TORONTO, Dec. 1, 2022
/CNW/ - Orford Mining Corporation (TSXV: ORM) (Orford) is pleased to report the completion of
a 718 line-kilometre helicopter airborne electromagnetic
("EM") survey on its Joutel Eagle Gold Property ("Joutel
Eagle") located along the historical Eagle-Telbel Mine Trend in the
Abitibi Greenstone belt. Orford is now preparing for a 2,000 metre
diamond drilling program on Joutel Eagle, which will focus on the
South Gold Zone. The 50 square kilometre Joutel Eagle Property is
being acquired By Orford through an option agreement from Globex
Mining Enterprises Inc. ("Globex") (TSX: GMX) (OTCQX INTERNATIONAL:
GLBXF) (FRANKFURT: G1MN).
David Christie, President and CEO
of Orford, commented "Orford is eager to use the results of the
airborne EM survey to guide its 2023 diamond drilling program. We
are looking forward to testing the continuity of the South Gold
Zone which was intersected in the 2022 drilling and to extend its
strike. The 2023 drilling has the potential to outline a
near-surface gold mineralized body that could be open
pittable."
Orford completed a 718 line-km
time-domain electromagnetic (TDEM) and Magnetic survey using the
ProspecTEM TDEM system and Geometrics G-822A Airborne Magnetometer
system operated by Prospectair Geosurveys Inc. The survey was
completed at 100 metre line spacing and covers the entire Property.
Preliminary results from the survey are used in mapping conductive
marker horizons proximal to known gold mineralization, from the
historical Telbel mine, north-westward through Joutel Eagle. The
final products will allow us to fine tune the upcoming 2,000 metre
drill program planned to commence in January 2023.
The 700m, three hole drill program
completed in the spring of 2022 confirmed the location of
near-surface historical gold mineralization (Figure 1) and reported
grades of up to 14.7 g/t gold over 0.64 metres contained
within a broader interval of 1.11 g/t gold over 20.64 metres
(Table 1) in drill hole 22-JE-003. These are higher grades than
those reported historically from the system in nearby historical
hole 80-19 which reported up to 1.03 g/t Au over 1.45m from 96.7 to 98.1 metres1. The
upcoming January 2023 drill program
on Joutel Eagle will continue to focus on the south gold zone and
will consist of approximately 10 holes, totaling approximately
2,000 metres to test continuity of mineralization along a
400m to 500m strike length of the south gold zone and
additionally test several regional targets (Figure 1 & 2). The
South Gold Zone is open along strike and to depth.
Table 1: Highlights of Joutel Eagle Drill
hole assays (Previously Reported June 7,
2022). All drilling intervals are down-hole lengths.
True thicknesses cannot be estimated with available information.
Composited intervals are reported at a cut-off of 0.5g/t
Au.
Hole Number
|
Au (g/t)
|
Length
(m)
|
From
|
To
|
22-JE-001
|
0.51
|
0.31
|
38.27
|
38.58
|
22-JE-001
|
0.61
|
0.41
|
72.74
|
73.15
|
22-JE-001
|
1.26
|
0.50
|
100.00
|
100.5
|
22-JE-001
|
0.80
|
0.88
|
206.41
|
207.29
|
22-JE-001
|
2.00
|
0.65
|
213.09
|
213.74
|
22-JE-001
|
1.76
|
1.00
|
229.00
|
230.00
|
22-JE-002
|
0.59
|
4.60
|
96.13
|
100.73
|
22-JE-002
|
0.97
|
46.98
|
153.00
|
199.98
|
Including
|
2.36
|
0.64
|
153.00
|
153.64
|
Including
|
1.14
|
6.56
|
156.00
|
162.56
|
Including
|
1.24
|
28.10
|
171.88
|
199.98
|
Including
|
5.04
|
1.60
|
173.34
|
174.94
|
Including
|
2.20
|
9.35
|
173.34
|
182.69
|
Including
|
8.78
|
0.73
|
174.21
|
174.94
|
Including
|
1.13
|
12.00
|
177.00
|
