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TORONTO, Jan. 18, 2019 /CNW/ - Orford Mining Corporation ("Orford") (TSX-V: ORM) is pleased to announce a renewed focus on encouraging exploration results at its Qiqavik project in Northern Quebec, including the recent discovery of a thick sequence of gold mineralized quartz-carbonate veining associated with sulphidic metasediments which was intersected in three diamond drill holes, and multiple high-grade surface gold showings (see Orford news release dated October 16, 2018). Exploration programs for the summer of 2019 are currently being developed to follow up on these promising results.
On Orford's Qiqavik gold property in northern Quebec, final results for frost boil sampling from the 2018 exploration campaign have been received. Frost boil samples represent the fine fraction of basal till that has been mobilised to surface by the freeze-thaw cycle and, given the glacial history of the Qiqavik region, are indicative of close bedrock sources to the south of the anomalies. Frost boil sampling and the resulting dispersion trail patterns have been an essential tool to locate bedrock sources of gold mineralization at Qiqavik. Results at Central Qiqavik show a dispersion trail cut-off at the shear zone that hosts the previously reported drill-proven Interlake gold mineralization (see Orford's news release of October 16, 2018). To the East of Interlake along an untested portion of the same shear zone, a stronger and wider dispersion trail is cut off at the shear zone. Additionally, a separate dispersion trail to the south of this Interlake East anomaly is cut-off by a parallel structure. These dispersion tail cut-offs are associated with structural complexity along the regional shears as indicated by detailed magnetic surveying and represent high quality targets within the Qiqavik break shear zone system.
As part of this refocusing, Orford has elected not to maintain the earn-in options with Carolina Gold Resources on the Jones-Keystone and Landrum-Faulkner properties in the Carolina Gold Belt as exploration results from these properties have not met Orford's strategic objectives.
Orford continues to evaluate opportunities that meet its stated objectives of focusing on underexplored regions that bear strong geological similarities and are in close proximity to existing flagship mining operations for major mining producers.
2019 Vancouver Resource Investment Conference
Orford will be attending the 2018 Vancouver Resource Investment Conference taking place January 20-21, 2019 at the Vancouver Convention Centre – West Building. Orford Mining management representatives will be on hand at Booth #903 and will be presenting at the conference on January 21, 2019 at the Feature Workshop: 2:10 - 2:20 pm.
Private Placement Financing
Orford expects to close the remaining portion of its previously announced non-brokered private placement financing in the near-term (see Orford news releases dated December 19, 2018 and December 28, 2018).
About the Qiqavik Property
The Qiqavik Property covers the 40-km long Qiqavik Break, part of the Cape Smith Belt event which is of Paleoproterozoic age (1.8-1.9 billion years). This geologic era is marked by its significant metal endowment as illustrated by the important gold districts that occur worldwide related to geological events of Paleoproterozoic age. These include the Flin Flon-Snow Lake Belt, the Ashanti Gold Fields of West Africa, the Tapajos-Parima Belt of Brazil, and the Tanami Region in Australia1. The Cape Smith Belt is also home to Glencore's world class Raglan Mine.
Early-stage exploration work completed to date on the Qiqavik Property shows that high-grade gold and copper occurrences are associated with secondary splay structures located along the district-scale Qiqavik Break Shear Zone which extends the full 40 km length of the Qiqavik Property. Geological data indicate that gold mineralization at Qiqavik is structurally controlled and associated with porphyry intrusions in places.
This information is not necessarily indicative of the mineralization on Orford Mining's Properties.
About Orford Mining Corporation
Orford Mining is a mineral explorer focused on highly prospective and underexplored areas of Northern Quebec. Orford's principal assets are the Qiqavik and West Raglan projects comprising of a land package totaling over 70,000 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. Orford's common shares trade on the TSX Venture Exchange under the symbol ORM.
To view further details about the Qiqavik project please visit Orford's website, www.orfordmining.com.
The disclosure of scientific and technical information contained in this news release has been approved by Alger St-Jean, Vice President, Exploration of Orford, a Qualified Person under NI 43-101.
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 the Qiqavik and West Raglan exploration 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
For further information: David Christie, President and CEO, T: (416) 309-0609, www.orfordmining.com