Orefinders Identifies Inferred Mineral Resource of 10,618,000 Tonnes Averaging 1.29 Gpt Au at the Mirado Gold Project, Kirkla...
09 Dezembro 2013 - 12:10PM
Marketwired Canada
Orefinders Resources Inc. (TSX VENTURE:ORX) reports that it has identified an
inferred mineral resource of 10,618,000 tonnes with an average grade of 1.29
grams per tonne gold (gpt Au) in open pit, underground and three separate
stockpiles located on Orefinders' 100% owned Mirado property.
The Mirado gold project is an advanced resource delineation stage exploration
project situated on patented claims accessible by an all-season road 35
kilometers southeast of the gold rich mining district of Kirkland Lake, Ontario.
Nearby infrastructure includes power, rail, active gold mining operations and a
local skilled labor force. Significant 2013 drill intersections reported by
Orefinders as well as historical drill results led to the delineation of gold
mineralization of sufficient merit to support the preparation of an initial
mineral resource evaluation at Mirado.
The mineral resources are reported in accordance with Canadian Securities
Administrator's National Instrument 43-101 and have been estimated in conformity
with generally accepted CIM Estimation of Mineral Resource and Mineral Reserves
Best Practices Guidelines. Orefinders commissioned SRK Consulting (Canada) Inc.
("SRK") to complete a mineral resource estimate for the Mirado gold project. The
mineral resource estimation work was completed by Dr. Lars Weiershauser, P.Geo.
and was reviewed by Glen Cole, P.Geo.. Dr. Weiershauser and Mr. Cole are both
independent Qualified Persons as this term is defined in National Instrument
43-101. Dr. Weiershauser inspected the Mirado gold project on July 15 to 17,
2013. Goran Andric, PEng undertook an open pit optimization study to support the
mineral resource statement.
SRK considers the gold mineralization at the Mirado project as primarily
amenable to open pit extraction. Open pit resources are reported at a cut-off
grade of 0.45 gpt gold within a conceptual pit shell. The mineral resources have
been estimated using a geostatistical block modelling approach informed from
core borehole data. Gold mineralized zones were defined using a wireframe
interpretation constructed from drilling data using Leapfrog(R) and GEMS
software. Orefinders drilling efforts focused primarily on the Main zone;
however, the North block and down dip extensions to the known mineralization
were also tested to a limited extent. In order to determine the quantities of
material offering "reasonable prospects for economic extraction" using an open
pit scenario, a conceptual pit shell was developed using Whittle software and
its Lerchs-Grossman optimization algorithm. The optimization parameters used by
SRK are presented in Table 1.
Table 1: Conceptual Assumptions Considered for Open Pit Resource Reporting
Parameter Assumption
Pit wall angle 50 degrees
Mining cost (ore and waste) C$2.00/t rock
Process cost including G & A costs US$15/t
Process recovery 95% gold
Assumed process rate 5,000 tpd from open pit and underground
Metal price US$1,400 /oz gold
Mining dilution and losses 5.0%
SRK advised that a reporting cut-off grade of 0.45 gpt gold is appropriate for
reporting open pit and stockpile mineral resources considering a gold price of
US$1,400 per ounce of gold and a gold recovery of 95 percent. SRK considers that
a cut-off grade of 2.0 gpt gold is appropriate for reporting underground mineral
resources.
However, Orefinders elected to report the stockpile mineral resources at a
cut-off grade of 2.0 gpt gold in the view of possible off-site toll milling
prior to any mine development. SRK considers this cut-off grade to be
reasonable.
The Mineral Resource Statement for the open pit, underground and three
stockpiles is presented in Table 2.
Table 2: Mineral Resource Statement(i), Mirado Gold Project, Ontario, SRK
Consulting (Canada) Inc., November 18, 2013
Cut-off
Classification/Zone Quantity Grade Contained Metal grade
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred (000 tonnes) Gold (gpt) Gold (000 ounces) (gpt Gold)
----------------------------------------------------------------------------
Open pit 9,927 1.18 376.6 0.45
Underground 669 2.90 62.4 2.00
Northern pile(ii) 12 4.71 1.8 2.00
Central pile(ii) 4 5.38 0.7 2.00
Southern pile(ii) 5 2.74 0.4 2.00
----------------------------------------------------------------------------
Total Inferred 10,618 1.29 442.0
(i) Mineral resources are not mineral reserves and do not have a demonstrated
economic viability. All figures have been rounded to reflect the relative
accuracy of the estimates. Reported at a cut-off grade of 0.45 gpt gold for
resources inside a conceptual pit; and 2.0 gpt gold for mineralized piles and
for resources for which an underground extraction scenario is assumed; a gold
price of US$1,400 per ounce; and metallurgical recovery of 95 percent.
(ii) Mineral resources in historical mineralized piles have been reported by
Orefinders in a news release dated October 30, 2013.
Mineral Resource Estimation Methodology
The Mirado gold project database contains 247 core boreholes, 242 (31,700
metres) of which were considered for resource estimation. Of this total,
Orefinders completed 40 core boreholes (12,060 metres). This database represents
drilling data acquired between 1980 and 2013 by Amax Minerals Exploration
(AMAX), Golden Shield Resources Ltd. (Golden Shield), and Orefinders. The
borehole data include collar location, down-hole survey data, lithology codes,
and 19,091 sample intervals assayed for gold. SRK also received analytical
quality control data for the drilling completed by Orefinders (2013), which
include assay results for field blanks, field duplicates, and standard reference
materials inserted within all sample batches submitted for assaying. Samples
were also collected over surveyed grids on all three stockpiles. An excavator
was used to determine true thickness. A differential GPS receiver was used to
survey the extent of the stockpiles, aiding in the determination of their
volume. Survey points were recorded in UTM coordinates using NAD 83.
