Orogen Royal,es Announces Expanded Silicon Project Royalty Resource Update and Webcast
Orogen Royal,es Announces Expanded Silicon Project Royalty
Resource Update and Webcast
Vancouver, B.C. February 26, 2024 (TSX.V:OGN) (OTCQX:OGNRF) Orogen Royal,es Inc. (“Orogen”) or
(the “Company”) is pleased to announce an update to the Expanded Silicon project in Nevada, USA.
Project owner AngloGold Ashan, NA (“AngloGold”) has announced an ini,al Inferred Resource of 9.05
million ounces gold at the Merlin deposit. 1 The resource at Merlin is a significant discovery, separate and
con,guous to the previously announced 4.22 million ounces gold resource at the Silicon deposit. 2
Orogen holds a 1% net smelter return (“NSR”) royalty on the Expanded Silicon project that includes the
Silicon and Merlin deposits with exposure to approximately 13.27 million ounces gold:
Table 1: Expanded Silicon Project Summary Mineral Resources1,2
Deposit Category Tonnes
(million)
Grade
(g/t)
Contained Gold
(million ounces)
Silicon Indicated 121 0.87 3.40
Inferred 36 0.70 0.81
Total Silicon 158 0.83 4.22*
Merlin Inferred 284 0.99 9.05
Total Expanded Silicon Project 441 0.93 13.27
*Note: Some figures may be rounded. AngloGold reports content for gold to two decimal places.
Merlin Deposit Highlights
• Pit-constrained Inferred Resources at Merlin of 284 million tonnes grading 0.99 grams per tonne
(“g/t”) gold for 9.05 million ounces.1
• Current mine plan considers large-scale open pit mining supported by milling and heap leach
opera,ons with poten,al to average over 500,000 ounces annually over a mul,-year period.4
• Resources at the Merlin and Silicon deposits are oxide-ore domains possibly resul,ng in lower
produc,on costs.4
• Significant growth poten,al con,nues with the Merlin deposit remaining open to the west, from
deeper ore horizons, and from nearby explora,on targets.4,5
• The Prefeasibility Study for the Expanded Silicon project is in progress and expected to be
completed in the next 18 to 24 months.5
“Over US$73.9 million was invested by AngloGold on the Expanded Silicon project in 2023 including
129,000 metres of drilling, with a focus on the Merlin deposit,”6 commented Orogen CEO, Paddy Nicol.
“We are delighted to see those efforts resul,ng in one of the largest gold discoveries in North America in
the past decade. AngloGold stated that work on the Prefeasibility Study has already started and will
include infill and extension drilling , and several trade -off studies for mining, processing, and
infrastructure.”4
Neither TSX Venture Exchange nor its Regula7on Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Webcast Details
Orogen is hos,ng a webcast to discuss the Expanded Silicon project on Tuesday February 27, 2024, at
8:30 am PT (11:30 am ET). Please register to watch the webcast online. An accompanying PDF
presenta,on will be available on the Events sec,on of our website under the Investors tab in advance of
the webcast. To replay the webcast at a later ,me, please use the same link.
Date Tuesday, February 27, 2024, at 8:30 am PT (11:30 am ET)
Webcast Registra,on hcps://www.gowebcas,ng.com/12473
About the Merlin Deposit
The Inferred Resource at Merlin consists of 9.05 million ounces gold (283.9 Mt grading 0.99 g/t gold)
occurring over a strike length of two kilometres in a thick semi-conformable sheet principally hosted
within the Crater Flat Group.3 The deposit is strongly oxidized and is comprised of disseminated
mineraliza,on along with epithermal veins and breccias (Figure 2).4 In addi,on, drilling that focused on
mul,ple high-grade cores has iden,fied significant visible gold (Photo 1) with highlight intercepts of:
• MER 23-0112-RD 103.6 metres at 7.30 g/t gold
• MER 23-00460RD 236.3 metres at 3.36 g/t gold
• MER-23-0119-RD 158.8 metres at 4.07 g/t gold
Merlin is a pit constrained resource with a cut-off grade of 0.137 g/t gold.1 A metallurgical recovery factor
of 94% for gold and 22% for silver was applied for mill material, and a metallurgical recovery factor of 70%
for gold and 12% for silver was applied for crushed heap leach material. Currently only the oxide-domains
are included in the resource.4 AngloGold indicates the deposit remains open to the west and significant
upside poten,al exists from deeper ore horizons and nearby explora,on targets.
