Origen Acquires Additional Lithium Claims in Newfoundland and Mobilizes Crew
Vancouver, June 11, 2021 - Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the "Company" or "Origen") is pleased to announce that it has acquired three additional claim blocks from a Newfoundland based staking consortium, covering 450 hectares within the Newfoundland Lithium Belt. This brings the Company's total holdings to over 33,700 hectares in this newly identified and highly prospective lithium corridor.
These new claims contain the key characteristics as identified in the Company's earlier acquisitions that are indicative of lithium rich pegmatites. The Company has mobilized key project personnel to Newfoundland to conduct a site visit on the newly acquired claims and make the following preparations for the upcoming field season:
- Ground truth the location and obtain character samples from the known pegmatites
- Design this year's phase one program on the 33,700 hectare land package
- Obtain necessary exploration permits
- Source crew, equipment, and suppliers to carry out the planned 2021 program
"We believe that these new acquisitions may hold the key to unlocking the lithium prospectively of the area. High lithium values in till samples coupled with known pegmatites makes this an intriguing acquisition," states Company President Blake Morgan.
Acquisition Terms
To purchase a 100% interest in the three claims blocks, Origen will pay a total of $2,770, issue 100,000 shares and grant a 1% NSR to the Vendor. Half of the NSR (0.5%) can be purchased prior to commercial production for $500,000. A two kilometer 'Area of Interest' has also been granted over certain areas. If the Company acquires or stakes ground within the Area of Interest it must issue the Vendors an additional 10,000 shares per claim acquired.
About the Newfoundland Lithium Belt
The Newfoundland Lithium Belt exhibits all the characteristics of a major lithium rich corridor as observed in Ireland and the Carolinas. There are key indicative signs that point to specific target areas with high expectations for the discovery of lithium rich pegmatites. Numerous occurrences of pegmatites have been observed that exhibit highly-favorable lithium-cesium-tantalum ("LCT") geochemical signatures. Mapping of the geochemical pathfinders for lithium has revealed distinct vectors that have guided the Company to focus in on the more prospective areas and acquire a commanding land position in this new belt.
These geochemical pathfinders, on a regional scale, reveal a distinct corridor that transects Newfoundland and corresponds to the tectonic suture zone hosting the world-class Carolina Tin-Spodumene Belt and the lithium pegmatite occurrences in Ireland that have received significant attention in recent years. In addition, the age of the associated parent granites observed in Newfoundland coincides with the 'sweet spot' occurrence of highly favorable lithium rich pegmatites.
John Harrop, P Geo., 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. Mr. Harrop is employed by Coast Mountain Geological Ltd. He is not independent of the Company as defined in NI 43-101.
About Origen
Origen is an exploration company engaged in generating, acquiring and advancing base, precious metal, and lithium properties. The Company currently holds a property portfolio of four 100% owned precious and base metal projects in southern British Columbia, a 100% interest in the 26,771 ha LGM project and an option to acquire a 100% interest in the 3,971 ha Wishbone property in the mineral rich Golden Triangle of British Columbia, a 100% interest in the Middle Ridge gold project and a 100% interest in 15 lithium prospects in Newfoundland.
On behalf of Origen,
Blake Morgan
President
For further information, please contact Blake Morgan, President at 236-878-4938 or Gary Schellenberg, CEO 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/87282