Orford Mining Corp. (ORM-V) Orford discovers new gold zone and reports thick gold intercepts in the South Gold Zone on the Joutel Eagle Property
Orford discovers new gold zone and continues to report thick gold intercepts in the South Gold Zone on the Joutel Eagle Property, Québec
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On March 30, 2023, Orford reported that it has drilled a possible new gold bearing horizon 150m to the north of the South Gold Zone on the Joutel Eagle Property in the Québec Abitibi. The Joutel Eagle Property is located along the fertile Casa-Berardi Structural Zone and the historical Eagle-Telbel Mine Trend in the Abitibi Greenstone belt, Agnico Eagle produced >1.1 Moz Au from 1974 to 1993. A total of 14 holes and 2,535m have been drilled in 2023 and investigated a 400-metre strike of the South Gold Zone. Both the 2022 and preliminary 2023 drilling results suggest that the South Gold Zone hosts higher grade gold over wider intersections than had been historically reported.
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Potential new gold zone: Hole 23-JE-007 has reported 1.3 g/t Au over 16.1m from 201m depth along drill hole (including higher grade intervals of up to 4.5g/t Au over 1.1m), in a previously untested area of the Joutel Eagle Property. Hole 23-JE-006 reported 3 mineralized intervals from 52.8m to 76.4m depth along drill hole with grade intervals of up to 0.6g/t Au over 3.4m. Holes 23-JE-007 and 23-JE-006 were drilled to test: i) possible parallel mineralized horizons to the north of the South Gold Zone, ii) possible cross structural corridors which may contribute to concentrating gold mineralization on the property. The gold results obtained in Holes 23-JE-007 and 23-JE-006 successfully demonstrate the occurrence of additional gold mineralized zones.
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Thick South Gold Zone results: New Results from hole 23-JE-015 in the South Gold Zone reported 1.1g/t Au over 54.7m (including higher grade intervals of up to 9.1g/t over 0.4m). This hole was drilled in the South Gold Zone, 25m SE of the previously reported results from 23-JE-004 (14.6m @ 4.1 g/t Au).?These on-going 2023 drill campaign results confirm a 400m strike of the South Gold zone. The majority of assays from the recently completed 2023 drill program remain pending. Data was collected during the drill program with a core orientation tool and a full structural interpretation shall be completed once all assays have been received and reported to identify 1) additional targets in the South Gold Zone, 2) secondary targets which may be associated with structures hosting higher grades oblique to the South Gold Zone, and 3) other targets along strike and parallel to the South Gold Zone to the NW and SE along the Eagle mine horizon.
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David Christie, President and CEO of Orford, stated: "The 2023 drill campaign on our Joutel Eagle property has proven that the property has tremendous potential value with the discovery of a new zone 150 metres to the north of the South Gold Zone.?Drilling on the South Gold Zone continues to prove mineralized continuity along strike which was the main purpose of the program".
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Orford Mining Corporation is a gold and critical mineral explorer focused on highly prospective and underexplored areas of Northern Québec. Its principal assets are the Qiqavik (Au, Cu), West Raglan (Ni, Cu, PGE, Co) and lithium exploration projects comprising a land package totaling >150,000 ha in the Cape Smith Belt of Northern Québec. Orford also has 4 property positions of ~26,000ha in the Joutel region of the Abitibi District, which hosts historical deposits such as the Eagle/Telbel, Joutel Copper, Poirier Copper, and Vezza deposits. The Joutel Eagle property covers 11km of the Casa Berardi structural zone south splay (CBSZ) which is associated with several gold deposits and, together with the McClure East property, gives Orford over 17km coverage on the prolific CBSZ. 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. On November 30, 2021 Orford disclosed that it had entered an option to acquire 100% of the 5,000ha Joutel Eagle Project from Globex Mining Enterprises Inc. (GMX-V). ?
https://orfordmining.com/news/
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?Important Disclosures
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Orford Mining Corp.???
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B????????????The Mining Analyst, in his own account or in a family related account, owns securities in excess of 10,000 shares of the issued and outstanding equity securities of this issuer.
R????????????This issuer has indirectly paid the Mining Analyst.?
UPDATE - April 20, 2023:
Orford continues to report thick gold intersections in the South Gold Zone on the Joutel Eagle Property, Québec.
