OGN OGNRF Orogen Royalties Inc. is pleased to announce the formation of a generative exploration alliance (the "Alliance") with a subsidiary of Altius Minerals Corporation ALS ("Altius"). The Alliance will focus on generating gold and silver targets considered geologically similar to the recent major gold deposit discovery at Silicon in the Walker Lane trend in Nevada, USA.
Marco LoCascio, VP Corporate Development at Orogen, commented: "As mutual holders of exploration originated royalties on the Silicon deposit, an emerging Tier 1 asset, Altius and Orogen have witnessed firsthand the continuing potential for world class discoveries in Nevada. Using our proprietary database we have been targeting areas with similar characteristics to Silicon. The Cuprite epithermal gold project, assembled earlier this year and located 80 kilometres northwest of Silicon along the Walker Lane Trend, is the first project acquisition we are disclosing from these efforts. Cuprite covers a large, steam-heated alteration cell that bears strong geologic similarities to that of the surface expression of the Silicon gold discovery area."
- Initial US$300,000 annual budget for targeting field evaluation and project acquisition funded by Altius
- Orogen to contribute extensive technical databases and team expertise
- Ongoing expenses and proceeds of Designated Projects will be split evenly between Orogen and Altius
- Focused on the Walker Lane in Nevada (Figure 1)
Orogen's generative team continues to systematically evaluate several additional targets. Altius is funding the costs of project generation including staking or acquisition. Drawing on the combined commercial capabilities of Orogen and Altius, the Alliance is structured around a goal of vending high-quality exploration targets to third parties for equally shared equity and royalty interests.
Figure 1: Location of Cuprite and the Alliance
About the Cuprite Project
The 2,170 hectare Cuprite gold project is located in Nevada, fifteen kilometres south of Goldfield, within the Walker Lane trend of gold and silver deposits. (Figure 1).
Cuprite is a district-scale opportunity with over twenty square-kilometres of advanced argillic alteration constituting one of the largest steam-heated cells in the Walker Lane. The alteration cell is split by Highway 95 with the western cell developed over Cambrian basement and the eastern cell, the principal focus of Orogen's exploration efforts developed over Miocene and Oligocene tuffs (Figure 2).
Within the eastern cell, alteration vectors eastward towards shallow gravel cover with cinnabar (and mercury-in-soil anomalism), residual silica and powdery silica all observed proximal to the eastern limit of outcrop. Favorably oriented faults, related to the Miocene Stonewall caldera, project into the shallow gravel cover and constitute highly prospective feeder structures untested by drilling (Figure 3).
Cuprite is a strong analog to AngloGold Ashanti's Silicon deposit (preliminary inferred resource of 3.37 million ounces of oxide gold and 14.17 million ounces of silver1), which was originally identified by Orogen's exploration team in 2014. Like Cuprite, Silicon displays an extensive, strongly developed, steam heated alteration zone at surface with anomalous mercury and cinnabar, as well as sharing a similar geological and structural setting.
More details on the Cuprite property including a technical presentation and overview video can be found at: https://orogenroyalties.com/.
The Alliance is presently entertaining expressions of interest in the Cuprite project.
Figure 2: Geological map of the Cuprite Area showing pre-Quaternary units from Swayze et al. 2014
Figure 3: Schematic cross section of Cuprite target. Looking NNE
Qualified Person Statement
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 the terms of National Instrument 43-101.