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
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. 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
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. 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. We hope to confirm historical results and expand them to determine if a resource can be defined on the
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.
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
Orford has made a firm commitment to make a payment upon signing of
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
About
Cautionary Statement Concerning Forward-Looking Statements
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.
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.
Contact:
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Web: www.orfordmining.com
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