Opawica Explorations Inc.
TSX : OPW

Opawica Explorations Inc.

May 08, 2008 11:55 ET

Opawica Explorations Inc. Announces Atikwa Lake, Ontario, Assay Results and Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 8, 2008) - Under the current 2008 drill program, Opawica Explorations Inc. (TSX:OPW) has completed 26 diamond drill holes for a total of 6501m of drilling on the Atikwa Lake Property. The property is located 120 road kilometres south east of Kenora, Ontario.

In 2008, a gradient induced polarization survey and a magnetometer survey was completed by Insight Geophysics totalling 18 lines spaced at 100m intervals, except over the Maybrun deposit where 50m line spacings were carried out totalling 25 line kilometres. Twelve Insight Sections were completed to a vertical depth of 400m. The results of this survey confirms that prominent coincident chargeability and resistivity anomalies, usually associated with chalcopyrite and pyrrhotite zones, extend at least to 400m in vertical depth on the Maybrun deposit and on the Northern Gold-Copper target located about 800m north of the Maybrun deposit.

The current drilling has targeted induced polarization anomalies primarily located outside of the Maybrun deposit. Three holes consisting of previously announced AT-08-001, and new holes AT-08-004 as well as AT-08-008 reported hereinafter were drilled into or immediately adjacent to the Maybrun zone. A further 10 holes for which assays are pending were drilled into or adjacent to the Maybrun zone and 13 holes have been drilled to investigate regional anomalies outside of the known Maybrun zone of which 6 holes were drilled between line 1900N to 2200N on the Northern Gold-Copper Zone which is situated 800m north of the Maybrun deposit. Assays for 12 holes drilled to date on four separate target areas and locations on the property are shown in Table No. 1 below.

MAYBRUN DEPOSIT AND ASSOCIATED ZONES; Under the current phase of drilling hole AT-08-001 was drilled into the Maybrun deposit on section 1200N and nine holes in total have investigated the northern fringe of the Maybrun deposit. Hole AT-08-001 on section 1200N was previously reported as 1.54 g/t Au and 0.389 % Cu over a core length of 183m which includes 4.02 g/t Au and 0.866 % Cu over a core length of 46.75m.

Hole AT-08-004 on section 1000N and drilled east to west encountered intermittent anomalous gold and copper values over 194m of core length and intersected 0.60 g/t Au and 0.131% Cu over a core length of 30m from 364 to 394m in a sheared and silicified dacite and feldspar porphyry which includes 11.73 g/t Au and 0.022% Cu over a core length of 1.0m which was intersected at the end of the hole. This mineralization resides immediately outside of the known Maybrun deposit in the hanging wall of the deposit. Drilling from the west to the east into this mineralization at the same horizon and deeper will commence immediately. The core length in hole AT-08-004 is approximately 20% of true width. This gold mineralization is presently interpreted to be off section and vertically near historic hole M-84 drilled by Maybrun Mines Ltd. in 1957 which returned a reported 10 g/t Au over 20m of core length. This historic hole was approximately 378m (1,250 ft) in core length or about 265m in vertical depth.

Hole No. AT-08-008 on section 800N intersected 1.99 g/t Au and 0.142% Cu over a core length of 8m from 6m to 14m which includes 2.89 g/t Au and 0.199% Cu over a core length of 5m. This hole was drilled outside of the Maybrun deposit and is the southern extension of the overall Maybrun Zone and is approximately a true width. The Maybrun deposit is interpreted to be 500m long by 70m wide by about 100m deep.

As part of the independent resource calculations being conducted on the Maybrun deposit infill assaying of core has been carried out from past Opawica drilling on the Maybrun deposit. These holes have now been re-stated as OPW-05 to OPW-12 inclusive. Past results and current infill assays have been restated in composites shown in Table No. 2.

As a result of the above assay results, recent drilling within and immediately adjacent to the Maybrun deposit, and all historic drilling, both totalling an aggregate 265 holes on the Maybrun deposit, as well as IP geophysics over the Maybrun zone and two underground headings that bisect the Maybrun deposit for about 500m long at the 45m level and the 85m level, the Maybrun zone and deposit is now interpreted to reside in an overall potential open pit zone of approximately 700m long by 100m wide by up to 175m deep. Further drilling is required to determine continuity of the gold and copper mineralization within the larger area that now appears to be part of the Maybrun deposit and overall potential Maybrun open pit zone.

