Origen Amends Los Sapitos Agreement
Vancouver, November 17, 2022 - Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the "Company" or "Origen") is pleased to announce it has amended its option agreement to purchase a 100% interest in the Los Sapitos Lithium Project in Argentina.
Revised Terms of the Acquisition
The work commitment terms have been amended to remove the $4.8 million USD in required work expenditures over the four year term of the agreement. The work commitment requirement has also been removed in the event of a corporate re-organization of Origen's lithium assets to form a new company in exchange for Origen issuing $1 million USD worth of shares to the vendor. Origen has paid the vendor $10,000 USD in consideration of these amendments.
"We are delighted with these amendments as they will give us the flexibility to maximize our team's exploration knowledge to develop our sizable asset without the risk of timed exploration commitments that can often lead to rushed exploration. We will be utilizing some new exploration techniques that our team has been involved with developing to explore the potential brine, geothermal and clay sources of lithium in Origen's newly identified prospective lithium district," states Gary Schellenberg, CEO.
About the Los Sapitos Lithium Belt
The Company's claim package currently totals 48,325 hectares (ha) and is centered on known salars (dry salt lakes).
The belts 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. 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 indicator of lithium prospectivity.
The Company is awaiting approval for exploration rights of approximately 28,000 additional hectares in La Rioja Province. 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 9, 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.
AGM Results
The Company held its annual general meeting of shareholders on November 14, 2022. All agenda items were passed with 100% of the votes cast in favour. All directors and officers consented to hold their office for the ensuing year and were reinstated in the subsequent board meeting.
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, a 100% interest in the Middle Ridge gold project, a 100% interest in 20 lithium prospects in Newfoundland and a 100% interest in the Los Sapitos Lithium project in Argentina.
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 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/144573
