Orogen Royalties Partners with First Majestic Silver on Navidad Deposit Development
Orogen Royalties (OGNRF) announced that First Majestic Silver (AG) has received permits for portal construction for the Navidad deposit, where Orogen holds a cash-flowing 2% net smelter return royalty. Significant infill drilling results have also been reported on the Winter vein system that forms part of the Navidad deposit. Highlights: First Majestic has committed an additional $12M to initiate the construction of portals for the Navidad and non-royalty Santo Nino deposits within the Santa Elena/Ermitano mine complex; The additional funding will provide underground access to both areas, support decline and ramp development, and advance hydrogeological studies; Over 7,700 metres in ten holes of a planned 17,000 metre drilling program in 2026 has been completed at Navidad's Winter vein with the following highlight drill holes: EWUG-26-089 grading 23.59 grams per tonne gold and 359 g/t silver over 2.49 metres. EWUG-26-091 grading 3.5 g/t gold and 28 g/t silver over 14.89 metres. EWUG-26-088 grading 11.99 g/t gold and 358 g/t silver over 3.43 metres. "Portal construction at Navidad represents an important development milestone at the Santa Elena/Ermitano mine complex," commented Paddy Nicol, CEO. "According to First Majestic, the smaller Santo Nino deposit has the potential for near-term mining while the larger and higher grade Navidad deposit continues to be drilled and represents one of the key discoveries in the Santa Elena/Ermitano mine area. Both deposits have the potential to materially extend the mine life at Santa Elena. Infill drilling results received to date from Navidad support potential conversion of Inferred Resources to Indicated Resources as well as an increased confidence in volume and grade continuity of mineralized material."
