Silicon Nevada Royalty Update
Silicon Nevada Royalty Update
VANCOUVER, BC
,
Sept. 29, 2020
/CNW/ - (TSXV: OGN) Orogen Royalties Inc. ("Orogen" or the
"Company") is pleased to provide an update on the Silicon project, located in the Bare Mountain
district in
Nevada
, where Orogen holds a 1% net smelter return royalty ("NSR"). Property owner
AngloGold Ashanti, N.A. ("AngloGold") has recently received approval of their Plan of Operations
permit allowing 155 acres of additional surface disturbance with 109 approved Phase One drill sites
on the main Silicon area.
Recent new drilling results announced by Coeur Mining, Inc. ("Coeur") (NYSE:CDE) and Corvus
Gold Inc. ("Corvus") (TSX:KOR) on claims adjacent to the southern border of the Silicon property
suggest significant expansion potential of the Silicon system.
Coeur recently announced drilling results
1
from its C-Horst area located immediately south of the
Silicon project boundary (Figure 1). Highlights from the first ten holes of an eighteen-hole drill
program include:
71.6 metres grading 1.8 grams per tonnes ("g/t") gold from 192 metres downhole in hole CH20-
002
97.5 metres grading 1.4 g/t gold from 164.6 metres downhole in hole CH20-007
80.8 metres grading 1.1 g/t gold from 163.1 metres downhole in hole CH20-008
Coeur also noted that the drilling results from C-Horst exhibit oxide-leach characteristics based on
initial metallurgical test work and cyanide-fire assay results.
Corvus announced drilling results
2
from a single drill hole on its Lynnda Strip claims located
northwest of Coeur's C-Horst claims and immediately south of AngloGold's Silicon project (Figure
1). Drill hole CH20-11 intercepted 197 metres grading 0.44 g/t gold starting at a drill depth of 263.7
metres. Higher-grade internal intervals, including 44.2 metres grading 0.90 g/t gold and 20 metres
grading 0.74 g/t gold, are associated with stockwork quartz veining in oxidized volcanic rocks.
Paddy Nicol
, Orogen's CEO states, "These results are exciting and have potentially meaningful
implications for Orogen's royalty on the Silicon project. The drill holes are located approximately
1,500 metres from the southern extent of AngloGold's drilling on the main Silicon area. The
intervening Silicon ground (Figure 2), which has yet to be drill-tested, holds potential for similar oxide
gold intercepts."
Figure 1:
Map of claim holdings in the Bare Mountain District, Nye County, Nevada, showing the
location of AngloGold’s Silicon Project, Coeur Mining’s C-Horst discovery (light blue circle) and
Corvus Gold’s Lynnda Strip drilling result (yellow circle). (CNW Group/Orogen Royalties Inc.)
Figure 1:
Map of claim holdings in the Bare Mountain District,
Nye County, Nevada
, showing the
location of AngloGold's Silicon Project, Coeur Mining's C-Horst discovery (light blue circle) and
Corvus Gold's Lynnda Strip drilling result (yellow circle).
About the Silicon Project
AngloGold's Silicon project covers a large area of steam-heated alteration characteristic of the
upper portions of an epithermal gold system. Intense acid leaching has created localized areas of
high purity silica, which have been mined in the past. In addition, the property contains numerous
historic mercury prospects within the large alteration zone. AngloGold has completed 47 drill holes
totaling approximately 19,000 metres of core and reverse circulation drilling and has permitted an
additional 155 acres of surface disturbance, including 109 approved drill sites in their Phase 1
program.
Figure 2:
Photograph looking south from the Silicon project towards recent drilling results on Corvus
Gold and Coeur Mining lands. (CNW Group/Orogen Royalties Inc.)
Figure 2
:
Photograph looking south from the Silicon project towards recent drilling results on
Corvus Gold and Coeur Mining lands.
Qualified Person Statement
Orogen's disclosure of technical and scientific information in this news release has been reviewed by
Robert Felder
, Senior Vice President for Orogen. Mr. Felder is a Certified Professional Geologist
(#11012) with the American Institute of Professional Geologists and a Qualified Person under the
definition of National Instrument 43-101.
About Orogen Royalties
Orogen Royalties Inc. is engaged in project generation for precious and base metal discoveries in
western
North America
with a focus on organic royalty creation and royalty acquisitions. Orogen's
royalty portfolio includes the Ermitaño West gold deposit in
Sonora, Mexico
(2% NSR) being
developed by First Majestic Silver Corp. and the Silicon gold project (1% NSR) in
Nevada, USA
,
being developed by AngloGold Ashanti N.A. 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
Orogen Royalties Inc.
1201 - 510 West Hastings Street
Vancouver, BC
Canada
V6B 1L8
Notes:
1.
https://www.coeur.com/_resources/news/nr_20200811.pdf
2.
http://www.corvusgold.com/news/releases/index.php?content_id=341
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.
Forward looking information relates to statements concerning the Company's future outlook and
anticipated events or results, as well as the Company's management expectations with respect to
the proposed business combination (the "Transaction"). This document also contains forward-looking
statements regarding the anticipated completion of the Transaction and timing thereof. Forward-
looking statements in this document are based on certain key expectations and assumptions made
by the Company, including expectations and assumptions concerning the receipt, in a timely manner,
of regulatory and stock exchange approvals in respect of the Transaction.
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. Furthermore, the extent to which COVID-19 may
impact the Company's business will depend on future developments such as the geographic spread
of the disease, the duration of the outbreak, travel restrictions, physical distancing, business
closures or business disruptions, and the effectiveness of actions taken in
Canada
and other
countries to contain and treat the disease. Although it is not possible to reliably estimate the length
or severity of these developments and their financial impact as of the date of approval of these
condensed interim consolidated financial statements, continuation of the prevailing conditions could
have a significant adverse impact on the Company's financial position and results of operations for
future periods.
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.
SOURCE
Orogen Royalties Inc.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/September2020/29/c9232.html
%SEDAR: 00027260E
For further information:
To find out more about Orogen, please contact Paddy Nicol, President &
CEO at 604-248-8648, and Liliana Wong, Manager of Marketing and Investor Relations at 604-248-
8648.
Visit our website at www.orogenroyalties.com
CO: Orogen Royalties Inc.
CNW 07:00e 29-SEP-20