Orogen Royalties Announces 34% Increase in Gold Resources at the Merlin Deposit
Orogen Royalties Announces 34% Increase
in Gold Resources at the Merlin Deposit
Vancouver, B.C. February 20, 2025 (TSX.V:OGN) (OTCQX:OGNRF) Orogen Royalties Inc. (“Orogen” or the
“Company”) is pleased to announce an update to the Expanded Silicon project in Nevada, USA. Project
owner AngloGold Ashanti NA (”AngloGold”) has announced an updated Inferred Resource of 12.1 million
ounces gold at the Merlin deposit 1. The new resource at Merlin is separate from the 4.22 million ounce
gold resource at the Silicon deposit1, located approximately 270 metres to the northwest.
Orogen holds a 1% net smelter return royalty on the Expanded Silicon project that includes the Silicon and
Merlin deposits with exposure to approximately 16.31 million ounces of gold (Table 1).
Table 1: Reported Mineral Resources at the Expanded Silicon Project1
Deposit Category Tonnes
(millions)
Grade
(g/t)
Contained Gold
(million ounces)
Silicon Indicated 121 0.87 3.40
Inferred 36 0.70 0.81
Total Silicon1 158 0.83 4.22*
Total Merlin2 Inferred 355 1.06 12.10
Total Expanded
Silicon Project
513 0.99 16.31*
*Rounding of numbers may result in computational discrepancies in the Mineral Resource tabulations and are reported directly from AngloGold
disclosure
1. The Silicon deposit mineral resource is based on a gold price of $1,750/oz
2. The Merlin deposit mineral resource is based on a gold price of $1,900/oz
Merlin Deposit Update Highlights
• Pit constrained inferred resource at Merlin of 355 million tonnes grading 1.06 grams per tonne
(“g/t”) gold
• Updated resource at Merlin represents a 25% increase in tonnes, a 34% increase in gold ounces,
and a 7% increase in gold grade from the February 2024 announcement
• Approximately 132 kilometres of drilling completed within the Merlin area in 2024
• Exploration drilling east of Merlin appears to have encountered the fault offset extension of
mineralization with results pending
• Drilling at Merlin will continue into 2025 to support resource upgrades and conversion at the
Merlin deposit with a pre-feasibility study expected H2-2025
“We are very please d to see another 3.05 million ounces of gold have been added by AngloGold to the
Merlin Resource, representing a significant increase in size and grade”, commented Paddy Nicol, Orogen’s
CEO. “High-grade zones and mineralized stratigraphic units were refined, thereby improving the resource
model leading to an increase in the declared inferred resource. We note from AngloGold Ashanti’s
presentation that next steps include additional infill and expansion drilling, resource upgrades, and
engineering studies to support a pre-feasibility study toward the end of the year.”
Neither TSX Venture Exchange nor its Regulation 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.
About the Expanded Silicon Project
Orogen holds a 74 square-kilometre 1% NSR royalty area of interest covering the Expanded Silicon project,
which includes the Silicon and Merlin deposits (Figure 1). By the end of 2024, AngloGold completed over
430 kilometres of drilling on the project and announced resource updates on February 19 , 2025. (Table
1).
Figure 1: Overview of AngloGold's Beatty Project, the Expanded Silicon Project and Orogen's royalty area of interest
Merlin Geology, Mineralization and Exploration Potential
The Merlin deposit is interpreted as a low sulphidation epithermal gold system developed in an
extensional setting between two strike slip faults. Mineralization is hosted within a stack of rhyolitic
ignimbrite sheets cut by multiple normal faults, a subset of which appear to control the emplacement of
the mineralization. Mineralization occurs as high -gold grade epithermal veins and stockworks and a low
to moderate gold grade broad disseminated zone within silica -adularia altered tuffs. The deposit is
oxidized to depths exceeding five hundred metres (Figure 3). The new pit design also increased 70% in
size from 3.7 square kilometres in 2023 to 6.3 square kilometres to capture additional gold mineralization
to the west of the main high-grade zone at Merlin (Figure 2).
Neither TSX Venture Exchange nor its Regulation 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.
The deposit remains open in multiple directions with drilling planned to define the limits of mineralization
to the west of the current ore body and to better understand the mineralization and fault systems
between Merlin and Silicon to the north (Figure 1). Additionally, the high-grade core at Merlin is offset by
the Bare Mountain Fault to the southeast. A deeper drillhole completed towards the end of 2024 was
positioned to test the hanging wall extension and encountered encouraging visual observations 2. Assays
from this hole are pending.
Figure 2: Plan view map of the 2024 Merlin Pit Design based on a gold price of US$1,900/oz Mineral resource. 3
Drill hole collars in blue.
Figure 3: Long section looking NW across the Merlin Deposit3 (Section location shown on Figure 2)
Neither TSX Venture Exchange nor its Regulation 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.
Qualified Person Statement
All 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”, “projec ts”, “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.
Neither TSX Venture Exchange nor its Regulation 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.
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://thevault.exchange/?get_group_doc=143/1739954271-YearEnd2024EarningsRelease.pdf
2. https://thevault.exchange/?get_group_doc=143/1739961968-
YearEnd2024ExplorationReport.pdf
3. https://thevault.exchange/?get_group_doc=143/1739957070-YearEnd2024Presentation.pdf