Origen Signs LOI to Acquire a 100% Interest in Highly Prospective Gold and Copper Properties in BC’s Golden Triangle
488 – 625 Howe St.
Vancouver, BC
V6C 2T6, Canada
604-681-0221
www.origenresources.com
Origen Signs LOI to Acquire a 100% Interest in Highly Prospective Gold and
Copper Properties in BC’s Golden Triangle
Vancouver, B.C . May 14, 2020 . Origen Resources Inc. (the “Company” or “ Origen”) (CSE: ORGN) is
pleased to announce that it has entered into a Letter of I ntent (the “LOI”) whereby it can acquire a
100% interest in the 26, 771 hectare (ha) LGM property and the 3 ,971 ha Wishbone property located in
British Columbia’s renowned Golden Triangle from Orogenic Regional Exploration Ltd. (the “Vendor”)
Key Highlights
- The LGM and Wishbone projects host significant mineralized gold and copper enriched gossans
and sulphide occurrences.
- The LGM property borders Evergold Corp.’s Snoball 1 gold property and bears geological and
structural similarities.
- Wishbone prop erty is contiguous with the eastern border of Teck/Newmont’s Galore Creek
copper gold mineral development project which is one of the world’s largest undeveloped
copper-gold-silver deposits1.
- Previous e xploration and receding snowlines have set the stage for dis covery at LGM and
Wishbone.
- B.C. Geological Survey’s “Red Line ,” interpreted to be spatially significant to most major gold
and copper deposits in the Golden Triangle transects the LGM property.
- Mineral development, hydro and forestry work co ntinue to reduce exploration costs with in the
Golden Triangle. Both properties are in c lose proximity or crossed by the Galore Creek access
road, and to Highway 37.
“The LGM and Wishbone properties give Origen a launch pad for discovery in BC’s mineral rich Golden
Triangle. The availability of such a large, well endowed, land package was a unique opportunity and the
Origen team is excited to get to work unlocking the potential of this flagship asset,” states Gary
Schellenberg CEO of the Company.
LGM Property
The LGM p roject is comprised of 42 contiguous mineral tenures totalling 26, 771 ha. Highway 37 is
approximately 2.5 km east of the eastern edge of the property, and the Galore Creek access road runs
along and through the southern boundary.
A combination of Cu-Au porphyry and gold vein exploration targets have been identified at LGM and the
recent identification of many prospective targets , that show mineralogical and geologi cal similarity to
important nearby deposit s and discoveries , reflect the limited exploration conducted since the 1970’s .
The Red Zone , Lucifer and Grizzly occurrences are considered by Origen’s geological team to be the
Company’s priority exploration targets at the LGM project for this field season.
488 – 625 Howe St.
Vancouver, BC
V6C2T6, Canada
604-681-0221
www.origenresources.com
– 2 –
Figure 1: Map of LGM Targets and Nearby Mineral Occurrences
Red Zone
During due diligence work by Origen, a new highly prospective target area was identified . Satellite
imagery revealed two sign ificant gossanous zones recently exposed by glacial retreat , that ha ve not
been previously explored, with one of the gossanous zones notably extending below the glacier.
A Gossan is the oxidized surface expression of rocks enriched in iron and sulphide that may potentially
represent the upper and exposed part of a mineral deposit and is a positive indicator and guide for
exploration in the region . The gossanous exploration targets at ‘Red Zone’ lie within Hazelton Group
rocks along the Northmore Fault and bear geological and structural similarities to mineralization on the
adjacent Snoball property immediately to the northwest.
The NW/SE trending Northmore Fault locally defines the contact between the Triassic Stuhini Group and
the Jurassic Hazelton Group and is considered t he mineralization control structure on the adjacent
Snoball property . In addition to defining a geological contact, t he N orthmore Fault also represents a
488 – 625 Howe St.
Vancouver, BC
V6C2T6, Canada
604-681-0221
www.origenresources.com
– 3 –
portion of the B.C. Geological Survey’s “Red Line,” interpreted to be a prospectivity indicator in the
Golden Triangle. The “Red Line” occurs at the discontinui ty between Triassic Stuhini Group and Jurassic
Hazelton Group and links the geological setting of the Snoball showing along the Northmore Fault with
the prospective ‘Red Zone’ target areas on LGM property. Due to the geologi cal significance of the
Northmore Fault an d the presence of exposed gossans along the Stuhini/Hazelton contact, Origen
considers this area to be a priority exploration target for the upcoming 2020 field season.
Lucifer
The Lucifer showing consists of a 300 m x 300 m gold-in-soil anomaly discovered by Noranda in 1991 and
only experienced minimal field exploration. The showing is on the SW nose of a long NE -trending ridge
that displays s ilica-sericite-carbonate-pyrite alteratio n over an area of 2.5 km x 1 km . Early Jurassic
Texas Suite intrusive rocks, thought to be the engine driving mineralization at the Kerr, Bronson S lope,
Snip, Brucejack and other nearby deposits, are present as NE trending dykes within this alteration zone.
