Origen Resources Inc. (the “Company” or “Origen”) (CSE:ORGN; FSE:4VX) is pleased to announce that it has acquired over 29,000 hectares in a newly identified prospective lithium belt in Newfoundland.
The Company has acquired by staking ten target areas with geological characteristics similar to the lithium pegmatite belts found in Ireland, Nova Scotia and North Carolina that is home to Kings Mountain, North America’s longest producing lithium mine.
Origen contracted Coast Mountain Geological Ltd. to conduct a search for prospective lithium rich pegmatites using their intimate knowledge of pegmatite hosted lithium deposits in North America, South America and Europe.
Their search criteria focused on key characteristics indicative of lithium rich pegmatites:
- Similar tectonic setting to Kings Mountain and lithium pegmatite occurrences in Ireland;
- Age of the associated granite intrusive;
- Areas known for pegmatite occurrences;
- Highly favorable geochemical pathfinders;
- Prospective areas easily accessible and close to infrastructure.
“The Coast Mountain Group has been exploring and developing lithium projects around the world for over 13 years. We are incredibly fortunate to be able to capitalize on their knowledge base and guidance in acquiring this under explored land package in Newfoundland that has the potential to rival some of the renowned lithium belts in the world. Having Ganfeng Lithium Corp., one of the leading global lithium product manufacturers, holding an existing equity stake is a strong vote of confidence in the Company’s management team,” states Blake Morgan Company President.
Pegmatites have been identified in regional mapping of Newfoundland since at least the middle of the 1900s. During the mid-1960s, the Newfoundland government conducted two seasons of pegmatite surveys to evaluate their economic potential. Beryl bearing pegmatites were mapped, but very little was known about the zonation of metals like beryllium, tantalum, and lithium within pegmatite fields. Since then significant amounts of new regional geochemical data has been released yet no modern day lithium exploration techniques have been applied in this highly prospective region. Origen intends on capitalizing on the unique lithium exploration expertise of its consultant to rapidly advance its newly acquired prospects to a drill stage later this season.
One of the world’s largest lithium suppliers, Ganfeng Lithium Corp. holds a 4.7% equity stake in in Origen.
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. Mr. Harrop is employed by Coast Mountain Geological Ltd. He is not independent of the Company as defined in NI43-101.
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 and an option to acquire a 100% interest in the 3,971 ha Wishbone property in the mineral rich Golden Triangle of British Columbia, a 100% interest in the Middle Ridge gold project and a 100% interest in 10 lithium prospects in Newfoundland.
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.