Orogen Royalties Announces the Expansion of the Navidad Gold-Silver Target at Ermitaño
Orogen Royalties Announces the Expansion of the Navidad
Gold-Silver Target at Ermitaño
Vancouver, B.C. February 05, 202 5 (TSX.V:OGN) (OTCQX:OGNRF) Orogen Royalties Inc.
(“Orogen” or the “Company”) is pleased to announce the expansion of the Navidad gold-silver target
(“Navidad”), located within the Ermitaño Mine concessions in Sonora, Mexico where the Company
holds a cash-flowing 2% net smelter return (“NSR”) royalty.
Highlights
• During the second half of 2024, drilling by mine operator First Majestic Silver Corp. (“First
Majestic”), has significantly expanded the zones of gold and silver mineralization at the
Navidad and Winter veins (“Navidad”)1
• The Navidad and Winter veins are located 100 metres southwest and 350 metres below the
Ermitaño Mine complex
• Gold and silver mineralization identified to date at Navidad extends over 1,000 metres along
strike and 300 metres down dip, with a true thickness averaging between 2.8 metres and 4.4
metres
• Highlight drill holes for the second half of 2024 (reported as true-width intercepts) include1:
o EW-24-372-A grading 13.06 grams per tonne (“g/t”) gold and 205 g/t silver over 3.24
metres (Navidad vein)
o EW-24-372-A grading 8.60 g/t gold and 77 g/t silver over 4.83 metres (Winter vein)
o EW-24-373 grading 5.64 g/t gold and 104 g/t silver over 6.06 metres (Winter vein)
o EW-24-377 grading 7.09 g/t gold Au and 125 g/t Ag over 3.30 metres (Winter vein)
o EW-24-379 grading 7.09 g/t gold and 38 g/t silver over 2.32 metres (Navidad vein)
o EW-24-382 grading 13.93 g/t gold and 99 g/t silver over 2.66 metres (Winter vein)
• First Majestic is planning to complete an initial inferred mineral resource estimate for
Navidad in late March 2025
• Metallurgical testing of minerali zation from the Navidad and Winter veins, under current
processing parameters at the Santa Elena processing and mill facilities, returned gold and
silver recoveries exceeding 90% and 85%, respectively
• Five drill rigs are currently assigned to the Navidad vein system
Paddy Nicol, Orogen’s CEO, commented, “Since the discovery of Navidad in July 2024, multiple drill
rigs have been busy exploring the vein system and it is exciting to see continued success. Not only
did drilling in the second half of 2024 expand Navidad, the zone of high -grade gold and silver
mineralisation is also substantially closer to the underground workings at the Ermita ño mine
complex. Navidad’s proximity to Ermitaño will allow for easier access for future exploration and for
possible production. We look forward to First Majestic’s initial inferred resource at Navidad in the
next few months.”
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 northeast of Hermosillo . Ermitaño is
contiguous with the Santa Elena mining claim s both owned and operated by First Majestic.
(Figure 1).
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 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:
Ermitaño Reserves and Resources at Dec 31, 20232
Reserve Tonnage (k) Ag (g/t) Au (g/t) Ag Koz Au Koz
Proven (UG- Erm) 590 78 3.87 1,473 73
Probable (UG-Erm) 2,086 65 2.87 4,367 193
Total Reserves 2,676 67.87 3.09 5,840 266
Resource (inclusive of reserve)
Measured 612 81 4.38 1,600 86
Indicated 2,306 71 3.45 5,260 256
Total M&I 2,918 73.1 3.65 6,860 342
Total Inferred 2,049 65 2.34 4,280 154
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
east3.
Figure 1 − Plan map of the Navidad vein system and Ermitaño mine projected to surface
adapted from First Majestic1,4.
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 Navidad vein hosted gold-silver mineral system is a new discovery to the west of the Ermitaño
mine announced in July 2024 4. The discovery is based on a refined understanding of regional
stratigraphy and the key controls on Ermitaño style mineral deposits. The new discovery is entirely
within Orogen’s royalty AOI (Figure 1).
The February 2025 update 1 is based on 20,809 metres of new drilling in 17 -holes at the Navidad
target that has expanded the footprint of gold and silver mineralization and defined two epithermal
quartz veins: the Navidad and Winter Veins. The Navidad system is now defined to 100 metres
southwest and 350 metres below the Ermitaño underground mine levels (Figure 2), significantly
closer than First Majestic had previously stated4.
The Navidad and Winter veins consist of grey to pink banded quartz and surrounding stockworks
containing visible silver sulphides and native gold. The Winter vein occurs approximately 180 metres
structurally above and sub-parallel to the underlying Navidad vein.
Mineralization intersected within the Winter vein currently extends 600 metres by 350 metres along
strike and dip , and the mineralization ranges from 0.65 metres to 6.6 metres in thickness.
Mineralization intersected to date within the Navidad vein extends 1,000 metres by 300 metres along
strike and dip and the minerali sation ranges from 0.5 metres to 5.0 metres in thickness 1.
Mineralisation in both veins remains open in multiple directions with five drill rigs currently active at
Navidad. An initial inferred mineral resource for the Navidad and Winter veins is anticipated to be
released by First Majestic in late March 20251.
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.
Figure 2 − Details of the Navidad Vein system1. (A) Vertical Cross-Section of Navidad
and Winter Veins looking East. (B) Plan View of Navidad and Winter veins. (C) Long-
Section looking Southeast. Full Projection.
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 “e xpects”, “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.
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://www.firstmajestic.com/investors/news-releases/first-majestic-reports-exploration-success-for-navidad-at-
santa-elena
2. https://www.firstmajestic.com/projects/reserves-resources/
3. https://www.firstmajestic.com/_resources/presentation/corporate-presentation.pdf?v=020407
4. https://www.firstmajestic.com/investors/news-releases/first-majestic-announces-new-high-grade-gold-and-
silver-discovery-at-santa-elena