Origen Resources Inc. (the “Company” or “Origen”) (CSE: ORGN FSE: 4VXA) is pleased to announce that it has entered into an assignment agreement with Forty Pillars Mining Corp. (“Forty Pillars”) (CSE: PLLR), to transfer to Forty Pillars a 100% interest in its Wishbone property (“Wishbone” or “Property”) located in the heart of the Golden Triangle, B.C.
“The agreement with Forty Pillars further demonstrates the Company’s focus on advancing its property portfolio and in turn unlocking the maximum value of the properties for our shareholders,” states Blake Morgan, president.
The 3,971 ha Wishbone property is located 40 km west of Highway 37 and the Bob Quinn airstrip. The Property consists of 10 claims and is contiguous to the eastern boundary of Teck/Newmont’s Galore Creek copper-gold mineral development project which is one of the world’s largest undeveloped copper-gold-silver deposits1. Wishbone contains a series of gold and silver quartz-carbonate vein and breccia occurrences over the nearly 12 km length of the claims. Glacier retreat in recent years has exposed between 50 and 500 metres of unexplored area. Recent exploration in these areas has resulted in the discovery of a new gold and silver prospect area called the “Rat” which returned numerous high-grade gold and silver values from grab and float samples (Company news release dated November 9, 2020).
Gold values ranged from 0.001 to 175.7 g/t in the 79 rock samples collected at the Rat prospect in 2020. The following table includes highlights that show how important the coarse gold fraction is particularly for veins hosted in the more brittle rocks.
Table 1: Rat Prospect Highlighted Samples – Total Metallic Screened Gold Grades
The project currently has 9 priority target areas highlighted on the location map below:
The property has recently had a high-resolution magnetometer and Skytem EM survey conducted with the results of this survey pending.
These results will greatly aide in drill targeting once received. The prospective targets range from 1150 meters to 1750 meters in elevation with the lower targets amenable to an early and extended field season.
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.
To purchase a 100-per-cent interest in the 3,971 ha Wishbone project, Forty Pillars will pay a total of $3,000,000, consisting of $1,000,000 cash and $2,000,000 promissory note with a three year term bearing interest at 5% per annum, payable monthly. Forty Pillars will also grant a 1-per-cent net smelter return (NSR) to Origen. Half of the NSR (0.5 per cent) can be purchased prior to commercial production for $1,000,000. Forty Pillars will also be obligated to make the remaining share issuances and cash payments under the original property agreement, being 200,000 common shares and $50,000 cash by May 29, 2022 and 200,000 common shares and $50,000 cash by May 29, 2023.
The transaction is subject to the acceptance of the CSE Exchange.
The transaction may be considered to be a non-arm’s-length transaction, as Gary Schellenberg, an officer and director of Origen, is also a director of Forty Pillars, whom has abstained from board voting in relation to this transaction.
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 15 lithium prospects in Newfoundland.
About Forty Pillars
Forty Pillars, based in Vancouver, B.C., is a mineral exploration company focused on exploring the Silver Dollar project located in the Greenwood mining division, British Columbia.
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.