Earn-in agreement with Golden Ridge Resources Ltd.
Golden Triangle in British Columbia
On July 9th 2019, Orogen announced it had signed an option agreement with Golden Ridge Resources Ltd. on the Ball Creek property in northwestern British Columbia. Golden Ridge will have the exclusive right to earn an 80% interest in the Ball Creek project by issuing 1,000,000 Golden Ridge shares, making cash or cash-equivalent share payments of up to $300,000, additional cash payments of up to $4.25 million, making a production decision supported by a compliant feasibility study on the Ball Creek property, and providing evidence of project financing that is mutually acceptable to both parties in accordance with the feasibility study.
About the project
The Ball Creek Project is located in British Columbia’s prolific Golden Triangle eight kilometres west of Highway 37 and the 287 kV Northwest Transmission Line The 524 square kilometre claim block covers three porphyry belts, four porphyry epicenters, several epithermal gold-silver prospects and a volcanogenic massive sulphide (VMS) prospect. Ball Creek is currently under an earn-in agreement with Golden Ridge Resources Ltd., who completed two diamond drill holes and collected over 4,000 talus and soil samples in 2019. Results from that work include the identification of a new porphyry copper prospect on the western side of the claim block near Teck and Copper Fox’s Schaft Creek deposit.
Features of the Ball Creek project include:
· Its location in the Golden Triangle and proximity to existing mines and mineral deposits
· Moderate topography located close to infrastructure which significantly enhances the economics of any discovery
· A large land package hosting several copper and gold systems, several of which are underexplored
· An extensive data set from historic and recent exploration programs
· 100% ownership by Orogen and subject to a 2 NSR royalty with a 1% buydown for $1M which Orogen can purchase and retain.
Orogen acknowledges that Ball Creek is situated in the traditional territory of the Tahltan Nation and is committed to developing a positive and mutually beneficial relationship based on respect and transparency.
Recent work by Golden Ridge has outlined three areas for further work:
1. The Hickman target with a 500 metre by 1500 metre area of anomalous copper-gold samples over the Hickman batholith, a large granodioritic to monzonitic intrusive complex related to the nearby Schaft Creek porphyry copper deposit;
2. More Zone, where recent talus and soil sampling extends historic soil coverage and outlines several epicenters of copper-gold anomalism along a seven-kilometre trend of megacrystic syenite dikes and sills; and
3. the ME prospect, where talus and soil sampling outline a 1500 metre by 500 metre copper- molybdenum-gold-silver anomaly 2.5 kilometres south of the Main Zone copper-gold porphyry.