Recommended work for the 2013 field season will add to the current knowledge base through additional structural and geological mapping, detailed channel sampling and the use of a prospector drill to prioritize zones for proposed future diamond drilling. Additionally, a geophysical survey and some petrographic studies may be undertaken but have not been included in the proposed budget. The aim of Phase One exploration in 2013 will be to identify high priority areas within the large scale mineralized plumbing system present on the Property. The estimated budget for OPP's Phase One exploration program is $203,610.
The successful identification and mapping of surficial structures that are or may be related to subsurface mineralized fluid flow and the identification of alteration zonation related to them will assist in the planning and implementation of Phase Two. The Phase Two program would entail at least 2,000 meters of NQ sized diamond drilling. It would be designed to test the high priority targets at depth. Particular attention will be paid to the Fox South Zone as it is located only 700 meters from the contact with the Yellowknife Greenstone Belt, which hosts considerable historic mine production. The Company's decision to proceed with the Phase Two program will depend, in part, upon the results of the Phase One program.
All surface rock samples and drill core samples were analyzed by Acme Analytical Laboratories Ltd. ("Acme"), of Vancouver, BC, with sample preparation carried out at Acme's preparation lab in Yellowknife, NT. Acme is an independent company not related to the Company or Manson. Acme has implemented a quality system compliant with the International Standards Organization ("ISO") 9001 Model for Quality Assurance and ISO/IEC 17025 General Requirements for the Competence of Testing and Calibration Laboratories. On November 13, 1996, Acme became the first commercial geochemical analysis and assaying lab in North America to be registered under ISO 9001. The laboratory has maintained its registration in good standing since then. Acme expanded the scope of its registration to include the Yellowknife preparation facility in April 2010. In October 2011 the Vancouver laboratory received formal approval of its ISO/IEC 17025:2005 accreditations from the Standards Council of Canada. Acme has for many years regularly participated in the CANMET and Geostats round-robin proficiency tests. Acme is recognized as a participant in the CALA Proficiency Testing Program and is registered by the BC Ministry of Water Land and Air Protection under the Environmental Data Quality Assurance Regulation.
With completion of the Technical Report, OPP proposes to raise up to $500,000 by way of non-brokered private placement (the "Financing") in connection with the Qualifying Transaction. It is currently anticipated that the Financing will consist of the issuance of up to 5,000,000 units of the Company (the "Units") at a price of $0.10 per Unit. Each Unit will consist of one common share in the capital of the Company (a "Common Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire an additional Common Share for a period of twelve months from the closing of the Financing at a price of $0.20 per share. It is currently anticipated that the proceeds from Financing will be used by the Company to execute on the recommended Phase One exploration program and for other general corporate purposes. Closing of the Financing is conditional on closing of the Qualifying Transaction.
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