Orogen Royalties Options Pearl String Gold Project to Barrick, Nevada
[Click image to enlarge]
Orogen Royalties has signed an option agreement with a wholly-owned U.S. subsidiary of Barrick Gold Corporation where Barrick can earn a 100 percent interest in the Pearl String gold project located in the Walker Lane trend in Nevada.
Under the terms of the agreement, Barrick can earn a 100 percent interest in the Pearl String project by making $1.5 million in cash payments and incurring $4.0 million in exploration expenses within five years, with a guaranteed minimum exploration expenditure commitment of $800,000 by the second anniversary. Once Barrick exercises its option on the agreement, Orogen will retain a 2 percent net smelter return (NSR) royalty.
“The Pearl String project contains multiple untested high-sulphidation epithermal targets located in the Walker Lane trend, Nevada. The Walker Lane structural corridor is well known for hosting several low-sulphidation epithermal deposits, but also contains significant high-sulphidation deposits and past producing mines including Borealis, Paradise Peak. and the Goldfield camp,” said Paddy Nicol, Orogen’s CEO and president.
“We look forward to our arrangement with Barrick and welcome their exploration expertise on Pearl String,” added Nicol.
The 16.6 square kilometre Pearl String project is located in Mineral County, Nevada, and is prospective for high sulphidation epithermal gold deposits. The project area encompasses the northwestern margin of a 25 square kilometer zone of magmatic hydrothermal alteration that has been dismembered by post-mineral right lateral strike slip faults. The southeastern fault block hosts the Isabella Pearl Mine, one of Nevada’s newest heap leach gold operations.
About Orogen Royalties
Orogen Royalties Inc. 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 percent NSR royalty) being mined by First Majestic Silver Corp. and the Silicon gold project (1 percent NSR royalty) in Nevada, being advanced by AngloGold Ashanti NA. The company is well financed with several projects actively being explored under joint ventures.
To stop by Orogen’s website, CLICK HERE
Be in-the-know when you’re on-the-go!
FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.
Copyright © 2022 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
For licensing permission, .(JavaScript must be enabled to view this email address)
