Manuka Resources Limited (ASX:MKR) is an ASX-listed mining company with gold and silver-gold projects in the Cobar Basin, one of Australia’s most prolific producers of base and precious metals.
The company focuses on its 100 percent owned fully permitted precious metals projects in the Cobar Basin - the Mt Boppy gold mine and Wonawinta silver project. Manuka Resources's development strategy includes bringing back the Mt Boppy gold mine into production and restarting mining and production at the Wonawinta silver mine.
The Mt Boppy gold mine was historically one of the richest in NSW, Australia and produced ~500,000oz gold at an average grade of 15 grams per ton (g/t) gold. Accordingly, the company is very excited about its exploration potential.
The Mt Boppy gold project comprises three mining leases, four gold leases and one exploration license, spanning an area of more than 210 sq. km. in the prolific Cobar Basin in New South Wales, Australia. The project was acquired by Manuka in 2019, and has a current mineral resource of 4.3 Mt at 1.19 g/t gold. This includes a combination of oxidized and transitional/fresh mineralization in the ground, as well as mineralized rock dumps and tailings.
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Manuka Resources Limited (ASX:MKR) is an ASX-listed mining company focused on gold and silver-gold projects in the Cobar Basin, one of Australia’s most prolific producers of base and precious metals. The company has 100 percent ownership of two fully permitted precious metals projects in the Cobar Basin - the Mt Boppy gold mine and Wonawinta silver project. In addition, MKR owns the Taranaki VTM iron sands project in New Zealand.
The company revealed a phased strategy focused on delivering maximum value to its shareholders. The first phase focuses on bringing back the Mt Boppy gold mine into production, and has released an optimised production plan for the mine restart. The second phase will involve restarting mining and production at the Wonawinta silver mine, while the third phase will see the development of the Taranaki vanadium titano-magnetite (VTM) project.
The Mt Boppy gold mine was historically one of the richest in NSW, Australia and produced ~500,000oz gold at an average grade of 15 grams per ton (g/t) gold. Accordingly, the company is very excited about its exploration potential.
The current focus is on establishing a processing plant at Mt Boppy and recommence on-site gold production from Q1 2025. The ore from the Mt Boppy mine was previously being processed at the 850,000 to 1 million tpa processing plant at Wonawinta, located nearly 150 kilometres south-west of Mt Boppy. This is about to change as MKR has determined that it could save significantly on transportation costs as well as production efficiencies by building an on-site processing plant at Mt Boppy, which will materially enhance the project economics.
MKR estimates the total cost of building the processing plant to be between AU$10 million and AU$15 million. Compared to this, the annual cost of hauling ore from Mt Boppy to Wonawinta is AU$6 million to AU$7 million (nearly 50 percent of the total capex). MKR anticipates Mt Boppy to deliver total EBITDA of >AU$90 million and cash flow of >AU$80 million over a five-year mine life. It is important to note that the current market capitalization of MKR is just AU$55.1 million, much lower than the anticipated five-year EBITDA and cash flow.
The initial five-year mine plan is largely focused on the screening and processing of gold-bearing waste material above ground on the Mt Boppy mine site. The company has been processing these wastes from June 2023 to December 2023 at its Wonawinta plant and now wants to optimize the process.
The cash flows from the Mt Boppy mine will be used to fund the restart of the Wonawinta silver mine, which is currently under care and maintenance. Wonawinta contains total resources of 38.8 million tons (Mt) at 42 g/t silver for 52.4 million ounces (Moz). Within this, there is a higher-grade component of 4.5 Mt at 97 g/t silver for 14 Moz. Manuka Resources is targeting a mineral resource update for Wonawinta in Q2 2024. The Wonawinta silver project will be the largest primary silver producer in Australia and expected to be back in silver production within 12 months.
The gold and silver market appears to be in an upward trend, with prices for both precious metals hitting their all-time high in 2024, which bodes very positively for MKR.
The Mt Boppy gold project comprises three mining leases, four gold leases and one exploration license, spanning an area of more than 210 sq km in the prolific Cobar Basin in New South Wales, Australia. The project was acquired by Manuka in 2019 and has a current mineral resource of 4.3 Mt at 1.19 g/t gold. This includes a combination of oxidized and transitional/fresh mineralization in the ground, as well as mineralized rock dumps and tailings.
