Vancouver, November 1, 2022 - Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the "Company" or "Origen") is pleased to announce that Jessy Ventures Corp. ("Jessy") has received conditional approval from the TSX Venture Exchange ("TSXV") for its previously announced qualifying transaction involving the option of the Arlington Property (the "Property") from Origen. Jessy optioned the Arlington Property from Origen, based on highly anomalous gold, silver, copper and cobalt sampling and historical production, both on the property, and from the nearby past-producing Carmi polymetallic Ag/Au/Pb/Zn Mine1, all within the historical Beaverdell Mining Camp, east of Pentiction in south-central British Columbia.
In addition, the previously announced arm's length mineral property option agreement dated September 17, 2021 (the "Definitive Agreement"), as set out in Jessy's September 22, 2021 news release and Origen's September 23, 2021 news release, has been amended to provide that Jessy will pay $110,000 of costs related to Origen's previously completed exploration program, payable in cash and shares by issuing to Origen, 900,000 common shares of Jessy (at a deemed price of $0.10 per common share) and paying $20,000 in cash, within five days of Jessy completing its Qualifying Transaction.
Pursuant to the Definitive Agreement, Jessy has been granted the exclusive right and option (the "Option") to acquire an undivided 60% interest in and to the Property, consisting of five (5) mineral claims covering approximately 1,571.65 hectares, located approximately 17 km north of Beaverdell and 67 km south of Kelowna within the Arrow Boundary District of south-central British Columbia. The Option is earned over a 3 year period.
"We would like to congratulate Jessy on reaching this milestone in their listing process. Jessy's concurrent financing will allow for focused exploration on a polymetallic project with highly-attractive sample results underlying a solid geological model. The Option on the Arlington Property is yet another example of Origen's business model of partnering with capable groups to advance its assets and are excited to see Jessy fully explore Arlington's potential," states Blake Morgan, President.
As disclosed in Jessy's September 22, 2021 news release, following Jessy's receipt of final TSXV approval, Gary Schellenberg, member of the Origen Board, will join the Board of Jessy. Additionally, it has been decided that Blake Morgan, also a director of Origen, will join the Board of Jessy.
About Origen
Origen is an exploration company engaged in generating, acquiring and advancing base, precious metal, and lithium properties. The Company currently holds a property portfolio of four 100% owned precious and base metal projects in southern British Columbia, a 100% interest in the 26,771 ha LGM project property in the mineral rich Golden Triangle of British Columbia, a 100% interest in the Middle Ridge gold project, a 100% interest in 20 prospects along a pegmatite lithium belt in Newfoundland and a 100% interest in the Los Sapitos Lithium project in Argentina.
Richard Kemp, 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.
On behalf of Origen,
Gary Schellenberg
CEO
For further information, please contact 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.
Certain of the statements made and information contained herein may constitute "forward-looking information." In particular references to the private placement and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
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1 References to nearby properties is for information purposes only and there is no assurances that similar results will be achieved at the Arlington Property.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142566