On April 20, 2023, Orford announced that it continues to receive thick mineralized gold intervals of up to 14.2m @ 2.2 g/t Au (including higher grade of up to 15.3 g/t Au) from its 2023 drill program at the Joutel Eagle Property in the Québec Abitibi. The Joutel Eagle Property is located along the fertile Casa-Berardi Structural Zone and to the NW of the historical Eagle-Telbel Mine Trend in the Abitibi Greenstone belt, Québec. The majority of assays remain pending with the remainder of results of the 2,535m drill program expected mid-May 2023.
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Better defining the gold zone: Hole 23-JE-008 has reported 2 thick intersections of gold mineralization with 15.7m @ 1.7g/t Au (21.7 to 37.4m along drill hole) and 14.2m @ 2.2g/t Au (61.9 to 76.1m along drill hole) which is ~200m to the NW of hole 23-JE-015 which reported 54m @ 1.1 g/t Au (including higher grade intervals of up to 0.4m @ 9.1g/t Au). Hole 23-JE-009, reported 0.3m @ 1.2g/t Au and seems to have been drilled too far to the north to hit the South Gold Zone which appears to trend towards the WSW as it extends westward from 23-JE-005 and 23-JE-008 (which was collared in gold mineralization). DDH 23-JE-016 was drilled to confirm the presence of the South Gold Zone to the south of hole 23-JE-008. Orford has now received results for a 250m strike length of the tested 400m strike of the South Gold Zone with yet most of assays still pending. Drilling results received to date from both the 2022 and 2023 drilling programs suggest that the South Gold Zone hosts higher grade gold over wider intersections than had been historically reported.
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David Christie, President and CEO of Orford, stated: "The results from the 2023 drill campaign on our Joutel Eagle property continue to prove the property has tremendous potential value both in the South Gold Zone and the new North Gold Zone. The continuity in gold grade and thickness across the South Gold Zone has been very encouraging".
UPDATE - May 11, 2023:
Orford reports multiple successive gold zones in drill hole 23-JE-017, including two intervals of 5 g/t over 2.3 and 2.5 metres, Joutel Eagle Property, Québec.
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On May 10, 2023, Orford announced that it continues to receive receive thick mineralized gold intervals from its 2023 Drill program on the Joutel Eagle Property in the Abitibi of Northern Québec. Drill hole 23-JE-017 intersected multiple thick gold zones in the likes of 9.9m @ 1.4 g/t Au (including 5 g/t over 2.3 m), 17.6m @ 1.4 g/t Au (including 5 g/t over 2.5 m) and 21.3m @ 0.80 g/t Au. We estimate an average grade x thickness metric of the 10.37 g/t Au x m for the 7 intercepts in DDH 23-JE-017 from 58.1 to 184.5m depth along drillhole. Overall, we estimate an average grade x thickness metric of the 14.19 g/t Au x m for the 8 holes reported to date. The Joutel Eagle Property is located along the fertile Casa-Berardi Structural Zone and to the NW of the historical Eagle-Telbel Mine Trend in the Abitibi Greenstone belt, Québec. ?A total of 2,535 m in 14 holes were drilled in 2023 and tested a 400 m strike length of the South Gold Zone. Orford's drilling results received to date both in the 2022 and on going 2023 drilling results have shown that the South Gold Zone likely hosts higher grade gold over wider intersections than had been reported historically.
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David Christie, President and CEO of Orford, stated: ?"The continued strong results from the 2023 drill campaign on our Joutel Eagle property continue to indicate the tremendous potential value in the South Gold Zone.?The multiple thick intersections in hole 23-JE-017 improves the continuity of gold grade and thickness across the South Gold zone.?We will review the results received from the 2023 drill program and will start to plan a follow up drill program".
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Recall Orford Mining is a gold and critical mineral explorer focused on highly prospective and underexplored areas of Northern Québec. Orford's principal assets are the Qiqavik, West Raglan and lithium exploration projects comprising a land package totaling over 111,000 ha in the Cape Smith Belt of Northern Québec (Nunavik). Orford also has 4 property positions in the Joutel region of the Abitibi District, which hosts historical deposits such as the Eagle/Telbel, Joutel Copper, Poirier Copper, and Vezza deposits. The Qiqavik Project in Nunavik hosts several new high-grade gold discoveries along a mineralized trend in excess of 40 km. The West Raglan Project hosts several high-grade Raglan-style nickel/copper/platinum group metal discoveries along a 55 km mineralized trend. In early 2023 Orford acquired large claim blocks targeting lithium in the Nunavik Region that have promising lithium potential and are located in a ~100k m radius from Port Deception used by Raglan Nickel Mines.
