Orogen Royalties Announces Exploration Partner and Project Generation Update and Forecast

VANCOUVER, BC / ACCESSWIRE / July 17, 2023 / (TSXV:OGN)(OTCQX:OGNRF) Orogen Royalties Inc. ("Orogen" or the "Company") is pleased to provide an update and forecast on its partner-funded project generation portfolio for 2023.

Highlights

• Estimated 28,000 metres of partner funded drilling for 2023 representing approximately $18 million in expenditures.
• Eight drill programs planned with four underway.
• Eleven Orogen projects are under option.
• Three transactions completed to date in 2023 creating three new net smelter return ("NSR") royalties on the Ball Creek West and Ecstall projects in British Columbia, and on Cuprite in Nevada.
• Market value of equity interests from Orogen's prospect generation activities on June 30, 2023 is $3.0 million, compared to $2.0 million at December 31, 2022.

Project Generation Portfolio Update

Spring Peak epithermal target, Nevada, USA

Headwater Gold Inc. (TSX.V:HWG) ("Headwater") and Newcrest Mining Limited have commenced a three rig 11,500 metre drill program including 30 to 35 holes, geophysics, mapping and environmental baseline studies at Spring Peak. ^1,2,3 The goal of the program is to expand the Disco zone along strike and down dip in 50 metre increments over a 500-metre strike length and to test the newly discovered Opal Ridge zone at depth (Figures 1 & 2).

Highlight results of drilling completed in late 2022 include the following²:

Disco Zone

• 40.63 metres grading 1.86 grams per tonne ("g/t") gold, including 43.7 g/t gold over 0.63 metres (SP22-11).
• 42.61 metres grading 0.94 g/t gold, including 23.5 g/t gold over 0.33 metres (SP22-12).
• 34.72 metres grading 2.73 g/t gold, including 15.92 g/t gold over 2.38 metres and 10.43 g/t gold over 2.01 metres (SP22-13).

Opal Ridge Zone discovery hole

• 10.67 metres grading 2.73 g/t gold, including 16.4 g/t gold over 1.52 metres. (SP22-14).

Orogen holds the right to cash payments and a 0.5% NSR royalty on the Spring Peak project, with the option to purchase an additional 0.5% NSR royalty for US$1 million.

Foto: Accesswire

Figure 1 - Headwater's plan geological map of the central Spring Peak drill area with location sections A-A' (Figure 2).^{Adapted 1,2,3}

Foto: Accesswire

Figure 2 - Headwater's Interpretive geological cross section A - A' showing results from the Disco Zone drill fence. ^{Adapted 1,2,3.}

Maggie Creek Carlin target, Nevada, USA

Following up encouraging alteration encountered in drilling by previous operators, Nevada Gold Mines (operated by Barrick Gold) completed a detailed relogging program and data review at Maggie Creek, with plans for additional geophysics, mapping and soil geochemistry. The goal of the first phase of work is to support a planned late-2023 drill program.Orogen holds the right to cash payments and a 2% NSR royalty.