Welcome To Opawica Explorations Inc.
Opawica Explorations Inc. (TSX.V: OPW) is a junior exploration company actively engaged
in the acquisition, exploration and development of mineral resource
properties since 1978. In addition, the Company owns approximately 15.0% of Upper Canada Gold Corporation (TSX.V symbol "UCC") which is represented by 5,385,852
Upper Canada Gold shares owned by Opawica. The principal asset of UCC is the Dingman gold-aggregate deposit located in southeastern Ontario.
Opawica's current exploration and development efforts are concentrated on its 100% owned
Atikwa Lake-Maybrun gold and copper project in the Rainy River region, located about 120 kilometres
southeast of Kenora, Ontario. In early 2011, Opawica also plans to initiate work on the Whitesides - Carscallen property, West Timmins camp, Ontario.
The Atikwa Lake Project is a former 500 tpd producing gold and copper mine that has been on stand-by care and maintenance since 1973. In late 2010, and to date in 2011, Opawica has drilled 23 holes, 5 of which, were deeper holes below the current open-pit resources and 18 holes were drilled within the Maybrun Main open pit zone. Two of the deeper holes have intersected up to 489m of core length of gold and copper mineralization in the Maybrun Main zone and in the new Footwall Zone (see November 8, 2011 press release).
As at November 28, 2011, Opawica announced complete assay results for the first 7 holes of the 2011 drill program. The first hole of the current drill program intersected the Maybrun Footwall Zone which returned 489m of core length at 0.57 g/t Au Eq.* including 53m at 2.48 g/t Au and 3m at 18.28 g/t Au. In addition, the second hole of the current 2011 drill program intersected a prominent IP anomaly in the Footwall Zone that appears to be striking on an east-west orientation rather than north south, which is the case for the Main Maybrun Zones. This second hole has intersected 389m at 0.72 g/t Au Eq, including 90m at 2.13 g/t Au Eq and 53m at 3.0 g/t Au Eq starting at surface. A 4000m drill program has been completed with final assays pending from three more holes.
In August 2009 and 2010, the Company filed NI 43-101 reports which included initial resource estimates on the Atikwa Lake Project. All of the Company's NI 43-101 reports can be reviewed at www.SEDAR.com. All of the 23 holes drilled in 2010 and 2011 are not included in the below resource calculations. It is expected that the current 2010 and 2011 drill results will increase the mineral resources on the property.
The current NI 43-101 compliant resource estimates at Atikwa Lake as published most recently in August 2010 are as follows:
| Classification |
Cut-off Grade Au Eq (g/t) |
Mineral Zone |
Tonnes |
Au (g/t) |
Cu (%) |
Au (Oz) |
Cu (lb) |
Au Eq (g/t)* |
Indicated |
0.40 |
Maybrun Main |
7,366,000 |
0.64 |
0.41 |
151,000 |
66,466,000 |
1.34 |
Inferred |
0.40 |
Maybrun Main (North-End)
|
1,738,000 |
1.15 |
0.30 |
64,000 |
11,622,000 |
1.66 |
0.40 |
Maybrun Footwall |
5,400,000 |
0.94 |
0.18 |
163,000 |
21,696,000 |
1.25 |
0.40 |
Maybrun North |
3,454,000 |
0.67 |
0.25 |
74,000 |
18,921,000 |
1.10 |
In March 2011, Opawica entered into a binding commercial agreement with Xstrata Copper Canada ("Xstrata") to acquire Xstrata's interests in 11 mining tenements in the Whitesides and Carscallen townships, Ontario ("the Properties"). The Properties are situated in the West Timmins, Ontario, region near Melkior Resources Inc. Carscallen properties.
The acquisition of the Properties is subject to a royalty and back-in right to Xstrata. Should a deposit containing 250,000 metric tonnes or more of contained copper be discovered, Xstrata may elect to earn back 51% of the Properties by payment of 2.5 times Opawica's exploration expenditure, increasing to 70% if Xstrata undertakes a Feasibility Study, or incurs $12,000,000 of feasibility study expenditures. If Xstrata does not back into the Properties, it is entitled to a 2% Net Smelter Return royalty.
In consideration for the Commercial acquisition of the Properties, Opawica has agreed to transfer all of its interests in the Chance Property, located near Timmins, Ontario to Xstrata. On December 8, 2011, this transaction was completed.
LATEST NEWS
*QUALITY CONTROL - DISCLAIMERS
The AuEQ (Gold or Au Equivalent) outlined herein has been calculated using US$800 per oz for Au, US$2.00 per lb for Cu and US$20 per oz for silver. The true widths of above drill intercepts have yet to be confirmed and/or determined by further drilling. The stated AuEQ herein are head grades and metallurgical recoveries and net smelter returns are assumed to be 100%.
| 
