Orefinders Resources Inc. (TSX-V:ORX) has reached agreement to acquire the mineral rights for 9 patented claims (148 hectares) encompassing the past producing Gold Hill mine adjacent to it’s wholly owned Mirado Gold property in Kirkland Lake, Ontario. The Gold Hill mine was operational during the late 1920’s with a vertical shaft sunk to 1,100 feet with 7,500 feet of lateral work developed on 8 levels. Development work targeted narrow high grade gold rich quartz veins that dipped vertically.
In order to earn in a 100% interest in the claims, Orefinders is required to make a cash payment of $27,000 and issue 20,000 shares to the vendor upon acceptance for filing by the TSX Venture Exchange. The vendor will retain a 1.5% net smelter royalty (NSR) that can be purchased by Orefinders for $500,000. Orefinders will retain the exclusive rights to purchase the surface rights for a period of two years from closing.
Bill Yeomans, CEO of Orefinders, comments that “The Gold Hill property acquisition further consolidates Orefinders land position adjacent to the Mirado project and provides the Company with immediate 100% ownership of a past producing gold deposit on extremely attractive terms. The Gold Hill deposit remains open at depth and along strike and will be tested using modern exploration techniques in the future.”
The adjacent Mirado gold deposit hosts a NI-43-101 compliant resource of 442,000 ounces contained within an inferred resource of 10,618,000 tonnes at an average grade of 1.29 g/t Au. During the fall of 2013 the land position at Mirado was significantly expanded through staking and the company now holds 2,348 hectares of highly prospective, under-explored ground that is easily accessible year round by all-season roads with nearby power and rail.
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