Orogen holds a 2% NSR
Owned by Kodiak Copper
Extensive copper-gold porphyry system
South-central British Columbia
On April 19th, 2021, Orogen announce that it had signed a purchase and sale agreement with Kodiak Copper Corp. whereby Kodiak acquired the Axe copper-gold porphyry project in southern British Columbia, Canada. Upon closing of the transaction Kodiak will be subject to the following terms:
• the issuance of 950,000 Kodiak shares to Orogen;
• Kodiak will grant to Orogen a 2% NSR royalty on the Axe property of which 0.5% may be purchased for $2,000,000 at any time;
• a cash payment to underlying vendors equivalent to the value of 75,000 Orogen shares up to a maximum of $50,000 upon the completion of 5,000 metres of drilling on the Axe project;
• a cash payment to underlying vendors equivalent to the value of 200,000 Orogen shares up to a maximum of $150,000 upon the announcement of a measured or indicated mineral resource estimate of at least 500 million tonnes at a grade of at least 0.40% copper equivalent; and
• a cash payment to underlying vendors equivalent to the value of 250,000 Orogen shares up to a maximum of $200,000 upon the completion of a feasibility study on the Axe property.
- Extensive copper-gold porphyry system with both alkalic and calc-alkaline targets on property
- Bordering Kodiak Copper’ s MPD discovery in highly prospective southern Quesnellia terrane rocks
- 1516 target is an underexplored, drill-ready target with strong similarities to Kodiak’s Gate Zone
- 1516 target is outlined by coincident anomalous Cu-Au soil geochemistry, IP chargeability high and magnetic low
The Axe project lies immediately south and adjacent to Kodiak’s MPD project, where drilling in 2019 resulted in the discovery of the Gate Zone, a high-grade copper-gold zone with characteristics of a large porphyry system.
The 4,893-hectare Axe project contains extensive copper-gold bearing porphyry systems within the highly prospective southern Quesnellia terrane rocks, the same rocks that host the Highland Valley, Copper Mountain and New Afton Mines in south-central British Columbia.
Exploration on the Axe property has occurred sporadically since the 1960’s and traditionally focused on the western side of the property with drilling targeting magnetic highs within the central facies of the Nicola Group. However, the recent discovery at Kodiak’s nearby Gate Zone indicates that mineralization can also be hosted in the eastern facies of the Nicola Group and associated with a magnetic low. On the Axe property, the 1516 Zone is also located within the eastern facies of the Nicola Group, and the regional magnetics and geology highlight the similarities between both areas.
The 1516 Zone is outlined by a 2200 metre by 400 metre region of greater than 150 parts per million (“ppm”) copper in soils and a broad chargeability anomaly. Similarly, the discovery holes at the Gate Zone targeted a 1000 by 300 metre region of greater than 180 ppm copper in soils and a chargeability anomaly. The 1516 Zone has previously experienced very limited exploration.
