VANCOUVER, BC, Sept. 29, 2020 /CNW/ - (TSXV:
OGN) Orogen Royalties Inc. ("Orogen" or the "Company") is
pleased to provide an update on the Silicon project, located in the
Bare Mountain district in Nevada,
where Orogen holds a 1% net smelter return royalty ("NSR").
Property owner AngloGold Ashanti, N.A. ("AngloGold") has recently
received approval of their Plan of Operations permit allowing 155
acres of additional surface disturbance with 109 approved Phase One
drill sites on the main Silicon area.
Recent new drilling results announced by Coeur Mining, Inc.
("Coeur") (NYSE:CDE) and Corvus Gold Inc. ("Corvus") (TSX:KOR) on
claims adjacent to the southern border of the Silicon property
suggest significant expansion potential of the Silicon
system.
Coeur recently announced drilling results1 from its
C-Horst area located immediately south of the Silicon project
boundary (Figure 1). Highlights from the first ten holes of
an eighteen-hole drill program include:
- 71.6 metres grading 1.8 grams per tonnes ("g/t") gold from 192
metres downhole in hole CH20-002
- 97.5 metres grading 1.4 g/t gold from 164.6 metres downhole in
hole CH20-007
- 80.8 metres grading 1.1 g/t gold from 163.1 metres downhole in
hole CH20-008
Coeur also noted that the drilling results from C-Horst exhibit
oxide-leach characteristics based on initial metallurgical test
work and cyanide-fire assay results.
Corvus announced drilling results2 from a single
drill hole on its Lynnda Strip claims located northwest of Coeur's
C-Horst claims and immediately south of AngloGold's Silicon project
(Figure 1). Drill hole CH20-11 intercepted 197 metres grading
0.44 g/t gold starting at a drill depth of 263.7 metres.
Higher-grade internal intervals, including 44.2 metres grading 0.90
g/t gold and 20 metres grading 0.74 g/t gold, are associated with
stockwork quartz veining in oxidized volcanic rocks.
Paddy Nicol, Orogen's CEO states,
"These results are exciting and have potentially meaningful
implications for Orogen's royalty on the Silicon project. The drill
holes are located approximately 1,500 metres from the southern
extent of AngloGold's drilling on the main Silicon area.
The intervening Silicon ground (Figure 2), which has
yet to be drill-tested, holds potential for similar oxide gold
intercepts."
Figure 1: Map of claim holdings in the
Bare Mountain District, Nye County,
Nevada, showing the location of AngloGold's Silicon Project,
Coeur Mining's C-Horst discovery (light blue circle) and Corvus
Gold's Lynnda Strip drilling result (yellow circle).
About the Silicon Project
AngloGold's Silicon project covers a large area of steam-heated
alteration characteristic of the upper portions of an epithermal
gold system. Intense acid leaching has created localized
areas of high purity silica, which have been mined in the past. In
addition, the property contains numerous historic mercury prospects
within the large alteration zone. AngloGold has completed 47
drill holes totaling approximately 19,000 metres of core and
reverse circulation drilling and has permitted an additional 155
acres of surface disturbance, including 109 approved drill sites in
their Phase 1 program.
Figure 2: Photograph looking south from the
Silicon project towards recent drilling results on Corvus Gold and
Coeur Mining lands.
Qualified Person Statement
Orogen's disclosure of technical and scientific information in
this news release has been reviewed by Robert Felder, Senior Vice President for
Orogen. Mr. Felder is a Certified Professional Geologist
(#11012) with the American Institute of Professional Geologists and
a Qualified Person under the definition of National Instrument
43-101.
About Orogen Royalties
Orogen Royalties Inc. is engaged in project generation for
precious and base metal discoveries in western North America with a focus on organic royalty
creation and royalty acquisitions. Orogen's royalty portfolio
includes the Ermitaño West gold deposit in Sonora, Mexico (2% NSR) being developed by
First Majestic Silver Corp. and the Silicon gold project (1% NSR)
in Nevada, USA, being developed by
AngloGold Ashanti N.A. The Company is well financed with several
projects actively being developed by joint venture partners.
On Behalf of the Board
OROGEN ROYALTIES
INC.
Paddy Nicol
President & CEO
Orogen Royalties Inc.
1201 - 510 West Hastings Street
Vancouver, BC
Canada V6B 1L8
info@orogenroyalties.com
Notes:
1.
https://www.coeur.com/_resources/news/nr_20200811.pdf
2.
http://www.corvusgold.com/news/releases/index.php?content_id=341
Forward Looking Information
This news release includes certain statements that may be deemed
"forward looking statements". All statements in this presentation,
other than statements of historical facts, that address events
or developments that Orogen Royalties Inc. (the "Company") expect
to occur, 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", "would", "may", "could" or "should"
occur.
Forward looking information relates to statements concerning the
Company's future outlook and anticipated events or results, as well
as the Company's management expectations with respect to the
proposed business combination (the "Transaction"). This document
also contains forward-looking statements regarding the anticipated
completion of the Transaction and timing thereof. Forward-looking
statements in this document are based on certain key expectations
and assumptions made by the Company, including expectations and
assumptions concerning the receipt, in a timely manner, of
regulatory and stock exchange approvals in respect of the
Transaction.
Although the Company believe the expectations expressed in such
forward looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results may differ materially from those in the forward looking
statements. Factors that could cause the actual results to differ
materially from those in forward looking statements include market
prices, exploitation and exploration successes, and continued
availability of capital and financing, and general economic, market
or business conditions. Furthermore, the extent to which
COVID-19 may impact the Company's business will depend on future
developments such as the geographic spread of the disease, the
duration of the outbreak, travel restrictions, physical distancing,
business closures or business disruptions, and the effectiveness of
actions taken in Canada and other
countries to contain and treat the disease. Although it is not
possible to reliably estimate the length or severity of these
developments and their financial impact as of the date of approval
of these condensed interim consolidated financial statements,
continuation of the prevailing conditions could have a significant
adverse impact on the Company's financial position and results of
operations for future periods.
Investors are cautioned that any such statements are not
guarantees of future performance and 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 on 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.
SOURCE Orogen Royalties Inc.
