Orford Enters Option Agreement to Acquire the Advanced Joutel Eagle Gold Exploration Property in the Joutel Region - adding to its existing property position

News provided by

Orford Mining Corporation

Nov 30, 2021, 07:00 ET

TORONTO, Nov. 30, 2021 /CNW/ - Orford Mining Corporation ("Orford") (TSXV: ORM) is pleased to announce that it reached a definitive agreement with Globex Mining Enterprises Inc. ("Globex") (TSX-GMX) to acquire its 50 square km, 191 claim property position in the Joutel region (Figures 1 and 2) of the Quebec Abitibi, the Joutel Eagle Property. The property is an advanced exploration stage property with approximately 20,000 metres of historic drilling that have defined multiple gold zones to guide our immediate exploration efforts.  Amongst these are the South Gold Zone which includes a steeply dipping vein zone with grades of up to 6.8 g/t over 3.5 metres in historical drilling and is open at depth, and the Gagne Zone which consists of surface mineralization grading up to 26.2 g/t over 3.0 metres in trenching that has not been properly tested by drilling.   

Continue Reading

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 gold1 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, 2). 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

David Christie, President and CEO of Orford, commented "We are extremely excited to add the Joutel Eagle property position to our Joutel area claim position. I started my career working along this same structure and believe it is deserving of more thorough systematic exploration. The Joutel Eagle property is an advanced exploration property with well-developed gold targets and existing gold zones that has not been worked since 1999.  We are eager to explore the property with modern methods and test the drill-ready targets with diamond drilling in early 2022. We believe the Joutel Eagle property provides Orford an opportunity for a near term discovery in the heart of the prolific Abitibi District".

The most developed zone on the Joutel Eagle property is the "South Gold Zone", which has a strike length of approximately 700 metres and is partially tested to a depth of 500 metres below surface. The South Gold zone is comprised of two mineralized zones, a steeply dipping vein zone with grades of up to 6.8 g/t over 3.5 metres (hole 89-A-02), and a lower grade zone associated with the regional Harricana Fault which seems to be plunging to the southeast (Table 1).  The best grade of the vein zone was also the deepest intersection, suggesting grades may improve with depth. The higher-grade vein zone cross cuts the lower grade shear zone which has much longer strike extension. The plan map in Figure 3 and long section in Figure 4 show the two zones and how widely spaced the drilling has been both at shallow and deeper levels. We hope to confirm historical results and expand them to determine if a resource can be defined on the South Zone.

The Gagné Zone in the southern part of the property has surface grades of 26.2 g/t over 3.0 metres in trenching and has not been properly tested with drilling.  The Joutel Eagle property also hosts multiple satellite gold and copper intercepts (Figure 2, Table 1) in drilling across the property where no subsequent follow- up work has been completed to date.

The Joutel Eagle property has not had the benefit of a proper and thorough compilation of historical data and therefore this will be the first task to be completed by Orford on the property, to be followed up by localized geophysics where needed and diamond drilling in a winter 2022 program.

Table 1: Summary of gold anomalies in historical drilling on the Joutel Eagle property. Drilling intervals are down-hole lengths from historical data. True thicknesses cannot be estimated with available information. 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.

Hole

Interval (m)

Au (g/t)

From (m)

To (m)

