Base Metals

(TheNewswire)



Vancouver, B.C. TheNewswire - December 14, 2021 - Opawica Explorations Inc. (TSXV:OPW) (FSE:A2PEAD) (OTC:OPWEF) (the "Company" or "Opawica") has used the services of GoldSpot Discovery Corp. (TSXV:SPOT) (OTCQX:SPOFF) (‘GoldSpot') and applied its proprietary machine learning techniques to help identify and rank drill targets at the Bazooka Property of the Abitibi Gold Camp.

GoldSpot has been working closely with Opawica's technical team to analyze all available geological data to create high quality multivariate ranked drill targets on the Bazooka Property.

Methodology and Input Data

In collaboration with Opawica, GoldSpot has compiled and integrated various drillhole legacy datasets, including geological, structural, alteration, mineralogical and geochemical information which has provided unprecedented insight into Bazooka's geology. The interpretation of this updated drillhole database has led to a cohesive 3D model which has facilitated drill targeting for the upcoming drill program at the Bazooka Property.

New Outlook on Bazooka's Geology

Structures and hydrothermal pathways were interpreted using the co-occurrence of selected exploration criteria in drillhole data. Interpreted prospective panels trend generally E-W with a steep dip to the north. They are constrained within the northern and southern borders of the Cadillac shear zone, a 150m wide corridor of highly carbonate-chlorite-talc altered and schistosed ultramafic units, which form a Z-shape asymmetric drag fold in the area of the Bazooka historic mine.

GoldSpot applied statistics on the updated Bazooka drillhole database. Conditional probabilities revealed that quartz stockwork zones and carbonate zones are the top gold prospective environments at Bazooka. These altered geological bodies were modeled (Figure 1) to provide relevant input for the targeting process.


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Figure 1: Prospective Hydrothermal Zones

Drill Targets

GoldSpot and Opawica generated gold targets using a "Smart Targeting" approach of knowledge- and AI data-driven methods. The AI data analysis trains machine learning algorithms to predict the presence of gold, using both numeric and interpreted layers on a 5 m x 5 m x 5m grid cell stack of layers. The results have outlined 25 zones of high priority drill-ready targets, and additional targets for general drilling exploration (Figure 2).


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Figure 2: Gold Targeting favourability at the Bazooka project.

Blake Morgan, Chief Executive Officer of Opawica stated, "We have added another 25 drill targets, which is excellent work from the Opawica team in conjunction with GoldSpot Discoveries Corp. Now, with a total of 39 High Priority drill targets and more coming, the team is in a great position for success."

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.

About GoldSpot Discoveries Corp.

GoldSpot Discoveries Corp. (TSXV: SPOT; OTCQX: SPOFF) is a technology services company in mineral exploration. GoldSpot is a leading team of expert scientists who merge geoscience and data science to deliver bespoke solutions that transform the mineral discovery process. In the race to make discoveries, GoldSpot produces Smart Targets and advanced geological modelling that saves time, reduces costs and provides accurate results.

Derrick Strickland, P.Geo. (OGQ No. 35402), is the Qualified Person for Opawica Explorations Inc. and approves the technical content of this news release.

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.

Copyright (c) 2021 TheNewswire - All rights reserved.

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Opawica Explorations

Opawica Explorations

Overview

Eric Sprott, touted as a “Canada's biggest gold enthusiast," has injected somewhere between $200 and $300 million into the junior mining space in recent times. Sprott's investment strategy has recently shifted from investing in major mining companies towards investing in junior mining companies which he believes could provide him with big returns.

Sprott's investments may be of particular interest to investors considering the coattail investing strategy—this refers to mimicking the trades of well-known and historically successful investors to metaphorically 'ride the coattails' of respected investors in the hopes of realizing returns.

One company that Sprott has invested in recently is Opawica Explorations (TSXV:OPW) (FSE:A2PEAD) (OTC:OPWEF), a Canadian junior mineral exploration and development company focused on Quebec and Newfoundland. The company is backed by a management team with decades of experience and success in the mining industry and lead investors GoldSpot Discoveries (TSXV:SPOT,OTCQX:SPOFF) and Eric Sprott.

Opawica Explorations has strategically located projects near high-yielding mines in the gold-rich and mining-friendly Rouyn-Noranda camp in the Abitibi gold belt in Quebec and the Rogerson structural gold corridor in Newfoundland. The Abitibi gold belt is the world's largest mineral-rich greenstone geological belt and hosts more than 170 million ounces of produced gold while the Rogerson structural gold corridor is well-endowed in gold deposits and showings.

The company has three early-stage projects including Arrowhead, Bazooka and McWatters which have shown promising drill and sample results for significant high-grade gold mineralization. Opawica Explorations may have the potential to replicate the success of several high-yielding nearby mines including Agnico Eagle's Mouska, Yamana Gold's Wasamac and Yourbeau Resources Astoria.

The company is fully funded, having recently raised C$5.3 million in June 2021 through non-brokered private placement despite only seeking to raise C$4 million. As a result of this successful funding round, the company is fully equipped to extend drilling programs without financial constraints.

Opawica Explorations recently signed a service agreement with GoldSpot Discoveries Corp. to assist in the exploration of its projects. The strategic partnership will maximize the chances of mineral discovery through the use of GoldSpot's proprietary technology and geoscience expertise. GoldSpot Discoveries has been granted a 0.5 percent NSR royalty on the Bazooka project and multiple royalty options on various projects.

