Royalty Summary: Orogen holds a 2.25% NSR royalty on the Gilbert South claims with a 1% buydown for US$1 million and also the right to acquire a pre-existing 1% NSR royalty on the Timberline claims subject to a buy-down provision for US$1 million. The claims are owned and operated by Eminent Gold Corp. https://eminentgoldcorp.com/projects/gilbert-south/
Project Overview and History
The Gilbert South project is located forty-two kilometres west of Tonopah, Nevada within the prolific Walker Lane trend of precious metal bearing epithermal deposits.
The claim position is centered on a two square-kilometre outcropping low sulfidation epithermal vein swarm developed within a Cenozoic bi-modal volcanic field. High grade gold in grab samples from surface locally exceed thirty grams per tonne gold. Historic reverse circulation drilling has returned long runs of low-grade gold mineralization, but did not test the most prospective surface geochemistry, nor the potential deep feeder structures, which could host bonanza grade veins in this type of system.
Since optioning the project in June 2021, Eminent have advanced targets on the property with work programs including rock and soil geochemistry, and reconnaissance mapping followed by nine transects of CSAMT (Controlled Source Audio-frequency Magnetotellurics).
This work has identified three priority drill ready gold-bearing structural targets (Bighorn, Pretty Boy and Eastbound) hypothesized to host bonanza grade epithermal veins. Eminent published an updated NI43-101 compliant technical report in August 2022 outlining targets and plans for future drill programs.
On June 24, 2021, Orogen entered an option agreement with Eminent Gold Corporation (“Eminent”) for the Gilbert South project. Eminent can earn a 100% interest in the Gilbert South project by making cash payments totaling US$875,000, issuing 500,000 shares and granting to Orogen a 2.0% NSR royalty of which 1.0% can be purchased for US$1.0 million:
On September 27th, 2023 Orogen amended the deal to sell Gilbert South to Eminent for 350,000 common shares at closing and an additional 200,000 common shares on the commencement of any drill program on Gilbert South. Eminent will also grant Orogen a 2.25% net smelter return (“NSR”) royalty on the Gilbert South claims with a 1% buydown for US$1 million. Orogen will also retain the right to acquire a pre-existing 1% NSR royalty on the Timberline claims subject to a buy-down provision for US$1 million. The common shares received pursuant to the Agreement are in addition to the US$75,000 cash and 150,000 common shares Orogen received under the Option Agreement.
In late 2021 and early 2022, Eminent announced geochemical and geophysical (CSAMT) results from Gilbert South which identify three primary target zones (Pretty Boy, Bighorn and Eat bound). These zones will be prioritized for future drill testing.
- Flagship Royalties
- Canada Royalties
- USA Royalties
- Mexico Royalties
- South America Royalties
- Africa Royalties