Orefinders Resource Presentation 2014 February
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Orefinders Resource Presentation 2014 February Orefinders Resource Presentation 2014 February Presentation Transcript

  • RESOURCES INC. TSX-V: ORX www.orefinders.ca February 2014
  • This presentation has been prepared as of February 21, 2014 and contains “forward-looking statements” relating but not limited to the Company’s expectations, plans, intentions and beliefs, under the provisions of Canadian provincial securities laws. Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “await”, “expect”, “hope”, “goal”, “planned”, “intent”, “estimate”, “may”, “forecast” and “will” or similar words suggesting future outcomes or other expectations, beliefs, plans, objectives, assumptions, intentions, comments or statements about future events or performance. Forward-looking information may include statements regarding the estimation of mineral resources, historical and current exploration results, potential mineralization, potential mineral resources and mineral reserves, historical non-compliant pre-43-101 drilling results, and is based on current expectations that involve a number of business risks and uncertainties, many of which are beyond Orefinders Resources Inc.’s ability to control or predict. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to establish estimated resources and reserves, the grade and recovery of mined ore varying from estimates, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in the price of gold and other commodity prices, poor market conditions, delays in the development of projects and other factors. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results that could impede planned business objectives for the Company. Potential shareholders and prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other unpredictable factors that could cause actual results to differ materially from those suggested by the forward-looking statements, and undue reliance should not be placed on such statements and information. Shareholders are cautioned not to place undue reliance on forward-looking information since forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific. These same assumptions, risks and uncertainties contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Orefinders Resources Inc. undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law. All currency numbers are reported in Canadian dollars unless otherwise indicated. All scientific or technical information contained on this website has been TSX-V: ORX www.orefinders.ca reviewed and approved by William Yeomans, P.Geo, the President of Orefinders Resources Inc., who is a "qualified person" as defined in National Instrument 43-101 of the Canadian Securities Administrators. 2
  •  Bill Yeomans, P. Geo – President, CEO and Director ◦  Stuart W. Rogers – CFO and Director ◦  A former corporate/securities lawyer with over 35 years experience in the financial and public markets Stephen Stewart, MBA, M.Sc. – VP Corporate Development ◦  Currently President and CEO of Colorado Resources Inc. Alex Stewart, B.A., J.D. – Chairman and Director ◦  A capital markets and finance professional with over 10 years experience specialized in asset evaluation, planning and operations management Adam Travis, B.Sc. Geology - Director ◦  Has served as an officer and/or director of technology and resource companies listed on the TSX-V, TSX, and NASDAQ since1987. Founder and former CFO of Prophecy Resource Corp Stephen Dulmage - Director ◦  A gold exploration professional with over 27 years of experience in all stages of gold exploration throughout the Americas. Currently a director for Xmet Inc. with extensive exploration and management experience with junior and major mining companies including BHP and IAMGOLD MBA from U of Toronto, M.Sc. from U of Florida, with 10 years experience in mining and real estate Kevin E. Piepgrass, P. Geo, B.Sc. Geology – VP Exploration ◦ Experience in managing and advancing exploration projects toward feasibility and mining in North and South America and East Africa TSX-V: ORX www.orefinders.ca 3 View slide
  • SHARE STRUCTURE as at February 21, 2014 SHARES OUTSTANDING 47,931,143 FULLY DILUTED 53,731,094 OPTIONS ($0.50) 3,275,571 WARRANTS ($0.50) 2,424,951 WORKING CAPITAL ~$1.5 M SHAREHOLDERS as at February 21, 2014 MANAGEMENT & INSIDERS 15.7 M (33%) Jubilee Gold (included above) 14.1 M (29%) Shares in Escrow (included above) 12.7 M (26%) TSX-V: ORX www.orefinders.ca 4 View slide