Opawica Explorations is currently in the process of gaining permits in Quebec and prospecting the Newfoundland property. The company plans to begin drilling no later than October 2021 after sufficient geological assessments are completed on its properties.

Company Highlights

  • Opawica Explorations is a Canadian junior mineral exploration and development company focused on identifying and acquiring gold in Quebec and Newfoundland.
  • Opawica Explorations has strategically located projects near high-yielding mines in the gold-rich and mining-friendly Abitibi gold belt in Quebec and the Rogerson structural gold corridor in Newfoundland.
  • The company has three early-stage projects including Arrowhead, Bazooka and McWatters which have shown promising drill and sample results for significant high-grade gold mineralization.
  • Opawica Explorations recently entered into a strategic partnership with GoldSpot Discoveries to assist in mineral exploration with its proprietary technology. GoldSpot Discoveries was granted a 0.5 percent NSR royalty on the Bazooka project and multiple royalty options on various projects as a result.
  • The fully-funded company is backed by a management team with decades of experience and success in the mining industry and lead investors, Eric Sprott and GoldSpot Discoveries Corporation.

Key Projects

Bazooka Project

The Bazooka project is located in the high-grade gold region of the Abitibi gold belt in Quebec on the Cadillac Larder Lake Break. The property spans 1200 hectares including seven kilometres of strike length. The project is contiguous to the south-western border of Yamana Gold's Wasamac gold property that has proven and probable mineral reserves of 1.8 million ounces of gold at 2.56 g/t. Additionally, the Bazooka property is directly west of the IAMGOLD Corporation option which has produced high grades in the past.

From 2003 to 2005, drilling on the Bazooka property yielded widespread gold mineralization from a few hundred ppb to as high as 316.23 g/t of gold over 1.0 m in a singular hole. In 2017, drilling and historical holes confirmed a wide gold zone extending from the west to east at 275 m deep.

The property is believed to host higher-grade gold and will be operated on in three phases. The first phase will consist of a review of drill cores to establish a more consistent lithological code. The second phase will consist of drilling to obtain additional results in the central part of the high-grade gold zone associated with the four mineralized gold zones outlined by previous workings. Lastly, the third phase will conduct a resource estimate, metallurgical testing and preparation of the resource estimate report.

Arrowhead Project

The Arrowhead project is also located in the high-grade gold region of the Abitibi gold belt in Quebec. The property is fully surrounded by Agnico Eagle Mines Ltd. which recently conducted a significant drilling campaign to the west and north of Arrowhead.

The Arrowhead project has a history of exploration and drilling work which includes 34.29 g/t of gold sampled in 1929. Previous drill holes on the property intercepted 40 gold-copper mineralized zones, enhancing the potential for quartz-carbonate auriferous veins associated with E-V trending on the shear zone, gold-rich VMS deposits and gold-rich polymetallic veins. Fine visible gold was seen throughout the historical drilling and on the surface including 4000 ppb of gold at 0.37 m depth.

The property is believed to host new mineralized veins as a result of previous exploration work that was conducted but the economic potential has not yet been proven.

McWatters Project

The MacWatters project is located in the Abitibi gold belt region of Quebec. The project is continuous to the Long Bars Zone Break, the Yourbeau Rouyn property and the Granada Gold property that contains a gold resource of 2.3 million ounces. The project is associated with quartz veins in deformation zones.

The property has a limited exploration history including an MMI survey, walking IP and soil sampling. Several gold showings have been identified both within and in the surrounding area including visible gold reported. Historical drill results done by Opawica Explorations include 7.79 g/t of gold over 3 metres.

The property is believed to host significant gold opportunities for the company.

Management Team

Blake Morgan — CEO, Director

Blake Morgan has 15 years of experience in the mining industry including 10 years dedicated to the mining and natural resource sector in Australia working with Rio Tinto, BMA Metals (a subsidiary of BHP) and Santos Ltd. Gaining first-hand knowledge, culture and an understanding of mining operations, Morgan then made the move from Australia to Canada and has been instrumental in consolidating significant exploration land packages and financing their development for private resource exploration companies in British Columbia.

Sandra Wong — CFO

Sandra Wong is a Chartered Professional Accountant with over 10 years of working experience with several TSX Venture Exchange- and Canadian Securities Exchange-listed companies in the area of financial reporting and company management.

Chris Reynolds — Director

Chris Reynolds has been investing in the natural resource sector for over 10 years. Delivering solutions for corporate structure, strategy and communications for small-cap juniors, Reynolds was an instrumental part in the incubation of Lithium Consolidated Mineral Exploration which went public on the ASX in 2017. He started his career at Longview Capital Partners in corporate development, then worked as an investment advisor at Mackie Research. He is currently the Founder of Progenitor Metals Corp.

Owen King — Director

Owen King has 20 years of experience in the financial markets and management consulting fields. King was employed at Mackie Research as an investment advisor focusing on venture capital financings. Since 2014, King has been working with public companies in business development and assisting with capital raises and IPOs. Before this, King was a management consultant working in the high-tech industry installing auditable quality management systems in small businesses.

Philippe Harvard — Director

Philippe Harvard has been involved in the mineral exploration industry since 2008 and is one of the principals of Investissements Gema Inc., a private company engaged in the purchase and sale of mineral properties in the Province of Quebec. Harvard is also the president of TelKel, an independent telecommunications company in the province of Quebec. Harvard is also the President of Cubicule Studio, a software engineering company.

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