Client Press
April 03 2007 - Titan Survey to commence at Matachewan properties for Opawica Exploration Inc.MATACHEWAN, ONTARIO, Copper-Gold-Silver
Opawica has received regulatory consent and made the requisite payments pursuant to the acquisition agreements for Walker, Welsh and Stanwick properties located near Matachewan, Ontario and which are contiguous to the northern border of Northgate Minerals Corporations’ Young-Davidson gold property. The Company has acquired a 100% interest in the 32 claim Welsh property by paying $31,000 cash and 250,000 shares of the Company and has acquired a 100% interest in the 7 claim Stanwick property by paying $7,000 cash and issuing 100,000 shares of the Company, subject to a 2% NSR of which 1% NSR may be purchased by the Company for $1,000,000.
In addition, the Company has made the initial property payments under the Walker option agreement of $25,000 cash, $25,000 in exploration and 250,000 shares which maintains the option in good standing for the 6 Walker claims for the ensuing year. Opawica may earn its 100% interest in the Walker property by paying a further $50,000 cash, $50,000 in exploration and a further 500,000 shares within the next 36 months. The Walker property is subject to a 2.5% NSR of which 1% NSR may be purchased at any time by the Company for $1,000,000.
Surface trenching, stripping and sampling on the above Matachewan properties is ongoing along with a deep penetrating Titan geophysical survey which has now been mobilized. The objective of the Titan survey is to further detect known porphyry-style mineralization near surface to depths of up to 750m in order to better define drill targets. The program will consist of at least four Titan (DCIP & MT) lines totalling 12 line kilometres with a line spacing of up to 200m and is expected to take about two weeks to complete.
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