Origen's Wishbone Project Samples 202.6 ppm Gold in Boulders, and up to 8.5 ppm Gold in Soil
Vancouver, November 23, 2023 - Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the "Company" or "Origen") Origen is pleased to announce results from the recent Wishbone Project site visit and sampling program completed by Dr. Thomas Hawkins and John Harrop. New high-grade gold samples were found at surface in glacial boulders on both edges of the rapidly-retreating central glacier.
Figure 1 - New results from the August mapping and sampling
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New results from boulders found along the southern edge of the central glacier have returned 202.6 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.
Gary Schellenberg stated, "Given the area over which we are finding gold and silver there is a remarkable amount of gold at surface on the property. We are confident that we are finally close to the bedrock source of these high-grade boulders and soil samples, coincident with prospective geophysical structures beneath the rapidly retreating glacier in the center of the property. This area will become the focus of work going forward."
At the Windy showing located on the northern part of the property, two notable soil samples were collected south of historical drilling and trenching for confirmation of a historical gold in soil anomaly. The two samples returned 1.08 ppm gold and 8.57 ppm gold. There is no known mineralisation in the area of these results. Following up on the results will be a priority next year.
During the brief site visit, gold was found in exposed structurally-hosted gold veins at the 'Goldie' target, an area lying between the Windy and Rat showings. This find shows that the ground between the two historically richest prospects remains prospective for gold-bearing structures. Very little exploration has been completed on this area to date.
Of the 53 rock samples collected across the entire property, 35 contained greater than 0.1ppm gold, with 15 samples greater than 1 ppm gold.
Figure 2 - Gold rich grab samples collected in August
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Wishbone is 100% owned by Origen and is located in the prolific Golden Triangle in northern British Columbia, adjacent to the Galore Creek project jointly owned by Teck Resources and Newmont Gold. Covering 3,941 hectares, Wishbone has 11 target areas covering significantly high-grade gold-silver quartz-carbonate as well as volcanogenic massive sulphide-style mineralization. Boulders have been found at the base of the rapidly retreating central glacier of up to 202.6 g/t gold. Origen will be using additional geophysics and mapping to pinpoint a likely hard rock source of these high-grade boulders.
Figure 3 - Gold is found on both the southern and northern edges of the central glacier. Aerial magnetics show underlying structures
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Figure 4 -The Wishbone property is located in the center of the world-renowned Golden Triangle.
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HIGHLIGHTS
- Located in the centre of the Golden Triangle next to Schaft Creek and Galore Creek deposits.
- Planned Galore Creek access road runs through the property.
- Historical results of 6.7kg/t of silver and 202.6 g/t gold in grab samples.
- Significant glacial retreat has exposed considerable new ground.
- Re-processing and re-interpretation of Skytem geophysical data in progress.
Figure 5 -Historical rock sampling on the property
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Figure 6 -Photograph from August 2023 of the central glacier on the Wishbone property. Lines show how glacial Ice has receded 1.2 km up the valley from 1990 levels
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In September 2023, Origen's Dr. Thomas Hawkins and John Harrop visited the Wishbone project. They were able to witness firsthand the rapid retreat of the central glacier and exposure of significant new ground. Gold and silver-rich float samples appear to be coming from a series of rapidly retreating glaciers in the centre of the property. A compilation of historical rock samples illustrates how prospective the ground is: rock samples of up to 6700g/t silver and 175.5g/t gold in samples of float have been taken at several targets over 10km.
The Origen team is currently working on reprocessing and reinterpreting historical Skytem geophysics data on the Wishbone project, in anticipation of next year's field season.
Methodology
Origen fieldwork followed industry standard practices: samples were collected in situ and placed in labeled polythene bags; samples were stored by them in a secure location at all times. Samples were personally delivered to the laboratory by the field team.
MSALABS of Langley and Terrace British Columbia Canada is a certified analytical laboratory (ISO 9001 and ISO 17025) with experience in the chemical analysis of geological materials. MSALABS is independent of the Company as defined by NI 43-101.
Soils samples were dried and screened to 80 mesh. They were analysed by gold by FAS-121; where a 50g aliquot was subjected to a fire assay with an AAS finish. A 40g aliquot was treated with aqua regia and then analysed by ICP-AES/MS (IMS-132)
Rock samples were analysed for gold by FAS 121; where a 50g aliquot was subjected to a fire assay with an AAS finish, Samples containing greater than 10 ppm gold were analysed by FAS-425; where a 50g aliquot was subjected to a fire assay with a gravimetric finish. Samples containing an excess of 100ppm silver were analysed by ICF-6Ag; a 0.2g aliquot treated with 4 acid digestion and analysed by ICPAES, Samples containing an excess of 1% copper were analysed by ICF-6Cu; a 0.2g aliquot treated with 4 acid digestion and analysed by ICPAES.
Closing of Flow-Through Financing
Origin is also pleased to report that it has closed the non-brokered private placement announced on November 16, 2023 (the "Offering"). A total of 1,000,000 flow-through units at a price of $0.05 per flow-through share (the "FT Shares") have been issued for total gross proceeds of $50,000. Each Unit consists of one common share and one share purchase warrant (the "Unit Warrants"), with each Unit Warrant entitling the holder to purchase one additional common share at a price of $0.15 until May 22, 2025. The gross proceeds from the Offering will be used to advance exploration on the Company's Canadian projects. Common shares issued in connection with this private placement and issuable upon exercise of Unit Warrants are subject to a four-month restricted resale period until March 24, 2024.
The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirement is available.
Certain insiders of the Company participated in the Private Placement and acquired an aggregate of 1,000,000 flow-through units, constituting a related-party transaction as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. However, the Company considers such participation exempt from the formal valuation and minority shareholder approval requirements under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the flow-through units subscribed for by the insiders and the consideration for the units paid by such insiders did not exceed 25 per cent of the Company's market capitalization. The Company did not file a material change report more than 21 days prior to the closing of the Offering as participation of insiders had not been confirmed at that time.
About Origen
Origen is fully focused on its 100% interest in the Los Sapitos Lithium project in Argentina and has recently agreed to sell its 100% interest in the 33,000 ha Newfoundland Lithium project to ASX-listed NewPeak Metals for $1.1 million. Origen also owns a 100% interest in the 26,771 ha LGM and the 3,971 ha Wishbone projects in the mineral-rich Golden Triangle of British Columbia, along with a property portfolio of four 100% owned precious and base metal projects in southern British Columbia.
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,
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.
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