Vancouver, British Columbia--(Newsfile Corp. - April 3, 2024) - Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA)(the "Company" or "Origen") is pleased to provide a strategy update in regards to its portfolio of lithium, gold and copper properties located in Argentina, Newfoundland and British Columbia.
Given current market conditions management believes that Origen's assets are significantly undervalued and is actively exploring options that will maximise shareholder value. "The company is actively seeking to monetize its significant project portfolio and are assessing a variety of options. Management and insiders continue to support the company and fully believe in the value of the asset portfolio," states Gary Schellenberg, CEO.
The following is a summary of the Company's asset portfolio:
WISHBONE
A 100% owned high grade gold and silver project located in the centre of the Golden Triangle in northwestern BC.
Gold soil samples of up to 8.5g/t gold with the underlying source currently unknown.
Rock grab samples1 of greater than 100 g/t gold coming from both sides of a rapidly receding glacier.
9 km of gold and silver rich surface samples.
Figure 1 Map showing the location of Origen's Wishbone and LGM Properties
The Wishbone property is a contiguous 3941 ha property, located along the main access road to the Teck/Newmont Galore Creek copper deposit2 in the centre of the prolific Golden Triangle in northwestern British Columbia. Wishbone has 11 target areas covering significant high-grade gold-silver quartz-carbonate as well as volcanogenic massive sulphide-style mineralization. Boulders have been found at the base of a rapidly retreating central glacier including one grab sample1 that returned 203 ppm gold as well as 6700 ppm silver. Origen will be using additional geophysics and mapping to pinpoint a likely hard rock source of these high-grade boulders.
Figure 2 Photograph taken 18 August 2023 showing the dramatic retreat of glaciers since the area was mapped - Large area newly exposed. Ice has receded 1.2 km up the valley from 1990 levels
New results from boulders found along the southern edge of the central glacier have returned 203 ppm gold in an area that was previously identified as being a primary silver rich zone. Separate samples collected from boulders from this area contained up to 109 ppm silver and 1.2% copper. This sample is compared to the 175.5 ppm gold sample collected from a glacial boulder on the northern edge of the same glacier in 2021. All nine drill holes completed in 1987 on the north of the Property intersected gold in a series of veins with one interval returning 7.7 metres of 3.2 ppm gold. Subsequent soil sampling revealed an area to the south of the 1987 drilling area with very high values of gold in soil - to date this southern anomaly has not been drill tested.
LOS SAPITOS
A 33,000 hectare lithium brine property located on the extension of the lithium belt in Argentina.
Surface samples returned lithium bearing brines.
Geophysics is indicative of a deep brine filled basin with similarities to a Clayton Valley style model.
Ready for the first drill holes.
Origen previously recognized that the geology of the mining-friendly northern San Juan Province was similar to that of the lithium belts in the north of the country. Guided by this exploration model, Origen was able to acquire a district-sized 33,162 hectare contiguous land package around a mostly-buried salar. Preliminary exploration in 2021 was met with immediate success, returning surprisingly high grades of lithium in brines at surface in the main salar area of Los Sapitos, with one sample returning 391 mc/l.
Sampling results from 2023 showed that significant lithium is found both in clays and in evaporite mineralization on the eastern margin of the basin with results of up to 824 mg/L found in samples collected to date. 2023 Vertical Electrical Sounding (VES) in the main salar has shown that a conductive layer up to 482 metres deep is found beneath a thin layer of travertine. The levels of conductivity recorded by VES on the property are consistent with those from a brine-hosting aquifer.
Figure 3 Cross section showing the results (resistivity), and interpretation of the data collected from the Vertical Electrical Sounding survey at Los Sapitos in 2023
District scale land package staked along the trend from the Avalonia project in Ireland to the Kings Mountain mine in the Carolinas.
Numerous fertile pegmatites previously unexplored for spodumene.
Located on trend with the Kraken spodumene pegmatite discovered in 2022.
The most recent Fraser Institute survey ranked Newfoundland 4th overall from a list of global mining jurisdictions.
The Newfoundland Lithium Project consists of 12 blocks along the pegmatite belt of Newfoundland, also the target of Piedmont Lithium's recent initial 19.9% investment into Vinland Lithium and their Killick Lithium project2. The 12 Origen claim blocks were acquired by staking, with 20 prospective targets covering geological characteristics similar to lithium pegmatite belts found in Ireland, Nova Scotia, and North Carolina, home to North America's longest producing lithium mine. The area was originally explored by the Newfoundland government in the 1960's who discovered numerous showings of Beryl.