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https://orfordmining.com/wp-content/uploads/2023/05/Orford-reports-multiple-gold-intercepts-Joutel-Eagle-Property-May-10-2023-Final-2.pdf
UPDATE - June 26, 2023:
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Orford defines near surface mineralization at the South Gold Zone on its Joutel Eagle Property and discovers new North Gold Zone, Abitibi, Québec.
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On June 23, 2023, Orford reported that it had received all pending assays from its 2023 drilling program on its Joutel Eagle Property located along the prolific Casa-Berardi Structural Zone in the Abitibi region of NW Québec. New results from drill holes 23-JE-012, 014 and 016 were reported with salient results of 10m @ 3.8 g/t Au (from 108 m to 111 m) in DDH 23-JE-016. Overall, drill results have defined a series of thick, near-surface mineralized zones ("South Gold Zone") within 150 m of surface. Thick mineralized intersections of up to 54.7m @ 1.1 g/t Au (including higher 1.7g/t Au over 28.6m) in DDH 23-JE-015 as well as 15.7m @ 1.7g/t Au (from 21.65 to 37.35 m, including 5.8 g/t Au over 4.1m) in DDH ?23-JE-008 and 14.6m @ 4.1g/t Au from 100.3 to 114.9 m in DDH 23-JE-004 were reported from the South Gold Zone. Recall on May 10, 2023 and April 20, 2023, Orford had also announced thick mineralized gold intervals of up to 9.9m @ 1.4 g/t Au (DDH ?23-JE-017) ?and ?14.2m @ 2.2 g/t Au (DDH ?23-JE-008) (https://www.dhirubhai.net/posts/eric-lemieux-9468715_quebec-abitibi-joutel-activity-7055025570664833024-zYsG?utm_source=share&utm_medium=member_desktop). We estimate an average grade x thickness metric of the 10.05 g/t Au x m for the 14 holes reported.
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South Gold Zone remains open: The 15 holes drilled at the South Gold Zone during the 2022 and 2023 programs have shown that the South Gold Zone hosts higher grade gold mineralization over wider intervals than had been reported historically. Drilling down-dip of shallow mineralization at the South Gold Zone has confirmed the extension of mineralization at depth (e.g., 22-JE-001 & 22-JE-002) with all intercepts remaining open at depth. Historical drilling indicates that mineralization continues to at least 300m depth and remains open at depth. The South Gold Zone mineralization is associated with sulphides, sericite and quartz-pyrite with associated quartz-carbonate veins of similar style to the nearby Eagle-Telbel Mine.
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Drilling to the north of the South Gold Zone has identified a new mineralized trend ("North Gold Zone"): Two holes (23-JE-006 and 23-JE-007) from the 2023 program were drilled to the north of the South Gold Zone in a previously untested area of the Joutel Eagle Property. These holes intersected a new gold-bearing horizon 150 m to the north of the South Gold Zone and reported up to 16.1m @ 1.3g/t Au (DDH 23-JE-007) from 201m depth including higher grade intervals of up to 4.5 g/t Au over 1.1 m.
More to come: Measurements have been collected during the 2023 drill program with a core orientation tool and a full structural interpretation shall be completed. Future drill programs shall aim to extend the South Gold Zone at depth to provide a basis for a potential resource estimation, and to make additional discoveries along the North Gold Zone.?David Christie, President and CEO of Orford, stated: "The results from the 2023 drilling campaign on the South Gold Zone at the Joutel Eagle property has proven our hypothesis of a shallow and thick zone hosting continuous gold mineralization. These results will be used to plan infill drilling and expand results at depth in order to achieve a resource estimate. We look forward to also drill testing the newly discovered North Gold Zone along strike".
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UPDATE - January 15, 2024:
Orford Mining Corp. (ORM-V)
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Orford Mining announces acquisition by Alamos Gold ?
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On January 15, 2024, Orford announced that it has entered into a definitive arrangement agreement with Alamos Gold Inc. (AGI-T, AGI-NYSE) pursuant to which Alamos shall acquire Orford for a total consideration of ~$24M.? Alamos, shall acquire all of the issued and outstanding common shares of Orford not already owned, by way of a plan of arrangement, for deemed consideration of $0.10 per Orford share, representing a total equity transaction value (on a 100% basis) of ~$24 M on a fully diluted, in-the-money basis. Orford’s shareholders shall receive 0.005588 of an Alamos common share for each Orford share held. This consideration is calculated based on the 20-day volume weighted average trading price of Alamos on the Toronto Stock Exchange for the period ending January 12, 2024. This is a non-arm’s length transaction as Alamos currently owns 61,660,902 Orford shares (~27.5% of the issued and outstanding Orford shares). Orford is a Québec well diversified focused explorer with assets in the Cape Smith Belt, Nunavik (Qiqavik, West Raglan and lithium exploration projects comprising a land package totaling over 177,000 ha) and 4 gold projects totalling nearly 12,000ha in the Joutel region of the Abitibi District.
