Pacific Ridge will pay C$50,000 in cash and issue 750,000 of its common shares to Orogen.
Canadian firm Orogen Royalties has agreed to sell the Onjo copper-gold porphyry project in British Columbia, Canada, to copper-gold exploration company Pacific Ridge Exploration.
Under the agreement, Pacific Ridge Exploration will pay C$50,000 in cash and issue 750,000 common shares to Orogen.
Pacific Ridge will also issue a 2% net smelter return (NSR) royalty in the project to Orogen.
Orogen president and CEO Paddy Nicol said: “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.”
Located 10km west of Mount Milligan mine, an alkalic porphyry copper-gold system, the 97km² Onjo property comprises skarn and alkalic porphyry copper-gold mineralisation.
This mineralisation is related to monzonitic phases of the Witch Lake intrusions cutting Takla volcanic rocks, and similar to the mineralisation and host rocks at the Mount Milligan Mine.
The property encountered multiple small dykes of monzonite related to anomalous copper mineralisation, during historical drilling.
However, Orogen’s relogging of the historic drill core identified multiple indicators of the top of an alkalic porphyry system. This included garnet skarns, copper-gold skarns, late barren lithocap, magnetite and hematite replacement of pyroxenes and copper-bearing leakage structures.
Pacific Ridge president and CEO Blaine Monaghan said: “The style of mineralisation, the accessibility, and the proximity to one of B.C.’s largest copper-gold mines make Onjo a compelling exploration project.
“However, when you combine the above with a new exploration hypothesis, that past operators encountered the upper levels of an alkalic porphyry system, Onjo’s exploration potential is doubly compelling.
“With the acquisition of Onjo, Pacific Ridge now has four copper-gold projects in its project portfolio, including the company’s flagship Kliyul copper-gold project, and is quickly establishing itself as one of B.C.’s leading copper-gold exploration companies.”
Located within the Quesnellia arc that is said to host several significant alkalic copper-gold porphyry deposits, the project was acquired by Orogen last year.
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