LGM:
A district scale copper, molybdenum, gold porphyry target in the heart of the Golden Triangle in northwestern BC.
Located along the planned Galore Creek access road.
Talus, rock and soil geochemistry surveys have delineated Cu-Mo and Au targets, similar in tenor and size to those that first targeted the Galore Creek area.
The LGM property is a contiguous 26,771 ha property, located along the main access road to the Teck/Newmont Galore Creek copper deposit2. The LGM property was acquired by Origen in the Spring of 2020 and the Company's field programs have re-established historical areas of mineralization, with a particular focus on areas where recent glacial retreat has exposed new prospective zones. ASTER Alteration signatures show a broad zone of Q-S-P and Clay alteration, characteristic of other major deposits in the area. An Airborne VTEM/Magnetics survey in 2021 highlighted large conductors at depth and cross-cutting structures. Scout drilling of 5 holes in 2022 noted distinct megacrystic porphyry and pseudoleucite, characteristic of one of the main mineralizing phases at Galore Creek.
Historical work has mainly focused on the Lucifer and Grizzly occurrences. Chip sampling on the Grizzly showing from a trench completed by Rimfire minerals in 2006 returned 1.1 ppm gold and 0.74% copper over 38 metres.
Subsequent drilling in 2008 returned 0.15 ppm gold over 38.63 metres, and 0.19 ppm gold and 0.11% copper over 53.73 metres.
BONANZA
100% interest in 802 hectares encompassing historic underground workings located 20km north of Grand Forks, BC in the historic Knight's mining camp2.
Year round road access.
Cu-Zn-Pb-Ag Skarn, Ag-Pb-Zn fault breccia, and Au-Ag Epithermal targets.
2019 soil sampling delineated a Cu-Ag-Pb-Zn anomaly measuring 1 km x 150 metres.
Origen completed a surface exploration program in the fall of 2019, comprising reconnaissance of the historic mine workings and the collection of 1,074 soil samples and 54 rock grab samples1. The geochemical soil sampling program delineated a greater-than-one-kilometre-long-by-150-metre-wide coherent Cu-Ag-Pb-Zn soil anomaly that follows a significant topographic feature identified through aerial drone orthophotography and is open to the north along this same feature. Most historic workings are within or adjacent to this multielement soil anomaly.
BROKEN HANDLE
Numerous historical showings located 3km south of the historic Franklin gold deposit2.
Soil sampling completed in 2023 delineated two, 200 x 400 metre Au-Ag-Cu-Pb-Zn anomalies, one surrounding the historical Morell Camp mine2; the second, located 400m to the north, has not been explained by surface mapping.
Ground magnetic data collected in 2023 revealed east-west trending lineaments that correspond with structures exploited by the historical workings at Morell Camp2. Similar lineaments underlie a second unexplained soil anomaly discovered during the work.
The Broken Handle property is currently under option to Hawthorn Resources, where Hawthorn can earn a 75% interest in the Broken Handle property by paying Origen a total of $250,000 (CAD), issuing 1 million shares and incurring work expenditures of $500,000 CAD over a three-year period.
ARLINGTON
Significant coincident Au-Cu-As + pathfinders soil anomaly discovered spanning 0.6 x 1.2 km in area with no previously recorded mineralization; Gold values in soil up to 2.26 g/t.
Anomaly lies immediately upslope on both banks from historical China Creek placer gold camp2.
Rock samples taken from fringe of anomaly grade > 1 g/t Au.
Additional Cu-Mo-Ag anomaly in soils and rocks discovered further north within intensely argillic altered and complex lithological environment.
Origen may seek the assistance of a financial institution as it continues to pursue partnership opportunities and asset sales to unlock Company value.
1Grab samples are by definition selective. Grab samples are solely designed to show the presence or absence of mineralization, and are not intended to provide nor should be construed as a representative indication of grade or mineralization at the Project.
2 Referenced nearby historic resources, deposits and mines provide geologic context for the Project, but are not necessarily indicative that the Project hosts similar potential, size or grades of mineralization.
Thomas Hawkins, P.Geo. (#39892), a Qualified Person as that term is defined in NI 43-101 has prepared, supervised the preparation or approved the scientific and technical disclosure in the news release.
On behalf of Origen, Thomas Hawkins Managing Director
For further information, please contact Gary Schellenberg, Chief Executive Officer, at 604-681-0221.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Certain of the statements made and information contained herein may constitute "forward-looking information." In particular references to the private placement and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
