VANCOUVER, BC / ACCESSWIRE / September 12, 2022 / (TSX-V:OGN) (OTCQX:OGNRF) Orogen Royalties Inc. (“Orogen” or the “Company”) is pleased to announce the formation of a generative exploration alliance (the “Alliance”) with a subsidiary of Altius Minerals Corporation (TSX: ALS) (“Altius”) . The Alliance will focus on generating gold and silver targets believed to be geologically similar to the recent discovery of a large Silicon gold deposit in the Walker Lane corridor in Nevada, USA.
Marco LoCascio, Vice President of Corporate Development at Orogen, commented: “As mutual exploration royalty holders on the silicon deposit, an emerging Tier 1 asset, Altius and Orogen have witnessed firsthand the continued potential for world-class discoveries in Nevada. Using our proprietary database We target areas with similar characteristics to Silicon. The Cuprite epithermal gold project, assembled earlier this year and located 80 kilometers northwest of Silicon along Walker Lane Trend, is the first project acquisition we are disclosing from these efforts. Cuprite covers a large, steam-heated alteration cell that shows strong geological similarities to that of the surface expression of the silicon gold discovery zone.”
- Initial annual budget of $300,000 to target field evaluation and acquisition of Altius-funded projects
- Orogen will bring extensive technical databases and the expertise of its team
- Current expenses and designated project revenue will be split equally between Orogen and Altius
- Focused on Walker Lane in Nevada (Figure 1)
Orogen’s generative team continues to systematically evaluate several additional targets. Altius funds project build costs, including staking or acquisition. Leveraging the combined business capabilities of Orogen and Altius, the Alliance is structured around a goal of selling high-quality exploration targets to third parties for equitably shared equity and royalties.
Figure 1: Location of Cuprite and Alliance
About the Cuprite project
The 2,170 hectare Cuprite gold project is located in Nevada, fifteen kilometers south of Goldfield, in the Walker Lane trend of gold and silver deposits. (Figure 1).
Cuprite is a district-wide opportunity with over twenty square kilometers of advanced argillic weathering making up one of the largest steam-heated cells in Walker Lane. The alteration cell is divided by Highway 95 with the west cell developed on the Cambrian bedrock and the east cell, the primary focus of Orogen exploration efforts developed on the Miocene and Oligocene tuffs (Figure 2).
In the eastern cell, weathering vectors eastward to a shallow gravel cover with cinnabar (and soil mercury anomaly), residual silica, and powdery silica were all observed nearby of the eastern limit of the outcrop. Favorably trending faults related to the Miocene Stonewall caldera project into the shallow gravel cover and are very promising feeder structures untested by drilling (Figure 3).
Cuprite is a strong analogue of the AngloGold Ashanti silicon deposit (preliminary inferred resource of 3.37 million ounces of gold oxide and 14.17 million ounces of silver1), which was initially identified by the Orogen exploration team in 2014. Like Cuprite, silicon shows an extensive, strongly developed, steam-heated alteration zone at the surface with anomalous mercury and cinnabar , as well as a similar geological and structural setting.
More details on the Cuprite property, including a technical overview and video presentation, are available at https://www.orogenroyalties.com/projects/cuprite.
The Alliance is currently receiving expressions of interest for the Cuprite project.
Figure 2: Geological map of the Cuprite zone showing the pre-Quaternary units from Swayze et al. 2014
Figure 3: Schematic cross-section of the Cuprite target. NNE search
Declaration of qualified person
All technical data, as disclosed in this press release, has been verified by Laurence Pryer, Ph.D., P.Geo., VP Exploration for Orogen. Dr. Pryer is a Qualified Person as defined under National Instrument 43-101.
About Orogen Royalties Inc.
Orogen Royalties Inc. is focused on creating and acquiring organic royalties on precious and base metal discoveries in western North America. The Company’s royalty portfolio includes the Ermitaño gold and silver deposit in Sonora, Mexico (2% NSR royalty) operated by First Majestic Silver Corp. and the Silicon Gold Project (1% NSR royalty) in Nevada, USA, advanced by AngloGold Ashanti N/A. The Company is well funded with several projects being actively explored through joint ventures.
On behalf of the board
OROGEN ROYALTIES INC.
President and CEO
To learn more about Orogen, please contact Paddy Nicol, President and CEO at 604-248-8648, or Marco LoCascio, Vice President of Corporate Development at 604-248-8648. Visit our website at www.orogenroyalties.com.
Orogen Royalties Inc.
1015 – 789 Pender Street West
Canada V6C 1H2
This press release contains certain statements that may be considered “forward-looking statements”. All statements in this presentation, other than statements of historical fact, that address events or developments that Orogen Royalties Inc. (the “Company”) expects, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”. , “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “should”, “could”, “might” or “should” occur.
Forward-looking information relates to statements regarding the Company’s future prospects and anticipated events or results, as well as the expectations of the Company’s management regarding the proposed business combination (the “Transaction”). This document also contains forward-looking statements regarding the expected completion of the transaction and the timing thereof. The forward-looking statements contained herein are based on certain key expectations and assumptions made by the Company, including expectations and assumptions regarding the timely receipt of regulatory and stock market approvals with respect to the Transaction.
Although the Company believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance and actual results may differ materially from those contained in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include market prices, mining and exploration success, the continued availability of capital and financing, and general economy, market or business. In addition, the extent to which COVID-19 may impact the Company’s business will depend on future developments such as geographic spread of the disease, duration of the outbreak, travel restrictions, physical distancing , business closures or business interruptions, and the effectiveness of measures taken in Canada and other countries to contain and treat the disease. Although it is not possible to reliably estimate the duration or severity of these developments and their financial impact at the date of approval of these condensed consolidated interim financial statements, the maintenance of the existing conditions could have an adverse impact material to the Company’s financial condition and results of operations for future periods.
Investors are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management as of the date the statements are made. Except as required by securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.