Opawica Explorations Inc
Stock Options: 45,000 at $0.75
Non-Transferable Wts.: 1,500,000 at $1.25
Shares Issued: 11,023,933
Restricted / Non-Transferable Shares: 3,375,000
Jun 25 close $1.05
Fri 25 Jun 99 News Release
Also Falconbridge Ltd (FL)
Mr. Dan Clark reports
The 60-per-cent Falconbridge Limited/40-per-cent Opawica base metals
exploration project is currently under way on the Chance Rhyolites package
centred two kilometres northwest of the Kidd Creek mine near Timmins, Ont.
Discovered in 1963, the Kidd Creek mine is one of the world's largest base
metal deposits, with historical production and current reserves of 160
million tonnes at 2.39 per cent Cu, 6.11 per cent Zn, 0.23 per cent Pb, and
85 grams per tonne Ag. The Chance Rhyolites package hosts the South Chance
massive sulphide deposit, which has a resource of 176,900 tonnes at 12.8
per cent Zn, 3.24 per cent Pb, 178 g/t Ag. This deposit represents the only
known significant base metal occurrence in the immediate area outside of
the Kidd Creek mine.
The work is being carried out by Falconbridge Limited pursuant to an
agreement between Falconbridge and Opawica, the details of which were
reported in Stockwatch Feb. 12, 1999. The qualified person in charge of the
work is Falconbridge senior geologist, Scott McLean.
A total of four holes referred to as K64-53, K64-55B, K64-25B and K64-50C
has been completed. In summary, coupled with the near-surface South Chance
massive sulphide deposit, a series of elevated Cu, Zn, Pb and Ag values in
the above holes and from other historic drilling has emphasized the
anomalous base metal content of the Chance Rhyolites.
As of June 24, 1999, a down-hole geophysical survey completed in hole
K64-25B has detected an unexplained geophysical response at depth in an
untested portion of the Chance Rhyolites. A wedge cut off hole K64-48 will
test this area of the Chance Rhyolites at a depth of approximately 1,800
metres. This drilling will commence next week.
A summary of the first four holes is as follows:
Results of the first hole in the program, K64-53, were reported in
Stockwatch April 13, 1999. Three holes have been completed in the
intervening period. Hole K64-55B was completed to a total depth of 791
metres on April 23. The hole was designed to test the down-dip, down-plunge
extension of the rhyolite package that plays host to the South Chance
mineralization as it swings around an interpreted fold hinge towards the
northwest, and also to investigate a previously-known mineralized zone in
the North Chance Rhyolites. The North Chance Rhyolites package was
intersected from 193.10 metres to 306.45 metres; minor sphalerite-galena
mineralization was encountered over 4.09 metres from 298.80 metres to
302.89 metres.
The target South Chance volcanic stratigraphy of variably altered, reworked
felsic debris flows, sediments, mafic volcanic material and felsic tuff was
intersected from 550 metres to 766 metres. No significant mineralization
was noted. As in K64-53, the hole ended in the interpreted regional
greywacke sediment unit.
Hole K64-25B represented a 300-metre extension to historic hole K64-25 and
was completed on May 6. The hole targeted the Chance Rhyolites stratigraphy
at a depth which corresponds approximately to the 4,700 level at the Kidd
Creek mine at a point approximately 900 metres directly beneath the South
Chance deposit or 1,300 metres vertically below surface. The hole
intersected a sericitic massive rhyolite unit hosting stringer pyrrhotite
from 1,268 metres to 1,300 metres and entered the regional greywacke unit
at 1,502 metres.
Complete assay results have now been received for hole K64-55B. The
3.45-metre composite section from 299.0 metres to 302.45 metres averaged
150 parts per million Cu, 2,505 ppm Zn and 3,054 ppm Pb, including a 0.25
of a metre section which contained 0.1 per cent Cu, 1.97 per cent Zn and
3.38 per cent Pb. The 0.7 of a metre section from 577.5 metres to 578.2
metres assayed 1.32 per cent Pb and 1.7 g/t Ag, while the next 0.35 of a
metre section to 578.55 metres assayed 2.14 per cent Zn. While not
economic, these and other elevated values emphasize the base metal
anomalous nature of the Chance Rhyolites.
Hole K64-50C represented a wedge hole off historic hole K64-50 and targeted
an area 100 metres west and 370 metres below previous base metal
intersections in hole K64-43 (1.2 per cent Zn/1.4 metres) and K64-43A (5.3
per cent Zn/1.38 metres) on the Whitestar property at approximately 2,200
metres vertically below surface. The hole was completed to a total length
of 1,597 metres on June 16. No significant mineralization was intersected.
Analytical work was carried out by Swastika Laboratories Ltd. of Swastika,
Ont., using standard atomic absorption techniques. Swastika is accredited
by the Standards Council of Canada and is independent from both
Falconbridge and Opawica.
Additional results from the current fifth hole of the program will be
announced as they become available.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
