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TheNewswire - June 1 6 2021 - Opawica Explorations Inc. (TSXV:OPW) (FSE:A2PEAD) (OTC:OPWEF) (the "Company" or "Opawica") is pleased to announce that it has commenced the permitting process for its mineral properties held in Newfoundland and Labrador.
Blake Morgan, President and CEO of the Company, commented: "Opawica has an extensive land position in Newfoundland including the Density, Mass, Eclipse, Enterprise, Chapel Island and Lil d'Espoir Lake projects. We are now fully funded and enthusiastic to start the process to get our prospecting permits in place. We are excited to move forward our Newfoundland assets."
Density, Mass and Eclipse gold projects are located within Newfoundland's Central Gold Belt; a northeast trending structural zone bounded by the Red Indian Line (RIL) on the north and the Valentine Lake shear zone to the south. These regionally extensive fault zones are deep crustal sutures which localize deformation and fluid flow and host orogenic-style gold bearing quartz veins and stockwork zones within the Central Gold Belt. Geological maps and historical geophysical surveys show the complex architecture of faulting and folding characteristic of the Central Gold Belt. The host rocks are largely Early Cambrian to Late Ordovician Victoria Lake Supergroup consisting of calc-alkalic volcanic rocks that are intercalated with and overlain by volcanogenic sandstone and shale overlain by thick Caradocian graphitic shales.
Enterprise, Chapel, Lil d'Espoir Lake gold projects are located in the Exploits Sub zone. Gold deposition in the Exploits Subzone had been found in secondary and tertiary structures crosscutting siliciclastic sediments bounded by the Gander River Ultramafic Belt (GRUB line). The Exploits Subzone is a large, tectonically defined region within the Dunnage Zone in central Newfoundland.
The Exploits Subzone is characterized by where the volcanic and sedimentary rocks of the Dunnage Zone are in structural contact with sediments of the Gander Zone along the GRUB line. The GRUB line is a major thrust fault and marks a zone of multiple faults and shears containing dismembered ophiolitic (ultramafic) rocks.
Newfoundland Projects – Regional Overview
Newfoundland has long been known to have a large number of gold occurrences with relatively little modern exploration. Historical production from the Hope Brook, Nugget Pond, and Point Rousse projects have been typical of the province's mines with relatively modest production from high grade deposits. More recently, important significant drill intersections such as those announced by New Found Gold Corp. include 146.2 g/t Au over 25.6m (New Found Gold Corp. press release May 21, 2021) 1 and those contributing to the growth of a premier gold exploration jurisdiction. These continue to provide positive results leading to extensive staking and expanded land holdings within Newfoundland's Central Gold Belt giving rise to a modern-day gold rush.
Mr. Derrick Strickland, P.Geo., is the Qualified Person for Opawica Explorations Inc. and has reviewed and approved the technical content of this news release. The reader is caution qualified person has verified mineralization in the surrounding area. 1 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 Canadian mineral 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.
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