The Conversation (0)
Opawica Explorations Inc. (TSXV: OPW) (FSE: A2PEAD) (OTC: OPWEF) has engaged GoldSpot Discoveries to assist in the exploration of Opawica's portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi Gold Belt in Quebec and in Central Newfoundland. GoldSpot, a leading technology services company leveraging machine learning to transform the mineral discovery process, 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 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.
For more information, please view the InvestmentPitch Media "video" which provides additional information on the company. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Opawica" in the search box.
The company's three 100% owned Quebec properties are on the east-west trending Cadillac-Larder Lake Break zone.
As partial consideration for these services, GoldSpot has been granted a 0.5% NSR and an option to acquire an additional 0.5% NSR for $1 million, on Opawica's Bazooka project. 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. Drilling on the Bazooka project between 2003 to 2005 yielded widespread gold mineralization ranging from a few hundred parts per billion to up to 316.23 grams per tonne gold over 1.0 metres in Hole BA-03-02A.
GoldSpot has also been granted an option to acquire a 0.5% NSR for $1 million, on the company's Arrowhead project, which is fully surrounded by Agnico Eagle Mines, a major gold producer in the Abitibi region. A recent significant drilling campaign by Agnico Eagle to the west and north of Arrowhead, intercepted 40 gold-copper mineralized zones.
GoldSpot has also been granted an option to acquire a 0.5% NSR for $1 million, on the company's McWatters project. The McWatters property, along with the Bazooka property, are both contiguous to Yorbeau's Rouyn property, which has a total resource of 705,020 ounces of gold from its Augmitto deposit.
In Newfoundland, GoldSpot has been granted options to acquire a 0.5% NSR on each of Opawica's Chapel Island, Eclipse, Density, Mass, Enterprise, and Lil d'Espoir Lake projects.
Management cautions that mineralization hosted on nearby properties is not necessarily indicative of mineralization on Opawica's properties.
Blake Morgan, Opawica's President and CEO, stated: "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."
Denis Laviolette, Goldspot's Executive Chairman and President, added: "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. 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."
The company's management has a great track record in discovering and developing successful exploration projects and is continually evaluating further exploration properties and seeking partnerships by either joint venture or sale.
The shares are currently trading at $0.58. For more information, please visit the company's website at www.opawica.com, contact Blake Morgan, President and CEO, at 604-681-3170 or by email at ir@opwaica.com.
About InvestmentPitch Media
InvestmentPitch Media leverages the power of video, which together with its extensive distribution, positions a company's story ahead of the 1,000's of companies seeking awareness and funding from the financial community. The company specializes in producing short videos based on significant news releases, research reports and other content of interest to investors.
CONTACT:
InvestmentPitch Media
Barry Morgan, CFO
bmorgan@investmentpitch.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/87861