Business
Origen Resources Enters into Agreement to Sell a 100% Interest in Its Substantial Newfoundland Lithium Project Portfolio
Vancouver, British Columbia--(Newsfile Corp. - October 18, 2022) - Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the "Company" or "Origen") is pleased to annou
About this update from Origen Resources Inc
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - October 18, 2022) - Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the \"Company\" or \"Origen\") is pleased to announce that it has entered into an agreement to sell a 100% interest in its substantial Newfoundland Lithium project portfolio that covers over 33,000 hectares and 20 highly prospective targets. \"The land package assembled by Origen as one of the first movers targeting lithium in Newfoundland makes it one of the largest lithium-focused claim holders in the province. The Company's geological team identified the significance of the geology of the region early and was able to amass a strategic land package within this emerging lithium belt. The transaction will allow for focused exploration and development of the project with the ongoing benefit to Origen shareholders through the significant share ownership. This is yet another milestone for the Company and demonstrates our ability to generate superior projects and monetize the opportunity in a very short time frame,\" states Gary Schellenberg, CEO. Deal Terms Origen has entered into an agreement to sell a 100% interest in its Newfoundland Lithium projects to 1345984 B.C. Ltd. (\"134\"), a private Company that intends to enter into a transformative transaction within the next 90 days with a publicly traded entity. To earn a 100% interest, 134 will make a cash payment of $100,000 and arrange for the delivery of 7 million shares of a public, or soon to be public company within 90 days of signing the definitive agreement. Origen must approve of the public company from which it will receive the 7 million shares. A further cash payment of $150,000 is due within 12 months of signing the definitive agreement and a 1.5% NSR will be granted in favour of Origen upon satisfaction of all cash and share payments. About the Newfoundland Lithium Belt The Newfoundland Lithium Belt exhibits all the characteristics of a major lithium-rich corridor observed from Ireland to 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 in proximity to prospective lithium-cesium-tantalum (\"LCT\") geochemical signatures. Mapping of the geochemical pathfinders for lithium has revealed distinct ...