Spring Peak

Project Generation Timeline

July 2021

Orogen announced it has signed an option agreement with Headwater Gold Inc. (“Headwater”) for the Spring Peak gold project in Nevada, USA. To earn a 100% interest in the Spring Peak project, Headwater will provide a cash payment of US$10,000, a cash or share payment totaling US$250,000 (subject to receipt of certain permits from the United States Forest Service), incur exploration expenditures of US$250,000 within 24 months of signing the agreement, and maintain all required underlying vendor payments and royalties. Orogen will retain a 0.5% net smelter NSR royalty and an option to purchase an additional 0.5% NSR royalty for US$1.0 million.

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2023

Headwater completed 25 drill holes totaling 8,475 metres on the Spring Peak property. Drilling focused on the discovery at the Disco vein, expanding the gold mineralization to the northeast and southwest over a strike length of 350 metres and to a depth of 300 metres. Multiple drill holes also intersected a region of shallower mineralization, 130 metres above the main Disco Zone structure, possibly representing a parallel mineralized structure (drill hole SP23-17). Highlight holes from the Disco Zone drilling include:

• SP23-17 with 20.46 metres grading 2.59 grams per tonne (“g/t”) gold including 1.21 metres grading 13 g/t gold and 3.11 metres grading 9.00 g/t gold.
• SP23-28 with 25.54 metres grading 1.75 g/t gold including 8.04 g/t gold over 1.19 metres and 5.35 g/t gold over 2.59 metres.
• SP23-33 with 37.01 metres grading 1.28 g/t gold including 6.53 g/t gold over 1.68 metres and 6.27 g/t gold over 1.19 metres.

The Disco vein remains open along strike and to depth with a step out hole (SP 23-37) drilled along strike 400 metres to the northeast of the Disco Zone, at the “Pioneer Zone”, encountering a 2.5 metre wide structure-hosted epithermal vein (assay results pending).

A scout drilling program tested regions of epithermal alteration across the property and returned multiple prospective intersections for 2024 follow up including SP23-23 grading 0.54 g/t gold over 9.17 metres and 0.40 g/t gold over 35.05 metres.

Headwater have confirmed a 7,000-metre drill program for 2024 funded by Newmont. The estimated twenty-to-twenty-five-hole program commenced in July designed to target extensions of the Disco Zone. District-scale exploration, including gravity and Controlled-source Audio-frequency-Magnetotellurics (CSAMT) geophysics, airborne magnetics and radiometrics, and soil sampling utilizing Newmont’s Deep Sensing Geochemistry methodology are also planned.

2022

Headwater announced an Earn-In Exploration Agreement with Newmont Corporation (“Newmont”) (previously Newcrest Mining) with a minimum of US$5 million expenditure on Spring Peak within 36 months of Execution. Newmont can spend US$60 million to earn a 75% interest in the project and commenced a 3,200-metre drill program. Highlights from that drill program include:

• Drill hole SP22-11 intercepted 43.7 g/t Au over 0.63 metres (“m”) within a broader interval of 40.63 m grading 1.86 g/t Au.
• Drill hole SP22-12 intercepted 23.5 g/t Au over 0.33 m within a broader interval of 42.61 m grading 0.94 g/t Au.
• Drill hole SP22-13 intercepted 34.72 m grading 2.73 g/t Au, including 15.92 g/t Au over 2.38 m and 10.43 g/t Au over 2.01 m.

2021

Headwater announced the discovery of a new blind gold discovery at the Disco Vein with drill hole SP 21-03 returning 38.1 metres grading 1 g/t gold including 9.2 m grading 2.49 g/t gold.