Vancouver, British Columbia–(Newsfile Corp. – January 12, 2023) – Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the “Company” or “Origen”) is pleased to report that Generation Gold Corp. (formerly Jessy Ventures Corp.) has received final approval from the TSX Venture Exchange (“TSXV“) for its previously announced qualifying transaction involving the option of the Arlington Property (the “Property“) from Origen and is now fully listed.
Highlights of the Transaction
- 1,100,000 shares of Generation Gold were received by the Company upon closing of the transaction making it a 9.5% shareholder of Generation Gold.
- $110,000 in exploration costs were reimbursed to Origen by Generation Gold.
- Substantial work commitments over the next three years will be fully funded by Generation Gold as they work to unlock the high-grade gold and porphyry potential of the Arlington property.
Origen to retain a 40% interest in the Arlington property upon Generation completing its option.
“We are excited to finally have this transaction with Generation Gold closed and to see the Arlington project with a group that will advance it and expose its true potential. This transaction exemplifies Origen’s business model of researching and acquiring quality projects to further advance the assets and monetize them through substantial share and cash payments once optioned out to a partner. Origen is continuing to work diligently in identifying additional opportunities while focusing on its Argentina lithium assets and the LGM project,” states Gary Schellenberg CEO.
Generation Gold can earn a 60% interest in the Property by paying Origen a total of $185,000, issuing 2,000,000 shares, and incurring $750,000 in work expenditures over a 3 year period. Generation Gold has also reimbursed Origen for exploration costs that the Company incurred on the Fresh Pots claims totalling approximately $110,000.
About the Arlington Property
The Arlington property is located 17 km north of Beaverdell and 67 km south of Kelowna within the Boundary District of south-central British Columbia. The Property consists of five (5) mineral claims encompassing 1,572 ha that cover geologically prospective ground immediately north of the historic Beaverdell and Carmi mines, two landmark BC mining camps operational in the late 1800s/early 1900s through to 1991. Proximity to the Beaverdell and Carmi mining camps and geological similarities to both past-producers were key drivers in historical and new discoveries on the Property. The Property hosts numerous Minfile occurrences within the northern claims identified as structurally-controlled polymetallic Ag-Cu-Pb-Zn +/- Au veins, as well as an newly identified gold-copper-silver prospect within the southern Fresh Pots claims.
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 and a 100% interest in 20 prospects along a pegmatite lithium belt in Newfoundland, and a 100% interest in the Los Sapitos Lithium project in Argentina.
On behalf of Origen,
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.