Vancouver, British Columbia–(Newsfile Corp. – July 21, 2022) – Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the “Company” or “Origen”) is pleased to announce it has mobilized crews for its inaugural drill program at the 100% owned LGM property (“LGM” or “Property”) located in the heart of the Golden Triangle in northwest B.C.
- All drill targets are shallow and have never been tested
- New district-scale copper-molybdenum porphyry target with associated anomalous rhenium values in the heart of the Golden Triangle
- Priority gold target in addition to adjacent copper-molybdenum porphyry target
- Coincident geochemical, geophysical and alteration anomalies is the focus of drilling
- Drilling has commenced at the Hidden Gold Zone, one of three high priority targets.
“After multiple seasons of systematic geological work the Origen team is thrilled to be drilling these high calibre targets on the LGM property. This phase one drill program will give Origen a good look at what we feel are significant copper-molybdenum porphyry and gold systems,” states Blake Morgan, Company President.
Three priority areas in the 4 km by 5km district-scale Lulu porphyry area (“Lulu”) will be drilled during the program. The targets exhibit geochemical and geophysical similarities to other large nearby porphyry deposits and encompasses multiple high-priority prospects of which the Long Ridge, Hidden Gold and the Lulu targets will be tested in this program. LGM drilling sites have been selected to support testing multiple geological, geochemical and geophysical targets from each location, thereby maximizing the Company’s ability to continue advancing this project. The phase one drill program is planned to consist of up to 2,500m of drilling.
Modelling of the magnetics and VTEM geophysical surveys flown last summer has upgraded the potential and priority ranking for both the copper-molybdenum-rhenium Long Ridge and the Hidden Gold zones. The geophysics has revealed coincident magnetic and EM conductivity features that closely overlap the Long Ridge surface geochemical anomaly, making for a very compelling drill target. In addition, the geophysical features extend to the north of Long Ridge into an unexplored area, indicating a larger target than currently expressed by the geochemical anomaly. At the Hidden Gold zone, geophysical interpretation has highlighted potential structural controls, and the geophysics displays a larger target corridor underlying the zone than currently defined by the surface geochemical anomaly.
Long Ridge Copper-Molybdenum-Silver-Rhenium Zone
A 600-metre-long copper-molybdenum-rhenium anomaly, defined by 25 consecutive highly anomalous talus fines samples, was discovered in 2020 750 metres to the west of historical Noranda sampling and significantly extended the Lulu porphyry target area. 2020 field work at this location returned values of 101.5 parts per million to 293.1 parts per million copper, 19.2 parts per million to 114.6 parts per million molybdenum and less than 0.005 parts per million to 0.127 parts per million rhenium.
Hidden Gold Zone
The Hidden Gold zone is a gold and silver geochemical anomaly located in the northeastern Lulu porphyry target area. Consistently elevated gold and silver results were obtained on two adjacent reconnaissance sampling lines, with two samples returning grades in soil of 1.8 grams per tonne gold with 4.2 grams per tonne silver and 1.7 grams per tonne gold with 5.3 grams per tonne silver. The anomaly is believed to be located close to the source as both sample lines were collected along ridges, with the northernmost line paralleling the edge of a receding glacier, limiting the distance and direction of mechanical mineral transport. The anomaly remains open in two directions — to the southwest and to the northeast under snow cover — and currently covers an area of 400 metres by 200 metres.
Gold results in soil and talus at the Hidden Gold Zone ranged from less than 0.001 gram per tonne to 1.8 grams per tonne and silver values from 0.11 gram per tonne to 5.3 grams per tonne. (see the Company’s News Release dated 3 March, 2021.)
John Harrop, P.Geo. (EGBC No. 19122), 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. Mr. Harrop is employed by Coast Mountain Geological Ltd. who was contracted by the Company to implement the 2020 fieldwork. He is not independent of the Company as defined in NI 43-101.
The Company has arranged a private placement of 3,000,000 flow through units at $0.30/Unit with each Unit consisting of one flow-through share and one-half of one common share purchase warrant. Each whole warrant is exercisable into one common share at a price of $0.50/share for a period of two years. The total proceeds of the placement will be used for exploration expenditures on the LGM project. A finders fee may be paid on a portion of this placement.
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 in the mineral rich Golden Triangle of British Columbia, a 100% interest in both the Middle Ridge gold project and 20 lithium prospects in Newfoundland, and a 100% interest in the Los Sapitos Lithium project in Argentina.
On behalf of Origen,
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.