Historically, Manuka Resources has processed its stockpiles and gold mineralized waste products through its Wonawinta processing plant. However, inefficiencies associated with trucking and processing ore at the distant Wonawinta plant has led the company to revise its strategy. It is now looking to construct a processing plant at Mt Boppy so that ore from the mine can be processed on-site. Mt Boppy has excellent infrastructure including a 48-person mine camp and is fully permitted for the proposed processing plant and on-site production.
As a precursor to the commencement of on-site production, Manuka Resources undertook a sonic drilling program at Mt Boppy to improve confidence in the mineral resource base. A 26-borehole, 506-meter sonic drilling evaluation program over the Mt Boppy rock dumps and dry tailings was completed in December 2023. The program led to a 100 percent increase in indicated resources compared to the previous estimate.
The updated mineral resource comprises 4.28 Mt at 1.19 g/t gold for 163 koz of contained gold, of which 82 percent is in the measured and indicated categories. A further high-grade subset of the resource (including open pit, rock dumps and tailings) comprising 1.8 Mt at 1.74 g/t containing 102 koz gold has been identified as a basis for future mine planning.
Following the results of the sonic drill program, MKR determined to establish a 200,000 tpa processing plant at Mt Boppy. The company estimates a five-year mine life and a total gold dore production of >48,000 oz over the initial mine life. The mine plan is fairly low in capex requirements with a total planned capital cost of AU$10 million to AU$15 million. Notably, the annual cost of ore haulage from Mt Boppy to Wonawinta plant is AU$6 million to AU$7 million. Thus, the on-site plant will offer significant cost savings and improve the project economics.
Manuka Resources anticipates Mt Boppy to deliver total EBITDA of >AU$90 million and cash flow of >AU$80 million over a five-year mine life.
The Wonawinta silver mine project comprises one mining lease and seven exploration licenses spanning a total area of 920 sq. km. The Wonawinta project hosts a resource of 38.8 Mt @ 42.0 g/t silver, equating to 52.4 Moz contained silver. Within this there is a higher-grade component of 4.5 Mt at 97 g/t silver for 14 Moz silver.
The Wonawinta plant
The Wonawinta project is fully permitted with all the necessary infrastructure, including an 850,000 to 1 million tpa processing plant. The plant has been used for processing ore from Mt Boppy. The Wonawinta silver mine is currently under care and maintenance. The company is considering the possibility of resuming operations at Wonawinta, leveraging the improved silver price environment. Manuka is targeting a mineral resource update for Wonawinta by October 2024 and production in 2025.
The Taranaki VTM project is located within New Zealand's exclusive economic zone, approximately 22 to 36 kilometres offshore, outside the 12 nautical mile boundary from the coastline. The project boasts a JORC resource of 3.2 billion tons at 10.17 percent iron oxide, 1.03 percent titanium dioxide and 0.05 percent vanadium oxide. It holds a mining license allowing initial extraction of 50 million tons annually, resulting in 5 million tons of VTM concentrate per year for 20 years (concentrate grade of 56 to 57 percent iron, 8.5 percent titanium dioxide and 0.5 percent vanadium pentoxide). At this extraction rate, the JORC resource provides approximately 60 years of potential mining inventory.
The project is anticipated to sit in the lowest quartile of the iron ore production cost curve. The next step for Manuka is to complete a bankable feasibility study on the project.
Dennis Karp is a former commodities trader with nearly four decades of corporate experience. He started his career in 1983 and worked in HSBC until 1997 before moving to Tennant, one of Australia’s largest physical commodities trading companies with operations in Asia and Europe. He was a principal shareholder of Tennant Metals until 2010 and a managing director until December 2014. He founded ResCap in December 2014. Since then, he has participated in diverse resource projects and investment opportunities across base metals and bulk commodities. He holds a Bachelor of Commerce from the University of Cape Town.
Alan Eggers has over 40 years of experience in the mining sector. He is a geologist and was the founder of Summit Resources, which became an ASX top 200 company and was acquired by Paladin Energy in 2007 for AU$1.2 billion. Throughout his career, he has held director positions at numerous companies. He holds a Bachelor of Science, Honours, and Master of Science degrees from Victoria University of Wellington. He is recognized as a fellow of the Society of Economic Geologists and holds memberships in AusIMM and the Australian Institute of Geoscientists.
