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Origen Resources (CSE: ORGN) announced that it will purchase 3 million shares of Exploits Gold Corp. from Crest Resources (CSE: CRES) in exchange for 4.2 million Origen shares. 

The goal of this purchase is for Origen to gain access to Exploits’ exploration endeavours for district-scale high-grade gold deposits in the Central Newfoundland Gold Belt, in Canada’s Atlantic region.

Exploits holds two projects known as the Mt. Peyton and Jonathan’s Pond gold projects located two and 25 kilometres west and northeast respectively of New Found Gold’s Queensway Discovery. Together, the properties consist of 939 mineral claims encompassing a land area totalling 234.75 square kilometres in the Exploits Subzone Camp.

According to the miner, the Mt. Peyton project is also situated on a 15-kilometre strike length airborne magnetic anomaly, coincident with the anomalous gold float grab samples. The Jonathan’s Pond project, on the other hand, hosts visible gold-bearing quartz veins up to 3 metres wide, with a current strike length of 450 metres and open in all directions.

“We have watched the development of exploration in the Exploits Subzone and the team running exploration at Exploits, and we are pleased to have this opportunity to further invest in Exploits Gold Corp.,” Origen’s CEO, Blake Morgan, said in a media statement.

“This investment will provide a financial base for Origen as well as a window into opportunity in this exciting gold play.”