Origin Gold Outlines its Exploration Program on La Pantera and provides a Corporate Update
MONTREAL, Jan. 08, 2019 (GLOBE NEWSWIRE) — Origin Gold Corporation (“Origin or the “Corporation“) (TSX VENTURE: OIC) is pleased to announce preliminary results of its first surface exploration program on the La Pantera property ( the “Property”).
The surface exploration program on the Property covers an area of 1,734 hectares (about 5.0 km by 3.5 km), located in the gold rich San Lucas Range, department of Bolivar, in Colombia.
The program is based on recommendations of the National Instrument (‘NI”) 43-101 technical report dated August 20th, 2018, prepared by Pierre O’Dowd.
The definition and description of the areas of superficial mining artisanal workings in saprolite (weathered bedrock) and geological mapping have been undertaken. The magnetic (“MAG’) survey, trenching and the inspection of the underground mining works are in progress. The following additional activities are also being performed at this time:
- Detail geological campaign and trenching to identify and characterize the veins and breccia zones;
- Systematically sampling and assaying for gold of all veins, veinlets, breccia and alteration zones; and
- Drone airborne survey to build orthomosaic maps of the whole area. The survey is also needed to obtain the exact location of the widespread and numerous artisanal surface operations, as shown on the following preliminary map (blue areas on the map)
The following photo is a typical saprolite operation in the Matos sector (NW area).
The property is underlain by granitoid lithology affected by saprolitization for 60% approximately, mainly on the northern portion. The thickness of the saprolite, where remnants of veins, veinlets and breccia zones can be observed, ranges between 5 to 15 meters. Many new evidences of former underground activities have been located. Quartz injected deformation zones are common on the property with northeast (”NE”) preferential direction.
The preliminary interpretation of the MAG survey has been able to confirm one of those NE oriented deformation zones in the northeastern corner of the concession associated with active and inactive artisanal mine workings.
Most of the trenches were dug to confirm the presence into the Property of the large quartz injected deformation zone identified to the NE. Gold evidence was found by panning quartz-rich material at the bottom of four trenches.
In the Matos area the trenches were able to identify a quartz vein system returning values between 0.2 to 3.9 g/t gold.
This news release has been reviewed and approved by Pierre O’Dowd, P. Geo., BS.c. Geology, an independent Qualified Person as defined by NI 43-101.
Resignation of a Director
Origin Gold announces the resignation of Mr. Pierre Colas as director of the Corporation. Origin Gold’s Board and management would like to thank Mr. Colas for his contribution to the Corporation.
Grant of Stock Options
The Board of Directors of Origin has approved the granting of options for 1,160,000 common shares of the Corporation to the Directors, Officers and consultants of the Corporation, in accordance with its stock option plan. The options vest immediately, are exercisable at $0.10 per option and have a term of 2 years.
Origin is a mineral exploration company with its exploration activities focused in Colombia.
The information set forth in this press release includes certain forward-looking statements. Such statements are based on assumptions exposed to major risks and uncertainties. Although Origin deems the expectations reflected in these forward-looking statements to be reasonable, the Corporation cannot provide any guarantee as to the materialization of the expectations reflected in these forward-looking statements. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.