Anthony McPaul possesses over 40 years of expertise in mining and mineral processing. He has overseen a diverse array of operational projects, spanning from base to precious metals, in both surface and underground mining operations. He has directly managed all facets of production and scheduling. He served in senior leadership roles at various companies, including CRA, Denehurst, MIM and, more recently, Newcrest. McPaul is currently the chairman of the NSW Minerals Council Board and Executive Committee, and he is also a member of the newly established Mineral Industry Advisory Council.
John Seton is a lawyer with extensive experience in the mineral resources sector. He has served as director in several ASX and NZX listed companies. He holds a Bachelor of Laws from Victoria University, Wellington, and a Master of Law (Honours) from the University of Auckland and is a chartered fellow of the New Zealand Institute of Directors.
Haydn Lynch – Chief Operating Officer
Haydn Lynch has over 25 years of experience in M&A, capital markets and private equity. He has been involved in executing several domestic and cross-border transactions in various sectors including metals and mining, and industrials. He has held leadership roles in global investment banks, including Bankers Trust Australia, Investec Bank, RBC Capital Markets and Southern Cross Equities. He has undergraduate degrees in mechanical engineering and economics from the University of Queensland and a Master in Commerce from the University of New South Wales.
Rod Griffith has over 30 years of experience in the mining industry, both in Australia and internationally, working in senior management roles, including as chief operating officer and general manager. He has significant Central Western NSW experience with KBL Mining, Silver City Minerals, Girilambone Copper and Cobalt Blue, across a number of commodity groups and mining styles. He earned a Bachelor of Civil Engineering and Surveying from the University of Newcastle, along with a postgraduate diploma in mining engineering from the University of Ballarat.
Phil Bentley has over 40 years of experience in the mining industry across New Zealand, South Africa, and Australia, holding senior geological roles as well as senior management and director positions. He has worked as a Chief Geologist at Randgold Resources and Randgold & Exploration, Global Head of Exploration at Trafigura Mining Services, and Principal Geologist Africa at CSA Global South Africa. He is a Qualified person under NI 43-101 (Canadia) and JORC (Australia) and is a Fellow of the South African Geological Society. He holds a Bachelor of Science (Honours) in Geology at Victoria University of Wellington. He also has a Masters of Science in Economic Geology at Victoria University of Wellington and a Master’s of Science in Mineral Exploration from Rhodes University, Grahamstown South Africa.
Key Points
Under the terms of this agreement, S2 has the right to earn an 80% interest in three projects by sole funding a total expenditure of $1.2 million within 4 years. The agreement is subject to Valkea obtaining the approval of the TSX Venture exchange and also receiving Ministerial approval and registration under section 71 of the Mineral Resources (Sustainable Development) Act 1990 in Victoria, Australia.
The four year earnin period is deemed to start once the above conditions have been met. S2 can withdraw from any or all of the projects at any time providing the tenements are in good standing on a pro-rata expenditure commitment basis for a minimum of three months from the date of its withdrawal notice. In the event of S2 being unable to undertake exploration as a consequence of land access or permitting delays or restrictions outside of its reasonable control, then S2 will be entitled to a fair and reasonable extension to the earn-in term.
Should S2 complete its earnin, Valkea can elect to contribute its share of expenditure or dilute. In the latter circumstance, should Valkea’s participating interest decrease to less than 10% it will revert to a 2% Net Smelter Return (NSR) royalty, which S2 can buy back for C$1.5 million at any time.
The three projects comprise the Silverspoon, Yeungroon and Ballarat West exploration projects, which are all located in the central Victorian Goldfields (see Figure 1) and which provide the Company with a variety of gold exploration options, as summarised below.
Figure 1: Location map showing existing S2 tenure (the Greater Fosterville project) and the three Valkea projects in relation to historic goldfields and current mines/prospects.
Yeungroon
The Yeungroon project covers an area of 728 square kilometres near Charlton and Wedderburn in north central Victoria, and comprises three granted exploration licences (EL6897, EL7280 and EL7701). The project area straddles the Avoca Fault, which is the major crustal boundary between the Bendigo Zone (to the east) and the Stawell Zone (to the west). Previous soil sampling and reconnaissance aircore drilling undertaken by Valkea has defined several district-scale gold-arsenic anomalies that require follow up (see Figure 2).
