Orefinders Resources Inc. (TSXV:ORX) announced that it has entered into agreements to acquire a number of properties along a major structure in the Kirkland Lake-Larder Lake gold district, noting that it has also obtained an option from Misema Holdings Ltd. regarding four leased mining claims. In both cases, the deal structures in place should allow the company to quickly reach 100-percent ownership.
As quoted in the press release:
This land package includes patent claims optioned from the “Yost” estate which have not been optioned or explored since the late 1940′s. The last historical drilling program on the Yost patents occurred in 1949 and consisted of two short diamond drill holes which targeted the “South Break” structure. Gold values up to 2.08 ounces per ton gold over 8 feet were reported at a shallow depth of 50 feet in mineralized syenite, a favorable host rock associated with many of the largest gold deposits in the Kirkland Lake gold district.
A second option was obtained from Misema Holdings Ltd. with regard to four leased mining claims located along the eastern extension of the Yost patent claims, providing four kilometers of strike along the South Break. The property is flanked by the Trans-Canada highway, with all season secondary roads and major power lines on the property. Mining and exploration service companies are based in the nearby towns of Kirkland Lake and Larder Lake, maximizing exploration budget expenditures directly into the ground. The South Break project is surrounded by Osisko land holdings in this mature gold camp.