Check out Opawica on Toronto (OPW.tse)
What gives? Volatility galour!!!
Here's site: opawica.com
What I know is that they are only 1500m from the Kidd Creek mine in Timmins and that they just arbitrarily extended their drill program.
Why?
IMO this smells really good! Keep an eye on this baby!
Dinky float to boot! Look at the pop on squat volume this a.m.!
Can you imagine if they intersect choice mineralization.
some background.....
NEWS RELEASE
June 25, 1999
Listed: TSE
Stock Options: 45,000 @ $.75
Symbol: "OPW"
Non-Transferable Wts.: 1,500,000 @ $1.25
Shares Issued: 11,023,933 Restricted /
Non-Transferable Shares: 3,375,000
Opawica Explorations Inc. ("Opawica" / the "Company") is pleased to provide the following status
report on the 60% Falconbridge Limited – 40% Opawica base metals exploration project currently
underway on the Chance Rhyolite package centered 2km northwest of the Kidd Creek Mine near
Timmins, Ontario. 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 @ 2.39% Cu, 6.11% Zn,
0.23% Pb, and 85 g/t Ag. The Chance Rhyolites host the South Chance massive sulphide deposit,
which has a resource of 176,900 tonnes @ 12.8% Zn, 3.24% Pb, 178 g/t Ag. This deposit represents
the only known significant base metals occurrence in the immediate area outside of the Kidd Creek
Mine.
The work is being carried out by Falconbridge Limited ("Falconbridge") pursuant to an agreement
between Falconbridge and Opawica, the details of which were reported in a news release by the
Company dated February 12, 1999. The Qualified Person in charge of the work is Falconbridge Senior
Geologist Mr. Scott McLean.
A total of four holes referred to as K64-53, K64-55B, K64-25B and K64-50C have 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 1,800m.
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 a news release dated April 13, 1999.
Three holes have been completed in the intervening period. Hole K64-55B was completed to a total
depth of 791m on April 23rd. 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 Rhyolite package was intersected from
193.10m to 306.45m; minor sphalerite-galena mineralization was encountered over 4.09m from
298.80m to 302.89m. The target South Chance volcanic stratigraphy of variably altered, reworked
felsic debris flows, sediments, mafic volcanic material and felsic tuff was intersected from 550m to
766m. 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
6th. The hole targeted the Chance Rhyolite stratigraphy at a depth which corresponds approximately to
the 4700 level at the Kidd Creek Mine at a point approximately 900m directly beneath the South
Chance deposit or 1,300m vertically below surface. The hole intersected a sericitic massive rhyolite
unit hosting stringer pyrrhotite from 1,268m to 1,300m and entered the regional greywacke unit at
1,502m.
Complete assay results have now been received for hole K64-55B. The 3.45m composite section from
299.0m to 302.45m averaged 150ppm Cu, 2505ppm Zn and 3054ppm Pb including a 0.25m section
which contained 0.1% Cu, 1.97% Zn and 3.38% Pb. The 0.7m section from 577.5m to 578.2m
assayed 1.32% Pb and 1.7 g/t Ag while the next 0.35m section to 578.55m assayed 2.14% 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 100m west and
370m below previous base metal intersections in hole K64-43 (1.2% Zn / 1.4m) and K64-43A (5.3% Zn
/ 1.38m) on the Whitestar property at approximately 2200m vertically below surface. The hole was
completed to a total length of 1597m on June 16th. No significant mineralization was intersected.
Analytical work was carried out by Swastika Laboratories Ltd. Of Swastika, Ontario utilizing 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 5th hole of the program will be announced as they become
available.
For further information contact:
Dan M. Clark, President; or
Prentice W. Durbin, Comptroller
Tel: 416-597-1480; Fax: 416-597-1479;
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