Figure 2: Overview map of the Yeungroon project showing location of gold-arsenic anomalies in soil sampling and aircore drilling undertaken by Valkea.
The O’Connors anomaly, located within the Stawell Zone, is a 3 kilometre long zone of north- northwest striking strong arsenic-gold anomalism that is open along strike in both directions and is coincident with the O’Connors fault zone. The anomalism intersected in the shallow aircore drilling is comparable with alteration haloes observed at other central Victorian gold systems and the drilling to date may have intersected the low-grade haloes proximal to the high-grade bearing quartz reef lodes.
In addition to the O’Connors trend, the aircore drilling is has intersected a number of other zones, which may represent sub-parallel mineralised structures.
Follow-up bedrock drilling is required to test for the presence of high grade lodes within the mineralised system.
The Golden Jacket anomaly, defined in top of bedrock RAB/aircore drilling, is a strong, broad arsenic anomaly that extends at least 600 metres southwest of the historic Golden Jacket Mine. Drilling to date has intersected low-level gold associated with the arsenic anomaly. Anomalous gold values intersected extend approximately 800 metres south of the mine, indicating the potential for a system with significant strike potential.
In addition, drilling has defined several parallel northwest striking trends of strong arsenic (with anomalous gold) to the north of the of the Golden Jacket mine. Deeper drilling is warranted to test for high-grade, structurally controlled quartz reefs associated with the anomalous top-of bedrock sampling.
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This article includes content from S2 Resources Ltd, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Yukon Metals Corp. (CSE: YMC, FSE: E770, OTC: YMMCF the "Company" or "Yukon Metals"), is pleased to provide compelling results from gravimetric geophysical fieldwork on its road-accessible 715-hectare Star River Project located near Ross River, Yukon.
Highlights:
Rory Quinn, President & CEO stated , " We are very excited to have developed such compelling targets for a substantial drill program at Star River. The company invested in multiple tools to triangulate its absolute highest priority drill targets. The 800-meter-long gravity anomaly at F2, overlapped with a powerful electromagnetic anomaly at SR-3 shown in Figures 1-3, is supported by surface samples of up to 101 g/t gold , and multiple samples of over 1,000 g/t silver. This will be the focus of our first drilling at Star River. "
Star River is a target rich environment. In the south we have an underexplored parallel 800-meter-long anomaly, and in the north, we have multiple additional targets featuring bonanza grade silver of 10,936 g/t in addition to multiple samples of over 1000 g/t silver"
Two strong continuous anomalies were identified in the southern portion of the survey coincident with modelled zones of high conductivity from the previously reported TDEM survey at F2 and F3 showings. In the northern portion of the property, the gravity survey identified multiple anomalous high-density zones associated with most historical showings as well as a standout gravity high associated with the Key 35 showing.
The gravity survey results are noteworthy due to their association with areas of known mineralization and previously identified electromagnetic anomalies, highlighting the potential for zones of mineralization . Additionally, this survey has indicated numerous unexplored anomalies across the property, further expanding the scope for discovery and emphasizing the strong exploration potential of the area.
Figure 1 – A plan-view map of the Gravity Anomaly targets with significant 2024 Gold and Silver samples (results for density of 2.70 g/cm³ with a 100 m upward continued trend removed).
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Figure 2 – A plan-view map of the Bouguer Gravity Anomaly with arrows showing overlapping TDEM and Gravity highs (results for density of 2.70 g/cm³ with a 100 m upward continued trend removed).
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Further Information
In September 2024, Aurora Geosciences completed ground-based Gravity and Time Domain Electromagnetic (TDEM) surveys at the Star River property to assist in target definition and support drill hole planning. The Gravity survey was completed over most of the Star-River property. Particular attention was paid to the southern block, where TDEM survey data was previously released. An area of 3 kilometers by 4 kilometers was surveyed with a 100m line and station spacing, including additional infill at 50m x 50m spacing over the F3, F2, Lap 10, and Key 3 showing areas. The program overlaps with the previously released TDEM survey on the southern portion of the property. The results of the combined Gravity and TDEM surveys as well as 2024 prospecting and sampling program will be used to effectively generate high quality targets for future drilling campaigns.
