Orford Acquires New Claim Positions Along the Casa Berardi / Joutel Gold Mineralized Structures
TORONTO, April 29, 2020 /CNW/ - Orford Mining Corporation ("Orford") (TSX-V: ORM) is pleased to announce that it has acquired by staking two claim blocks along the prolific gold mineralized Casa Berardi /Joutel Structures, in the Abitibi region of Northern Quebec. One claim block "Joutel South" is at the southern underexplored extension of the Joutel trend that hosted both Agnico-Eagle Mines Ltd.'s (AEM-T) founding gold mine Eagle/Telbel which produced in excess of 1.1Moz of gold1 and a number of copper assets that have produced 244 Mlbs of copper, 116Mlbs of Zinc and 52Mlbs of silver2, all on neighbouring properties. All commercial operations in the region had closed by 1993. The other block is on the easterly extension of the Casa Berardi structural zone, which to the west hosts Hecla Mining Ltd's (HL-NYSE) Casa Berardi Mine which has produced 2 million oz and has reserves of 3.4 million ounces3, and the nearby Duay Gold Deposit held by Maple Gold Mines (MGM-TSXV) containing 422,000 oz in indicated and 2,532,000 oz in inferred resources4, both on neighbouring properties. This information from neighbouring properties is not necessarily indicative of the mineralization on Orford Mining's properties.
David Christie, President and CEO of Orford, commented "I am excited to have the opportunity to explore this very prospective belt of rocks. I started my career in the mid 1980's exploring this belt and continue to believe it has tremendous untapped potential. The area has seen very little systematic exploration since 1993 when the Eagle/Telbel mine closed."
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1 Système d'information géominière of Québec "SIGEOM" , Quebec Ministry of Energy and Natural Resources. April 20,2020 |
2 Système d'information géominière of Québec "SIGEOM", Quebec Ministry of Energy and Natural Resources. April 20,2020 |
3 https://www.hecla-mining.com/casa-berardi/ Mineral Resources Statement As of December 31, 2019 |
4 https://www.maplegoldmines.com/index.php/en/projects/douay-gold-project#isDouayResourceEstimate Mineral Resource Statement as at October 23, 2019 |
The Joutel South and McClure East 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 which includes the prolific Matagami, Brouillan, Joutel and Casa Berardi mining districts (Figure 1). The JVC consists of at least three mafic to felsic volcanic cycles, each capped by sedimentary sequences characterized by fine clastics, exhalites and local banded iron formations. The JVC which hosts the Telbel/Eagle, Porier and Joutel Copper past producing mines, folds around a late granitoid intrusive towards the south onto the Joutel South Property. Geological and geophysical information indicates that the volcanogenictype lithologies which host the base and precious metal mines to the north strike southwards into Joutel South Property (Figure 2).
The northern boundary of the JVC is marked by the Harricana fault (also known as the Casa Berari deformation zone, "CBDZ". The McClure East Property contains the eastward extension of the mafic and felsic volcanic units of the JVS which hosts the previously operating Telbel Eagle Mines and straddles the contact marked by the CBDZ between the JVC to the south and Cartwright Hills Volcanic group to the North. The property is cut by major east-northeast trending diabase dykes (Figure 2).
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5 All Information from adjacent properties is not necessarily indicative of the mineralization on Orford Mining's properties. |
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 |
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: Système d'information géominière of Québec "SIGEOM", Quebec Ministry of Energy and Natural Resources. April 20,2020 |
Joutel Copper: Système d'information géominière of Québec "SIGEOM", Quebec Ministry of Energy and Natural Resources. April 20,2020 |
Minimal and sporadic historical work has been carried out on the Joutel south and Mclure East properties in the 1980's and early1990's. Drill holes in historical work in the area intersected felsic to mafic contact zones with associated tuff horizons which contained anomalous values in copper and/or zinc and/or gold. One historical drill hole next to the Joutel South Property returned 1.66g/t over 1m6 and one grab sample returned 4.28g/t (Figure 2) and one hole next to the McClure East Property returned 3.26g/t Au over 0.5m. Both properties would benefit from modern geophysical surveys and systematic exploration5.
Both McClure East and Joutel South properties have had very limited historical testing and are located within proven geological belts and structures. Orford mining looks forward to the additional untapped opportunity and the potential of the McClure East and Joutel South properties adds to that of Orford Mining's world class Qiqavik and West Raglan properties.
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6 Drilling intervals are down-hole lengths from historical data. True thicknesses cannot be estimated with available information. Information from adjacent properties is not necessarily indicative of the mineralization on Orford Mining's properties. |
About Orford Mining Corporation
Orford Mining is a gold explorer focused on highly prospective and underexplored areas of 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 continually seeks new gold exploration opportunities in North America. Orford's common shares trade on the TSX Venture Exchange under the symbol ORM.
To view further details about the Qiqavik and West Raglan 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., Vice President Exploration of Orford, a Qualified Person under NI 43-101.
Other Information
In a response to the recent outbreak of the COVID-19 virus, the Québec Government recently issued an updated directive that all non-essential businesses, including mineral exploration, must continue to temporarily suspend operations to at least May 4, 2020 throughout the province. Orford had yet to initiate the field portion of our 2020 exploration program at Qiqavik or West Raglan in the Nunavik region and therefore the Company's programs are not immediately affected. However, if the directive's end is extended significantly Orford will update our shareholders at that time. We remain committed to the potential of both our Qiqavik and West Raglan Properties in the Nunavik Region of northern Quebec.
Mr. Jonatan Julien, Minister of Energy and Natural Resources of Quebec announced on April 9, 2020, the postponement of the requirement to carry out field work to renew a claim, for a period of one year. Therefore all renewal dates falling in 2020 on Orford held claims have been extended by one full fiscal year. This was a very important and helpful step to exploration in the province of Quebec during the current COVID – 19 Pandemic.
Orford is concerned about the health and safety of our staff, contractors and the communities we work and we are adhering to a work from home policy for our employees, contractors and partners until further notice. We will work on compilation and geological interpretation on all four of our properties in Quebec until both the capital markets and the Quebec district are open to Junior Exploration companies to complete field work. In the meantime Orford is conserving cash and cutting costs where it can to preserve the cash it has on hand ($0.8 million cash at April 16, 2020) until the environment improves.
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
please contact: David Christie, President and CEO, 141 Adelaide St West, Suite 1608, Toronto, ON Canada M5H 3L5, T: (416) 309-0609, www.orfordmining.com
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