Origen Resources 2020 Year-End Recap and Plans for an Active 2021
Vancouver, January 8, 2021 - Origen Resources Inc. (CSE: ORGN) (the "Company" or "Origen") is pleased to provide this year-end review and outline plans for an active 2021.
"The whole Origen team is extremely proud of what we have accomplished in eight short months since listing in May amidst the challenges that COVID-19 has delivered. We were able to enhance our asset base by acquiring five new projects, entering into option agreements to advance projects and making strategic investments that are currently valued at approximately $2,200,000. With the momentum created by these achievements, 2021 is looking very positive for our shareholders," states Origen President, Blake Morgan.
2020 Highlights:
- Gold discoveries in newly acquired LGM and optioned Wishbone projects in B.C.'s Golden Triangle in a two phase program setting the stage for an exciting 2021.
- Entered into an option to acquire a 100% interest in the Middle Ridge property in the prolific "Exploits Subzone Gold Belt" in Newfoundland.
- Acquired a 100% interest in two base and precious metals projects in southern B.C.
- Entered into agreements with third parties to advance two of the Company's exploration assets.
- Completed two investments in Exploits Discovery Corp. that resulted in the purchase of 3.67 million shares.
Origen began trading on May 5th and hit the ground running by acquiring a 100% interest in the precious and base metal Bonanza Mountain and Broken Handle projects located in southern BC. The Company capitalized on this momentum with the acquisition of a dominant 30,742 hectare land package in the mineral endowed Golden Triangle of northwest B.C. Origen acquired a 100% interest in the LGM project and an option to acquire a 100% interest in the Wishbone project which lies 12km to the west of the LGM and adjacent to Teck and Newmont's Galore Creek project. The final property acquisition of 2020 occurred in November with the Company entering into an option to acquire a 100% interest in the Middle Ridge property in the prolific "Exploits Subzone Gold Belt" in Newfoundland, home to New Found Gold Corp.'s Queensway discovery.
During 2020, Origen also made two investments in Exploits Discovery Corp. to diversify its asset portfolio. The two investments resulted in the combined purchase of 3.67 million shares of Exploits Discovery that are currently valued at approximately $2,200,000. This investment will provide the Company with an alternative, non-dilutive source of financing in the future.
Phase 1 exploration work kicked-off at the LGM and Wishbone projects in July and led to several exciting discoveries. The Wishbone property has experienced substantial glacial retreat since it last witnessed systematic exploration work which aided in the discovery of the Rat gold zone, a 1000m x 500m area that exhibits broad gold-silver mineralization and is open in all directions. At the LGM project, soil sampling 900 meters north of the known Lucifer showing at the NULU target shows a gold anomaly and correlated copper and molybdenum values similar to Lucifer. The newly reported NULU gold anomaly is aligned with historical Noranda results and may represent the northerly extension of the Lucifer target and remains open to the north. The Company completed a follow-up phase two field program in September and is still awaiting assays results due to unprecedented delays with analytical labs. Results are expected shortly and will be released as they are received.
With a stable of high-quality exploration properties in its portfolio, the Company received considerable interest in 2020 from parties seeking to acquire an interest in assets of this calibre. In June, the Company entered into an option agreement with Tearlach Resources Ltd. ("Tearlach") agreeing to terms on the Bonanza Mountain property whereby it can earn up to a 75% interest in the property. The Company has received notification from Tearlach that the option agreement has been approved and option payments are forthcoming. Following the Bonanza Mountain deal, the Company completed its divestment of its interest in the Kagoot property to West Mining Corp. in exchange for shares. Bringing in partners to advance the Company's assets is a main part of Origen's business model and is expected to continue in 2021.
2021 Exploration Outline
Planning is well underway and will see Origen active on a number of fronts to build upon successes from 2020. Exploration plans for 2021 include:
- An airborne magnetometer and EM survey, set to be flown over the Middle Ridge Property in the coming weeks.
- An aggressive follow-up program at the LGM and Wishbone projects that includes drilling, airborne geophysical surveys, and additional mapping and sampling on the extensive land package.
About Origen
Origen is an exploration company engaged in generating, acquiring and advancing base and precious metal 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, and a 100% interest in the Middle Ridge Pond project 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/71617