Figure 3 – Map of vertical EM response (B-field Z-component) with overlaid target plates, DEM lineaments, and Au g/t in prospecting samples.
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South Block
The comparison of TDEM results with gravity data highlights coincident gravity high anomalies associated with Maxwell plates SR-3 and SR-4 (Figure 2), which are interpreted as strong indicators of exploration potential. Notably, gravity highs are often linked to areas with high concentrations of lead, silver, and gold, provided sufficient density contrast exists. The SR-4 plate demonstrates a stronger correlation, with the main gravity anomaly positioned near the top of the northerly dipping plate, while the anomaly over the SR-3 plate resolves further down-dip. These findings are further validated by the presence of known showings in these areas as well as anomalous silver and gold in rock chip samples during the 2024 field season.
Maxwell plate models from the TDEM survey SR-1 and SR-2 do not directly coincide with gravity anomalies. SR-1, in an underexplored area, sits within a gravity low response unlike the anomalies to the east and suggests the TDEM conductivity high here may be related to a conductive geologic unit rather than a higher density mineralized body.
The lack of response seen with the SR-2 plate is likely due to it's steeper dip, creating a reduced response footprint and/or because it is located at the edge of both surveys resulting in incomplete coverage. Rock-chip sampling over the SR-2 area shows elevated gold values within an oxidised manto. Additional gravity stations in this area may further resolve any density anomalies.
North Block
The northern portion of the gravity survey grid identified several anomalies associated with historical polymetallic vein showings including at FLT, Key 9, Lap 10, Key 3, and Blazed Tree (Figure 1). One notable anomaly in a yet unnamed area is proximal to the rock-chip float sample identified in the 2024 prospecting program of 10,936 g/t silver. In addition, the Key 35 showing gravity anomaly is of particular interest as it appears as a well-isolated, strong gravity high anomaly within an otherwise lower amplitude area. Rock-chip sampling in this area showed elevated gold values in a massive pyrite vein.
About the Star River Project
Yukon Metals owns 100% of the Star River base and precious metals project accessible by all-season road from the Robert Campbell Highway and adjacent to the former Ketza Mine haul road. The project is host to multiple showings of polymetallic carbonate replacement mineralization and quartz-sulphide veins first discovered in the 1950s. Remnants of underground and surface workings using historical exploration techniques are visible around much of the property and tied together with previously established access roads and trails branching from the Ketza Mine Road.
Methodology
Gravity Survey
A gravity survey measures variations in the Earth's gravitational field to identify subsurface density differences. It is used to detect dense mineralized bodies, such as those containing lead, silver, or gold, by highlighting gravity anomalies associated with these materials. Instrumentation used in the Star-River survey consisted of two Scintrex gravimeters and two Leica RTK GPS receivers. Figure 4 shows the placement and coverage of the gravity stations on the Star River property covering an area of 3 km by 4 km. A 100m x 100m line and station spacing was used over most of the survey area with 50m x 50m spacing around the Lap 10, F2, F3, and Key 3 showing areas. Part of the northern survey area over cliff terrain was not accessible during the program and several stations were not included.
Sampling
Rock samples were sent to ALS Minerals for analysis with sample preparation in Whitehorse, Yukon and analysis in North Vancouver, British Columbia.
Samples were prepared by crush to 70 % passing 2mm, 250g split pulverised better than 85% passing 75 microns (Prep-31A). Pulp samples were analysed for 34 elements by four acid digestion and ICP-AES (ME-ICP61). All samples were analyzed for gold by fire assay and AAS with a 50g nominal sample weight (Au-AA24). Samples over 10 g/t Au were assayed with 50g sample fire assay with gravimetric finish (Au-GRA22). Samples over 1500 g/t Ag were assayed by 50g sample fire assay with gravimetric finish (Ag-GRA21). Samples over 10,000 g/t Ag were analysed with Ag-CON01.
Rock samples taken while prospecting referenced in this release are selective in nature and collected to determine the presence or absence of mineralization and may not be representative of the mineralization hosted on the project.
Figure 4 – A plan-view map showing the ground gravity survey area and the measured station locations.