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Orford shareholder approval: The Transaction shall be effected by way of a court-approved plan of arrangement under the Business Corporations Act (Ontario) and subject to the approval of: (i) 66 2/3% of votes cast by Orford shareholders; and (ii) a simple majority of the votes cast by Orford shareholders at a special meeting of shareholders expected to be held in March 2024. All directors and senior officers of Orford have entered into support and voting agreements pursuant to which they have agreed to vote their Orford securities in favour of the transaction. The transaction provides for, among other things, customary Orford Board support and non-solicitation covenants, with a “fiduciary out” that would allow Orford to accept a superior proposal, subject to a “right to match” period in favour of Alamos. The arrangement agreement also provides for, among other matters, an expense reimbursement equal to the reasonable and documented out-of-pocket costs and expenses incurred by either party to a maximum of $500,000 (exclusive of taxes and disbursements) payable in cash by Orford/Alamos to Alamos/Orford in certain specified circumstances.
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Benefits to Orford shareholders: i) Option to retain shares in Alamos, which is a premier, low-risk North America focused intermediate gold producer with a portfolio of high-quality mines and development assets (Alamos owns the operating mines Young-Davidson and Island Gold mines in northern Ontario, and the Mulatos mine in Sonora State, Mexico), a strong balance sheet, a fully funded growth profile and a demonstrated history of returning capital to shareholders. ii) Access to Alamos’s strong balance sheet, robust free cash flow generation and technical expertise to accelerate the advancement of Orford’s portfolio of properties (including Qiqavik, Joutel Eagle, Nunavik Lithium and West Raglan projects in Québec). iii) ?Alamos Shares are listed on the Toronto Stock Exchange and the New York Stock Exchange (“NYSE”) and provide significant trading liquidity. iv) opportunity for Orford shareholders to realize a meaningful and immediate premium, with ~114% premium to the closing price of Orford shares on the TSXV on January 12, 2024.
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David Christie, President, CEO and Director of Orford stated: “In just over six years of existence as a public company, Orford has built an impressive multi-commodity focused portfolio of exploration properties, with one of the largest property positions in Quebec totaling 1,787 sq kms. Orford has acquired exploration properties in areas that were either completely unexplored or vastly underexplored and have proven these properties have significant mineral potential. Orford’s properties have shown strong exploration promise, in particular the company’s Qiqavik Gold project in Nunavik which has widespread, high grade gold surface samples pointing to the camp scale gold potential of the property. We are confident that Alamos has the skill set and balance sheet to advance the Orford projects through the next stages of exploration and development. The Orford management team and Board of Directors believe that this transaction is beneficial to all Orford shareholders. The transaction provides value along with opportunity to continue to benefit from the potential success on the Orford properties but also the continued success of Alamos, an established, free cash flow generating, well financed gold producer with a solid growth trajectory”.
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John A. McCluskey, President and Chief Executive Officer of Alamos stated: “Our acquisition of Orford is consistent with our strategy of building out a pipeline of high-quality, long-term projects, in good jurisdictions, to complement our near-term organic growth projects in Canada. Qiqavik fits that strategy perfectly as an attractive early-stage gold project, located in one of top mining jurisdictions in the world. We see excellent long-term potential within the underexplored Qiqavik district and look forward to building off Orford’s success with a larger and sustained exploration program”.
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Overall, this appears as a relatively fair transaction in light of the current junior mining market. The 2024 exploration work on the overall portfolio of properties would have likely required a $3M budget.
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Important Disclosures
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Orford Mining Corp.??? ?????????? ??????????
B???????????? The Mining Analyst, in his own account or in a family related account, owns securities in excess of 10,000 shares of the issued and outstanding equity securities of this issuer.
R???????????? This issuer has indirectly paid the Mining Analyst.
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Mining Analyst Certification
I, éric Lemieux, Mining Analyst, hereby certify that the comments and opinions expressed in this report accurately reflect my personal views about the subject and the issuer.
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