New Gold-Silver Discovery Announced on Orogen's Ermitaño Royalty Area of Interest
New Gold-Silver Discovery Announced on Orogen's
Ermitaño Royalty Area of Interest
V ANCOUVER, BC / ACCESSWIRE / July 31, 2024 / (TSXV:OGN)(OTCQX:OGNRF)
Orogen Royalties Inc. ("Orogen" or the "Company") is pleased to announce a new significant
gold-silver discovery, called the Navidad vein system, on the Ermitaño Mine concessions in
Sonora, Mexico where the Company holds a 2% net smelter return ("NSR") royalty.
Highlights
• Mine operator, First Majestic Silver Corp. ("First Majestic"), has announced the Navidad
gold-silver discovery located 500 metres southwest and 750 metres below the producing
Ermitaño Mine and is within Orogen's royalty area of interest ("AOI").
• Highlight drill holes (reported as true thickness intercepts) include:
o EW-24-364 grading 8.15 grams per tonne ("g/t") gold and 427 g/t silver over 4.78
metres (Navidad Vein)
o EW-24-370 grading 10.13 g/t gold and 86 g/t silver over 4.42 metres (Navidad
Vein)
o EW-24-370 grading 5.65 g/t gold and 46 g/t silver over 5.75 metres (HW vein)
o EW-24-368 grading 54.93 g/t gold and 399 g/t silver over 1.82 metres (Navidad
Vein)
• The Navidad vein system, that includes a hanging wall vein ("HW Vein"), has an
apparent strike continuity of 750 metres and dip continuity of 250 metres. Vein thickness
for both areas range from 1.5 metres to 6.0 metres. The zone is open in all directions.
• First Majestic has four drill rigs assigned to the Navidad vein system.
Paddy Nicol, Orogen's CEO, commented, "The discovery of the Navidad vein system has strong
implications for significantly extending the life of the Ermitaño Mine and for Orogen's 2% NSR
royalty. Only seven holes have been completed in the Navidad vein, but the scale of the
discovery is already apparent with high grade gold intercepts that are approximately 750 metres
apart. The discovery of Navidad on the western end of the Ermitaño vein parallels the discovery
of the Luna zone on the eastern end of the mine and highlights the outstanding growth potential
of the area. Orogen's total area of interest in the region includes 167 square kilometres at
Ermitaño and 223 square kilometres at Cumobabi, where the Company also holds a 1.5% NSR
royalty."
About the Ermitaño and Navidad Veins
The 167 square-kilometre Ermitaño mining concession where Orogen holds a 2% NSR royalty is
located in Sonora, Mexico approximately 150 kilometres east of Hermosillo. Ermitaño is
contiguous with the Santa Elena mining claims and are both owned and operated by First
Majestic. (Figure 1).
The Ermitaño vein was discovered in 2016 and developed into a producing underground mine at
the end of 2021. Current reserves and resources are as follow:
Table 1:
Exploration drilling by First Majestic in 2021 identified the fault-offset Luna zone to the east of
the Ermitaño mine which has been integrated into the 2023 Inferred resource. Luna remains open
to the east2.
Figure 1: Plan map of the Navidad vein system and Ermitaño mine projected to surface
adapted from First Majestic3.
The Navidad vein hosted gold-silver mineralized system represents a completely new discovery
to the west of the Ermitaño mine3. The system is within Orogen's royalty AOI (Figure 1).
An exploratory seven-hole diamond drill program by First Majestic, testing for the fault-offset
and high grade western end of the Ermitaño vein, intersected multiple banded quartz veins with
visible silver sulphides at depth (Figure 3 and Table 2). Six drill holes returned significant
intersects from the main Navidad vein, its splays, and a separate structure in the Hanging wall
("HW Vein").
The early stage drilling has outlined vein hosted gold and silver mineralization over an apparent
strike length of 750 metres and a dip continuity of 225 metres. With the Navidad vein returning
thicknesses of 1.8 to 5 metres and the HW vein returning thicknesses of 1.5 to 6 metres (Figure
3).
Due to the early stage of drilling, the full extent and geometry of the Navidad vein system is not
yet known and exploration potential remains open in all directions. First Majestic has assigned
additional drill rigs to Navidad for the remainder of 2024 with four rigs currently located on the
vein system.
Table 2: Summary of significant gold and silver intercepts from the Navidad Vein System
from First Majestic3
Figure 2: Vertical section looking southeast (1300 m section influence) at the Navidad and
Ermitaño vein systems from First Majestic. Vein intersections as points not to scale3.
Figure 3: Vertical long section (500 m section influence) of the Navidad vein looking
southeast. Vein coloured by modelled thickness. Drill hole metres are true thickness. From
First Majestic3
Save the Date - Orogen's Project Generation Showcase
Date & Time: Wednesday September 18, 2024, at 10:00AM PST / 1:00PM EST
Zoom Webinar Registration: https://orogenroyalties.com/pgday/
Join Orogen's exploration team to learn more about our portfolio of drill ready precious and base
metal projects in western North America that are available for option and sale. The free event is
open to anyone including interested companies, geologists and other technical professionals,
shareholders and interested investors.
Our inaugural event will be dedicated to "Expanded Silicon Analogues", projects sharing
geological similarities to the Expanded Silicon project (Merlin gold deposit: 9.05 million ounces
inferred and Silicon gold deposit: 3.4 million ounces indicated, and 800,000 ounces inferred).
Don't miss this opportunity to interact with the technical team responsible for the creation of
these projects and for the identification of the Expanded Silicon project.
Qualified Person Statement
All new technical data, as disclosed in this press release, has been verified by Laurence Pryer,
Ph.D., P.Geo., Vice President of Exploration for Orogen. Dr. Pryer is a qualified person as
defined under the terms of National Instrument 43-101.
Certain technical disclosure in this release is a summary of previously released information and
the Company is relying on the interpretation provided by the relevant company. Additional
information can be found on the links in the footnotes or on SEDAR+ (www.sedarplus.ca).
About Orogen Royalties Inc.
Orogen Royalties is focused on organic royalty creation and royalty acquisitions on precious and
base metal discoveries in western North America. The Company's royalty portfolio includes the
Ermitaño gold and silver Mine in Sonora, Mexico (2.0% NSR royalty) operated by First Majestic
Silver Corp. and the Expanded Silicon Project (1.0% NSR royalty) in Nevada, U.S.A, being
advanced by AngloGold Ashanti NA. 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
To find out more about Orogen, please contact Paddy Nicol, President & CEO at 604-248-8648,
and Marco LoCascio, Vice President, Corporate Development at 604-248-8648. Visit our website
at www.orogenroyalties.com.
Orogen Royalties Inc.
1015 - 789 West Pender Street
Vancouver, BC
Canada V6C 1H2
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
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.
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.
1. https://www.firstmajestic.com/projects/reserves-resources/
2. https://www.firstmajestic.com/_resources/presentation/corporate-
presentation.pdf?v=073002
3. https://www.firstmajestic.com/investors/news-releases/first-majestic-announces-new-
high-grade-gold-and-silver-discovery-at-santa-elena
SOURCE: Orogen Royalties Inc