U.S. Gold Corp. provides drilling update on the Maggie Creek Project
VANCOUVER, June 30, 2021 - (TSXV:OGN) (OTCQX:OGNRF) Orogen Royalties Inc. ("Orogen" or the "Company") is pleased to announce that exploration partner, U.S. Gold Corp. (USAU) ("US Gold"), has released results of a two-hole 1,353 metre drilling program on Orogen's Maggie Creek gold project, adjacent to Nevada Gold Mines' Gold Quarry mine in Nevada (Figure 1).
US Gold can earn up to a 70% interest in Maggie Creek by making cash payments of US$250,000, exploration expenditures of US$4.5million and producing a feasibility study by February 15, 2028.
"Orogen is very encouraged by U.S. Gold's initial exploration program at the Maggie Creek property." commented Orogen's Exploration Manager Laurence Pryer. "The program successfully demonstrates that there is Carlin style alteration and host rocks at Maggie Creek with similarities to the major Carlin gold mines in the area. These prospective rock packages occur at shallower depths than previously thought, and the results warrant further exploration to vector into more anomalous gold bearing zones.
Figure 1: Maggie Creek Location Map
The following disclosure on the Maggie Creek Gold project was provided by U.S. Gold's news release dated June 30, 2021:
Details of US Gold drilling
Drilling in the 2021 program at Maggie Creek was focused on a previously untested target concept below post-mineral cover in the southeast section of the project.
The first hole, MC21-1c, a vertical hole, was terminated at 2,937 feet (895 metres) in a broad fault zone within Roberts Mountains Formation (Lower Laminated). This hole encountered the Tertiary paleosurface at 698 feet (213 metres) and then entered Lower Plate stratigraphy at 1,483feet (452 metres).
The typical Lower Plate stratigraphy seen elsewhere on the Carlin Belt was encountered, with sometimes intense alteration, brecciation and faulting throughout. The Popovich Formation was encountered below Rodeo Creek siltstones at 1,706 feet (520 metres) and continued to 2,767 feet (843 metres). Three intervals of strong alteration and sulphide were encountered within the Popovich Formation between 1,827-1,988 feet (557 to 606 metres), 2,028-2,139 feet (618 to 652 metres), and 2,646-2,771 feet (807 to 845 metres). The majority of Popovich Formation encountered in hole MC21-1c is dolomitic, likely primary, and alteration (decalcification and silicification primarily)is fairly common throughout. The strongest alteration and sulphides, including sooty pyrite and orpiment in brecciated hydrothermal dolomite, was encountered within the Wispy Member of the Popovich at 823 metres. This interval was anomalous in gold, arsenic, mercury and thallium, with a high of 165 ppb of gold (Photos 1 and 2).
Photo 1. Brecciated, decalcified and dolomitized Wispy Member Popovich with sooty pyrite and orpiment .
Photo 2. Close-up of brecciated, dolomitized Popovich with orpiment in clasts.
The second hole, MC21-2c, angled to the north from the same pad as MC21-1c. This hole was terminated at 458 metres within Upper Plate Vinini siltstone and mudstone. The Vinini in this hole displays much more intense clay alteration and sulfidation than in MC21-2c. Results are still pending for MC21-2c.
Qualified Person StatementOrogen Royalties is relying on results and interpretation provided by US Gold.
About Orogen Royalties Inc.
Orogen Royalties Inc. is focused on organic royalty creation and royalty acquisitions on precious and base metal discoveries in western North America. Orogen's royalty portfolio includes the Ermitaño West gold deposit in Sonora, Mexico (2% NSR royalty) being developed by First Majestic Silver Corp. and the Silicon gold project (1% NSR royalty) in Nevada, USA, being advanced by AngloGold Ashanti N.A. The Company is well financed with several projects actively being developed by joint venture partners.
On Behalf of the Board
Paddy Nicol President & CEO
To find out more about Orogen, please contact Paddy Nicol, President& CEO at 604-248-8648, and Liliana Wong, Manager of Marketing and Investor Relations at 604-248-8648. Visit our website at www.orogenroyalties.com.
Orogen Royalties Inc.
1201 - 510 West Hastings Street Vancouver, BC
Canada V6B 1L8
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SOURCE: Orogen Royalties Inc.
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