NORTHERN GOLD-COPPER TARGET, Atikwa Lake; Hole No. AT-08-010 was drilled about 800m north of the Maybrun deposit and was drilled as the extension to and deepening of hole OPW-031 on section 2000N. Previous drilling in hole OPW-031 intersected 5.1 g/t Au over 4m, 7.33 g/t Au over 3m and 5.75 g/t Au over 5.75m in pillowed mafic flow with Maybrun-type mineralization. This pillowed flow unit extends from 51 to 222m. Additional in-fill sampling of this North Zone is in progress to evaluate this area in past Opawica holes OPW-30 to OPW-35.

Hole No. AT-08-011 on section 1900N was drilled to investigate a chargeability anomaly which intersected coincident pillowed flow from 44.4 to 168m and Maybrun-type mineralization was encountered from 44.4 to 358.5m. The hole returned assays from 108.20 to 221.50 with 0.22 g/t Au and 0.120% Cu over a core length of 113.30m which is the approximate true width of the zone.

Further drilling is required to investigate this Northern Copper-Gold target which represents a new copper-gold zone on the property in addition to the Maybrun zone.

Over the next two months Opawica will drill a further 42 holes as in-fill holes in the Maybrun Deposit and zone in preparation for a resource study that is 43-101 compliant and which will be independently calculated and audited. Holes OPW-07-05 to 012 were previously drilled within the Maybrun Zone. Infill assays and previous results from these holes are shown in Table No. 2.

To view the tables that accompany this press release, please visit the following link - http://media3.marketwire.com/docs/opw0508.pdf

Assays are pending from 14 of the 26 holes drilled to date under the current program at Atikwa Lake. 13 of these holes have been drilled on the Maybrun zone and have intersected geology and sulphide mineralization typical of the Maybrun zone. One of the 14 holes, AT-08-23, from which assays are pending, was drilled on an IP anomaly on line 800N approximately 350m west of the Maybrun zone. This hole has intersected a section over 25.7m of core length containing 1.5 to 6% sulphide mineralization primarily consisting of pyrrhotite and minor amounts of chalcopyrite.

DINGMAN GOLD PROPERTY, SE ONTARIO

The gold mineralization at Dingman is known to be present within an overall granitic stock which is 800m long by 110m wide by at least 325m deep. Further drilling is required to determine further resources within the larger area of the overall granitic stock noted above.

As the Dingman zone is open on strike to the east and to depth the potential to increase resources is considered excellent and further drilling is warranted.

Following the completion of a NI 43-101 report on Dingman and an internal preliminary scoping study to determine the potential economics of the Dingman deposit, Opawica will then be in a position to announce further plans of drilling at Dingman. It is expected that the NI 43-101 report for Dingman will be completed during the summer of 2008.

MATACHEWAN GOLD PROPERTIES, ONTARIO

Drilling at the Company's Matachewan properties has commenced. The current program consists of at least two holes of approximately 150m each. The drilling is targeting an IP anomaly coincident with two grab samples taken 4m apart in Trench #5 which was completed in the summer of 2007. The two grab samples returned 5.28 g/t Au and 3.15 g/t Au.

Opawica's Matachewan properties are subject to an option agreement with Northgate Minerals Corporation (TSX:NGX) whereby Northgate may earn a 55% interest in the Company's Matachewan properties by incurring a further $930,000 in optional exploration expenditures over the next two years.

Fire assaying for the Atikwa Lake property, the Dingman gold property and the Matachewan properties were completed by Swastika Laboratories of Kirkland Lake, Ontario.

The Qualified Person for the Atikwa Lake property, the Dingman property and Opawica's Matachewan properties is Mr. Fred Sharpley, P.Geo., of Kirkland Lake, Ontario and he has reviewed the contents of this release.

Forward Looking Statement

Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. We seek safe harbor.

Warrants: 2,832,581 @ $.35 to $0.90

Shares Issued: 19,275,868

Options: 555,000 @ $0.35

Restricted Shares: 2,580,000

Contact Information