Opawica Explorations Inc.
TSX : OPW

Opawica Explorations Inc.

April 03, 2007 17:01 ET

Opawica Explorations Inc.: News Release

VANCOUVER, BRITISH COLUMBA--(CCNMatthews - April 3, 2007) - Opawica Explorations Inc. ("Opawica" / the "Company") (TSX:OPW) announces the following acquisitions and field work.

MATACHEWAN, ONTARIO, Copper-Gold-Silver

Opawica has received regulatory consent and made the requisite payments pursuant to the acquisition agreements for Walker, Welsh and Stanwick properties located near Matachewan, Ontario and which are contiguous to the northern border of Northgate Minerals Corporations' Young-Davidson gold property.

The Company has acquired a 100% interest in the 32 claim Welsh property by paying $31,000 cash and 250,000 shares of the Company and has acquired a 100% interest in the 7 claim Stanwick property by paying $7,000 cash and issuing 100,000 shares of the Company, subject to a 2% NSR of which 1% NSR may be purchased by the Company for $1,000,000.

In addition, the Company has made the initial property payments under the Walker option agreement of $25,000 cash, $25,000 in exploration and 250,000 shares which maintains the option in good standing for the 6 Walker claims for the ensuing year. Opawica may earn its 100% interest in the Walker property by paying a further $50,000 cash, $50,000 in exploration and a further 500,000 shares within the next 36 months. The Walker property is subject to a 2.5% NSR of which 1% NSR may be purchased at any time by the Company for $1,000,000.

Surface trenching, stripping and sampling on the above Matachewan properties is ongoing along with a deep penetrating Titan geophysical survey which has now been mobilized. The objective of the Titan survey is to further detect known porphyry-style mineralization near surface to depths of up to 750m in order to better define drill targets. The program will consist of at least four Titan (DCIP & MT) lines totalling 12 line kilometres with a line spacing of up to 200m and is expected to take about two weeks to complete.

MADOC-DINGMAN GROUP, ONTARIO, Gold

In addition, the Company announces that it has optioned the Veley gold property located in the Township of Central Frontenac of south eastern, Ontario, about 12 km from Opawica's optioned Addington gold property. Historically, the Veley property is reported to have at least 3 three parallel mineralized veins on the property. The principal mineralized zone consists of 300m of strike length ranging in width from several inches to 1.5m wide. Mineralization consists of pyrite, chalcopyrite and in some instances visible gold. Gold mineralization occurs principally between the contact of a felsic intrusion and mafic volcanic rocks. In 1991 Rio Algom Explorations Inc. collected 12 grab samples from the property, seven of which were anomalous in gold and five samples yielded 3.8 g/t, 14.98 g/t, 19.78 g/t, 39.30 g/t and 49.81 g/t Au.

Opawica may earn a 100% interest in the Veley property by paying $45,000 cash, incurring $100,000 in expenditures on the property and issuing 1,100,000 shares of the Company within the next 24 months. The property is subject to a 2% NSR of which a 1% NSR may be purchased any time by the Company for $1,000,000. The Veley property agreement is subject to regulatory approval.

The Qualified Person for the Matachewan properties and the Madoc-Dingman group is Mr. Todd Keast, P.Geo., of Timmins, Ontario.

Warrants: 10,212,500 @ $0.07

Shares Issued: 104,653,867

Stock Options: 9,200,000 @ $0.07

Restricted Shares: 24,550,000

Contact Information

  • Opawica Explorations Inc.
    Donald (Dan) M. Clark
    President
    (604) 681-3170
    (604) 681-3552 (FAX)
    Website: www.opawica.com