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Orogen Royalties Sells Ball Creek West to P2 Gold and Options Ball Creek East to Kingfisher Metals
Orogen creates two new royalties, acquires rights to two additional royalties, and sees advanceme...
About this update from Orogen Royalties Incorporation
[{"type":"text","content":"Orogen Royalties Sells Ball Creek West to P2 Gold and Options Ball Creek East to Kingfisher MetalsOrogen creates two new royalties, acquires rights to two additional royalties, and sees advancement of its Hank royalty.VANCOUVER, BC / ACCESSWIRE / March 7, 2023 / (TSX.V:OGN)(OTCQX:OGNRF) Orogen Royalties Inc. (\"Orogen\" or the \"Company\") is pleased to announce it has signed a purchase and sale agreement (the \"Purchase Agreement\") with P2 Gold Inc. (TSX.V:PGLD) (\"P2 Gold\"), and an option agreement (the \"Option Agreement\") with Kingfisher Metals Inc. (TSX.V: KFR) (\"Kingfisher\") on the Ball Creek Property in the Golden Triangle in northwest British Columbia, Canada.Under the terms of the Purchase Agreement, P2 Gold will acquire a 100% interest in 18,893 hectares of mineral claims (\"Ball Creek West\") for $1.0 million in common shares of P2 Gold, a 1% net smelter return (\"NSR\") royalty and transferring to Orogen the right to acquire an additional 1% NSR royalty subject to an underlying agreement.Under the terms of the Option Agreement, Kingfisher can earn a 100% interest in 35,020 hectares of mineral claims (\"Ball Creek East\") by issuing $3.5 million in common shares of Kingfisher and spending $7.5 million in exploration over a four-year period. Upon exercising the Option Agreement, Kingfisher will transfer to Orogen the right to acquire a 1% NSR royalty subject to an underlying agreement. Kingfisher will also grant to Orogen a 1% NSR royalty on Kingfisher's 28,407-hectare Ecstall volcanogenic massive sulphide (\"VMS\") project, located on the central coast in British Columbia on signing the Option Agreement.In a separate transaction, Kingfisher has also signed an option agreement with Golden Ridge Resources Corp. (TSX.V: GLDN) for acquisition of the Hank project, a 1,700-hectare copper-gold porphyry property internal to the Ball Creek East claims, where Orogen holds rights to a US$2.5 million cash payment and a 3% NSR royalty.Orogen CEO Paddy Nicol commented, \"Ball Creek is a large 539 square kilometre copper-gold porphyry property with several porphyry copper and epithermal gold targets that has been split into two sperate projects to allow for focused and manageable exploration. Ball Creek West adjoins P2 Gold's BAM gold project to the north and complements their exploration initiatives with the highly prospective...