Subsequent exploration has confirmed the gold -in-soil anomaly , conducted geochemical and
geophysical programs on the surrounding area and culminated in a maiden dril l program during 2018
that returned anomalous gold intercepts from two of the three shallow holes completed. The drill
program was limited in scope and it is the opinion of the Origen team that t he source of the gold
anomaly has yet to be identified.
Grizzly
Exploration has occurred sporadically at the Grizzly zone since 1970, with the l atest work program
carried out in 2008. The Grizzly prospect is a Cu-Au porphyry target defined by a 1200 m x 500 m Cu-Au
soil anomaly. As part of the 2008 work program, the first ever drilling at the Grizzly prospect took place
with results returning gr ades that were not consistent with grades seen on surface, but still produc ed
wider intervals of lower grade gold and copper mineralization. Initial data review and interpretation by
Origen’s geological team suggests the source of the soil anomaly may lie further upslope from the area
of the 2008 drilling.
Wishbone Property
The 3,971 ha Wishbone project, located 12 km west of the LGM project, 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. The Wishbone
contains a series of gold and silver quartz-carbonate veins and breccia occurrences over the nearly 12
km length of the claims. Glacier retreat in recent years has exposed between 50 m and 500 m of
unexplored area that includes extensions to known prospects. The property was discovered by Teck in
1980 and fieldwork throughout subsequent years continued to expand upon Teck’s initial successes on
the Property. The Company continues to compile and review all available data in respect to the
Wishbone project and will issue an update in due course.
(1) Referenced nearby historic resources, deposits and mines provide geologic context for the Project,
but are not necessarily indicative that the Project hosts similar potential, size or grades of
mineralization.
488 – 625 Howe St.
Vancouver, BC
V6C2T6, Canada
604-681-0221
www.origenresources.com
– 4 –
J. Harrop, P. Geo., a Qualified Person as defined by NI 43 -101, has reviewed and approved the contents
of this news release and has verified the data disclosed herein.
Terms of the Acquisition
The arm’s length Vendor has granted Origen the sole and exclusive right to acquire an undivided 100%
right, title and interest in and to the 42 mineral tenures that constitutes the LGM project, and the right
to assume the option agreement dated May 19, 2019 between the Vendor and Lorne Warren to acquire
an undivided 100% right, title and interest in and to the 10 mineral tenures that constitute the
Wishbone project. In exchange, Origen will advance by way of a loan to the Vend or, $25,000 (the
“Loan”) repayable in 90-120 days and make a one-time issuance of 5,000,000 shares of Origen within 10
days of the date of execution of the Definitive Agreement. Upon receipt of the payment by the Vendor,
an undivided 100% interest in and to the LGM project will vest to Origen and the Wishbone Op tion will
be assumed by Origen subject to underlying Net Smelter Royalties (NSR’s) payable to previous property
owners of the LGM.
Management Appointment
Origen is pleased to ann ounce the appointment of Blake Morgan to the roles of President and Director
effective immediately. Mr. Morgan has 15 years’ experience in the mining industry including 10 years
dedicated to the mining and natural resource sector in Australia with Rio Tinto, BMA Metals (subsidiary
of BHP) and Santos Lt d. Gaining first -hand knowled ge, culture, and an understanding of mining
operations he then made the move from Australia to Canada and has been instrumental in consolidating
significant exploration land packages and financing their developm ent for private r esource exploration
companies in British Columbia.
Bonanza Mountain Property Update
The Company has staked an additional 801 ha contiguous to the Bonanza Mountain gold an d copper
project to increase the overall s ize to 1603 ha. A comprehensive exploration progra m was carried out
by the Company in the fall of 2019 result ing in an open north -south Cu -Ag-Pb-Zn soil anomaly that
trends onto the newly acquired ground.
About Origen
Origen is an exploration company engaged in generating, acquiring and advancing base an d precious
metal prop erties. The Compan y currently holds a property portfolio of four 100% owned base and
precious metal projects in southern British Columbia. The Comp any has also en tered into a purchase
and sale agreement to acquire a 100% interest in approximately 31,000 ha of prospective ground in the
mineral rich Golden Triangle of British Columbia.
On behalf of Origen,
Gary Schellenberg, CEO
For further informatio n, please conta ct Gary Schellenberg, CEO at 604-681-0221 or Blake Morgan ,
President at 236-878-4938.
488 – 625 Howe St.
Vancouver, BC
V6C2T6, Canada
604-681-0221
www.origenresources.com
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in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy
of this press release.