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Orefinders Announces Knight Project Drill Program and Financing
Orefinders Announces Knight Project Drill Program and Financing Canada NewsWire ...
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[{"type":"text","content":"\n\n\n\nOrefinders Announces Knight Project Drill Program and Financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnml40{\nMARGIN-LEFT:3.33em\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Feb. 4, 2020\n\n\n\nTORONTO, Feb. 4, 2020 /CNW/ - Orefinders Resources Inc. (\"Orefinders\" or the \"Company\") (TSX.V: ORX) is pleased to announce the commencement of a $500,000 non-brokered financing. The net proceeds of this financing will be used for a drill program on its 100% owned Knight Gold Project and for general working capital. \nThe terms of the financing are as follows: \nHard Dollar Units are 5 cents and include a common share plus one half warrant exercisable at 8 cents for 2 years. Flow Through Units are 6 cents and include a common share plus one half warrant exercisable at 10 cents for 2 years.Details of the Drill Program Orefinders has outlined three distinct targets on its Knight Gold Project which it plans to drill in 2020. Each of the three targets has distinct geological styles and have never been previously drill tested.  Orefinders views the Knight Project as having highly prospective geology within a large mineralized system, with gold having been deposited over a protracted period.  The geology of the Knight Project is complex and has similar features to those found in the Kirkland Lake-Larder Lake camp 110 km to the northeast. Orefinders Knight Project is permitted to drill.\nThe untested drill targets include:\n1.  Porphyry Lake IP Anomaly Target\nWell developed high chargeability, low resistivity anomaly, 250m wide and 300m long and confirmed on 2 additional lines to south. Possible mineralized porphyry core of gold-rich alteration system. Large near-surface Induced Polarization (IP) anomaly delineating potential source of mineralization at Porphyry Lake. Two holes totalling 400m has been earmarked to test this target from shore drilling.Click here to view Details on Orefinders IP anomaly on Porphyry Lake\n2.  Tyranite Mine\nBrand new 3D modelling of gold mineralization along the North-South trending Tyranite fault. Tyranite's best inter...