Origen Resources Options Broken Handle Property to Hawthorn Resources
Vancouver, British Columbia--(Newsfile Corp. - January 14, 2021) - Origen Resources Inc. (CSE: ORGN) (FSE: 4VX) (the "Company" or "Origen") is pleased to announce that it has entered into an agreement with Hawthorn Resources Corp., ("Hawthorn") a private British Columbia Corporation engaged in mineral exploration, to acquire a 75% interest in its Broken Handle project located 50km north of Grand Forks, BC.
Vancouver, British Columbia--(Newsfile Corp. - January 14, 2021) - Origen Resources Inc. (CSE: ORGN) (FSE: 4VX) (the "Company" or "Origen") is pleased to announce that it has entered into an agreement with Hawthorn Resources Corp., ("Hawthorn") a private British Columbia Corporation engaged in mineral exploration, to acquire a 75% interest in its Broken Handle project located 50km north of Grand Forks, BC.
"The business plan adopted at the Company's inception of partnering with capable groups to advance certain assets is starting to gain momentum. The signing of this option agreement with Hawthorn is yet another milestone achieved in generating value for our shareholders," states Blake Morgan, President.
Option Terms
Hawthorn can earn a 75% interest in the Broken Handle property by paying Origen a total of $250,000, issuing 1 million shares and incurring expenditures of $500,000 over a 3 year period. Hawthorn intends on applying for a listing on a Canadian stock exchange in the near future.
Origen and Hawthorn have one common director whom has abstained from board voting in relation to this transaction.
About the Broken Handle Project
Located 50km north of Grand Forks B.C. the Broken Handle project covers historical and new mineral showings similar in nature to those found at the prolific Franklin Camp1 located 3 km north. Over a 76 year period, the Franklin Camp produced greater than 1,392,000 oz. Ag and 55,500 oz Au2 (UNION Minfile 082ENE003 Production Detail Report). Two distinct styles of mineralization are evident at the Project; polymetallic epithermal veins (Ag-Pb-Zn-Cu +/- Au), potentially related to the regional Granby Fault and Cu-Pb-Zn-Ag-Au skarns associated with limestone and marble lenses in contact with intrusive rocks.
Exploration work over the last two years resulted in the discovery of several new showings, and the rediscovery of old mineral workings. The most significant achievement was locating the Morrell Camp that is a series of mineralized historical workings that have not seen exploration work since the late 1920s.
Patrick McLaughlin, 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.
About Origen
Origen is an exploration company engaged in generating, acquiring and advancing base and precious metal properties. The Company currently holds a property portfolio of four 100% owned precious and base metal projects in southern British Columbia including 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 and a 100% interest in the Middle Ridge Pond project in Newfoundland.
On behalf of Origen,
Blake Morgan
President
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.
(1) Camp refers to a colony of miners settled in proximity to a mine, or series of mines or workings.
(2) 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/72017