Opawica
Explorations Signs Service Agreement with
GoldSpot
Discoveries
Corp.
Vancouver,
B.C. – June 16,
2021 –
InvestorsHub NewsWire -- Opawica
Explorations
Inc. (TSX.V: OPW)
(FSE:
A2PEAD) (OTC
Pink:
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.
Property
Highlights:
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).
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:
Blake
Morgan
President and Chief
Executive Officer
Opawica
Explorations
Inc.
Telephone:
604-681-3170
Fax:
604-681-3552
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.
Forward-Looking
Statements
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.