1.0% NSR royalty + cash payments and exploration expenditures
Ivy Minerals Inc.
Project Overview and History
Ghost Ranch is located in northeastern Nevada and is a Carlin Gold target, encompassing a shallow shelf covered by less than one hundred metres of alluvium. Prospective Cambrian and Ordovician host rocks project into the subsurface and have seen no historic drilling. This stratigraphy outcrops to the east at Morgan Pass where Carlin-type mineralization occurs at surface. At Ghost Ranch, enzyme leach soils which cover the northern half of the property display a strong correlation between inferred structures and anomalous gold and Carlin Suite elements.
On September 21, 2021, Orogen signed an agreement with Ivy Minerals Inc. (“Ivy”), a private mineral exploration company, to option Orogen’s Ghost Ranch gold project. Ivy can earn a 51% interest in the Ghost Ranch project by spending US$1.5 million over a four-year period, including a firm commitment of 4,000 feet of drilling. Orogen will retain a 49% interest in Ghost Ranch and reserve a 0.5% NSR royalty. Both Ivy and Orogen will then participate in a joint venture to develop Ghost Ranch. If either parties’ equity interest in Ghost Ranch falls below 10%, their interest will convert to a 1.0% NSR royalty. Orogen would then retain a total 1.5% NSR royalty in the event the Company is diluted below 10%.
In the fall 2022, Ivy Minerals followed up geophysical and geochemical targets generated in 2021 with 1,236 metre drill program in late 2022. Results and details are pending.