  •   Red Lake camp (~25M oz Au past production)  Mirado is an advanced stage gold project located within the Kirkland Lake gold district approx. 13 km south of the Larder Lake Cadillac Fault  www.orefinders.ca Kirkland Lake camp (>40M oz Au past production)  TSX-V: ORX Gold projects in two of Canada’s most prolific gold camps: Derlak is located within the Red Lake gold district and1,800 m NE along strike from Claude Resources Inc’s Madsen mine 5
  •  3,440 acre land package with core asset underlain by 12 patent claims owned 100% by Orefinders  Patent claims include surface and mineral rights  Year-round road accessibility – located 10 km south of the TransCanada Highway  >40,000 m of historical surface and underground drilling between 1938 – 1987  Completed NI 43-101 resource estimate in first exploration season by drilling 40 holes (12,049 m) and incorporating 202 historic drillholes (19,597 m) TSX-V: ORX www.orefinders.ca 6
  •  Gold mineralization located near top of Skead volcanic cycle  Skead cycle bounded by Iron Formation, mafic and ultramafic volcanics and Temiskaming conglomerates  Mirado gold mineralization hosted by calc-alkaline volcanic, pyroclastic and tuffaceous rock  Gold mineralization occurs as:  Pyritic stockwork (South Zone)  Stratabound/shear hosted Au-Ag-Zn-Cu (North Zone) TSX-V: ORX www.orefinders.ca 7
  •  Mineral Resource Estimate completed by SRK, Dec. 2013  10,618,000 tonnes containing 442,000 ounces of gold at 1.29 g/t gold*  Trenching has identified additional gold mineralization ~200 m along strike  Mirado deposit constrained only by available drilling data *For the Mirado Gold Project NI 43-101 Mineral Resource Estimate  and technical disclosure, please see page 13 of this presentation. TSX-V: ORX www.orefinders.ca Remains open in all directions 8
  • South Zone North Zone Mirado deposit remains open along strike and at depth TSX-V: ORX www.orefinders.ca 9
  • HOLE # FROM (m) TO (m) INTERVAL (m) GRADE (g/t Au) GRADE (g/t Au) uncut MD13-02 33.10 59.80 26.70 2.42 4.38 MD13-05 150.00 158.75 8.75 5.51 7.50 MD13-12 62.80 62.80 93.00 71.00 30.20 8.20 4.03 10.58 MD13-19 77.00 91.50 14.50 8.10 MD13-28 18.50 50.00 31.50 3.05 10.90 MD13-30 90.30 109.50 19.20 4.77 10.20 incl. TSX-V: ORX www.orefinders.ca 10
  • HOLE # FROM (m) MD13-08 TO (m) INTERVAL (m) GRADE (g/t Au) 73.90 79.30 91.40 82.40 17.50 3.10 2.41 6.68 MD13-10 12.50 16.20 3.70 6.68 MD13-10 114.80 120.30 5.50 4.05 MD13-10 265.20 265.20 284.70 269.70 19.50 4.50 3.65 6.5 and incl. 278.70 284.70 6.00 6.32 MD13-25 48.00 54.00 6.00 6.27 MD13-26 291.50 297.20 5.70 4.31 incl. incl. TSX-V: ORX www.orefinders.ca 11
  • Inferred Stockpile Resources Cut-off Grade (g/t Au) Tonnes North 2.00 12,194 4.71 1,847 Central 2.00 4,011 5.38 693 Stockpile Grade (g/t Au) *Tonnage estimates are based on dimensions of2.74 each South 2.00 4,537 stockpile and a specific gravity of 1.5. TOTAL INFERRED 20,742 4.41 Contained Gold (ounces) 399 2,939 *Mineral resources are not mineral reserves and do not have a demonstrated economic viability. Please see page 15 of this presentation for resource disclosure. Historic Stockpiling overview TSX-V: ORX www.orefinders.ca Sampling of stockpiles from Mirado Pit now completed 12
  • ZONE INFERRED CUT-OFF (g/t Au) TONNES (000’s) GRADE (g/t Au) OUNCES Open pit 0.45 9,927 1.18 367,600 Underground 2.00 669 2.90 62,400 Northern Pile 2.00 12 4.71 1,800 Central Pile 2.00 4 5.38 700 Southern Pile 2.00 5 2.74 400 10,618,00 1.29 442,000 TOTAL INFERRED The Mirado Gold Project mineral resource estimation work was completed by Dr. Lars Weiershäuser, P.Geo. and was reviewed by Glen Cole, P.Geo., of SRK Consulting (Canada) Inc.. Dr. Weiershäuser and Mr. Cole are both independent Qualified Persons as this term is defined in National Instrument 43-101. The full report dated effective October 30, 2013 and titled “Mineral Resource Evaluation Technical Report for the Mirado Gold Project, Ontario" was filed on SEDAR (http://www.sedar.com/) December 13, 2013. TSX-V: ORX www.orefinders.ca Mineral resources are not mineral reserves and have not demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves. It is uncertain if further exploration will allow upgrading the classification of the inferred mineral resources. 13