189.00
|
Including
|
10.80
|
0.84
|
178.70
|
179.54
|
Including
|
5.59
|
1.89
|
178.22
|
180.11
|
Including
|
1.70
|
7.13
|
192.85
|
199.98
|
22-JE-003
|
1.30
|
0.48
|
48.42
|
48.90
|
22-JE-003
|
0.60
|
0.76
|
50.43
|
51.19
|
22-JE-003
|
1.40
|
0.50
|
52.47
|
52.97
|
22-JE-003
|
1.11
|
20.64
|
84.83
|
105.47
|
including
|
3.64
|
4.23
|
85.84
|
90.07
|
Including
|
2.49
|
0.63
|
85.84
|
86.47
|
Including
|
3.62
|
0.85
|
86.47
|
87.32
|
Including
|
14.70
|
0.64
|
88.76
|
89.40
|
Including
|
1.34
|
0.67
|
89.40
|
90.07
|
Including
|
1.89
|
0.57
|
92.29
|
92.86
|
Including
|
4.41
|
0.39
|
92.86
|
93.25
|
Including
|
2.86
|
0.35
|
96.28
|
96.63
|
Including
|
2.29
|
0.33
|
102.14
|
102.47
|
22-JE-003
|
0.51
|
1.50
|
109.50
|
111.00
|
22-JE-003
|
1.78
|
4.15
|
124.85
|
129.00
|
Including
|
2.78
|
1.10
|
125.81
|
126.91
|
Including
|
2.29
|
0.69
|
126.91
|
127.60
|
Including
|
2.11
|
0.60
|
128.40
|
129.00
|
Globex Option Agreement
On November 30, 2021, Orford announced that it had entered into an
option agreement to acquire the 50 square kilometre Joutel Eagle
Property in the historical Joutel camp within the Abitibi region of
Quebec from Globex Mining
Enterprises Inc. (TSX: GMX) (OTCQX INTERNATIONAL: GLBXF)
(FRANKFURT: G1MN).
Orford announces that it
intends to issue 1,428,571 common shares as the share portion
of the first year anniversary payment of the definitive agreement
with Globex, subject to TSX-V approval. The total first year
anniversary payment is $200,000 split
½ cash and ½ shares. The cash portion has already been paid
to Globex.
Assays
Sample shipments were sealed and shipped
to AGAT Laboratories, Val-d'Or, Québec. All gold
assays reported were obtained by standard fire-assaying on 50-gram
nominal weight with an atomic absorption spectroscopy finish or
by gravimetric finish in the case of overlimit
and on request (methods 202551 and 202564) at AGAT
Laboratories, Mississauga, Ontario. All samples were also analyzed for
multi-elements, including copper and silver, using a four-acid
method with an ICP-OES finish (method 201070)
at AGAT Laboratories, Mississauga, Ontario.
Drill program design, Quality Assurance/Quality Control
("QA/QC") and interpretation of results are performed by qualified
persons employing a QA/QC program consistent with NI 43-101 and
industry best practices. Standards and blanks are inserted at a
minimum of 10% for QA/QC purposes in addition to those inserted by
the lab. A subset of samples has not yet been sent for a
verification assay at another lab. AGAT Laboratories are accredited
by the Standards Council of Canada
and found to comply with the requirements of ISO/IEC
17025:2017.
About the Joutel Eagle Property
The property is
situated just to the northwest of Agnico Eagle's past producing
Eagle -Telbel operation which produced in excess of 1.1 Moz of
gold2 from 1974 to 1993. The Joutel Eagle Property
covers 11 km of the Casa Berardi structural zone south splay (CBSZ)
which is associated with several gold deposits and, together with
our McClure East property, gives Orford over 17 km coverage on the prolific
CBSZ (Figure 1). The Joutel Eagle Property sits to the north of
Orford's 100% owned Joutel South
Property and to the west of Orford's 100% owned McClure East property.
Information from neighbouring properties is not necessarily
indicative of the mineralization on Orford Mining's properties. On
November 30, 2021 Orford announced
that it had entered an option to acquire 100% of the 50 square
kilometer Joutel Eagle Project from Globex.
