TSXV:OGN

Earn in agreement with Headwater Gold Inc.

Located in Nevada

Low sulfidation gold mineralization below a large sinter terrace with local upflow zones indicated by the presence of geyserite.

Location:

The Spring Peak property is located in the Bodie Hills, approximately 5 kilometers (1.5 miles) SE of the historic Aurora gold mine, and 73 kilometers (22 miles) SW of Hawthorne, in Mineral County, Nevada.

Description:

On July 13th 2021, Orogen announced it has signed an option agreement with Headwater Gold Inc. for the Spring Peak gold project in Nevada, USA. To earn a 100% interest in the Spring Peak project, Headwater will provide a cash payment of US$10,000, a cash or share payment totaling US$250,000 (subject to receipt of certain permits from the United States Forest Service), incur exploration expenditures of US$250,000 within 24 months of signing the Agreement, and maintain all required underlying vendor payments and royalties.  

Orogen will retain a 0.5% net smelter return (“NSR”) royalty and an option to purchase an additional 0.5% NSR royalty for US$1.0 million.

The Spring Peak project features a low-sulfidation epithermal gold system with hydrothermal breccias and banded epithermal quartz veins exposed at surface where rock sampling returned up to35 grams per tonne (“g/t”) gold with anomalous pathfinder elements that coincide with a soil geochemical anomaly. The epithermal gold system is fully preserved from surface sinters to basement, contain classic banded veins and quartz after calcite boiling textures, all of which indicate exploration potential at depth.

History

The Bodie Hills and the Aurora District have had a productive history with gold and silver production from Aurora, Borealis and Bodie. Exploration in the district has been intermittent and in the early 1980s Labradex conducted exploration including an RC drill program which encountered low-grade gold intercepts in many of the holes, which were all very shallow (mostly 305 feet, one hole to 505 feet). More recently, Radius Gold Corp. explored Spring Peak in 2016-2018 under an earn-in agreement with Kinetic Gold (US) Inc., a wholly owned subsidiary of Renaissance Gold. Radius conducted geologic and alteration mapping, soil and rock chip sampling, a CSAMT survey and successfully permitted drilling, however changed their priorities and returned the project in 2018 without drill testing. In 2019, Oceana Gold Corp. entered into an earn-in agreement on the project, and conducted additional mapping, soil and rock sampling and CSAMT, defining several compelling drill targets which are planned to be drilled in 2020.

Figure 2: CSAMT 100 metre depth slice displaying inferred feeder structures and correlation with antimony in soils


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