Orogen Royalties Inc. has signed a purchase and sale agreement with Pacific Ridge Exploration Ltd to sell the Onjo copper-gold porphyry project, located in north central British Columbia.
Upon regulatory approval of the TSX Venture Exchange, Orogen will receive $50 000 cash, 750 000 common shares of Pacific Ridge, and a 2.0% net smelter return (NSR) royalty, of which 0.5% can be purchased for US$1.5 million.
Paddy Nicol, President and CEO of Orogen, comments:
“Onjo was generated and staked in 2021 using a new exploration model in British Columbia for vectoring into copper-gold mineralisation from the tops of alkalic porphyry copper-gold systems. This is another transaction that demonstrates the company’s ability to successfully create and grow its royalty portfolio by leveraging its technical expertise to develop and bring to market compelling exploration opportunities.
“The project is within 10 km of Centerra Gold’s Mt Milligan Mine, representing a significant exploration opportunity. Pacific Ridge is an emerging exploration company with an excellent team to advance the Onjo project.”
Read the article online at: https://www.globalminingreview.com/mining/08022022/orogen-sells-onjo-copper-gold-project-to-pacific-ridge/