- Origen Resources (ORGN) has signed a deal optioning its Broken Handle property in British Columbia to privately-held Hawthorn Resources
- Hawthorn may acquire a 75 per cent interest in the property by paying C$250,000 in cash to Origen, issuing 1 million shares, and assuming $500,000 in exploration expenses over a three-year period
- Hawthorn says it intends to apply for a listing on a Canadian stock exchange in the near future
- Broken Handle covers both new and historical mineral showings similar to those found at the prolific Franklin Camp roughly three kilometres to the north
- Origen Resources is currently down 1.96 per cent to $0.25 per share
Origen Resources (ORGN) has signed a deal optioning its Broken Handle property in British Columbia to privately-held Hawthorn Resources.
According to the terms of the agreement, the mineral explorer may acquire a 75 per cent interest in the property by paying C$250,000 in cash and issuing 1 million common share to Origen, and by assuming $500,000 in exploration expenses over a three-year period.
Hawthorn, which shares a director with Origen, says it intends to apply for a listing on a Canadian stock exchange in the near future.
“The business plan adopted at the company’s inception of partnering with capable groups to advance certain assets is starting to gain momentum,” said Blake Morgan, President of Origen Resources.
“The signing of this option agreement with Hawthorn is yet another milestone achieved in generating value for our shareholders,” he added.
Located roughly 50 kilometres north of Grand Forks, the Broken Handle property cover both new and historical mineral showings, similar in nature to that found at the prolific Franklin Camp just three kilometres to the north.
Over a period of 76 years, the Franklin Camp produced more than 1.39 million ounces of silver and 55,500 ounces of gold.
There are two key types of mineralisation at the Broken Handle property: polymetallic epithermal veins, which are thought to be related to the regional Granby Fault, and copper, lead, zinc, silver and gold skarns associated with limestone and marble lenses.
Over the last two years, exploration work has uncovered a number of new mineral. showings, as well as the rediscovery of old workings. One of the most significant achievements was the identification of the Morrell Camp – a series of mineralised workings that have not seen any exploration work since the late 1920s.
Origen Resources is currently down 1.96 per cent to $0.25 per share at 1:13pm EST.