Royalty Summary
Orogen holds a 2% NSR royalty of which 0.5% can be purchased for C$2 million on the approximately 50 square-kilometre Axe property which forms part of the larger MPD project owned and operated by Kodiak Copper Corp: https://kodiakcoppercorp.com/projects/mpd/
Project Overview and History
The Axe project lies immediately south and adjacent to Kodiak’s MPD project, where drilling in 2019 resulted in the discovery of the Gate Zone, a high‐grade copper‐gold zone with characteristics of a large porphyry system. The 4,893‐ hectare Axe project contains extensive copper‐gold bearing porphyry systems within the highly prospective southern Quesnellia terrane rocks, the same rocks that host the Highland Valley, Copper Mountain, and New Afton mines in south‐central British Columbia.
Transaction Summary
On December 6, 2016, Orogen acquired a 100% interest in the Axe property from Nova Mentis Life Science Corp. (“Nova”) and Bearclaw Capital Corp. (” Bearclaw”). On April 16, 2021, Orogen sold the Axe project to Kodiak for $1.47 million and a 2.0% NSR royalty, of which 0.5% can be purchased for $2.0 million. Kodiak also assumes the remaining obligation owed to Nova and Bearclaw, up to certain limits.
Recent Exploration History
In June 2023, Kodiak Copper announced that they had drilled 2,450 metres in three holes into the West Zone at Axe with all holes intersecting porphyry mineralization and sulphides. A drill rig will remain in the porphyry cluster hosting the West, South and Adit targets while a second rig is mobilized to the 1516 zone.