Orogen Royalties has announced the sale of its Celts gold project in Nevada to a US subsidiary of Eminent Gold.
The acquisition involves a total payment of $400,000, comprising $30,000 in cash and $45,000 in Eminent common shares at closing, with the remaining $325,000 payable in cash and/or shares within six months.
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Additionally, Eminent will grant a 3% net smelter return (NSR) royalty, with an option to purchase 1% for $1.5m.
The agreement is part of a generative alliance between Altius Minerals and Orogen, with proceeds from the sale split evenly.
Each party will receive $200,000 in cash and/or shares and a 1.5% NSR royalty. Eminent’s share issuance is pending TSX Venture Exchange approval.
Orogen CEO and president Paddy Nicol said: “Celts is one of four projects generated and the second sold to date under the Alliance with Altius, a collaboration of technical expertise to identify targets with geological similarities to the Expanded Silicon project in the Walker Lane Trend, Nevada.
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By GlobalData“Celts is representative of Orogen’s business model of organic royalty generation, creating exposure to new discoveries with significant leverage to value potential. We are excited to partner with the Eminent team and look forward to their exploration efforts.”
The Celts project, spanning 560 hectares in south-eastern Nevada, is located 13km north-east of the historic Goldfield district and 100km north-west of the Silicon discovery.
The site features a 4km² mineral system with peripheral gold in quartz veins, despite no surface gold in the steam cap. The property, situated on road-accessible Bureau of Land Management land, offers a clear pathway for drill testing.
The acquisition of the Celts project aligns with Eminent’s strategic focus on high-potential gold projects in Nevada.
In a similar development, StrikePoint Gold reached an agreement to acquire the Cuprite Gold Project, located in Nevada’s Walker Lane Gold Trend, from Orogen Royalties and its Nevada-based subsidiary.
As part of the deal, StrikePoint will issue 6,428,571 common shares of StrikePoint, valued at C$450,000 ($316,248), and reimburse project-related costs of $35,208.
Additionally, StrikePoint will grant Orogen a 3% NSR royalty, with Orogen retaining a 1.5% NSR royalty on any future claims acquired from third parties.
Orogen will also maintain ownership of a 1km Area of Interest surrounding the Cuprite project.
