Mobilises Crew For Initial Site Visit
Origen Resources Inc. (CSE: ORGN) has acquired three additional claim blocks from a Newfoundland based staking consortium, covering 450 hectares within the Newfoundland Lithium Belt. This brings the company’s total holdings to over 33,700 hectares in this newly identified and highly prospective lithium corridor.
President, Blake Morgan, said these new claims contain the key characteristics as identified in the company’s earlier acquisitions that are indicative of lithium rich pegmatites. The company has mobilised key project personnel to Newfoundland to conduct a site visit on the newly acquired claims and make the following preparations for the upcoming field season:
- Ground truth the location and obtain character samples from the known pegmatites;
- Design this year’s phase one program on the 33,700 hectare land package;
- Obtain necessary exploration permits; and
- Source crew, equipment, and suppliers to carry out the planned 2021 programme
“We believe that these new acquisitions may hold the key to unlocking the lithium prospectively of the area. High lithium values in till samples coupled with known pegmatites makes this an intriguing acquisition,” Mr Morgan said.
To purchase a 100% interest in the three claims blocks, Origen will pay a total of $2,770, issue 100,000 shares and grant a 1% NSR to the Vendor. Half of the NSR (0.5%) can be purchased prior to commercial production for $500,000.
A two kilomete ‘Area of Interest’ has also been granted over certain areas. If the company acquires or stakes ground within the Area of Interest it must issue the Vendors an additional 10,000 shares per claim acquired.
Mr Morgan said the Newfoundland Lithium Belt exhibits all the characteristics of a major lithium rich corridor as observed in Ireland and the Carolinas. There are key indicative signs that point to specific target areas with high expectations for the discovery of lithium rich pegmatites.
Numerous occurrences of pegmatites have been observed that exhibit highly-favourable lithium-cesium-tantalum (LCT) geochemical signatures. Mapping of the geochemical pathfinders for lithium has revealed distinct vectors that have guided the Company to focus in on the more prospective areas and acquire a commanding land position in this new belt.
These geochemical pathfinders, on a regional scale, reveal a distinct corridor that transects Newfoundland and corresponds to the tectonic suture zone hosting the world-class Carolina Tin-Spodumene Belt and the lithium pegmatite occurrences in Ireland that have received significant attention in recent years. In addition, the age of the associated parent granites observed in Newfoundland coincides with the ‘sweet spot’ occurrence of highly favourable lithium rich pegmatites.
For more information visit https://origenresources.com/