Origen Announces Mobilization of Exploration Crew to Advance Wishbone Drill Targets
Origen moves Wishbone toward drilling while shifting to a share-and-royalty-based exposure instead of directly funding exploration.
Rhea-AI Summary
Origen Resources (OGGNF) reports that purchaser 1600292 B.C. has mobilized an exploration crew to the Wishbone Gold-Silver Project in British Columbia’s Golden Triangle, ahead of a planned 2027 drill program.
The work over the next two weeks will focus on an induced polarization survey over the Windy and Rat zones to refine multiple high-priority drill targets identified by a 2025 survey. On September 8, 2026, Origen agreed to sell its 100% Wishbone interest to the Purchaser for 4,000,000 common shares at a deemed value of $0.25 per share, for deemed consideration of $1,000,000, plus a 1% net smelter return royalty. The Purchaser has agreed to use commercially reasonable efforts, at its sole cost, to complete a Canadian Securities Exchange listing by July 30, 2027, with Origen retaining exposure to future project upside through its shareholding and royalty.
Positive
- Wishbone sale consideration 4,000,000 Purchaser shares at $0.25, deemed $1,000,000
- Royalty retained Origen to hold a 1% net smelter return on Wishbone
- Exploration funded by Purchaser Next-stage field work and listing efforts at Purchaser’s sole cost
- Defined targets 11 identified target areas along a >10 km mineralized trend
- High-grade samples Historical grab/float up to ~6,700 g/t silver and 202.6 g/t gold
Negative
- Non-cash consideration Payment in Purchaser shares, not cash, at a deemed value
- Execution risk Transaction and Purchaser’s exchange listing remain subject to approvals and conditions
- Loss of direct ownership Origen divests its 100% project interest, limiting operational control
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - September 15, 2026) - Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the "Company" or "Origen") is pleased to announce that 1600292 B.C. Ltd. (the "Purchaser") has advised the Company that it is mobilizing an exploration crew to the Wishbone Gold-Silver Project ("Wishbone" or the "Property"), located in British Columbia's Golden Triangle.
The upcoming field program is designed to further define and prioritize drill targets in preparation for a planned 2027 drill program.
The work follows Origen's 2025 induced polarization ("IP") survey, which identified multiple high-priority targets at Wishbone, including geophysical responses associated with known gold-bearing veins and similar responses beneath portions of an extensive, previously untested gold-in-soil/talus anomaly.
On September 8, 2026, Origen announced an agreement for the sale of its
"We are very pleased to see the Purchaser moving quickly to continue advancing Wishbone," stated Gary Schellenberg, CEO of Origen. "Considerable work has already gone into identifying a number of compelling targets across the Property. This program is an important next step toward refining those targets for drilling in 2027. For Origen shareholders, it also demonstrates the benefit of the transaction structure. We retain exposure to future exploration success through both our equity position in the Purchaser and our
Advancing Wishbone Toward Drilling
Wishbone hosts 11 identified target areas along a mineralized trend extending for more than 10 kilometres. Exploration has identified high-grade gold-silver quartz-carbonate vein mineralization as well as volcanogenic massive sulphide-style mineralization.
Historical and recent exploration has returned significant surface results, including grab and float samples containing up to approximately 6,700 g/t silver and 202.6 g/t gold.
Rapid retreat of the central glacier has also exposed significant areas of previously inaccessible ground. Sampling along the glacier margins has returned numerous high-grade gold, silver and copper results, including a boulder containing 202.6 g/t gold in 2023, a boulder at the Lake showing returning 164.7 g/t gold in 2024, and a separate chalcopyrite-bearing boulder returning
At the Windy target, an extensive gold-in-soil/talus anomaly remains largely untested by drilling. The 2025 IP program identified geophysical responses associated with known gold-bearing veins and similar responses extending beneath portions of the anomaly.
Over the next two weeks, the field program will focus on conducting an induced polarization survey over the Windy and Rat mineralized zones. The mineralization in the Rat area is hypothesized to be generated by a porphyry at depth. It is hoped that the IP survey over the area will shed some light on this and further aid in drill planning for next season.
Grab samples are selective by nature and are not necessarily representative of mineralization hosted on the Property. Float samples are not in place and their bedrock source is unknown; results are not necessarily indicative of mineralization at depth or of the Property as a whole.
Wishbone Transaction
As announced September 8, 2026, the Purchaser has agreed to acquire Origen's
Origen would like to further clarify the sales terms as disclosed in its September 8, 2026 news release.
Under the proposed transaction, Origen will receive 4,000,000 common shares of the Purchaser at a deemed value of
Under the agreement, the Purchaser has agreed to use commercially reasonable efforts, at its sole cost and expense, to complete the Exchange Listing on or prior to July 30, 2027, or such other date as may be agreed to in writing by the parties. Completion of the transaction remains subject to applicable regulatory, corporate and other approvals and conditions.
The Wishbone Project comprises approximately 3,941 hectares in British Columbia's Golden Triangle and is adjacent to the Galore Creek copper-gold project jointly owned by Teck Resources Limited and Newmont Corporation.
Strategic Rationale
The proposed sale is consistent with Origen's strategy of realizing value from its portfolio while allocating its capital and management resources toward projects where the Company believes it can generate the greatest value for shareholders.
Rather than requiring Origen to fund the next stage of exploration at Wishbone, the transaction converts the Company's direct project ownership into 4,000,000 common shares of the Purchaser at a deemed value of
John Harrop, P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical disclosure in this news release.
About Origen
Origen is fully focused on its new Brazilian REE acquisition, while holding a
On behalf of Origen,
Gary Schellenberg
CEO and Director
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/314377
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What work will the newly mobilized crew carry out at Wishbone?
Over the next two weeks, the field program will conduct an induced polarization survey over the Windy and Rat mineralized zones. The objective is to refine and prioritize drill targets, including testing responses associated with known gold-bearing veins and portions of a largely untested gold-in-soil/talus anomaly, to aid drill planning for the planned 2027 program.
What are the key terms and timeline for the Purchaser’s stock exchange listing?
Under the agreement, the Purchaser has agreed to use commercially reasonable efforts, at its sole cost and expense, to complete a listing on the Canadian Securities Exchange on or before July 30, 2027, or another date agreed in writing. The 4,000,000 shares issuable to Origen are intended to become listed and posted for trading upon completion of this listing and may be subject to escrow and resale restrictions.
How large is the Wishbone Project and where is it located?
The Wishbone Project covers approximately 3,941 hectares in British Columbia’s Golden Triangle. It is adjacent to the Galore Creek copper-gold project, which is jointly owned by Teck Resources and Newmont Corporation.
What is Origen’s broader project portfolio and current strategic focus?
Origen is described as fully focused on its new Brazilian rare earth element acquisition. It also holds a 100% interest in the Los Sapitos Lithium project in Argentina, the Wishbone project in British Columbia’s Golden Triangle (subject to the proposed sale), and three other 100% owned precious and critical metal projects in southern British Columbia.
How reliable are the reported high-grade sample results at Wishbone?
The company notes that grab samples are selective and are not necessarily representative of mineralization on the property. Float samples are not in place, and their bedrock source is unknown, so their results are not necessarily indicative of mineralization at depth or of the property as a whole.