Hi Ron..here is the latest news release.
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: OPAWICA EXPLORATIONS INC.
TSE SYMBOL: OPW
FEBRUARY 27, 1997
Opawica Resolves Totua License Dispute and Surface
Program Adjacent to Stenpad Gold Discovery, Ghana, West
Africa, to Proceed
TORONTO, ONTARIO--Opawica Explorations Inc. (the "Company
"/"Opawica") announces that the dispute concerning Ashanti
Goldfields Company Ltd. ("AGC") option to earn up to a 60 percent
interest in Opawica's 150 sq km Totua Prospecting License (PL)
and, up to, a further six 150 sq km Prospecting licenses
collectively referred to as the Enchi-Wiawso licenses, located in
Ghana, has been resolved.
AGC has a right to earn a 60 percent interest in the above
licenses by spending US $2,250,000 on or before October 20, 1999.
AGC shall ensure that at least US $750,000 in aggregate is
expended on the above licenses prior to the end of October 20,
1997. Current field work has mobilized on the northwest corner of
the Totua PL directly adjoining several large, 1 to 10 g/t,
surface gold anomalies reported by Hixon Resources Inc. and Golden
Rule Resources Ltd. from their Stenpad property. The AGC /
Opawica field program on Totua consists of 24 lines, 2 km in
length, commencing at Stenpad's southern boundary and extending
southwesterly along trend at 250 to 500 meter spacings to cover an
area of about 15 sq km. Samples are being taken at 25 m
intervals, approximately 35 cm in depth and about 2 kg per sample.
The estimated 1,280 samples, to be taken during this initial
program, will have each entire 2 kg sample milled to 200 mesh and
assayed for gold.
In addition, on the Totua PL, approximately 12 km southeast from
the above surface sampling grid and on a sub-parallel zone, RC and
RAB drilling has intersected gold mineralization from surface to a
depth of 70 m. RC drilling has revealed mineralized zones both in
quartz veins and host shales and it is recommended during 1997
that further in-fill soil sampling be carried out on this zone.
This will result in a better definition of anomalous zones to be
followed by further exploration consisting of trenching,
geophysical surveying and drilling.
At the 900 sq km Enchi-Wiawso properties, for 1997, AGC will carry
out a program of photogeological interpretation over the Bibiani
Shear Zone ("BSZ") and extension of the existing soil geochemical
coverage along the BSZ and adjoining areas on 1000 m by 100 m
centers. Screening of the remainder of the Enchi-Wiawso licenses
with regional stream sediment geochemistry and field review of all
anomalous features defined by the above program will define
targets for follow up field work for surface sampling and
drilling.
Ashanti Goldfields Company Ltd. will act as manager and operator
for all of the programs detailed above herein.
...6.3 mil shares out, $3 mil in the bank, next to Hixon, and Ashanti
doing all the work for them. Couldn't get much better than this. Just
be a little patient...Tim |
