VANCOUVER, BC, June 3, 2021 /CNW/ - (TSXV: OGN) Orogen
Royalties Inc. ("Orogen" or the "Company") is pleased to announce
the acquisition of the Onjo copper-gold porphyry property in
central British Columbia,
Canada.
Onjo is located approximately ten kilometres west of Centerra
Gold Inc.'s Mount Milligan Mine and ten kilometres south of the
Chuchi copper-gold deposit. The Onjo property was identified
through Orogen's generative exploration programs and recently
acquired through staking.
Onjo Property Highlights
- Onjo is located in the Quesnellia arc and on a magnetic trend
hosting the Mount Milligan mine (proven and probable reserves of
959 million pounds copper and 2.4 million ounces gold1),
and the Kwanika and Chuchi copper-gold deposits
- Historical drilling intersected multiple small dykes of
monzonite associated with anomalous copper mineralization
- Relogging of historical drilling by Orogen highlights an
approximate 500 by 500 metre zone with indicators of the top of an
alkalic porphyry copper-gold system
Laurence Pryer, Exploration
Manager for Orogen commented, "The acquisition of the Onjo property
is the result of using evolving exploration models to generate new
exploration targets.
Orogen's technical team believes vectoring into copper-gold
mineralization from the tops of alkalic porphyry copper-gold
systems represents a significant exploration opportunity in
British Columbia as all major
discoveries to date are eroded to the level of the mineralizing
intrusion2.
Major porphyry copper-gold systems including Newcrest's
Cadia-Ridgeway mines in New South Wales,
Australia and Vale S.A.'s Onto copper-gold deposit in
Indonesia, which were discovered
where mineralizing intrusions occur at depth, provide excellent
analogues to generate porphyry targets such as the Onjo
property."
About the Onjo Property
The 97 square-kilometre Onjo property is located 70 kilometres
north of Fort St James and 10
kilometres west of Centerra's Mount Milligan mine (Figure 1) within
the Quesnellia arc, host to several significant alkalic copper-gold
porphyry deposits. The Onjo property occurs on the same magnetic
trend that hosts the Mount Milligan mine, the Chuchi deposit and
Northwest Copper Corp.'s Kwanika deposit (Figure 2).
The Onjo claims are predominantly underlain by the Witch Lake
Diorite which intruded andesitic volcaniclastics of the
Quesnel terrane. The geology and
geochemistry of the property is largely covered by glaciofluvial
and lacustrine sediments with rare outcrops of an extensive
copper-gold skarn, a focus of shallow diamond drilling in the early
1990's. Historic drilling also identified multiple occurrences of
thin monzonite dykes associated with minor potassic alteration and
copper anomalism, an analogous host rock to the Mount Milligan mine
mineralization.
Relogging of the historic drill core by Orogen identified
multiple indicators of the top of an alkalic porphyry system
including garnet skarns, copper-gold skarns, late barren lithocap,
magnetite and hematite replacement of pyroxenes and copper bearing
leakage structures. These features are highlighted over a 500 by
500 metre region prospective for a buried alkalic porphyry
copper-gold system.
Additional exploration plans include airborne geophysical survey
across the principal target area to delineate prospective monzonite
plugs within the larger diorite body for drill target
generation.
Qualified Person Statement
All technical data, as disclosed in this press release, has been
verified by Laurence Pryer, Ph.D.,
P.Geo.., Exploration Manager for Orogen. Dr. Pryer is a qualified
person as defined under the terms of National Instrument
43-101.
About Orogen Royalties Inc.
Orogen Royalties Inc. is focused on organic royalty creation and
royalty acquisitions on precious and base metal discoveries in
western North America. Orogen's
royalty portfolio includes the Ermitaño West gold deposit in
Sonora, Mexico (2% NSR royalty)
being developed by First Majestic Silver Corp. and the Silicon gold
project (1% NSR royalty) in Nevada,
USA, being advanced 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
info@orogenroyalties.com
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https://www.centerragold.com/operations/mount-milligan/history
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https://www.youtube.com/watch?v=NPefg5Ruk6w&t=3297s
- http://www.geosciencebc.com/major-projects/quest/
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.
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.
SOURCE Orogen Royalties Inc.