Opawica Explorations Inc OPW
Shares issued 10,848,933 Mar 9 close $1.75
Wed 10 Mar 99 News Release
Also Falconbridge Ltd (FL)
Also Barrick Gold Corp (ABX)
Mr. Dan Clark reports
The private placements announced by the company in Stockwatch Feb. 15,
1999, as to a one-million-unit subscription at $1.00 per unit by Barrick
Gold Corporation, and a 500,000-unit subscription at $1.00 per unit by
Falconbridge Limited, have received regulatory approval and have closed. In
addition, the various transactions between Opawica and Barrick, as well as
Opawica and Falconbridge, as outlined in Stockwatch Feb. 15, 1999, have
also received regulatory approval.
Drilling on the Chance-Whitestar group (60 per cent Falconbridge - 40 per
cent Opawica) in Kidd Township, Ont. has commenced. This initial drilling
is approximately 1,800 metres northwest of Falconbridge's Kidd Creek mine.
The first three holes of the current program will test a 1,500-metre
vertical undrilled gap down plunge/dip from, and in the vicinity of, the
known Chance mineralization (176,000 tonnes of 12.8 per cent Zn, 3.24 per
cent Pb, and 178 grams per tonne Ag) which is known to extend to a depth of
380 metres. A phase I program consisting of five holes is planned over the
next 90 days on the Chance-Whitestar group.
In addition, drilling is scheduled to commence on the Rimmer property (70
per cent Falconbridge - 30 per cent Opawica), Carnegie Township, Ont. on
March 12, 1999. The Rimmer property is approximately two kilometres
northwest of the above noted Chance drilling. At least one hole will be
drilled on Rimmer to test a known geophysical anomaly to a depth of
approximately 100 metres.
Lastly, the current reconnaissance field program on Opawica's Valle del
Cura - El Indio region properties in Argentina has yielded some positive
results and has identified several targets which may be trenched or drilled
by late 1999. All field results from this initial phase of work in
Argentina will be available by the end of March 1999.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
