Vancouver, B.C. November 9, 2020. Origen Resources Inc. (the “Company” or “Origen”) (CSE:ORGN) is pleased to announce that it has now received the final assay results from its Phase One exploration program at the Rat and Windy prospects on the Company’s Wishbone property. These final eleven assays demonstrate that six of the eleven samples have a significant component of coarse gold contributing 13 to 70% of the total gold.
- The Rat Boulder Train, exhibiting high grade gold in float, continues to grow in size and grade, including the discovery of a sample that returned 7 g/t Au approximately 100m from the receding edge of a glacier;
- A grab sample of mineralized breccia from the southern edge of the Rat prospect that assayed 3 g/t Au opens the door to a new priority target area;
- Approximately half of the samples reported here have substantial proportions of coarse gold indicating that some previously reported sample results may be under-reporting gold grades;
- The Company completed a Phase Two exploration program in October and is awaiting results; and
- Airborne magnetic and electromagnetic surveys to be conducted prior to next field season.
“The discovery of the coarse-grained gold at the Rat Prospect not only in the ’Boulder Train’ but in outcrop in a relatively unprospected quartz-iron carbonate veined area makes this prospect our priority target for next season. We are thrilled with our Phase 1 results which revealed numerous high-grade targets in preparation for drilling next season. Samples from our Phase 2 exploration program completed in October have been submitted for analysis and we look forward to seeing the results.” states Blake Morgan, Company President.
Three new positive outcomes of the new data include:
The Boulder Train with high-grade gold results at Rat continues to grow in size and grade. This now includes a boulder located 100 meters from the edge of a retreating glacier that returned 175.7 g/t gold of which 13.5% was contained in the coarse fraction. Fresh snow ended further work this season on tracing the source of the high-grade boulders. The Company is eager to return to work on this priority target next season using this seasons new data to focus the search.
Target priority of the quartz-iron carbonate breccia and veins south of the basin at Rat has significantly increased. A grab sample from an outcrop of this unit returned 36.3 g/t Au, of which an exceptional 70% occurs in the coarse fraction. This is believed to be the same unit that contributes to the talus fines collected 200m side-slope to the west, reported in a previous news release and which returned 7.5 and 7.2 g/tonne gold. This unit and the alteration style are known to have 100s of metres of areal extent to the southwest of this encouraging sample, clearly indicating the high priority ranking of this target area for exploration next field season.
The importance of coarse gold at Rat and Windy has been confirmed. Metallic screening is an important analytical method when coarse metallic gold is suspected. Metallic gold is malleable and will not crush to powder as other minerals do. Consequently, grains of gold may flatten when the sample is crushed and not fit through the screening used prior to digestion and analysis. This potentially results in under-reporting gold grades. The table below shows that of the eleven samples reported here, six have 13% to 70% of the gold in the coarse fraction. Samples with a higher proportion of coarse gold appear to be associated with more brittle host units.
The following table summarizes the total gold in the metallic screened samples from the Rat prospect, the proportion in the coarse (+) and fine (-) fractions and target area of each sample:
|Sample ID||Total Au g/t||%Au in +||%Au in –||Target||Type|
|WMHR-019||36.3||70.0%||30.0%||Qtz, Fe-carb Bx||Grab|
Windy Prospect Results
On the Windy prospect samples from historical trenches on the Camp Vein show that some high-grade gold values are associated with a significant amount of coarse gold. In addition, the new northeast vein (NNE Vein) reported in news release October 6, 2020 and located east of the historical drilling and trenching has a significant coarse gold component. The Windy prospect is approximately 3.5 km NNE of the Rat prospect.
The following table summarizes the total gold in the metallic screened samples from the Windy prospect, the proportion in the coarse (+) and fine (-) fractions and which vein was sampled:
|Sample ID||Total Au g/t||%Au in +||%Au in –||Vein||Type||Width (m)|
|WJLR-002||12.2||3.4%||96.6%||North Main Vein||Grab|
Grab samples are by nature selective and should not be relied upon. They are collected during prospecting and reconnaissance work to characterize geological material and determine if metals of interest are present prior to more comprehensive sampling and investigation. They may not be representative of metal grades on the Property. Float samples are similar to grab samples but were not collected from bedrock and do not have a known source. The bedrock source of a float sample may not be on the Property. Prospecting and other geological, geochemical and geophysical methods are used to trace float samples back to their source. Float samples may not be representative of metal grades at their bedrock source. Gold values in the samples reported in this news release range from 7.8 to 175.7 g/t with no lower values because they represent a subset of samples that graded >5 g/t Au in a previously analytical report that were selected for additional metallic screening analysis to determine how much coarse gold is present.
Phase 2 Program
The second phase of the Company’s exploration program was completed on October 5, 2020 and was designed as a follow up program based around the Phase One results. A total of 291 soil / talus fines, 14 silt samples and 36 rock samples were collected at the Rat, Windy, Redzone and Lucifer prospects. Lucifer is approximately 27 km east of the Rat prospect on the LGM property. One sample was collected at Redzone approximately 5 km northeast of the Lucifer. Samples have been submitted to the laboratory for analysis with results expected in 6-8 weeks.
In order to better understand the property’s complex structure and geology, the Company will be conducting airborne geophysical surveys later this winter.
Quality Assurance, Quality Control and Laboratory Methods
Origen fieldwork followed industry standard practices. Although no replicates are included in the samples reported, the analytical methods used by the lab duplicated fire assays on the fine fraction of all samples. This provides some additional confidence in the reproducibility of the analytical results. All reported values use an average of the duplicate results.
MSALABS of Langley and Terrace British Columbia Canada is a certified analytical laboratory (ISO 9001 and ISO 17025) with experience in the chemical analysis of geological materials. MSALABS is independent of the Company as defined by NI 43-101. Samples were delivered to the laboratory by an employee of Coast Mountain Geological who were contracted to implement the field program for the Company. The work reported in this news release was on a subset of previously reported samples returning >5 g/t Au and with >0.5 kg remaining material, sufficient to conduct a metallic screening analysis. A 500g aliquot of sample was crushed and screened to 106μm. The entire plus (+) fraction was assayed while the minus (-) fraction was assayed in duplicate using a 30g fire assay finished by AA. Any fine fraction samples over limit for AA (100 g/t Au) had a 30g aliquot fire assayed with a gravimetric finish. The coarse fraction was analysed by fire assay in totality with a gravimetric finish.
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 who was contracted by the Company to implement the 2020 fieldwork. He is not independent of the Company as defined in NI43-101.
The Company wishes to announce that it will be raising $720,000 by selling 6,000,000 units at $0.12 per unit. Each unit is equal to one common share and one-half share purchase warrant. Each full warrant can be exercised for a one-year period at $0.20.
Proceeds of this placement will be used to further advance the Company’s mineral property portfolio and for general corporate purposes.
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.
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.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to the potential for gold and/or lithium at any of the Company’s properties, the prospective nature of any claims comprising the Company’s property interests, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, uncertainty of sample results, timing and results of future exploration, and the availability of financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.