ONTARIO – Orefinders Resources of Vancouver has agreed to purchase nine patented claims including the past producing Gold Hill mine about 25 km southeast of Kirkland Lake. The property is adjacent to Orefinders Mirado gold exploration project.
The Gold Hill mine produced 660 oz of gold during 1927 and 1928. The recovered grade was 4.80 g/t Au. There is a 350 metres deep shaft and approximately 2,000 metres of lateral development on eight levels. The original development targeted high grade quartz veins that dip vertically.
Orefinders will make a $27,000 cash payment and issue 20,000 shares to the vendor. In return Orefinders will earn a 100% interest in the property. The vendor will retain a 1.5% net smelter royalty that can be purchased by Orefinders for $500,000.
Next door, the Mirado gold deposit hosts an inferred resource of 10.6 million tonnes averaging 1.29 g/t Au.
The Orefinders website is at Orefinders.ca.