Business
Origen Resources Signs Definitive Agreement to Acquire a 100% Interest in Highly Prospective Gold Property in Newfoundland's Exploits Subzone Gold Belt
Vancouver, British Columbia--(Newsfile Corp. - October 27, 2020) - Origen Resources Inc. (CSE: ORGN) (the "Company" or "Origen") is pleased to announce that it
About this update from Origen Resources Inc
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - October 27, 2020) - Origen Resources Inc. (CSE: ORGN) (the \"Company\" or \"Origen\") is pleased to announce that it has signed a Definitive Agreement whereby it has entered into an option to acquire a 100% interest in the 7,875 ha Middle Ridge Property located in Newfoundland's renowned Exploits Subzone Gold Belt from a private vendor. Key Highlights Large land package in the heart of Canada's newest prolific gold camp. Geology is within the regional Exploits Subzone which is host to New Found Gold's Keats Zone gold discovery on the Queensway Project. Originally explored in the early 1970's for base metals with little focus on gold. Several anomalous lake sediment samples and gold occurrences remain untested. Under-explored due to lack of rock exposure in the region. Historic drilling encountered sulphide rich quartz veins that were never assayed. This large property (7,875ha) occurs near a major deep crustal fault that potentially has tapped gold bearing hydrothermal fluids and provided a plumbing system towards the surface. Gold, silver and base metal lake sediment anomalies identified by Noranda in the 1990s suggests a fertile gold environment. New Found Gold's extensive land package containing their exciting Keats Zone gold discovery on the Queensway Project lies approximately 50 km to the north of the property. Between 1970-1971 Noranda Exploration carried out an airborne electromagnetic and magnetic survey followed up by some ground geophysics and drilling on a portion of the property. The exploration program was targeting Cu-Zn-Pb Volcanic hosted massive sulphides. Two diamond drill holes were drilled on the property one of which contained a number of sulphide rich quartz veins that were never assayed. \"We are very pleased to have acquired such a promising land package in the highly prospective Gold Camp in Newfoundland. This acquisition along with our significant equity stake in Exploits Discovery Inc. positions Origen as a significant player in the region,\" states Blake Morgan, President. 2020 Exploration Plans The Company's geologists are continuing to compile the data from the newly acquired assets with the goal of planning and implementing an exploration program for this year. The Company hopes to conduct a search for the historic core prior to the onset of winter an...