Origen to Aggressively Advance its Lithium Assets in 2023
Vancouver, January 19, 2023 - Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the "Company" or "Origen") is pleased to provide the following strategic overview for the year ahead.
The Company is excited with the top-tier exploration assets assembled by its world class team and are most encouraged by the global macro conditions in the critical minerals space. Analysts have predicted that the lithium industry will need to invest $42 billion over the near-term to meet the projected demand by 2030. As a result of the impending lithium shortage, Origen will now be focusing all of its exploration efforts on its Argentina lithium assets.
It is the strong belief of the Company that its projects in Argentina represent a rare opportunity to be a company maker. It's not often that a district-scale land package, like the Los Sapitos project, can be acquired through staking and be proven to host the right ingredients for a substantial lithium discovery in less than a year. Los Sapitos came together as the result of the Company's technical team thinking outside the box and applying exploration concepts acquired through extensive lithium experience in Argentina and around the globe over the last 15 years.
Origen's CEO, Gary Schellenberg, along with the team he assembled at Coast Mountain Geological, have been active in Argentina for over 25 years and were one of the first groups to focus on the lithium potential in the country 15 years ago. This team played a major role in identifying and leading one of the world's largest lithium deposits, through to the development stage and eventual handover to one of the world's largest battery materials producers. The deposit, located in Salta Province within the heart of the lithium triangle and hosts an indicated resource in excess of four millions tons of lithium carbonate, is expected to start production in the near-term.
Between Coast Mountain Geological and in-country partners Petra Gold Servicios SRL and Servicios Logisticos SRL, Origen is fortunate to have a world-class team in place with an impressive track record of lithium discoveries. The Los Sapitos Salar was discovered by Origen after a worldwide search for quality lithium exploration opportunities.
Given the quality of geological evidence uncovered to date, the vastness of the unexplored tectonic corridor, and the early (and rare) detection of lithium, Los Sapitos deserves full focus moving forward.
Origen is excited to be partnering its lithium and gold assets in Newfoundland with Nord Battery Resources Corp. ("Nord"), a new lithium explorer lead by a very motivated management team. Nord is expected to be listed on an approved stock exchange in Q2 of this year and upon listing Origen will become one of its largest shareholders. These Newfoundland lithium assets are the largest land package assembled in the province targeting lithium-rich pegmatites (see news release dated October 18, 2022). The Nord transaction is the latest in a number of successful spin-outs and asset monetizations by Origen that represent over $2 million on Origen's balance sheet.
Additionally, opportunities are being explored in regards to Origen's portfolio of assets in B.C. to further monetize or find qualified partners in order to advance these projects. The work completed last year on the LGM and other properties has added significant value, with new data that continues to showcase the potential of significant discoveries being made.
To that end Origen will continue to work diligently on further developing and growing the Company to deliver substantial benefits to all of its shareholders and the communities in which it operates.
About the Los Sapitos Lithium Belt
The Los Sapitos claim package currently totals 48,325 hectares (ha) and is centered on known salars (dry salt lakes) at the northern edge of the San Juan Province in Argentina.
The belt's tectonic setting, geothermal activity and observed brine chemistry are similar to that of the Lithium Triangle to the north and gives rise to the potential for discovering structural traps for lithium-bearing aquifers at depth. The area is also host to vast alluvial sand and clay deposits that have never been investigated for their lithium content. Very limited exploration for lithium has occurred within the project area prior to Origen's acquisition. Ulexite (a boron evaporite mineral) has also been identified throughout the belt and indicates that concentrated boron-bearing brines have been present, which is an important indicator of lithium prospectivity.
The Company is awaiting approval for exploration rights covering approximately 28,000 hectares in southern La Rioja Province, across the provincial border from Los Sapitos. The new claim applications were the result of a comprehensive regional review of satellite imagery to identify signatures similar to those where the Company obtained favourable exploration results that were recently reported (see news release dated September 6, 2022). The new claim areas exhibit both clay and evaporite mineral signatures that may indicate the presence of near surface brine and hot spring activity.
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 property in the mineral-rich Golden Triangle of British Columbia, and a 100% interest in the Los Sapitos lithium project in Argentina.
For further information, please phone 604-681-0221 or email info@origenresources.com
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/151830