Orford Mining Corp

Orford Gains Strategic Support

Impact: Positive

Orford has secured a C$2.3M strategic investment from Alamos Gold Inc. (TSX:AGI) in exchange for a 19.3% equity stake in Orford – the funds are expected to be used to kick-start Orford’s 2019 exploration program at the Qiqavik Project in the Cape Smith belt of northern Quebec. We view Orford as an inexpensive call option on a highly prospective district scale exploration play and believe the company could re-rate on the first hint of drilling success.

  • Alamos Gold strategic equity investment. Orford announced an important strategic investment from Alamos Gold, a gold producer with mining operations in Ontario, Canada and Mexico. Alamos Gold is investing C$2.3M, comprising C$2M in flow-through funds (11.7M flow-through shares at C$0.17/share) and C$300,000 in hard dollars (3M shares at C$0.10/share). It is anticipated that Alamos Gold will own a 19.3% equity stake in Orford upon close and can contribute two nominees to a technical committee to help guide Orford’s exploration work at Qiqavik.
  • Investment validates the potential that we see in Qiqavik. The deal provides a much needed cash injection which should allow Orford to systematically test its most prospective targets across its 70,000ha Qiqavik property. In addition, the investment provides strong third-party validation of the exploration potential that we see in the Qiqavik project and increases the potential for a discovery.
  • Orford now has funds to commence 2019 exploration. We expect this investment should help kick-start Orford’s 2019 exploration program. Various activities could be initiated ahead of drilling, including prospecting/mapping and ground geophysics. Previous work by Orford along the ~45km Qiqavik Break Shear Zone has identified multiple targets returning high gold and copper grades in grab samples and drilling (Figure 1).

Orford’s current valuation does not properly reflect the district scale potential of the Qiqavik Project. With an enterprise value of C$5.8M we view Orford as an inexpensive option on drilling success. The strategic placement from Alamos Gold validates our thesis and provides the funds necessary for Orford to surface value at Qiqavik. Upcoming catalysts: 1) 2019 exploration plans for Qiqavik (Q2/19).



Orford Mining Corp.

Thick Au Intercepts Found; Follow Up Work Warranted

Impact: Mildly Positive

Thick gold intercepts warrant follow up work in Quebec; Carolina drilling also hit thick zones of low grade gold. The company announced results of the 2018 drilling and mapping program on its Qiqavik property in northern Quebec. Although very early days, the company is methodically progressing exploration at Qiqavik. In addition, they provided an update on the Jones Keystone and Landrum Faulkner drilling in the Carolina's. Qiqavik’s results continue to highlight this projects potential and with only ~16 weeks’ work completed to date, follow-up is needed.

  • Drilling and mapping efforts at Qiqavik progressing well but more work is needed. Initial visual results from the summer program uncovered a thick sequence of quartz veins in three drill holes (QK-18-002, -007 & -008), assay results include: 24.6m @ 0.48g/t Au (QK-18-008). While not ore grade intercepts, our view is that this target is starting to demonstrate potential and warrants follow-up work, particularly since the surface expression of the target has extended to 350m. As well, the company expanded the surface expression of the Focused Intrusive (to 800m) and Gerfaut South zones (to 850m).
  • Results suggest short transport distances for some discovery boulders, bodes well for others. Exploration at the Interlake area (Qiqavik) has led the company to a potential source of the high-grade boulders. The relatively short transport distance, bodes well for discovering the source of other high-grade boulders on the property.
  • Carolina drilling returns thick zones; data review underway. Drilling program at the Jones Keystone and Landrum Faulkner properties in North and South Carolina was completed in August. Highlighted by hole JK-18-054 which found 41.1 m @ 1.36g/t Au from 108.5m. Overall, the thick mineralization intersected did not deliver ore grades. The company is reviewing to determine the next steps for both projects.
We believe Orford’s current value does not properly reflect the potential of the Qiqavik. We believe the companies sub C$15M EV, does not reflect the regional scale of the Qiqavik project or its multiple district scale targets. Upcoming catalysts: 1) 2018 surface sample results and 2) 2019 exploration plans.

Precious Metals Commentary

Is it 2015 Again? Precious Metals Appear Poised for a Rally

This summer has not been pleasant for mining company share prices or for those of us that are invested in them. Falling commodity prices combined with excitement in other sectors has resulted in apathy towards mining companies in general. Recently, there has been a glimmer of hope with significant exploration results from GT Gold (TSXV:GTT) and RNC Minerals (TSX:RNX) that has driven each company’s share price significantly higher. One of the indicators that we follow, that we consider to be a reasonable indicator of bearish/bullish sentiment is the Gold/Silver Ratio, which is currently at a 2-year high.

