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Orford Mining Corp (TSXV:ORM) has announced drill results from its summer 2017 exploration program at its Qiqavik property in northern Quebec (Figure 1). In general the results support our view that Orford’s regional scale Qiqavik property has the potential to yield a significant discovery. Drilll results were highlighted by 8.83 g/t Au and 0.49% Cu over 0.5m (QK-17-008) at the Esperance zone, 13.68 g/t Au over 0.3m (QK-17-009) at the Aurora zone and 5.6 g/t Au over 1 m (QK-17-022 – Cu assay pending) at Esperance West. Notably Esperance was successfully drill tested over 300m of a 1.3km structure, while Esperance West was successfully drill tested over 650m of a 2km structure (Figure 2). As well, the company discovered 5 new targets this summer including Aurora Central, Gerfaut South, Central Qiqavik, Horizon, and Focused Intrusive. With only, 2,723m (23 holes) drilled this summer, the Qiqavik project remains at an early stage and the drilling completed in 2017, confirmed the surface discoveries in 2016. In our view follow-up drilling on the Esperance, Esperance West and Aurora zones along with initial drilling at the five newly discovered zones is warranted. From this summer’s work at Qiqavik, there remain additional multi-element assays pending for 7 drill holes and 116 grab samples (gold mostly complete). As well, the company is finalizing plans for its first exploration program on its Carolina properties (expected to start early 2018). Orford, started trading this past Friday under the ticker “ORM”, we believe that its current value, reflects the relatively early stage of its projects; providing the potential for an upward rerating should a significant discovery be made.
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