Orford Launches Inaugural Exploration Program on its Joutel Properties
TORONTO, Oct. 29, 2020 /CNW/ - Orford Mining Corporation ("Orford") (TSX-V: ORM) is pleased to announce that it will begin its first phase of exploration on its Joutel South and McClure East properties in the historic Joutel Mining District of Quebec. Phase One will consist of a helicopter airborne time domain electromagnetic (TDEM) survey on both the Joutel South and McClure East properties along with till sampling for gold grain analysis on the Joutel South Property.
David Christie, President and CEO, commented "Both these properties last saw very minimal exploration in the late 1980's and early 1990's which had identified several gold anomalies in historical diamond drill holes and in overburden drilling which remain untested. We look forward to getting on the ground in this belt to explore its untapped potential which has had little to no attention over the last 30 years."
The McClure East & Joutel South properties are located within the Joutel Volcanic Complex (JVC) of the Harricana-Turgeon volcano-sedimentary belt, which is the most northwesterly element of the Abitibi Greenstone Belt that includes the prolific Matagami, Brouillan, Joutel and Casa Berardi mining districts (Figure 1). The McClure East property is located on the eastern end of the underexplored extension of the Joutel trend (southern splay of the Casa Beradri deformation zone, "CBDZ") that hosts both Agnico-Eagle Mines Ltd.'s (AEM-T) founding gold mines (Eagle and Telbel) which produced in excess of 1.1Moz of gold . All commercial operations in the region had closed by 1993.The information presented here from neighboring properties is not necessarily indicative of the mineralization on Orford Mining's Properties.
Orford has contracted Prospectair Geosurveys Inc to perform a TDEM and Magnetic survey using the ProspecTEM TDEM system and Geometrics G-822A Airborne Magnetometer systems respectively. The survey will be conducted at 50m line spacing and will cover the entire Joutel South and McClure East Properties totalling approximately 1000 line-km. Results of the survey will be used in conjunction with historical data to assist in identifying structures, geology and conductors that may be associated with gold mineralizing events to help with future targeting.
Till sampling on the Joutel South property will consist of using an excavator to dig small pits (up to 5m deep) to take samples of till material which are close to the bedrock surface. The samples will be analysed for gold grain contents to help define potential gold bearing target areas. This work will take place along the logging road located on the southern part of the Joutel South Property (Figure 1).
The Phase Two winter exploration program will begin early in 2021 and will consist of overburden drilling to sample gold grain in tills on both properties. The goal of Phase Two will be to identify new anomalies and follow up on historical gold grain anomalies on the McClure East Property which reported:
A Phase Three program of diamond drilling is contingent on the results of Phase One and Two and would potentially follow later in 2021.
1The technical information presented in this release was obtained from historical work reports filed with the Quebec Ministry of Energy and Natural Resources and has not been independently verified by a Qualified Person as defined by NI 43 101.
The Company also wishes to update information concerning finder's fees paid in connection with its recent private placement. In addition to the finders fees and non-transferable finders warrants announced in the Company's October 19, 2020 news release, the Company paid additional compensation to finders of C$59,358 and issued an additional 329,769 non-transferable finders warrants. Each finder's warrant entitles the holder to purchase one common share of the Company for a period of two years at an exercise price of C$0.26 and is subject to a four month and one day hold period.
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 the Qiqavik and West Raglan projects comprising a land package totaling over 80,000 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 55 km mineralized trend. Orford also recently acquired two property positions 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 the Orford's exploration projects please visit Orford's website, www.orfordmining.com.
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. The technical information presented in this release was obtained from historical work reports filed with the Quebec Ministry of Energy and Natural Resources and has not been independently verified by a Qualified Person as defined by 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.
SOURCE Orford Mining Corporation
Company Codes: TorontoVE:ORM
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