  • Gold/Silver Ratio is at 83.6, levels not seen since early 2016, which was a precursor to a rally in precious metal prices and a significant rally for precious metals equities (Figure 1)
  • The last rally started in large cap names, but migrated quickly down cap, with the largest returns coming from the smallest names (Figure 2 & 3)
  • We think companies that have continued to deliver good results over the last few months without a corresponding rally in the share price are likely poised to outperform. Names that we think fit this profile:
    • Brixton Metals (TSXV:BBB)
    • NxGold (TSXV:NXN)
    • Red Pine Exploration (TSXV:RPX)
    • Amarillo Gold (TSXV:AGC)
    • Lupaka Gold (TSXV:LPK)
    • Orford Mining (TSXV:ORM)
    • Lion One Metals (TSXV:LIO, ASX:LLO)
It is always important to highlight, that while we believe a rally is likely coming, the timing of that rally is always uncertain. However, mining is a cyclical business and we believe we are very close to the bottom, suggesting now is a good time to get positioned for the pending rally.


Orford Mining Corp.

Visual Results from Qiqavik Drilling Suggest Good News Could be on Horizon

Impact: Mildly Positive

Orford Mining has announced the completion of its 2018 summer prospecting, mapping and drilling program at its Qiqavik property in Northern Quebec.

  • Highlights of the program include the discovery of a thick sequence of quartz-carbonate veining in three drill holes (QK-18-002, -007 & -008) with assays pending (Figure 1)
  • The company has made multiple new discoveries of visible gold on the property, which add to the eight separate high-grade gold discoveries made in previous exploration programs and continue to highlight the prospectivity of the company’s land package in the 40km long under-explored Northern Cape Smith Belt
  • Results of exploration to date along the strike length of the Qiqavik trend warrants further exploration by the company, which we expect is likely to be further reflecting through the upcoming results from 8 holes (1,211m) drilled on the property this year
We believe at Orford’s current value, the stock does not properly reflect the potential of either of the projects in Quebec or the Carolinas and with assays pending from holes QK-18-002, -007 & -008, there is a near-term catalyst that could drive re-rating to close this company’s valuation gap to peers.


Orford Mining Corp.

Orford Intersects Thick Shallow Gold in Carolina

Impact: Mildly Positive

Orford Mining has announced the completion of its drill program at the Jones-Keystone and Faulkner properties in the Carolinas, a total of 6 holes covering 1,121m.
  • Assay results from the first hole at Jones-Keystone Property displayed thick shallow gold mineralization, returning 1.36g/t Au over 41.1m, including 9m of 2.63g/t Au. At Faulkner, drilling discovered a new sulphide mineralized zone
  • Drilling has confirmed the continuity of the historic mineralization and extended it into a previously unexplored zone, opening up the size potential of the mineralized system
  • While drilling is complete, assays are pending for some of the holes. As well, the company has started its summer exploration program at its Qiqavik project. Consequently, we expect steady news flow in the near term from both projects
We believe at Orford’s current value, the stock does not properly reflect the potential of either of the projects in Quebec or the Carolinas.


Orford Mining Corp.

Orford Announces Acquisition of Cash Shell

Impact: Positive

Orford Mining has announced that it has entered into a definitive agreement to acquire Condor Precious Metals (Private) in an all-share transaction.

  • Condor is a private company holding two royalties on exploration properties in Colombia and C$1.25M in cash (C$663,122) and marketable securities
  • Orford is paying ~C$1.1M (~5.04M shares at C$0.22/sh. plus for each share a ¼ warrant at C$0.29 for two years)
  • We view this transaction positively, as it is effectively a hard dollar financing, providing the company funds for G&A and ongoing exploration work at its Carolina properties
We believe at Orford’s current value, the stock does not properly reflect the potential of either of the company’s projects, both in Quebec and the Carolinas.


Orford Mining Corp.

Exploration Update from Carolina & Quebec

Impact: Neutral

Orford Mining has released preliminary drill results from the Jones-Keystone Property in North Carolina and announced the completion of an airborne magnetic survey at its Qiqavik Project in Quebec.
  • Drilling and induced polarization geophysics at Jones-Keystone has confirmed and expanded historic mineralization into an unexplored zone, which opens up the system’s size potential to be confirmed by pending assays from multiple holes
  • After a final hole is completed at Jones-Keystone, a three-hole program is likely to commence at the Landrum-Faulkner Property in South Carolina
  • Helicopter-borne magnetic surveys at Qiqavik generated data that should help which is planned to be integrated into the drill targeting process for the summer 2018 field season
We believe at Orford’s current value, the stock does not properly reflect the potential of either of the company’s projects, both in Quebec and the Carolinas.


Orford Mining Corp.

Drilling Begins in the Carolinas

Impact: Positive

Orford announced the commencement of drilling at its Carolina Gold Properties, in North and South Carolina, to follow up on targets developed through geophysical and geological surveys announced in March.

  • Drilling is targeting Haile gold deposit style mineralization at both Landrum-Faulkner and Jones-Keystone
  • Assay results are anticipated in June from ~1,400m of drilling
  • We expect upcoming newsflow to be key in highlighting the value of these Carolina assets
We believe at Orford’s current value, the stock does not properly reflect the potential of the company’s projects, both in Quebec and the Carolinas.


Orford Mining Corp. (TSXV:ORM)

RCKS Talk Blog Archive

We updated the look & feel of our RCKS Talk Research Blog in March 2018.

To access the historical archives of our original blog format, please click on the link(s) below to be re-directed. Please note that we no longer update those archive blog pages.

Click here to access the RCKS Talk Blog Archive for Orford Mining Corp. (TSXV:ORM)

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