Project Overview and History
The Raven project is a Carlin-type gold target covering windows of prospective lower plate carbonate host rocks and Paleozoic normal faults, including extensions of the Roberts Mountain thrust. The southern claim block covers a mineralized body hosted by an upper-plate Ordovician calcareous siltstone. Thirty-six drill holes have tested this target with intercepts up to 9.96 grams per tonne gold over three metres. The lower plate target below this high-grade gold cell remains largely untested. The northern claim block at Raven has seen limited exploration. Recent mapping by Orogen geologists combined with conodont ages have refined the stratigraphy and identified favorable lower plate horizons in multiple locations. Soil samples taken at Raven display a large arsenic, antimony and mercury anomaly across the area. Multiple shallow drill targets exist below these gold-in-soil anomalies.
Royalty Summary
Orogen holds a 1.0% NSR on 30 claims that have no other royalties. 0.25% of the 1.0% can be bought back prior to commercial production for US$500,000. On the remaining claims Orogen holds a 0.5% NSR that is unbuyable.
Transaction Summary
On August 11, 2021, Orogen announced two agreements with Meridian Gold Company (“Meridian”), a wholly owned subsidiary of Yamana Gold Inc., for the option of the Raven and Callaghan gold projects, and a three-year partner-funded generative exploration alliance in Nevada.
Under the terms of the Option Agreement, Meridian can earn up to a 100% interest in the Raven and Callaghan projects by making cash payments totaling US$300,000 and exploration expenditures of US$4.625 million over a five-year period. Orogen will retain a 2.5% NSR royalty on the Raven Project and a 3.0% NSR royalty on the Callaghan project, with a buy-down right up to 1.5% on each NSR for up to US$10 million.
In July, 2022 Meridian made the first anniversary payment and met the minimum work requirement.
On January 31, 2023, Yamana announced it had received shareholder approval on a plan of arrangement involving the acquisition of all issued and outstanding common shares by Pan American Silver Corp. following the sale of its Canadian assets to Agnico Eagle Mines Limited.
Subsequent to the acquisition of Yamana, Pan American Silver terminated the option agreement on Raven.
On September 24, 2024, Orogen completed the sale of Raven to Black Mammoth Metals: https://blackmammothmetals.com/
Recent Exploration Activities
In 2021 & 2022, Orogen completed a program of partner funded geochemical sampling, gravity and mapping to define four prospective Carlin targets.
August 2021: https://www.orogenroyalties.com/news/orogen-signs-option-and-generative-alliance-agreements-with-yamana-gold