Origen Takes Direct Control of Newfoundland Lithium Projects
Vancouver, February 27, 2023 - Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the "Company" or "Origen") is pleased to announce that Nord Battery Resources has agreed to terminate the agreement to purchase all of the Company's Newfoundland Lithium properties (see October 18, 2022 release). Origen shareholders will now have direct benefit of these assets. These Newfoundland lithium projects are the largest land package assembled in the province targeting lithium-rich pegmatites and will greatly enhance the Company's new lithium-focused mandate.
Origen's project-generator model has been quite successful in the past, but given the increased global focus on lithium, and the quality of the recent additions to management and advisory teams, the Company is pleased to be able to re-assert 100% ownership of the Newfoundland Lithium properties. Origen still has a substantial portfolio of investments and mineral properties, as well as additional lithium acquisition opportunities currently being pursued.
Gary Schellenberg, Origen CEO explained: "We are excited to have these assets back under our direct developmental control. This is one of the largest lithium-focused land packages in Newfoundland. Our geological team identified the significance of the geology of the region early and was able to amass a strategic land package within this emerging lithium belt, complimenting our efforts at Los Sapitos in Argentina. Having control of these lithium projects again, we can now aggressively explore and develop them to the full benefit of our shareholders."
Key Points:
- Origen now directly controls highly-prospective lithium brine and clay prospects in Argentina, as well as these Newfoundland hardrock pegmatite prospects, covering all forms of lithium mineralogy.
- New Lithium Advisory Board members add their considerable expertise to Origen's existing geological team, to rapidly advance all of Origen's lithium assets.
- The Origen geological team has significant experience in the Caledonian Lithium Belt consulting to Blackstairs Lithium's Avalonia Lithium Project in Ireland (56% owned by Ganfeng Lithium).
About the Newfoundland Lithium Belt
The Newfoundland Lithium Belt exhibits all the characteristics of the major lithium-rich corridor observed from Ireland to 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 in proximity to prospective lithium-caesium-tantalum ("LCT") geochemical signatures. Mapping of the geochemical pathfinders for lithium has revealed distinct vectors that have guided the Company to focus in on priority areas and now directly control a commanding land position in this new belt.
These geochemical pathfinders, on a regional scale, reveal a distinct corridor over 400 km long that transects Newfoundland and corresponds to the large-scale tectonic suture zone associated with 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' when lithium-rich pegmatites were emplaced along the belt.
In 2021 Origen acquired claims over three clusters of targets along the length of the Newfoundland lithium belt, covering over 33,000 hectares. All of these targets include or are in immediate proximity to beryl-bearing pegmatites, lithium or pathfinders in till, major deep running tectonic structures and granites with ages that coincide with the prospective period of tectonic activity. Highlights that have emerged during Origen's first season of exploration include:
Newport Area: Biogeochemical survey perpendicular to pegmatite trend confirmed government till survey results and identified multiple new anomalies that appear to be on strike with previously recognized lithium and pathfinder anomalies.
Central Area: Examples of local scale zoning in multi-stage pegmatite intrusions found in large boulders. Caesium anomalies identified in biogeochemistry with contained and adjacent single point lithium anomalies. Emerging evidence based on the proximity to the GRUB line (a deep, tectonic structure) with granites dated to lithium-prospective geological time and distribution of mapped pegmatites, beryl and geochemical anomalies suggests the Central Area is more similar to Irish-style lithium pegmatites than Newport or the Southwest Coast.
Southwest Coast Area: Proximity to the Benton-Sokoman discovery of spodumene pegmatite at Golden Hope is highly encouraging. Golden Hope is 10 and 36 km from Origen's two main claim groups in the SCA cluster. Numerous pegmatites were mapped by Origen's geologists while prospecting and it is noted that the Southwest Coast and Newport areas are excellent candidates for satellite and airborne hyperspectral mapping of LCT-prospective mineralogy.
Origen is rapidly re-integrating these Newfoundland Lithium projects into its aggressive exploration plans for 2023, and will provide additional information on its future technical programs shortly.
About Origen
Origen is an exploration company engaged in generating, acquiring and advancing base, precious metal, and lithium properties. The Company is fully focused on its 100% interest in the Los Sapitos Lithium project in Argentina and its 100% interest in the Newfoundland Lithium projects, and also 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 portfolio of investments from prior property joint ventures and sales.
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.
On behalf of Origen,
Gary Schellenberg
CEO
For further information, please contact 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/156440