Welcome To Opawica Explorations Inc.
Opawica Explorations Inc. was incorporated under the Business Corporations Act (Ontario) on September 17, 1975 and was continued into British Columbia by Certificate of Continuation issued under the Business Corporations Act (British Columbia) on September 29, 2006. The Company is listed as Tier 2 mining issuer on the TSX Venture Exchange under the symbol "OPW". The Company is a junior resource company engaged in the acquisition, exploration and evaluation of gold and base metal mineral properties in Canada. As at the date hereof, the Company owns, or has the right to own, subject to certain royalties, up to a 100% interest in each of the following mineral resource properties in Ontario and Yukon Territory, Canada:
- TKL Teck Property - four patented mineral claims located near Kirkland Lake in northeastern Ontario.
- Yukon Bro Property - massive sulphide, silver, lead, zinc property with exploration potential for gold and copper, located 120 km southeast of Faro, Yukon Territory.
On September 2, 2014, the Company announced that it has mobilized a trenching and diamond drill program on two separate parts of its 100% optioned TKL Teck property located five kilometers northwest of the Town of Kirkland Lake, Ontario. The field program consisted of trenching and the drilling of two shallow holes. No significant mineralization was encountered in the drill program. For more information on the TKL Teck property, click here.
On December 29, 2014, the Company announced that it has closed a private placement of 10,202,900 common shares at a price of $0.01 per share pursuant to a discretionary waiver of the $0.05 minimum pricing requirement granted by the TSX Venture Exchange, for total proceeds of $102,029. Insiders purchased 3,156,200 shares. Proceeds from the sale of shares will be used to pay outstanding accounts payable and for general working capital. All securities issued pursuant to the private placement are subject to a hold period expiring April 30, 2015.
The Company is engaged in the search for potential joint venture partners, mineral property acquisitions and financings.
In October 2012, the Company acquired the option from the Town of Kirkland Lake to purchase a 100% interest in four patented mineral claims located near Kirkland Lake in northeastern Ontario, collectively known as the TKL Teck Property. In consideration, the Company will incur $50,000 in work expenditures. The claims are subject to a 2% NSR and 2% Gross Overriding Receipts royalty in favour of the vendor, one-half of which can be purchased by the Company for $1,000,000 cash at any time. The Company shall have the right of first refusal to purchase the remaining one half (1%) royalty.
Opawica owns 100% interest in the four (4) claim unit Bro Property located about 120 road kilometres southeast of Faro, Yukon Territory, Canada.
The Bro Property is primarily a massive sulphide, silver, lead, zinc prospect with exploration potential for gold and copper.
In September 2012, Opawica entered into an agreement (the "Agreement") with Hinterland Metals Inc. (TSXV: HMI) ("Hinterland") where it had been granted an option (the "Option") to acquire a 100% interest in 46 mineral claims located near Kirkland Lake in northeastern Ontario, collectively known as the Teck-Kirkland Property (the "Property").
In order to exercise the Option, Opawica was required to pay Hinterland a total of $125,000, issue it a total of 250,000 shares of Opawica (the "Shares") and incur a total of $1,000,000 in work expenditures, all over a period expiring November 30, 2016. Of these amounts, $37,500 had been paid; 83,332 Shares had been issued; and approximately $478,000 in work expenditures had been incurred as at August 31, 2014.
On December 9, 2014, the Company announced its decision to terminate the Teck-Kirkland option agreement.