Vancouver, June 16, 2021 - Opawica Explorations Inc.
(TSXV:OPW) (FSE:A2PEAD) (OTC:OPWEF) (the "Company" or "Opawica") is pleased to announce that it has engaged GoldSpot Discoveries Corp.
(TSXV: SPOT, OTCQX: SPOFF) ("GoldSpot") to assist in the exploration of Opawica's projects in the Quebec Abitibi Greenstone Belt and Central Newfoundland. GoldSpot has a large, collaborative team of geoscientists and data scientists focused on maximizing the chances of discovery using GoldSpot's proprietary technology and geoscience expertise. GoldSpot is a leading technology services company leveraging machine learning to transform the mineral discovery process.
Blake Morgan, President and CEO of the Company, commented: "It is a great step forward for Opawica to engage GoldSpot with their proven track record coupled with the wealth of knowledge they possess in the Abitibi. We are eager to work with GoldSpot to deploy cutting edge modern exploration techniques on our properties. The success of GoldSpot's smart target approach in finding significant discoveries in Newfoundland will considerably increase the odds of success on our properties. Opawica completed a $5.28 million private placement on June 4, 2021 and is fully funded for a 10,000 metre drill program with a treasury on hand to increase the budget. This is the largest contract that GoldSpot has executed this year and demonstrates the confidence that GoldSpot management has in Opawica's assets and management team."
"GoldSpot was born from an exhaustive pilot project generated from the decades of data collected on the Quebec Abitibi belt. As such, it is with great pleasure that we now announce our largest deal this year inclusive of additional royalty and royalty options, which significantly grow our Newfoundland royalty coverage," said Denis Laviolette, Executive Chairman and President of GoldSpot. "The GoldSpot team will work closely with Opawica to analyze geological, geochemical and geophysical data in order to generate exploration concepts and drill targets that will be tested by the experienced Opawica technical team."
GoldSpot will use its artificial intelligence and machine learning expertise to delineate drill-ready targets as well as identify prospective areas regionally for Opawica's portfolio of projects over the course of the next 18 months. As partial consideration for these services, GoldSpot has been granted a 0.5% net smelter return ("NSR") royalty on the Company's Bazooka project in Quebec, and the following royalty options:
- Option to acquire a further 0.5% NSR on Bazooka project in Quebec for $1,000,000;
- Option to acquire 0.5% NSR on McWatters project in Quebec for $1,000,000;
- Option to acquire 0.5% NSR on Arrowhead project in Quebec for $1,000,000;
- Option to acquire 0.5% NSR on Chapel Island project in Newfoundland for $1,000,000;
- Option to acquire 0.5% NSR on Eclipse project in Newfoundland for $1,000,000;
- Option to acquire 0.5% NSR on Density project in Newfoundland for $1,000,000;
- Option to acquire 0.5% NSR on Mass project in Newfoundland for $1,000,000;
- Option to acquire 0.5% NSR on Enterprise project in Newfoundland for $$1,000,000; and
- Option to acquire 0.5% NSR on Lil d'Espoir Lake project in Newfoundland for $1,000,000.
Bazooka, Quebec Abitibi
The Bazooka project is contiguous to the south-western border of Yamana Gold's Wasamac gold property that has existing proven and probable mineral reserves of 1.8 million ounces of gold at 2.56 grams per tonne ("g/t Au"). Wasamac has proven 1.028 million tonnes at 2.66 g/t Au and probable of 20.427 million tonnes at 2.56 g/t Au (Yamana Gold press release January 21, 2021)1. 2003 to 2005 drilling yielded widespread gold mineralization from few hundred ppb to up to 316.23 g/t Au over 1.0m in Hole BA-03-02A (Technical Report on Bazooka, R.W. Laakso, P.Eng., 2010).
Arrowhead, Quebec Abitibi
The Arrowhead property is fully surrounded by Agnico Eagle Mines Ltd., a major gold producer in the Abitibi region, who recently conducted a significant drilling campaign to the west and north of Arrowhead. Previous drill holes on the property intercepted 40 gold-copper mineralized zones enhance the property's potential for four types of mineralization: gold-rich VMS deposits, like at the Bousquet #2 and LaRonde mines; VMS deposits, like at the Louvicourt mine; gold-rich polymetallic veins, like at the Doyon and Mouska gold mines; and quartz-carbonate auriferous veins associated with regional E-W trending faults and shear zones, like at the O'Brien, Kewagama, Central-Cadillac, Wood-Cadillac and Lapa mines (Technical Report on Arrowhead, Yvan Bussières, P.Eng., OIQ # 31985, 2016).
McWatters and Bazooka Properties, Quebec Abitibi
The McWatters and Bazooka properties are continuous to the Long Bars Zone Break, the Yorbeau Rouyn property with a total resource of 705,020 ounces of gold from the Augmitto deposit that has measured and indicated resources of 247.000 tonnes grading 6.08 g/t Au1 and inferred resources of 633,000 tonnes at 7.79 g/t Au1 (Yorbeau Resources Inc. NI43-101 October 1 2011). The Yorbeau Astoria deposit has measured and indicated resources of 1,429,564 tonnes grading 5.18 g/t Au1 and inferred resources of 302,597 tonnes at 5.4 g/t Au1 (Yorbeau Resources Inc. NI43-101 October 3, 2005).
The Granada Gold property (715,000 Oz Au resource) is also located between the Bazooka and McWatters properties and has measured and indicated resources of 5.96 million tonnes grading 2.34 g/t Au1 and inferred resources of 1.278 million tonnes grading 6.46 g/t Au1 (Granada Gold Mine Inc., NI 43-101 March 15, 2021).
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Figure 1: Opawica Exploration Inc.'s Quebec Abitibi Projects
Mr. Derrick Strickland, P.Geo. (OIQ #35402), is the Qualified Person for Opawica Explorations Inc. and approves the technical content of this news release. 1The qualified person has not verified the information on Abitibi Greenstone Belt, Augmitto, Astoria, Wasamac and Granada Gold resources and the information disclosed is not necessarily indicative of mineralization on the Company's properties that is the subject of this press release. Mineralization hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralization hosted on the Company's properties.
About Opawica Explorations Inc.
Opawica Explorations Inc. is a junior Canadian 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:
President and Chief Executive Officer
Opawica Explorations Inc.
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.
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.
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