Gestim

Reference

Area/Zone

83-1

1.3

2.1

280.4

281.7

GM48877

South Gold

82-1

3.7

1.2

132.5

136.3

GM39763

South Gold

82-1

2.8

6.0

160.7

163.4

GM39763

South Gold

including

1.1

9.2

162.3

163.4

GM39763

South Gold

82-2

2.7

5.0

169.1

171.8

GM39763

South Gold

82-2

4.4

1.6

173.3

177.6

GM39763

South Gold

82-2

2.8

3.6

190.7

193.5

GM39763

South Gold

82-3

0.9

8.7

29.2

28.3

GM39763

South Gold

82-3

2.7

1.1

61.9

64.6

GM39763

South Gold

88-A-1

6.7

1.3

314.6

321.3

GM47579

South Gold

including

0.5

4.1

318.2

318.7

GM47579

South Gold

88-A-9

1.4

2.0

399.2

400.6

GM47579

South Gold

89-A-1

0.7

5.7

305.8

306.4

GM48877

South Gold

89-A-1

1.8

1.7

573.0

574.8

GM48877

South Gold

89-A-1

1.3

2.7

594.8

596.1

GM48877

South Gold

89-A-1

0.9

4.3

596.1

597.0

GM48877

South Gold

83-03

2.9

2.4

382.1

385.0

GM40302

South Gold

including

1.4

3.9

382.1

383.5

GM40302

South Gold

83-03

4.3

3.4

395.7

400.1

GM40302

South Gold

including

1.2

6.4

396.8

398.0

GM40302

South Gold

90-A-1

2.5

2.9

185.0

187.5

GM50110

South Gold

90-A-1

1.5

1.3

186.0

187.5

GM50110

South Gold

90-A-1

1.5

1.6

722.5

724.0

GM50110

South Gold

89-A-2

5.2

1.2

643.4

648.7

GM48877

South Gold

including

1.6

2.1

643.4

645.0

GM48877

South Gold

89-A-2

6.5

4.1

651.4

657.9

GM48882

South Gold

including

1.5

13.5

656.4

657.9

GM48882

South Gold

99-15-01

1.5

5.6

12.5

14.0

GM57215

South Gold

99-15-01

0.5

2.8

30.9

31.4

GM57215

South Gold

99-15-01

0.5

2.0

91.7

92.2

GM57215

South Gold

99-15-02

3.0

1.7

261.0

264.0

GM57215

South Gold

99-15-02

1.5

1.1

545.5

547.0

GM57215

South Gold

99-15-03

1.5

1.4

55.5

57.0

GM57215

South Gold

99-15-03

1.6

1.5

121.9

123.5

GM57215

South Gold

99-15-04

2.0

1.4

138.7

279.3

GM57215

South Gold

89-A-3

2.7

2.2

55.4

58.1

GM48877

Gagne

1

1.6

1.7

46.7

48.3

GM29108

Gagne

1

2.2

2.8

71.7

73.8

GM29108

Gagne

including

0.3

16.4

73.2

73.5

GM29108

Gagne

1

0.9

1.3

140.0

141.0

GM29108

Gagne

3

0.3

10.5

24.3

24.6

GM29108

Gagne

3

0.6

1.0

30.5

31.2

GM29108

Gagne

3

0.2

3.9

37.1

37.2

GM29108

Gagne

2

0.3

3.0

61.5

61.8

GM29108

Gagne

trench 1

3.0

26.2

GM54803

Gagne

trench 1

4.6

2.7

GM54803

Gagne

trench 1

6.1

1.3

GM54803

Gagne

trench 1

10.7

2.7

GM54803

Gagne

trench 1

12.2

15

GM54803

Gagne

trench 1

13.7

17.8

GM54803

Gagne

trench 3

n/a

2.3

GM54803

Gagne

trench 3

n/a

1.3

GM54803

Gagne

trench 5

n/a

1.3

GM54803

Gagne

89-A-3

2.7

2.2

55.4

58.1

GM48877

Other

88-A-6

1.3

1.1

164.3

165.6

GM47579

Other

88-A-6

1.3

1.3

167.0

168.3

GM47579

Other

88-A-6

1.5

1.1

238.3

239.7

GM47579

Other

About the Globex Option Agreement

The agreement between Orford and Globex includes both work commitments and cash/share payments over five years for Orford to earn 100% undivided legal and beneficial interest in the Globex properties. 

Orford has made a firm commitment to spend $200,000 on the property before the first anniversary date of the agreement and a firm commitment of $325,000 before the second anniversary date of the agreement. Year three, four and five work commitments are $350,000, $650,000 and $1,250,000 respectively by the end of each of those years. The total work commitment if all five years are exercised is $2,775,000, with more than half that amount in the last two years of the option. 

Orford has made a firm commitment to make a payment upon signing of $225,000 and a further payment of $200,000 on the first anniversary date of the agreement (all cash payments can be made one half in cash and, at Orford's discretion, one half in common shares of Orford at the then-applicable Per-Share Price).  If Orford elects to continue the option at the start of year three, four and five, then cash payments of $250,000, $350,000, and $350,000 respectively would be due (half cash, half shares as per above).  The total in cash to be paid to Globex by Orford to earn 100% undivided legal and beneficial interest in the Globex Joutel properties would be $1,625,000 (half cash, half shares as per above).  Any issuance of shares with respect to the payments described above is subject to the approval of the TSX-Venture Exchange.

Upon exercise of the Option by Orford, Globex's interest in the Property shall be automatically extinguished and converted to a 3.5% Gross Metal Royalty (GMR).   Orford shall retain the right and option, at any time, to purchase 1.5% of this GMR for Cdn$2 M and will retain a first right of refusal on the sale, transfer, assignment or other disposition of all or any part of the remaining GMR.

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 three 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.

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. 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, West Raglan or Joutel area 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 .

 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

Système d'information géominière of Québec "SIGEOM" , Quebec Ministry of Energy and Natural Resources. April 20,2020 DV93-01

2

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

3

Poirier Copper/Joutel Copper: Système d'information géominière of Québec "SIGEOM", Quebec Ministry of Energy and Natural Resources. April 20,2020 DP346, GM44192. Eagle /Telbel: Système d'information géominière of Québec "SIGEOM", Quebec Ministry of Energy and Natural Resources. April 20,2020 DV93-01

SOURCE Orford Mining Corporation

David Christie President and CEO, 2 St. Clair Avenue West, 18th Floor, Toronto, ON M4V 1L4, T: 647-255-8037, www.orfordmining.com

Related Links

https://orfordmining.com/

Organization Profile

Orford Mining Corporation