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 2023 Kodiak completed over 18,500 metres of drilling in 33 holes across the whole MPD property with at least 14 on Orogen’s royalty ground, including eight drill holes (4,489 metres) from the West zone,and two holes (1,911 metres) from the South zone. .
Drilling at the West Zone increased the area of porphyry mineralization to an area of over 300 metres by 650 metres and up to 962 metres depths, with the discovery of a hydrothermal breccia zone with mineralized clasts at depth, indicating significant potential for growth.
- Axe 23-011 941 metres grading 0.21% copper and 0.16 g/t gold including 0.49% copper and 0.29 g/t gold over 254 metres
- Axe 23-001 533 metres grading 0.18% copper and 0.2 g/t gold including 0.28% copper and 0.28 g/t gold over 158 metres
- Axe 23-008 198 metres grading 0.33% copper and 0.18 g/t gold including 1.17% copper and 0.42 g/t gold over 39 metres
Drilling at the South zone returned extensive long intersections of copper mineralization linking the historic south zone and mid zones, indicating a larger mineralized system over two kilometres in length10.
- AXE23-014 intersected 1053 metres grading 0.17% copper and 0.05 g/t gold including 0.31% copper and 0.09 g/t gold over 234 metres
- AXE 23-012 intersected 813 metres grading 0.15% copper and 0.04 g/t gold including 0.24% copper and 0.07 g/t gold at 45 metres
Drilling at 1516 identified a new porphyry discovery with weakly anomalous copper from two holes interpreted to be within a lower grade shell of a complexly zoned porphyry system.
In 2024, Kodiak announced a 10,000 metre drilling program on the MPD (North and South) project designed to test six exploration targets. Four of the targets, the 1516, South, Adit and Celeste are on Orogen's royalty AOI