Orefinders Announces 100% Ownership of the MZ Property to Expand Its Mirado Project
TORONTO, ON--(Marketwired - March 14, 2016) - Orefinders Resources Inc. ("Orefinders" or the "Company") (TSX VENTURE: ORX) is pleased to announce that it has exercised its option and acquired the MZ group of claims which include ten claims that form the westerly extension of the Mirado mineralized zone. The MZ claims are subject to a 2% NSR half of which can be bought back for $1,000,000 and the last half for $2,000,000.
The Mirado property as a whole now sits at 5,800 acres of land which is 100% owned by the Company. As a part of the agreement to purchase the MZ claims, Orefinders completed a series of work commitments, cash payments and share issuances. Work completed by Orefinders on the claims included trenching programs uncovered high-grade Gold mineralization within a few metres of the conceptual pit including MZ trench 13-02 which returned 4.80 metres at 21.8 g/t Gold (true width) and trench MZTR14-07W channel sampling returned a weighted average grade of 1.80 g/t Au over the entire surface area of the trench (130 square meters) immediately west of SRK's conceptual pit limit for the current NI 43-101 resource. Trenching at the Bank occurrence, 1 km south of the current resource, exposed a north-northeast trending, steeply dipping, high-grade polymetallic massive sulphide replacement vein ranging up to 0.80 metres in width. This vein averaged 4.80 g/t Au over an exposed strike length of 30 meters and remains open to the north and south. Individual high grade samples reported included 44 g/t Au, 75 g/t Ag, 4.24% Zn, and 0.54% Cu. A full description of the MZ trenching program is available on the Company's December 3rd, 2014 News Release.
The technical content of this press release has been reviewed and approved by Kevin E. Piepgrass, P. Geo., the Company's Qualified Person as defined by National Instrument 43-101.
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.
Contact
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Stephen Stewart
Chief Executive Officer
Phone (416) 644-1567
E-mail: sstewart@orefinders.ca
Or
Alexander Stewart
Executive Chairman
Phone (416) 644-1567
E-mail: astewart@orefinders.ca
