Earn-in agreement with U.S. Gold Corp.
Located in Nevada
Carlin-type mineralization in the heart of the Carlin Trend
The Maggie Creek property is located 14.5 kilometers (9 miles) northwest of Carlin, NV and adjacent to Newmont's Gold Quarry Mine in Eureka County, Nevada.
On February 15, 2019, Orogen (previously Renaissance Exploration Inc.) signed an earn-in agreement with Orevada Metals Inc. whereby Orevada has an option to earn up to a 70% undivided interest in the property by spending US$4.5M over seven years to earn an initial 50% interest, followed by a one time “bump-up option” to increase its interest to 70% by producing a feasibility study by the end of the ninth year of the agreement. Upon signing the agreement, Orevada made a one-time payment to the Company of US$32,034
The Maggie Creek Project lies within the Maggie Creek Mining District in the core of the Carlin Trend. The land position covers the NE projection of the Chukar-Alunite Fault Zone, which is mineralized at the Gold Quarry Mine. The property also covers the SE projection of the Castle Reef Fault zone, which is mineralized at the Leeville Mine. Historical drilling has intersected gold mineralization in the upper plate of the Roberts Mountain Allocthon that ranges in grade from below detection limit to more than one gram in numerous drill holes.
A window of lower plate carbonates is exposed in the core of the Orogen claim block. Gold mineralization in the window has been drilled at Newmont's Rainbow Deposit just south of Orogen’s land position. At the Rainbow deposit mineralization is localized on a N10E striking fault zone zone in the hangingwall of the NNW-trending Schroeder Fault (NBMG B111). Moderate to strong Carlin-type hydrothermal alteration (silicification, argillization and decalcification) extends north from the Rainbow Deposit onto the Orogen’s land position.
The Maggie Creek Project lies adjacent to Newmont's Gold Quarry operations which, between 1981 and 2011, produced 469 tonnes of gold and is still in operation (NBMG SP MI-2013). Past exploration has been conducted by Wolfpack Gold, Newmont, Barrick, Teck and Cordex.