About Orford Mining Corporation
Orford Mining is a
gold explorer focused on highly prospective and underexplored areas
of Northern Quebec. Orford's principal assets are located in two
areas the Cape Smith Belt in the Nunavik region and the Joutel
region of the Abitibi district. The Qiqavik and West Raglan
projects comprise a land package totaling over 105,000 hectares in
the Cape Smith Belt of Northern
Quebec. The Qiqavik Project hosts several new high-grade
gold discoveries along a mineralized trend in excess of 40 km. The
West Raglan project hosts a number of high-grade Raglan-style
nickel/copper/platinum group metal discoveries along a 50 km
mineralized trend.Orford has acquired four property
positions(Joutel – Eagle, McClure East, Joutel – South and Joutel –
Omega) totaling 26,815 hectares in the Joutel region of the Abitibi
district of Northern Quebec, which
hosts historical deposits such as the Eagle/Telbel, Joutel Copper,
Poirier Copper, and Vezza deposits.
Orford continually seeks new gold
exploration opportunities in North
America. Orford's common
shares trade on the TSX Venture Exchange under the symbol ORM. This
information from neighbouring properties is not necessarily
indicative of the mineralization on Orford Mining's properties. To
view further details about Orford's Projects please visit Orford's website, www.orfordmining.com.
Qualified Person
The disclosure of scientific and technical
information
contained in this news release has been
approved by Alger St-Jean, P.Geo., Chief Geoscientist of
Orford, a Qualified Person under
NI 43-101.
Cautionary Statement Concerning Forward-Looking
Statements
Neither the TSXV nor its Regulation Services Provider
(as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this
release.
This news release contains "forward-looking information"
including without limitation statements relating to the liquidity
and capital resources of Orford
and potential of one or more of the Qiqavik, and
West Raglan, properties.
Forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
Orford to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Factors that could
affect the outcome include, among others: future prices and the
supply of metals; the results of drilling; inability to raise the
money necessary to incur the expenditures required to retain and
advance the properties; environmental liabilities (known and
unknown); general business, economic, competitive, political and
social uncertainties; accidents, labour disputes and other risks of
the mining industry; political instability, terrorism, insurrection
or war; or delays in obtaining governmental approvals, failure to
obtain regulatory or shareholder approvals. For a more detailed
discussion of such risks and other factors that could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements, refer to Orford's filings with Canadian securities
regulators available on SEDAR at www.sedar.com.
Although Orford has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results to differ from those
anticipated, estimated or intended. Forward-looking statements
contained herein are made as of the date of this news release and
Orford disclaims any obligation to
update any forward-looking statements, whether as a result of new
information, future events or results or otherwise, except as
required by applicable securities laws.
The TSXV has neither approved nor disapproved the contents of this news release.
1 Report
Number GM39763 and GM36699. Report number assigned to historical
work in the Système d'information géominière of Québec "SIGEOM",
Quebec Ministry of Energy and Natural Resources
https://sigeom.mines.gouv.qc.ca/
|
|
2 Système
d'information géominière of Québec "SIGEOM" , Quebec Ministry of
Energy and Natural Resources. April 20,2020 DV93-01
|
|
3 Casa
Berardi: Hecla Mining, Mineral Resources Statement as of December
31, 2019. https://www.hecla-mining.com/casa-berardi/ Estrades:
Technical report on the Mineral Resources Estimate for the Estrades
Project, Northwestern Quebec Canada. Galway Metals, November 5,
2018, Amended March 15, 2019. Eagle /Telbel: Système d'information
géominière of Québec "SIGEOM", Quebec Ministry of Energy and
Natural Resources. April 20,2020 DV93-01. Douay: Maple Gold Mines.
Mineral Resource Statement as at October 24, 2019.
|
|
https://www.maplegoldmines.com/index.php/en/projects/douay-gold-project#isDouayResourceEstimate
. Vezza: Mineral Resources Estimate for the Vezza Project, located
25 km south of Matagami, Quebec, Maudore Minerals Ltd.
December 31, 2012. Poirier Copper/Joutel Copper: Système
d'information géominière of Québec "SIGEOM", Quebec Ministry of
Energy and Natural Resources. April 20,2020 DP346, GM44192.
Sleeping Giant: Système d'information géominière of Québec
"SIGEOM", Quebec Ministry of Energy and Natural Resources.
November
|
|
13,2020. DV-2010-01
Mine Selabie: Système d'information géominière of Québec "SIGEOM",
Quebec Ministry of Energy and Natural Resources. November
1,2021, DV 2000-02
|
|
|
|
SOURCE Orford Mining Corporation