SRK did not find any problems with the Orefinders database, but was unable to
validate the quality of the historical 1980-1987 Amax and Golden Shield drill
hole data. SRK considers the database adequate to support mineral resource
evaluation and that the modelled geological wireframes are a reasonable
interpretation of the boundaries of the gold mineralization at the current
sampling spacing. However, the project database contains significant historical
data of uncertain quality. As a result SRK relied on the data compilation
completed by Orefinders and built geological wireframes based on a structural
geology investigation completed by SRK during the months of August and
September, 2013. Mineral resources were estimated within geological wireframes.
A block model was created to cover the entire area of gold mineralization at the
Mirado gold project. The block model was set on a grid of 5 by 5 by 5 metres.
The block model is not rotated. Separate block models were created for each of
the three stockpiles. Block sizes were chosen to take into account the thickness
of the stockpiles and sample spacing. Block models for the Central and Southern
stockpiles are not rotated. The model parameters are summarized in Table 3.
Table 3: Mirado Gold Project Block Model Parameters
--------------------------------------------------------
--------------------------------------------------------
Block Size Number
Direction Origin(i) (meter) of Blocks
--------------------------------------------------------
Main Block Model -
Pit and Underground
--------------------------------------------------------
East-West 586,800 5.0 230
North-South 5,317,800 5.0 230
Vertical 320 5.0 85
--------------------------------------------------------
Central Stockpile
--------------------------------------------------------
East-West 587,075 2.5 36
North-South 5,318,150 2.5 39
Vertical 294 1.5 3
--------------------------------------------------------
--------------------------------------------------------
---------------------------------------------------------
---------------------------------------------------------
Block Size Numberof
Direction Origin(i) (meter) Blocks
---------------------------------------------------------
Northern
Stockpile(2 )
---------------------------------------------------------
East-West 587,100 2.5 53
--------------------------------------------------------
North-South 5,318,362 2.5 60
--------------------------------------------------------
Vertical 303 5.0 3
---------------------------------------------------------
Southern Stockpile
---------------------------------------------------------
East-West 586,970 2.5 50
--------------------------------------------------------
North-South 5,317,885 2.5 46
--------------------------------------------------------
Vertical 296 2.5 5
---------------------------------------------------------
---------------------------------------------------------
(i) UTM coordinates NAD83 datum Zone 17N
Due to the lack of specific gravity data and uncertainties with regard to the
quality of the data for the historical drilling, SRK considers that it is
appropriate to classify all modelled blocks to the Inferred category within the
meaning of the CIM Definition Standards for Mineral Resources and Mineral
Reserves. Mineral resources are not mineral reserves and have not demonstrated
economic viability. There is no certainty that all or any part of the mineral
resources will be converted into mineral reserves. It is uncertain if further
exploration will allow upgrading the classification of the Inferred mineral
resources.
A technical report following the guidelines of Canadian Securities
Administrators' National Instrument 43-101 in support of the Mirado Mineral
Resource Statement is currently being prepared by SRK. A wireframe model of the
deposit and cross sections can be viewed in the coreshack section of the
Orefinders website at www.orefinders.ca.
Bill Yeomans, President of Orefinders, states that, "In 2013 Orefinders has
outlined the largest mineral resource reported to date in the 100 year history
of exploration at Mirado. Our modest first year 12,060 meter drill program was
completed in seven months with forty diamond drill holes. We successfully
outlined 442,000 ounces at a discovery cost of less than CDN $5 dollars per
ounce. During this time, Orefinders tripled its land position at the Mirado
project to over 3,440 acres. The deposit remains open to further expansion to
the northwest and southeast of the current open pit resource with several
kilometers of untested drill targets now secured along strike. The deposit is by
no means drilled off. Only seven drill holes tested the North Zone, where a deep
seated feeder to the gold mineralization will require further drilling to test
potential for expansion of the current underground mineral resource.
Metallurgical testwork is currently underway on our current resource of 20,742
tonnes of stockpiled material averaging 4.41 gpt gold. A significant amount of
pre-stripping of overburden took place over the starter pit, where the
historical 1987 open pit bulk sampling, underground development and stockpiling
programs occurred. Several kilometers of currently flooded underground workings
were refurbished in 1987 by Dynatec. We feel that the historical starter pit
pre-stripping, refurbished underground workings along with the stockpiles add
significant value to our current resource."
The chemical analyses were conducted in ALS Minerals' ISO 9001:2008 certified
Vancouver, BC laboratory facility; gold values were determined using a fire
assay method with a gravimetric over-limit finish. Multi-element (ME-ICP41)
techniques yielded assays for a 35 element suite of minerals. All samples
collected for analysis were processed using Orefinders' strict QA/QC (quality
assurance / quality control) program which includes the insertion of standards,
duplicates and blanks for quality control of the assays. 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
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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Orefinders Resources Inc.
William Yeomans, P. Geo.
President
1-250-707-0911
byeomans@orefinders.ca
Orefinders Resources Inc.
Stephen Stewart
VP Corporate Development
1-416-644-1567
sstewart@orefinders.ca
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