- Advance Lithium Corp. (AALI) has sold its royalty on three claims in Kenya to Orogen Royalties Inc. (OGN)
- Orogen must pay US$120,000 followed by transferring 100 per cent of its Sarape Gold Project to Advance Lithium
- Orogen will still hold a 1.50 per cent royalty on Sarape
- Sarape has seen little exploration work which sampled low grades of gold and silver
- Advance Lithium Corp. (AALI) is unchanged trading at $0.02 per share as of 2:14 p.m. ET
- Orogen Royalties Inc. (OGN) is unchanged trading at $0.45 per share as of 2:15 p.m. ET
Advance Lithium Corp. (AALI) has sold its royalty on three claims in Kenya to Orogen Royalties Inc. (OGN).
Orogen stated it is required to pay US$120,000 followed by transferring 100 per cent of its Sarape Gold Project, based in Mexico, to Advance Lithium. However, Orogen will still hold a 1.50 per cent royalty on Sarape.
“Sarape sits in the prolific Rio Sonora Valley that also hosts the Mercedes, Santa Elena, and Ermitaño mines as well as the Las Chispas deposit…. highly prospective for epithermal gold-silver deposits and Advance Lithium will move quickly to test the potential of Sarape,” Allan Barry Laboucan, President and CEO of Advance Lithium, said.
The Sarape project sits on the northern part of the Rio Sonora Valley which is host to two epithermal veins still mostly unexplored.
In the past, the veins only saw two drill campaigns from separate operators. Some samples taken from that time showed low grades of gold and low to average grades of silver.
Advance Lithium stated it is working on a program to test both veins so that it may understand the coverage of mineralization hopefully resulting in a mineral target.
“Our previous work at Tabasquena, as well as the track record of other explorers in the Rio Sonora valley, suggests a more comprehensive drill program is needed… similar vein systems often feature blind veins that do not outcrop and can only be found through drilling,” Laboucan said.
Advance Lithium Corp. (AALI) is unchanged trading at $0.02 per share as of 2:14 p.m. ET.
Orogen Royalties Inc. (OGN) is unchanged trading at $0.45 per share as of 2:15 p.m. ET.
