inn by the bay newfoundland

Opawica Explorations Expands Chapel Island Gold Property, Newfoundland

 

(TheNewswire)

   

TheNewswire July 27, 2021 Opawica Explorations Inc. (TSXV:OPW) (FSE:A2PEAD) (OTC:OPWEF) (the "Company" or "Opawica") is pleased to announce that it has entered into a property purchase and sale agreement to acquire a 100% interest, subject to a 1.5% net smelter returns royalty, in an extension to the Chapel Island gold property located in the Exploits Subzone of central Newfoundland and Labrador.

 

  Blake Morgan, the Company's President and CEO, commented: "This new acquisition enhances Opawica's current holdings of a 100% interest in 173 mineral claims totalling approximately 43.25 km   2   that comprise the Chapel Island property.  The Opawica team is eager to explore the property and will look to have boots on the ground in the coming weeks".  

 

  Chapel Island Extension Property  

 

  The Chapel Island Extension Property is 350 hectares in size and is contiguous to the Company's existing Chapel Island property totalling 43.25 square kilometres.  

 

  Known mineralization on the Chapel Island Extension Property is described as pyrite-rich, sericitized Coaker Porphyry. Mineralized samples came from sub-crop. One sample returned a value of 1.7 g/t Au.   Mineralization occurs in shear zone cutting argillites of the Dunnage melange in shear zone is sub-parallel to nearby contact with the Coaker Porphyry.  

 

  The Chapel Island Property is underlain by rocks assigned to the Early Ordovician and younger Dunnage Melange, Middle Ordovician Coaker Porphyry, Middle Ordovician Puncheon Diorite and the Early Devonian Loon Bay Batholith. The Chapel Island is mainly underlain by the Dunnage Melange. The Dunnage Melange is composed of a heterogeneous sedimentary matrix, lacking consistent or continuous bedding, and supports a large number of clasts and blocks that are heterogeneous in lithology and distribution. Clasts and blocks range is size from granular to hundreds of metres in diameter and up to a kilometre in diameter. These clasts and blocks comprise less than 30% of the melange. The blocks are commonly composed of mafic volcanics (tuffs, agglomerates, pillow breccia and pillow basalt), greywackes and carbonates.  

 

  Transaction Outlined  

 

  The Company has agreed to acquire a 100% interest, subject to a 1.5% NSR royalty of which the Company may purchase 0.5% of the NSR for $1,000,000 at any time, in the Chapel Island Extension Property for consideration of $25,000 and 250,000 common shares of the Company. The agreement is subject to the acceptance of the TSX Venture Exchange.  

 

  Derrick Strickland, P. Geo. (10000315), is the qualified person for Opawica and approves the technical content of this news release.  

 

  About Opawica Explorations Inc.  

 

  Opawica Explorations Inc. is a Canadian mineral exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi Gold Belt in Québec and in Central Newfoundland and Labrador. 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  

 

  Opawica Explorations Inc.  

 

  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.  

 

Copyright (c) 2021 TheNewswire - All rights reserved.

 

News Provided by TheNewsWire via QuoteMedia

The Conversation (0)
Lobo Tiggre, copper bars.

Lobo Tiggre: Copper's Trump Tariffs — Plus Gold Price, Uranium Opportunity

Lobo Tiggre, CEO of IndependentSpeculator.com, discusses the recent news that the US plans to put a 50 percent tariff on copper imports.

He also weighs in on gold, silver and platinum price drivers, as well as uranium stocks.

Keep reading...Show less
Metal pipes and bars obstructed by yellow "tariffs" tape with US flags.

Copper Soars to All-time High as Trump Unveils 50 Percent Tariff on Imports

US President Donald Trump said Tuesday (July 8) that he plans to impose a 50 percent tariff on all copper imports, a dramatic escalation of his administration’s use of targeted trade restrictions on national security grounds.

“I believe the tariff on copper, we're going to make 50 percent,” Trump said during a White House cabinet meeting.

Though he did not provide a timeline, Commerce Secretary Howard Lutnick said in a subsequent CNBC interview that the tariff could take effect by late July or as early as August 1, with details to be posted on Trump’s Truth Social account.

Keep reading...Show less
Empire Metals

Empire Metals Limited Announces Completion of MRE Drilling Campaign

Completion of Major Drilling Campaign Targeting Maiden Mineral Resource Estimate

Empire Metals Limited, the AIM-quoted and OTCQB-traded exploration and development company, is pleased to announce the successful completion of its largest drilling campaign to date at the Pitfield Project in Western Australia ('Pitfield' or the 'Project'). This programme focussed on high-grade titanium mineralisation within the in-situ weathered cap at the Thomas Prospect and is designed to underpin the Company's maiden JORC compliant Mineral Resource Estimate ('MRE').

Highlights

Keep reading...Show less
Loyal Metals Limited

Loyal to Acquire the High-Grade Highway Reward Copper Gold Mine

Loyal Metals Limited (ASX:LLM) (Loyal, LLM, or the Company) is pleased to announce that it has acquired a binding option to purchase the Highway Reward Copper Gold Mine in Queensland, Australia, one of the highest-grade copper mines worldwide, with past production totalling 3.65 million tonnes at 5.7% Cu and 260,000 tonnes at 4.5 g/t Au 1-9. This acquisition is the first step in Loyal’s 2025 Strategic Plan to broaden its critical minerals portfolio into copper. No exploration has been conducted on the mining leases since mining ceased in July 2005, despite a ~680% increase in copper prices and a ~1,256% increase in gold prices since the 1997 feasibility study 3,4. With over $4.4 million in funding, Loyal is well-positioned to revisit the high-grade Highway Reward Copper Gold Mine by deploying modern exploration techniques11.

Keep reading...Show less
Textured copper ribbons weave over a black background.

​Copper​ Market Hit by Major Supply Squeeze as LME Inventories Drop

One of the sharpest copper supply crunches in recent memory is rattling global commodities markets, as inventories at the London Metal Exchange (LME) plummet and the spot price soars.

Bloomberg reported that as of Monday (June 23), copper for immediate delivery was trading at a premium of US$345 per metric ton over three month futures, the widest spread since a record squeeze in 2021.

That dramatic price divergence reflects the market’s acute concerns over access to physical copper, with readily available inventories on the LME falling by around 80 percent this year alone.

Keep reading...Show less

Latest Press Releases

Related News

×