TORONTO, May 30, 2021 /CNW/ - In January 2021, Orford Mining Corporation
(Orford) (TSXV: ORM) announced it
had reached a definitive agreement with Wyloo Metals Pty Ltd (Wyloo
Metals) for a $25.0 million earn-in
and joint venture over Orford's
100% owned West Raglan property (the "Property") in Nunavik,
Quebec. The West Raglan property
is a camp scale, advanced Ni-Cu-Co-PGE exploration property
covering an area of 83,964 hectares (839 km2) over the
same belt that hosts the Raglan and Canadian Royalties mines to the
east. Exploration to date has identified high-grade Ni-Cu-Co-PGE
mineralization across more than 35 km strike of the 50 km West
Raglan Project. Six significant discoveries have been made on the
Property with the best results being from the Frontier Zone. The
Frontier Zone contains five high grade mineralized lens clusters
over a 2,500 meter strike with grades in the range of 2-3% Nickel,
1% copper and 2+gpt PGE (Table 1). The 2021 exploration season,
will take place in July & August and will focus on ground
geophysical (electromagnetic) and geochemical surveys to aid in
identifying drill targets for 2022.
David Christie, President and CEO
of Orford commented "We are
excited to once again be actively exploring the West Raglan Project
after a hiatus over a number of years. The partnership
with Wyloo Metals on the West Raglan project allows for a
systematic exploration approach on one of the most prospective
tracts of ground in Canada for
high grade nickel mineralization in a proven nickel mining
belt. We believe there will continue to be a resurgence
in the nickel and cobalt markets as the electric vehicle battery
demand continues to grow globally. We look forward to working with
Wyloo Metals towards further discovery of nickel on the West Raglan
Project."
Wyloo Metals can earn up to 80% in the West Raglan project by
completing $25 million in exploration
expenditures over 7 years, in addition to completing a feasibility
study and making a cash payment to Orford mining. The details of the
agreement can be found in the January 19,
2021 Orford Mining press release. A budget of
approximately $1.7 million has been
approved for 2021 with Orford Mining as the project operator.
About the West Raglan Project
The West Raglan property (Figure 1) is a large 839
km2 property situated in the Cape Smith Belt within the
Nunavik Region of northern Quebec.
West Raglan Ni, Cu, PGE, Co mineralization is hosted in the
ultramafic units of the Lac Esker Suite (1.89-1.87 Ga). These
ultramafic units host all known nickel sulphide mineralization in
the Cape Smith Belt, including Glencore's Raglan mine (North Trend)
and the Canadian Royalties, Nunavik Nickel mine hosted on the South
Trend. The West Raglan property covers a 50-km strike of both the
"North" trend, that hosts Raglan-style deposits, and the "South"
Trend, that hosts Canadian Royalties-style deposits. Raglan is a
first quartile cash cost nickel producer with one of the highest
grade reserves amongst significant global nickel deposits (Proven
and Probable Reserves as of December
2019 of 10.39 million tonnes at 2.81% Ni, 0.77% Cu, 0.83 g/t
Pt, 2.03 g/t Pd and 0.06% Co1). Information from
neighbouring properties is not necessarily indicative of the
mineralization on Orford Mining's properties.
Historical work on Orford's
West Raglan property has improved the geological knowledge and
understanding of the area, and led to the identification of
multiple Ni-Cu-PGE mineralized lenses in several zones of the
Frontier area, all located along the main Chukotat-Povungnituk
contact. Examples of drill hole intersections from the Frontier
Zone are shown in (Table 1)
A review of the geological and geophysical data in the Frontier
area suggests that portions of the area remain almost untested and
still have the potential for additional Ni-Cu-PGE discoveries. More
recent exploration work completed in 2015 has also highlighted
surface Ni-Cu-PGE mineralization in other areas such as Red,
Boomerang, and Beverly (Figure 1) along the north (Raglan) trend.
The West Raglan property also covers the south group of rocks which
hosts the Canadian Royalties deposits to the east. This part of the
West Raglan property is largely unexplored, however minimal past
work has identified high grade nickel and copper mineralization in
grab samples (Figure 1). The 2021 work program will primarily focus
on ground TDEM using very sensitive SQUID sensors at Frontier,
Beverly and Boomerang along the North Trend and highly prospective
portions of the South Trend. The use of SQUID TDEM at Raglan in the
early 2000s increased exploration success by 58% while targeting
2.5 times deeper2. This method has not previously been
applied on the West Raglan property. Prospecting and mapping will
be the principal focus of work on the South Trend group of
rocks.
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1 Glencore Resources and Reserves
Report as of Dec 31st, 2019
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2 Osmond et al, 2002, Finding
Nickel from the B-Field at Raglan – 'To B or not dB', SEG Technical
Program Expanded Abstracts 2002
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Table 1: Examples of Drill Intersections of the Frontier
Zone
Zone
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DDH
No.
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From (m)
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To (m)
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Width (m)
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Ni (%)
|
Cu (%)
|
Pt
(ppb)
|
Pd
(ppb)
|
Frontier
South
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WR-03-08
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16.00
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35.00
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19.00
|
2.51
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0.96
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691
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2379
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Frontier
East
|
WR-03-13
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41.80
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48.40
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6.60
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2.65
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1.02
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399
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1652
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Frontier
Central
|
WR-03-14
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20.75
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29.50
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8.75
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3.26
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1.40
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949
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3219
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BT
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WR-05-98
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75.85
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86.5
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10.65
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0.72
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0.36
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120
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490
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South/
Century
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WR-07-128
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217.20
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222.50
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5.30
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3.28
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0.56
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442
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1766
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Century
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WR-08-149
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132.20
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136.73
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4.53
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3.01
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1.21
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530
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2130
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Seahawk
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WR-08-164
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141.85
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170.13
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28.28
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3.21
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1.32
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650
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2430
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Note: These intersections are some of the most
significant, but not necessarily representative of the whole
mineralized zones. All drilling intervals are down-hole lengths.
True thicknesses cannot be estimated with available
information.
Figure 1: West Raglan Property Highlights
Note that grab samples are selective by nature and values
reported may not be representative of mineralized zones. All
drilling intervals are down-hole lengths. True thicknesses cannot
be estimated with available information.
Orford Mining Grants Stock Options
Orford announced today that it
has issued a total of 100,000 stock options to a consultant to the
company. The options, which are exercisable at $0.14 per common share, will vest over three
years and expire ten years from the date of grant.
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 105,000 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 50 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 Projects please visit Orford's website, www.orfordmining.com.
About Wyloo Metals
Wyloo Metals is the metals and mining subsidiary of Tattarang,
one of Australia's largest private
investment groups. Led by a multidisciplinary team of geology and
financial professionals, Wyloo Metals manages a diverse portfolio
of exploration and development projects and cornerstone interests
in a number of public and private companies. Wyloo Metals seeks to
work closely with all stakeholders to accelerate projects through
the development cycle while meeting the highest international
environmental, social and governance standards.
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 information disclosed herein in respect of the West Raglan
Property is based on the independent report of Clement Dombrowski, P.Geo. titled "NI 43-101
Technical Report on West Raglan Project, Northern Quebec, Canada" effective
February 20, 2017.
The information regarding work disclosed herein in respect of
the Qiqavik Property is based on the independent report of
Clement Dombrowski, P.Geo of IOS
Services Geoscientifiques Inc. titled "NI 43-101 Technical Report
on Qiqavik Project, Northern Quebec,
Canada" effective September 14,
2017, and on Orford's news
releases available on Orford's
website and on SEDAR.
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