16:55:56 EDT Fri 19 Apr 2024
Enter Symbol
or Name
USA
CA



Opawica Explorations Inc (6)
Symbol OPW
Shares Issued 41,781,104
Close 2022-09-28 C$ 0.04
Market Cap C$ 1,671,244
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Opawica Explorations acquires Cornwall property in B.C.

2022-10-03 10:55 ET - News Release

Mr. Blake Morgan reports

OPAWICA ACQUIRES DRILL READY CORNWALL BC PROPERTY

Opawica Explorations Inc. has acquired the Cornwall property located in the Kootenay terrane of southeastern British Columbia.

Past work on the Cornwall property has outlined a 2.4-kilometre-long north-northwest-trending linear copper-in-soil anomaly. Zinc, lead and barium in soil define a linear feature of similar dimension and orientation, which is offset roughly 175 metres to the west of the copper horizon. This second feature has coincident chargeability, TEM (transient electomagnetic) and magnetic anomalies, suggesting potential for massive sulphide mineralization.

The copper showings on the Cornwall property consist of pyrite and chalcopyrite hosted in a quartz-rich amphibolite. Mineralization is consistent with Besshi-type or Cyprus-type VMS (volcanogenic massive sulphide) exhalative sulphides deposited in a mafic volcanic environment. The South, Dunn Creek and Dunn Road showings appear to be on the same sulphide-bearing stratigraphic horizon which has been tentatively traced along a strike length of over two km. The North showing is similar in character but appears to be off stratigraphic trend from the other showings.

The copper horizon is clearly delineated by copper-in-soil anomalies in both the 1997 and 2011 surveys. The Zn-Pb-Ba anomaly is coincident with a distinct linear chargeability anomaly defined in a 1997 survey conducted by Phelps Dodge. The anomalous zone is also coincident with a strong conductor defined by a 2011 TEM survey. Phelps Dodge drilled the chargeability anomaly in 1997, but the holes appear to be short, and did not cross the core of the EM-defined conductor.

The linear conductor in the Dunn Creek area is the most interesting exploration target on the property. There are, however, several other sites with coincident geochemical and geophysical anomalies that warrant further investigation.

  • Target 1 possesses a number of encouraging coincident geochemical and geophysical anomalies and is considered drill ready;
  • Target 2 is a strong chargeability anomaly with coincident zinc-in-soil and magnetic susceptibility anomalies very similar to target 1. It is possible that this is a continuation of the tentative mineralized horizon located in the target 1 area which is offset along a northeast-trending fault;
  • Target 3 possesses coincident chargeability, magnetic and barium anomalies, and is possibly a northwest-striking continuation of target 1;
  • Targets 4 and 5 are isolated small conductors defined by the TEM survey that was conducted north of Cape Horn Creek.

The targets located on the property are summarized below:

  • Target 1 (stratigraphic feature west of the Dunn Creek showings area):
    • Over two km long linear multiparameter anomaly;
    • Coincident zinc-, lead- and barium-in-soil anomalies;
    • TEM conductor;
    • Induced polarization chargeability feature;
    • Low resistivity -- sporadic high magnetic susceptibility.
  • Target 2 (south of Dunn Creek):
    • Strong chargeability feature;
    • Coincident resistivity low;
    • High magnetic susceptibility;
    • Zinc-in-soil anomalies.
  • Target 3 (northwest of target 1, possible continuation):
    • Chargeability feature;
    • Magnetic anomalies;
    • Barium-in-soil anomalies.
  • Target 4 (north of Cape Horn Creek):
    • TEM conductor;
    • Copper-in-soil anomalies.
  • Target 5 (North showing, Zappa trench):
    • Mineralization;
    • TEM anomaly.

The company has agreed to issue 10 million common shares and pay $20,000 in cash to arm's-length vendors. The agreement is subject to a 2-per-cent net smelter royalty of which 1 per cent can be purchased for $1-million. The company does not expect to assume any material liabilities in connection with the completion of the transaction. The transaction does not constitute a fundamental acquisition for the company as defined within the policies of the TSX Venture Exchange. The transaction will not result in the creation of a new insider or a change of control of the company within the meaning of applicable securities laws.

Completion of the transaction remains subject to the approval of the TSX Venture Exchange and cannot be completed until such approval has been received and due diligence has been completed to the satisfaction of the company. No finders' fees or commissions are payable in connection with the transaction.

Derrick Strickland, PGeo (100315), is the qualified person for Opawica Explorations and approves the technical content of this news release.

Opawica Explorations has granted 300,000 stock options to directors, officers and consultants of the company. The company has granted a total of 300,000 incentive stock options exercisable at 10 cents per share expiring Oct. 3, 2024, and are fully vested as of the grant date. The stock options are subject to the acceptance of the TSX Venture Exchange.

The company also announces the resignation of director Christopher Reynolds, effective immediately. The company wishes Mr. Reynolds success in his future endeavours.

About Opawica Explorations Inc.

Opawica Explorations is a junior Canadian exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi gold belt in Quebec, and in central Newfoundland and Labrador. The company's management has a strong record of discovering and developing successful exploration projects. The company's objective is to increase shareholder value through the development of exploration properties using cost-effective exploration practices, acquiring further exploration properties, and seeking partnerships by either joint venture or sale with industry leaders,

We seek Safe Harbor.

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