2% NSR royalty + cash payments + exploration expenditures
The Pearl String project is located in Mineral County, Nevada, US and is a high sulfidation epithermal project in Nevada’s Walker Lane.
The 16.6 square kilometre Pearl String project is located in Mineral County, Nevada, and is prospective for high sulphidation epithermal gold deposits (Figure 1). The project area encompasses the northwestern margin of a 25 square kilometer zone of magmatic hydrothermal alteration that has been dismembered by post-mineral right lateral strike slip faults. The southeastern fault block hosts the Isabella Pearl Mine, one of Nevada’s newest heap leach gold operations1.
Orogen’s claim position covers two targets separated by the post mineral Gumdrop Hills fault (Figure 2). The eastern target is focused on a three-kilometre-long normal fault. The fault zone has illite altered granite in its footwall and quartz-alunite altered tuff in the hanging wall. The quartz-alunite altered tuff is consistently elevated in gold with select samples returning up to 12.0 grams per tonne (“g/t”) gold.
The western target covers approximately eight square kilometres with quartz-alunite altered tuff surrounding a shallow zone of post mineral alluvium. Southeast of the covered area, gold mineralization occurs in gold-barite veins cutting the quartz-alunite blanket. Northwest of the covered area a shallow east dipping ledge of quartz alunite altered tuff was explored in 1989 by FMC. Drilling successfully traced the ledge east under gravel and a fresh andesite, intercepting up to 10.6 metres grading 0.24 g/t gold within a 30.3 metre thick blanket of quartz-alunite alteration. A 2020 ground magnetics survey completed by Orogen defined multiple large magnetic lows which may be zones of more intense alteration representing feeder zones for the high sulphidation system.
No drilling has been completed on either target.
On October 25, 2022 Orogen announced the option of the Pearl String property to a wholly-owned U.S. subsidiary of Barrick Gold Corporation (“Barrick”). Barrick can earn a 100% interest in the Pearl String project by making option payments totalling $1.5 million USD and exploration expenditure of $4 million USD.
During the first two years of the Agreement, Barrick shall incur at least US$800,000 in expenditures exploring the Pearl String property. Once Barrick exercises its option on the Agreement, Orogen will retain a 2% NSR royalty. Barrick will be operator for the exploration of Pearl String.
Oct 25, 2022 - Orogen Royalties options the Pearl String Gold Project to Barrick