AngloGold has ini,ated a Prefeasibility Study for the Expanded Silicon project focused on mining,
processing, and infrastructure trade-off studies, drilling for resource conversion and extension, and
explora,on programs.4 In addi,on, AngloGold is working on hydrogeological, geotechnical, and
metallurgical programs.
Neither TSX Venture Exchange nor its Regula7on Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Figure 1: Overview of AngloGold Ashanti's Beatty District and Expanded Silicon Projects
Photo 1: LeD: Visible gold from Merlin Drill Core (MER-23-0243-RD).
Right: Visible gold in a Metallurgical gravity concentrate from Merlin.4
Neither TSX Venture Exchange nor its Regula7on Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Figure 2: Long secSon looking NW across the Merlin Deposit.4 (SecSon locaSon shown on Figure 1).
Qualified Person Statement
All new technical data, as disclosed in this press release, has been reviewed by Laurence Pryer, Ph.D.,
P.Geo., VP. Explora,on for Orogen. Dr. Pryer is a qualified person as defined under the terms of Na,onal
Instrument 43-101.
Certain technical disclosure in this release is a summary of previously released informa,on and the
Company is relying on the interpreta,on provided by the relevant referenced partner. Addi,onal
informa,on can be found on the links in the footnotes or on SEDAR (www.sedarplus.ca) or EDGAR
(www.sec.gov).
About Orogen Royal\es Inc.
Orogen Royal,es Inc. is focused on organic royalty crea,on and royalty acquisi,ons on precious and base
metal discoveries in western North America. The Company’s royalty porholio includes the Ermitaño gold
and silver mine in Sonora, Mexico (2% NSR royalty) being mined by First Majes,c Silver Corp. and the
Expanded Silicon project (1% NSR royalty) in Nevada, USA, being advanced by AngloGold Ashan, NA. The
Company is well financed with several projects ac,vely being explored under joint ventures.
Neither TSX Venture Exchange nor its Regula7on Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 Informa0on
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 forw ard
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 assumption s, such
statements are not guarantees of future performance and actual results may differ materially from those in the forward look ing 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 undertake s no
obligation to update these forward looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should
change.
Except where otherwise stated, the disclosure in this news release relating to properties and operations in which Orogen hold s a Royalty are
based on information publicly disclosed by the owners or operators of these properties and information/data available in the public domain as
at the date hereof, and none of this information has been independently verified by Orogen. Specifically, as a Royalty holder and prospect
generator, the Company has limited, if any, access to properties on which it holds Royalty or other interests in its asset portfolio. The Company
may from time to time receive operating information from the owners and operators of the mining properties, which it is not permitted to disclose
to the public. Orogen is dependent on, (i) the operators of the mining properties and their qualified persons to provide information to Orogen,
or (ii) on publicly available information to prepare disclosure pertaining to properties and operations on the properties on which the Company
holds Royalty or other interests, and generally has limited or no ability to independently verify such information. Although the Company does not
have any knowledge that such information may not be accurate, there can be no assurance that such third -party information is complete or
accurate. Some reported public information in respect of a mining property may relate to a larger property area than the area covered by Orogen’s
Royalty or other interest. Orogen’s Royalty or other interests may cover less than 100% of a specific mini ng property and may only apply to a
portion of the publicly reported mineral reserves, mineral resources and or production from a mining property.
References
1. hPps://thevault.exchange/?get_group_doc=143/1708693258-PreliminaryFinancialUpdate2023-Report.pdf
2. hPps://reports.anglogoldashan_.com/22/wp-content/uploads/2023/05/AGA-RR22.pdf
3. hPps://thevault.exchange/?get_group_doc=143/1700636741-AngloGoldNewGenGold2023SiliconPresenta_onNov2023webv1.pdf
4. hPps://thevault.exchange/?get_group_doc=143/1708694171-PreliminaryFinancialUpdate2023-Presenta_on.pdf
5. hPps://presenta_ons.corpcam.com/webcast16x9_delayed_dc.aspx?id=AGA23022024
6. hPps://thevault.exchange/?get_group_doc=143/1708690482-YearEnd2023Explora_onReport.pdf