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Figure 5 – Star River Project Location Map
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Qualified Person
The technical content of this news release has been reviewed and approved by Helena Kuikka, P.Geo., VP Exploration for Yukon Metals and a Qualified Person (as defined by National Instrument 43-101).
About Yukon Metals Corp.
Yukon Metals is well financed and represents a property portfolio built on over 30 years of prospecting by the Berdahl family, the prospecting team behind Snowline Gold's portfolio of primary gold assets . The Yukon Metals portfolio consists of 17 properties, including copper-gold and silver-lead-zinc assets as well as critical metals, with a substantial gold and silver component across the portfolio. The Company is led by an experienced Board of Directors and Management Team across technical and finance disciplines.
Yukon Metals is focused on fostering sustainable growth and prosperity within Yukon's local communities, while simultaneously enhancing stakeholder value. Our strategy centers around inclusivity and shared prosperity, offering both community members and investors the chance to contribute to, and benefit from, our ventures.
The Yukon
The Yukon ranks 10ᵗʰ most prospective for mineral potential across global jurisdictions according to the Fraser Institute's 2023 Survey of Mining Companies, and is host to a highly experienced and conscientious local workforce, fostered by a long culture of exploration coupled with deep respect for the land. Recent major discoveries with local roots such as Snowline Gold's Rogue Project – Valley Discovery, demonstrate the Yukon's potential to generate fresh district-scale mining opportunities.
Yukon Metals CORP.
"Rory Quinn"
Rory Quinn, President & CEO
Email: roryquinn@yukonmetals.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking information, including information about the metal association and geology of the prospect area at Star River, strong electromagnetic responses coincident with gold and silver sampling pointing to gold and silver deposits, the accuracy of the completed plate modelling and geophysical surveys, the potential for economic grades of silver and gold, Yukon's potential to generate fresh district-scale mining opportunities, and the Company's future plans and intentions. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify the forward-looking information. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking information involves significant risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from those discussed or implied in the forward-looking information. Such factors include, among other things: risks and uncertainties relating to Star River not being a prospective gold-rich or silver-rich geological system; rock samples analysed not being representative of overall mineralization; the required assumptions of completed plate modelling results; not having significant scale and a lack of economic grade minerals; the Yukon not having the potential to generate fresh district-scale mining opportunities; and other risks and uncertainties. See the section entitled "Risk Factors" in the Company's listing statement dated May 30, 2024, available under the Company's profile on SEDAR+ at www.sedarplus.ca for additional risk factors. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking information. Although the forward-looking information contained in this news release is based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with the forward-looking information. The forward-looking information is made as of the date of this news release, and the Company assumes no obligation to update or revise the information to reflect new events or circumstances, except as required by law.
Tempelman-Kluit, D.J., 2012. Geology of the Quiet Lake and Finlayson Lake map areas, south-central Yukon – An early interpretation of bedrock stratigraphy and structure; Geological Survey of Canada, Open File 5487. Doi: 10.4095/291931
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December 3rd, 2024 TheNewswire - Vancouver, B.C. Opawica Explorations Inc. (TSXV: OPW) (FSE: A2PEAD) (OTCQB: OPWEF) (the "Company" or "Opawica") a Canadian mineral exploration company focused on precious and base metal projects. Opawica Explorations Inc. has received a two-year drill permit on its 25 high-priority gold targets at the Arrowhead property of the Abitibi gold camp. The permit allows 25 drill pad locations with short-range spacing, allowing the company to move forward quickly on any one of the targets once permitting is received.
Blake Morgan CEO and President states, "We are thrilled to have the drill permits in hand on the Arrowhead Project and we are expecting the Bazooka drill permits to closely follow. With high priority drill targets in play, the team at Opawica Explorations is eager to start drilling both its flagship properties in one of the most prolific gold bearing regions on earth. We expect to have more news regarding the drilling soon."
The 25 drill targets were done in collaboration with ALS GoldSpot Discoveries Ltd. and Opawica. The team integrated various drill hole recent and legacy data sets, including geological, structural, alteration, mineralogical, geochemical and two-dimensional seismic data that have provided a deeper insight into Arrowhead's geology. The interpretation of this updated drill hole database led to a cohesive three-dimensional model/geological model, fault network and orebody model, which have provided the foundation for a drilling exploration strategy at Arrowhead property.
