1.5% NSR royalty + cash payments and shares in Stampede Metals
Project Overview and History
The Manhattan Gap project is a porphyry and polymetallic carbonate replacement target located in the historic Pioche mining district in Lincoln County, Nevada. Multiple target areas exist in the district associated with a large zoned Cretaceous porphyry system that has been tilted and dismembered by post-mineral faulting. By combining Orogen’s 8.2 square kilometre land package with Stampede Metals’ 8.5 square kilometre land package, the project can be explored effectively as a unified district-scale project.
On April 27, 2021, Orogen signed an option agreement with Stampede Metals Corp. (“Stampede”), a private Nevada company, whereby Stampede can acquire a 100% interest in the Manhattan Gap porphyry/polymetallic carbonate replacement project in eastern Nevada, USA. To earn a 100% interest in Manhattan Gap, Stampede will make a cash payment of US$18,243, issue 7.5% of Stampede shares (approximately US$158,000 in value), incur up to 7,500 metres of drilling over a six-year period, and grant to Orogen a 1.5% NSR royalty.
In late 2021, Stampede completed geophysics and drilling on the combined property including 500 metres of drilling on Orogen’s ground. The single drill hole returned no significant alteration or anomalism.