Orogen Royalties Options the Maggie Creek Gold Project to Nevada Gold Mines and Acquires a Copper/Gold Royalty Interest in British Columbia

About this update from Orogen Royalties Incorporation

[{"type":"text","content":"Orogen Royalties Options the Maggie Creek Gold Project to Nevada Gold Mines and Acquires a Copper/Gold Royalty Interest in British ColumbiaVANCOUVER, BC / ACCESSWIRE / November 10, 2022 / (TSXV:OGN)(OTCQX:OGNRF) Orogen Royalties Inc. (\"Orogen\" or the \"Company\") is pleased to announce that it has signed an option agreement (the \"Agreement\") with Nevada Gold Mines LLC (\"NGM\") whereby NGM can earn a 100% interest in the Maggie Creek gold project located in the Carlin trend in Nevada, USA. In connection with the Agreement, Orogen and U.S. Gold Corp. (\"U.S. Gold\") have agreed to assign the pre-existing earn-in agreement (\"Former Agreement\") on the Maggie Creek project dated February 15, 2019 to NGM, which has now been amended.Under the terms of the Agreement, NGM can earn a 100% interest in Maggie Creek by making US$5.0 million in cash payments and incurring US$6.0 million in exploration expenses over a five-year period, including a cash payment of US$200,000 on closing and a work commitment of US$750,000 by the first anniversary. Once NGM exercises its option on the Agreement, Orogen will retain a 2% net smelter return (\"NSR\") royalty.In connection with the Former Agreement between Orogen and U.S. Gold, as consideration for the assignment, NGM has agreed to reimburse U.S. Gold for US$2.75 million in project related expenses and grant to U.S. Gold, upon NGM exercising its option on the Agreement, a 0.5% NSR royalty on the Maggie Creek project of which 0.25% can be purchased by NGM for US$500,000 and for which the first US$800,000 in royalty payments would be waived.Also, in connection with the Agreement, Orogen has acquired from NGM a 3% NSR royalty and the right to a US$2.5 million milestone payment on the 17 square kilometre Hank copper-gold project, located in British Columbia's Golden Triangle. The project is held by Golden Ridge Resources Ltd. (\"Golden Ridge\").Paddy Nicol, Orogen's CEO & President commented, \"Maggie Creek is an exciting exploration target adjacent to NGM's Gold Quarry Mine (open pit and stockpile M&I resources of 8.2 million ounces gold1). Drilling by U.S. Gold in 2021 successfully identified host stratigraphy and Carlin-style alteration at similar depths to current mining operations along the Carlin Gold Belt.\"\"The acquisition of the Hank 3% NSR royalty from NGM represents Orogen's ei...

More updates from Orogen Royalties Incorporation