“We are very pleased to be adding this quality gold asset to our portfolio, which is the next important step in executing our business model. The Wishbone project presents a unique opportunity for Forty Pillar shareholders to benefit from the rising gold activity in the Golden Triangle B.C. area,” states Company CEO
Wishbone Property
The 3,971 ha Wishbone property is located 40 km west of
Gold values ranged from 0.001 to 175.7 g/t in the 79 rock samples collected at the Rat prospect in 2020. The following table includes highlights that show how important the coarse gold fraction is particularly for veins hosted in the more brittle rocks.
Table 1: Rat Prospect Highlighted Samples – Total Metallic Screened Gold Grades
Sample ID | Total Au g/t | %Au in + | %Au in – | Target | Type | ||
WMHR-007 | 175.7 | 13.5% | 86.5% | Boulder Train | Float | ||
WMHR-019 | 36.3 | 70.0% | 30.0% | Qtz, Fe-carb Bx | Grab | ||
WSM-006 | 44.4 | 47.2% | 52.8% | Boulder Train | Float | ||
WSM-007 | 14.4 | 4.6% | 95.4% | Boulder Train | Float | ||
WMHR-008 | 11.4 | 41.2% | 58.8% | Boulder Train | Float |
*Grab samples are by nature selective and should not be relied upon. They are collected during prospecting and reconnaissance work to characterize geological material and determine if metals of interest are present prior to more comprehensive sampling and investigation. They may not be representative of metal grades on the Property. Float samples are similar to grab samples but were not collected from bedrock and do not have a known source. The bedrock source of a float sample may not be on the Property. Prospecting and other geological, geochemical and geophysical methods are used to trace float samples back to their source. Float samples may not be representative of metal grades at their bedrock source.
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The project currently has 9 priority target areas highlighted on the location map below:
Figure 1: Wishbone Prospect Location Map
The property has recently had a high-resolution magnetometer and Skytem EM survey conducted with the results of this survey pending.
These results will greatly aide in drill targeting once received. The prospective targets range from 1,150 meters to 1,750 meters in elevation with the lower targets amenable to an early and extended field season.
Acquisition Terms
To purchase a 100-per-cent interest in the 3,971 ha Wishbone project, Forty Pillars will pay a total of
The transaction is subject to the Company’s filing requirements with CSE.
The transaction may be considered to be a non-arms-length transaction, as
Private Placement
Forty Pillars has arranged a private placement financing of up to fifteen million units at
Each unit consists of one common share in the capital of the Company and one share purchase warrant of the Company. Each warrant will entitle the holder to purchase one additional share at a price of
The Company may pay a finder's fee in cash in connection with the offering.
Proceeds raised from the offering will be used to finance the purchase of the
Certain directors of the Company are expected to participate in the private placement, and
The offering is subject to the Company’s filing requirements with CSE.
Changes to the Board of Directors
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
About Forty Pillars
Forty Pillars, based in
On behalf of Forty Pillars,
Nader Vatanchi
President
For further information, please contact Nader Vatanchi, President at 778-881-4631.
nadervatanchi@hotmail.com
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.
Source:
2021 GlobeNewswire, Inc., source