  • STORY ENVIRONMENTAL INC.  Stream gauging  Meteorological data collection  Monitoring well installation  Surface water and groundwater sampling  Benthic invertebrate sampling Stream gauging Weather station MW install Benthic Sampling TSX-V: ORX www.orefinders.ca 14
  • STORY ENVIRONMENTAL INC.  First Nations and Métis communication is important to Orefinders with regard future exploration and development of the Mirado Project  Meeting with Wahgoshig, Temiskaming , Matachewan and Beaverhouse First Nations and the Métis Nation of Ontario Region 3 TSX-V: ORX www.orefinders.ca 15
  •  Past metallurgical test work indicate a low work index of 13.78  Recent petrographic study indicate rock type as Latite (volcanic equivalent to Monzonite) which contains virtually no quartz  Gold recovery with direct cyanidation using 0.4 kg/t NaCN and 0.3 kg/t CaO extracted 95% Au  Gold recovery from a combined gravity concentration and flotation was 94.4%  Gold recovery from selective flotation test work was 89.0%  33.8% of gold was free at 95% minus 200 mesh  Test work completed by Lakefield Research Ltd. - 1986 *Metallurgical test work results are historical in nature and have yet to be verified by Orefinders and therefore should not be relied upon. The historical metallurgy results within this presentation are from the report titled “The Mirado Gold Mine Project” by Golden Shield Resources Ltd. , 1987 in Section 5 titled “The Recovery of Gold.” This report can be found at: http://www.geologyontario.mndmf.gov.on.ca/mndmfiles/afri/Data/Imaging/32D04SW0141/32D04SW0141.Pdf TSX-V: ORX www.orefinders.ca 16
  • Mirado Development Timeline Q4 - 2013 Q1 - 2014 Q2 - 2014 Q3 - 2014 Q4 - 2014 Environmental Baseline Study First Nations Comunication Cost $150,000 Fieldwork $500,000 Staking / Optioning $50,000 Road Development $125,000 Metallurgical Testwork $25,000 Contingency $100,000 Estimated Budget and Timeline Total $950,000 TSX-V: ORX www.orefinders.ca 17
  • Mirado – Patented Claims  100% Owned Work commitments and cash payments completed  Mirado Option – MZ Claims Terms for 100% Buyout of 3% NSR  ◦ 3% NSR of which 1% can be purchased for a total payment of $1,000,000 ◦ 2nd percent purchase for $2,000,000 ◦ 3rd percent purchase for $3,000,000  Cash Payments ◦ $25,000 on or before Feb. 8th 2014 ◦ $30,000 on or before Feb. 8th 2015 ◦ $40,000 on or before Feb. 8th 2016  Work Commitments ◦ $200,000 expenditure before Feb. 8th 2016  Terms for 100% Buyout of 2% NSR ◦ 2% NSR of which 1% can be purchased for a total payment of $1,000,000 ◦ 2nd percent purchase for $2,000,000 TSX-V: ORX www.orefinders.ca 18
  • Madsen Headframe from Derlak Property  Derlak Red Lake consists of 11 contiguous patented claims covering ~542 acres  Property located within the Red Lake Greenstone Belt, <5 km SW of Red Lake Town and 1,800 m NE, along strike of the past producing Madsen Mine TSX-V: ORX www.orefinders.ca 19
  • TSX-V: ORX www.orefinders.ca 20
  • TSX-V: ORX www.orefinders.ca 21
  •  Completed initial NI 43-101 Mineral Resource Estimate for Mirado within 12 months for <$6.00/oz*  2013 diamond drilling at Mirado was successful in defining high-grade gold mineralization within broad, near-surface gold zones  NI 43-101 Mineral Resource Estimate for historic stockpiles at Mirado completed – Orefinders is currently assessing permitting procedures and costs for possible future processing of stockpiles in an attractive gold market  The Derlak Red Lake project is strategically located 1,800 m NE along strike of the Madsen Mine, presenting the potential for exploration and business synergies  Attractive deal structures provide a direct path to 100% ownership on all properties through low annual cash payments and exploration expenditures – Orefinders is 3 years ahead of payment schedule for both Derlak and Mirado *Discovery cash costs per ounce calculated by using management’s estimate of $2.5 million in exploration spent on Mirado in 2013 divided by 442,000 oz gold. This number will be updated when the January 31, 2014 financial statements are available. TSX-V: ORX www.orefinders.ca 22
  • Bill Yeomans President and CEO Tel: 250-707-0911 Email: byeomans@orefinders.ca or Kevin Piepgrass VP Exploration Tel: 778-829-0706 Email: kpiepgrass@orefinders.ca TSX-V: ORX www.orefinders.ca 23
  • TSX-V: ORX www.orefinders.ca 24