Vancouver, B.C. September 1, 2020. Origen Resources Inc. (the “Company” or “Origen”) (CSE:ORGN) is pleased to announce that it has entered into a purchase agreement with Crest Resources to purchase additional shares of Exploits Gold Corp. (“Exploits”). Origen will purchase 3,000,000 shares of Exploits from Crest Resources Inc., (“Crest”) in exchange for 4,200,000 Origen shares. Exploits is a private exploration company engaged in exploring for district scale high-grade gold deposits in the Central Newfoundland Gold Belt. Recent discoveries in the Central Newfoundland Gold Belt include New Found Gold Corp.’s Queensway discovery and this investment by Origen expands it’s position in Exploits and it exposure to great opportunity in an emerging gold district. In the Company’s June 11, 2020 news release it announced its initial strategic investment into Exploits. Upon completion of this transaction Origen will own a total of 3,666,667 shares representing 19.5% of Exploits outstanding shares.
Exploits Gold Corp. holds a strategic land position, with its core mineral land holdings predating the 2019 New Found Gold Corp. discovery. The two projects are known as the Mt. Peyton and Jonathan’s Pond gold projects. The Mt. Peyton and Jonathans Pond properties are located two and twenty-five kilometers west and northeast respectively of New Found Gold’s Queensway Discovery. Both projects are easily assessable via the Trans Canada Highway and together consist of 939 mineral claims encompassing a land area totalling 234.75 km² in the Exploits Subzone Camp.
CEO Blake Morgan comments, “We have watched the development of exploration in the Exploits Subzone and the team running exploration at Exploits, and we are pleased to have this opportunity to further invest in Exploits Gold Corp. This investment will provide a financial base for Origen as well as a window into opportunity in this exciting gold play. ”
- The Mt. Peyton project is situated on a 15 km strike length airborne magnetic anomaly, coincident with the anomalous float grab samples of up to 25.8 g/t Au and elevated lake sediment samples of 1010 ppm As.
- The Jonathan’s Pond project hosts visible gold bearing quartz veins up to 3m wide, with a current strike length of 450m, open in all directions with grab samples from outcrop of up to 28.82 g/t Au.
- Both projects contain high priority exploration targets and are fully permitted for mechanical trenching, geochemical sampling, and geophysical surveys.
Origen currently holds 666,667 shares of Exploits. Origen will purchase 3,000,000 shares of Exploits from Crest Resources Inc., (“Crest”) in exchange for 4,200,000 Origen shares On the close of this transaction Origen will hold 3,666,667 shares in Exploits, representing a 19.5% interest in Exploits Gold Corp. The transaction is deemed to be a non-arm’s length transaction as Michael Collins, a Director of Origen is also an Officer and Director of Exploits.
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 and recently acquired 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.
On behalf of Origen,
For further information, please contact Blake Morgan, President at 236-878-4938 or Gary Schellenberg, CEO at 604-681-0221.
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