QIS Capital - New Feature Company - Opawica Explorations Inc. - May 11th 2017
Included in this update:
QIS Capital Initiates Coverage of Opawica Explorations Inc. (OPW:TSX-V)
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Opawica Explorations Inc. (OPW:TSX-V)
Current Price: $0.045 (coverage commenced May 11/17 - $0.045)
Opawica Explorations Inc. has been active in the Canadian gold and base metal sector for the past 40 years. The company currently owns a 100% interest in two prospective gold properties in Quebec. Both properties have road power, and regional gold exploration and milling infrastructure within 10 kilometres.
The company has recently reported drill assays from its Phase 1 exploration program and is moving toward further infill drilling throughout the remainder of 2017.
The 100% owned Bazooka East and West gold properties combine for a total strike length of approximately 7 kilometres along one of the most prolific auriferous structures in the world, the Cadillac Larder Lake Break (CLLB). The Bazooka property is located approximately 7 km southwest of Rouyn Noranda, Quebec.
The 220 kilometre length of the Cadillac Larder Lake Break, and areas in general proximity, have yielded over 125 million ounces of gold from production and existing gold resources. There are several significant gold deposits in the area as outlined in the following map.
To date, only 800 metres of strike length on the company’s Bazooka property has been tested by limited shallow drilling and small mining activities undertaken in the early 1950s.
In 1951-1952 Eldona Gold Mines Ltd. sank a shaft to a depth of 125 metres, and at the depth of 114 metres, 634 metres of drifts were developed along the fold nose feature of the Cadillac Larder Lake Break. Four mineralized gold zones were outlined. There is now approximately 6 kilometres of untested strike length and the entire 7 kilometres of the Bazooka gold property is open to depth for gold exploration.
Previous results from the Bazooka property:
The Bazooka gold properties are bound to the west by Richmont Mines’ Wasamac gold prospect, which has defined over a 3 million ounce gold resource. Adjoining Opawica to the east is the Kinross-Yorbeau Rouyn project which has been optioned by Kinross Gold Corporation with a total commitment of about $60 million.
Opawica also owns 100% of the McWatters property which borders to the east of the Kinross-Yorbeau Rouyn joint venture property. Near-term plans at McWatters include prospecting and a trenching and sampling program.
Opawica has completed Phase 1 of its 2017 exploration program. The initial phase 1 drilling program consisted of 5 holes totaling 2,172 metres of drilling. Hole 01 (2017) intersected a wide zone of gold mineralization with 55 metres grading 0.65 grams per tonne gold. All of the other holes intersected highly anomalous gold values. A program consisting of downhole geophysics to better define drill targets as well as defining areas for infill drilling in and around known historical gold mineralization in the vicinity of the Bazooka shaft is now planned.
Opawica has a market capitalization of just $1.3 million and currently has a positive working capital position with no long-term debt outstanding. The company is embarking on an aggressive marketing campaign and should be generating plenty of news flow with drilling at its Bazooka gold properties.
Opawica’s properties are surrounding by highly successful gold properties with multi-million ounce deposits. This bodes well for Opawica as over 80% of its strike length has yet to be tested.
The company has a seasoned management team with almost 100 years of experience in the mining field among its top 3 members of senior management.
We are commencing coverage of Opawica Explorations Inc. at $0.045 and look forward to providing updates as further drilling results are released.
Opawica Explorations Inc.
Suite 300 - 555 West Georgia Street
Vancouver, BC V6B 1Z6
Phone: (604) 681-3170
Contact: William Elston, Corporate Relations