- Origen Resources (ORGN) has completed the transaction involving the Arlington Property
- This follows the receipt by Generation Gold Corp. of the final approval from the TSX Venture Exchange for its option of the Arlington Property from Origen
- The transaction includes the receipt of 1,100,000 shares of Generation Gold by Origen upon closing of the transaction
- Origen is an exploration company engaged in generating, acquiring and advancing base, precious metal, and lithium properties
- Origen Resources Inc. was down 8.33 per cent, trading at $0.22 at 11:13 ET
Origen Resources (ORGN) has completed the transaction involving the Arlington Property.
This follows the receipt by Generation Gold Corp. (formerly Jessy Ventures Corp.) of approval from the TSX Venture Exchange for its previously-announced qualifying transaction of the option of the Arlington Property from Origen.
The transaction includes the receipt of 1,100,000 shares of Generation Gold by Origen upon closing of the transaction, making it a 9.5-per-cent shareholder of Generation Gold.
In addition, $110,000 in exploration costs were reimbursed to Origen by Generation Gold.
Substantial work commitments over the next three years will be fully funded by Generation Gold as it works to unlock the high-grade gold and porphyry potential of the Arlington Property.
Origen will retain a 40-per-cent interest in the Arlington Property upon Generation completing its option.
“We are excited to finally have this transaction with Generation Gold closed and to see the Arlington project with a group that will advance it and expose its true potential,” stated Gary Schellenberg, CEO.
Generation Gold can earn a 60-per-cent interest in the property by paying Origen a total of $185,000, issuing 2,000,000 shares, and incurring $750,000 in work expenditures over a three-year period.
The Arlington Property is located 17 km north of Beaverdell and 67 km south of Kelowna within the Boundary District of south-central British Columbia.
The property consists of five mineral claims encompassing 1,572 ha that cover geologically prospective ground immediately north of the historic Beaverdell and Carmi mines, two landmark BC mining camps operational in the late 1800s/early 1900s through to 1991.
Origen is an exploration company engaged in generating, acquiring and advancing base, precious metal, and lithium properties.
Origen Resources Inc. was down 8.33 per cent, trading at $0.22 at 11:13 ET.
