Earn-in agreement with Pacific Imperial Mines
Located in British Columbia
British Columbia, Canada
On October 13th 2020, Orogen announced that it had optioned the TREK 31 gold property in the Nechako Plateau of British Columbia to Pacific Imperial Mines Inc.
Pacific Imperial can earn up to a 100% interest in the TREK-31 project making cash payments totaling $1.3 million and spending $3.0 million in exploration expenditures over a five-year period. Once Pacific Imperial has obtained a 100% interest, Orogen will retain a 3% net smelter return royalty (“NSR”) on the TREK 31 claims of which 1% can be purchased for $3.0 million.
The Trek 31 project is a 94 square-kilometre, early-stage exploration property located 80 kilometres southwest of Vanderhoof in the Nechako Plateau, British Columbia. The property is located 30 kilometres northeast of New Gold Inc’s Blackwater gold silver deposit (year-end reserves of 8.2 M ounces gold and 60.8 M ounces silver. TREK 31 was identified by Orogen using data from Geoscience BC’s TREK initiative.
· TREK 31 covers one of the largest and strongest geochemical anomalies identified in Geoscience BC’s $4.0 million TREK initiative
· Early exploration by Orogen has outlined a 2.3 kilometre by 900 metre gold-in-till anomaly situated down ice of a major structural break between rocks of the Stikine Terrane and magnetic rocks interpreted to be volcanic and intrusive rocks of Eocene age 2
· Potential for a Blackwater-like mineral system marked by extensive quartz-sericite-pyrite alteration with identifiable geochemical and geophysical footprints
· Under option to Pacific Imperial Mines
· Sparse mineral tenure in the region allowing for additional generative exploration for district-scale targets
Gold in basal till over Reduced to Pole Total Magnetic Intensity. Purple circle highlights till anomaly and triangle represents average till transport distance and transport direction.
Orogen plans to complete an Induced Polarization (IP) geophysical survey across the source area of the till anomaly to identify areas of anomalous chargeability and resistivity for testing with a reverse-circulation drilling program from existing logging roads.