First prospecting started in 1920 on the major shear zone located in the northern part of the property. In 1926, the exploration works consisted of prospecting, pitting, trenching and diamond drilling, mainly to test two shear zones containing quartz-carbonate veins with free gold. Gold values of up to 45.05 grams per tonne were obtained over appreciable widths.
M. Yvan Bussieres, PEng, is the qualified person for Opawica Explorations and approves the technical content of this news release. The qualified person has not verified the information on the Abitibi greenstone belt. Mineralization hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralization hosted on the company's properties.
The Company has entered into an advertising and investor awareness campaign with Dig Media Inc. dba Investing News Network (INN). INN is a private company headquartered in Vancouver, Canada, dedicated to providing independent news and education to investors since 2007 at www.investingnews.com. For the 12-month term of the agreement starting November 2024, INN will provide advertising on its website to increase awareness of the issuer. INN does not provide Investor Relations or Market Making services. The cost of the campaign is $22,500. INN can be reached at 604-688-8231 or info@investingnews.com .
The Company is pleased to announce that it has renewed the service agreement (the "Engagement") June 7 th 2024 with White Rabbit Projects Pte. Ltd. ("White Rabbit") pursuant to which White Rabbit shall act as the facilitator of a marketing campaign by the Company (the "Campaign") of up to US$ 305,000 (the "Spending Cap") and to provide the Company with assistance related to the organization and coordination of the Company's investor relations and promotional activities. The Campaign will be coordinated and facilitated by White Rabbit but carried out by third party investor relations providers that will be introduced to the Company by White Rabbit and cleared with the TSXV. In exchange for the Engagement, the Company will pay White Rabbit a fixed fee of US$15,000 for the duration of the agreement, which fee will be counted towards the Spending Cap. The Spending Cap is designed to facilitate the Company's investor relations activities across all engagements during the following twelve-month campaign period and may be allocated to additional investor relations service providers as may be engaged by the Company with the assistance of White Rabbit and subject to customary regulatory approvals. Costs related to the Engagement will be paid from the general working capital of the Company. White Rabbit will not be providing any market making services. White Rabbit, an arm's length party to the Company, is a Singapore-based investor relations consulting company owned and founded by Hamid Kazemzadeh, an experienced marketing and investor relations professional. White Rabbit focuses on delivering marketing campaigns with compelling storylines that resonate in the capital markets landscape and foster stronger connections and impactful market presence. To the Company's knowledge, neither White Rabbit nor its principals own, have any interest or have any right to own or have an interest, in securities of the Company.
As part of the White Rabbit agreement, White Rabbit will onboard Native Ads, Inc. to execute a comprehensive digital media advertising campaign on behalf of the Company for a total retainer of up to US$290,000 over a term of up to twelve months or until the retainer is otherwise depleted. Under the renewal agreement, dated November 21st, 2024, Native Ads, Inc. will execute a comprehensive digital media advertising campaign on behalf of the Company. A significant portion of the budget outlay will be allocated to cost per click costs, media buying, content distribution and search engine marketing. The remaining budget will be allocated for content creation, web development, advertising creative development, search engine optimization, campaign optimization, and reporting and data insights services. The agreement includes a total retainer of up to US$290,000 over a term of up to twelve months, with the management of the budget to be at the discretion of the Company. Native Ads is a full-service advertising agency based out of New York, NY and Vancouver, BC. Native Ads and its principal Jon Malach are arm's lengths to the Company and hold no interest, directly or indirectly, in the securities of the Company or any right to acquire such an interest. The engagement of Native Ads and White Rabbit are subject to the approval of the TSX Venture Exchange.
About Opawica Explorations Inc.
Opawica Explorations Inc. is a junior Canadian exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi Gold Belt in Québec. The Company's management has a great track record in discovering and developing successful exploration projects. The Company's objective is to increase shareholder value through the development of exploration properties using cost effective exploration practices, acquiring further exploration properties, and seeking partnerships by either joint venture or sale with industry leaders.
FOR FURTHER INFORMATION CONTACT:
Blake Morgan
President and Chief Executive Officer
Telephone: 604-681-3170
Fax: 604-681-3552
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
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