SW of the town of Red Lake, Ontario along the 618 highway. The property consists of 11 contiguous patent mining claims covering approximately 219.4 hectares. Orefinders has an option to earn a 100% interest in the property through expenditure of $1 million over 3 years and by making cash payments of $60,000 over two years.
The technical information contained in this news release has been reviewed and approved by Kevin Piepgrass, P.Geo, Vice-President Exploration for Orefinders, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects".
On behalf of the Board of Directors
William Yeomans, P. Geo, President
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 may differ materially from results suggested in any forward-looking statements. Orefinders assumes no obligations 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 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.
Neither TSX Venture Exchange nor its Regulations 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.
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