VANCOUVER, BC / ACCESSWIRE / November 12, 2024 / Omega Pacific Resources Inc. (CSE:OMGA)(OTCQB:OMGPF)(FSE:Q0F) ("Omega Pacific" or the "Company") is pleased to announce the Company is exercising its option to acquire a 51% interest in the Williams Property (the "Property") from Copaur Minerals inc.
On February 29, 2024 the Company entered into an option agreement (the "Agreement") with CopAur Minerals Inc ("CopAur") to acquire up to a 100% interest in the Property, in several stages. Since entering the Agreement, Omega Pacific has issued 3,000,000 common shares to Copaur, paid $1,000,000 in cash and has incurred over $2,100,000 in total exploration expenditures, fulfilling its obligations associated with earning its initial 51% interest.
Omega Pacific's CEO Jason Leikam commented, "We're thrilled to have achieved this significant milestone so quickly, demonstrating measurable results from our exploration efforts. The success of the 2024 exploration program at Williams gives us confidence that the property will evolve into a premier asset within a top-tier jurisdiction. We extend our gratitude to our investors, exploration partners, and CopAur for their trust and support. This is just the first of many milestones we anticipate reaching at the Williams Property."
Property Expenditures to Date
Since the Company entered into the Agreement to acquire the Property, Omega Pacific has focused its exploration on the GIC Prospect which has followed up on compelling historical drill results. In aggregate, the Company has successfully completed an initial drill program totalling 1,714m that confirms a significant mineral discovery at the GIC target including the recently announced WM22-02 (ext) which yielded 2.16 g/t Au over 96.92 metres (Figure 1 and Table 1). The Company has also acquired additional tenure directly west of the GIC Prospect and staked claims to the east of the GIC Prospect. Omega Pacific now controls tenure over a 12 km long geophysical target that increases the potential for expanded mineralization and new discoveries. Each step thus far has added value and increased opportunity. All incurred exploration expenditures are attributable toward the interest earn-in.
Figure 1. The GIC prospect at Omega's Williams Property showing 2024 drill holes and gold-in-soil anomalies on airborne magnetics tracing the geology of GIC 12 km between the eastern and western borders of the claim package.
Select Assay Results WM22-02 (ext) | ||||
Hole | From (m) | To (m) | Width (m) | Au (g/t) |
WM22-02 (ext) | 289.50 | 300.00 | 10.50 | 4.16 |
within | 250.00 | 346.92 | 96.92 | 2.16 |
Table 1. Select assay intervals from drill hole WM24-02-ext. True thicknesses of mineralization are not known given the early stage of exploration. A complete list of all drill results to date will be posted to the Company's website at OmegaPacific.ca.
Summary of Agreement Terms
The Property Agreement allows Omega Pacific to earn staged interests over four years as follows:
51% interest by paying $1,000,000 (paid), issuing 3,000,000 common shares to CopAur (issued), and incurring $2,000,000 of exploration expenditures on the Property prior to the first anniversary;
An additional 29% interest can be earned by paying $500,000 and issuing 2,000,000 common shares to CopAur on or before the second anniversary, and incurring $4,000,000 prior to the third anniversary.
The Company may acquire the final 20% from CopAur, only after exercising the second 29% interest, by paying the fair market value of the 20% interest, which shall be determined by an independent evaluator selected by the parties to the Agreement.
If Omega Pacific exercises its earn in of 80% interest but elects to not proceed with exercising a 100% earn in during the time allowed, the parties to the Agreement will be deemed to have entered into a joint venture according to an 80:20 ratio reflective of the Property ownership.
About the Williams Property
The Williams Property is located in the Toodoggone District of Northern British Columbia, that forms the eastern portion of the Golden Horseshoe, a geographic expression of consistent regional geology linking the Golden Triangle with the Toodoggone. The Golden Horseshoe is home to several world class deposits and operating mines. The Williams Property is 150 km southeast of Dease Lake, BC, 340 km north of Smithers, BC. It is also located 50 km from the road accessible Lawyers-Ranch project, under development by Thesis Gold Inc.
Qualified Person
Robert L'Heureux (P.Geol.), Director of Omega Pacific Resources, is the "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects and has reviewed, validated and approved the scientific and technical information contained in this news release. Mr. L'Heureux oversees exploration planning and execution at the Williams Property.
About Omega Pacific
Omega Pacific is a mineral exploration company focused on the development of mineral projects containing base and precious metals. The Company is actively exploring its British Columbia located properties and continues to evaluate assets globally for further acquisitions.
For more information, please contact:
Omega Pacific Resources Inc.
Jason Leikam, Chief Executive Officer & Director
Tel: +1 (778) 650 4255
Email: jason@omegapacific.ca
Cautionary Statement
Certain statements contained in this press release constitute forward-looking information under the provisions of Canadian securities laws including statements about the Company's plans. Such statements are necessarily based upon a number of beliefs, assumptions, and opinions of management on the date the statements are made and are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change, except as required by law.
Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Omega Pacific Resources
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