Copper

Opawica Explorations Inc. (TSXV: OPW) (FSE: A2PEAD) (OTCQB: OPWEF) (the "Company" or "Opawica") is pleased to provide an update on its first phase of drilling on the Company's Bazooka property in Rouyn Noranda camp of Quebec.

Highlights include:

  • To date the Company has drilled 22 holes have now been completed on the Bazooka property, comprising of 4,742 metres. 1,658 rock samples, representing 2,092 linear meters, have been sent for assay to Actlabs in Quebec.
  • The drill program targeting the Cadillac shear zone intersected prospective geology with a variable amount of quartz veining, brecciation, silicification, and quartz stockwork, with associated sulphides.
  • Visible gold was encountered in a quartz vein shear zone in hole OP-21-22 at a depth of approximately 279.45 metres. (See Figure 1 below)
Visible gold in OP-21-22 @ 279.45 m depth

Figure 1 Visible gold in OP-21-22 @ 279.45 m depth

Company President and Chief Executive Officer, Blake Morgan, commented, "The drilling to date has progressed extremely well. It is encouraging to be encountering visible gold during our maiden drill program. Over 2,000 meters of core have now been sent for assay. Phase two of the planned drilling will begin shortly, in addition to a maiden drill campaign on the Arrowhead project. We look forward to the assay results and reporting them to our shareholders."

Bazooka Property

The Bazooka property occurs along one of the most prolific auriferous structures in the world, the Cadillac-Larder Lake break/fault. The Cadillac-Larder Lake break/fault, in part, marks the boundary between the Archean Abitibi subprovince in the north and the predominantly metasedimentary Pontiac subprovince south of the fault.

Gold mineralization on the property occurs within mixed, up to 60-metre-wide (estimated true width), strong quartz-carbonate-sericite and talc-chlorite schists of sedimentary and ultramafic to mafic volcanic protoliths, respectively, and is referred to as the Main zone. The alteration and mineralization are spatially associated with the Cadillac-Larder Lake.

The break/fault zone is at the base and is characterized by up to two-metre-wide (estimated true width), strongly graphitic fault. The graphitic fault generally marks the contact between the sedimentary and ultramafic metavolcanic rocks.

Structures and hydrothermal pathways were interpreted using the co-occurrence of selected exploration criteria in drill hole data. Interpreted prospective panels trend generally east-west with a steep dip to the north. They are constrained within the northern and southern borders of the Cadillac shear zone, a 150-metre-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.

Derrick Strickland, P. Geo (OGQ No. 35402), is the qualified person for Opawica Explorations, and has reviewed and approved the technical content of this news release.

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.

Click here to connect with Opawica Explorations Inc. (TSXV: OPW) (FSE: A2PEAD) (OTCQB: OPWEF) to receive an Investor Presentation

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Opawica Completes Arrowhead Drilling Program

Opawica Completes Arrowhead Drilling Program

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Vancouver, B.C. TheNewswire - June 29 th 2022 - Opawica Explorations Inc. (TSXV:OPW) (FSE:A2PEAD) (OTC:OPWEF) (the "Company" or "Opawica") is pleased to announce it has completed its maiden drill program on the Arrowhead Property in the Rouyn Noranda camp of the Abitibi in Quebec.

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(TheNewswire)

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Vancouver, B.C. TheNewswire - June 22 nd 2022 - Opawica Explorations Inc. (TSXV:OPW) (FSE:A2PEAD) (OTC:OPWEF) (the "Company" or "Opawica") is pleased to provide an update on its first phase of drilling at the Company's Arrowhead Property in the Rouyn Noranda camp of the Abitibi in Quebec.

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Highlights include:

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(TheNewswire)

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Opawica Explorations Inc.

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Valentina Delivers Hot Chili’s Highest-Grade Result 8m grading 5.7% Copper & 24g/t Silver

(NewsDirect)

Valentina Delivers Hot Chili's Highest-Grade Result 8m grading 5.7% Copper & 24g/t Silver

Highlights

· New assay results from the Valentina copper deposit confirm a potential second high grade satellite addition for the Company's low-altitude, Costa Fuego senior copper development in Chile

* Copper Equivalent (CuEq) reported for the drill holes were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. Average fresh rock metallurgical recoveries used for Cortadera were Cu=83%, Au=56%, Mo=82%, and Ag=37%. Average fresh rock metallurgical recoveries used for Productora/Alice were Cu=89%, Au=58%, Mo=60%, and Ag=0%. 1 including 3m unsampled outside of metallurgical test area.

Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) ("Hot Chili" or "Company") is pleased to announce the highest-grade drill intersection recorded by the Company to date.

First assays returned from drilling across the historical Valentina high grade copper mine confirm a significant 120m strike extension to the deposit, recording 8m grading 5.9% CuEq (5.7% copper (Cu), 24.1g/t silver (Ag)) from 27m downhole in reverse circulation (RC) drill hole VAP0009.

Valentina and its neighbouring San Antonio satellite copper deposit (Inferred resource of 4.2Mt grading 1.2% CuEq (1.1% Cu, 2.1g/t Ag) for 48kt Cu and 287koz Ag, reported March 2022) are located immediately to the east of Cortadera, the centre-piece of the Company's Costa Fuego, coastal range, copper-gold hub in Chile.

Both deposits represent shallow high grade open pit opportunities, with the potential to provide front-end ore sources and make a positive material impact on the payback period and overall project economics of the Costa Fuego copper-gold development.

Impressive First Assay Results from Valentina, More to Come

Hot Chili's recently completed phase-one drilling programme at Valentina primarily focussed on proving continuity of the mineralised trend along strike of the successful 2018 drill campaign (see announcement dated 5th September 2018).

Of the nine holes as part of a phase-one programme, four drill holes recorded significant intersections. Best drill intersections include:

· 8m grading 5.9% CuEq (5.7% Cu, 24.1g/t Ag) from 27m depth and 2m grading 1.9% CuEq (1.8% Cu, 11g/t Ag) from 46m depth (VAP0009)

· 7m grading 2.0% CuEq (1.9% Cu, 11g/t Ag) from 163m depth (VAP0004)

Drilling confirms continuity of the mineralised Valentina structure 120m south of current underground workings, in an area previously masked at-surface by a shallow horizon of Atacama gravels.

Mineralisation is interpreted to be fault-hosted, dipping steeply towards the east within a sequence of volcanic-sedimentary units, similar to the deposit setting of the neighbouring San Antonio resource. Copper grades between 27m and 35m depth in VAP0009 were associated with both copper sulphide (2-5 % chalcopyrite) and oxide mineralisation.

Importantly, the result in RC drill hole VAP0009 is complimented by a twin Diamond Drill (DD) hole (VALMET0002 drilled for metallurgical test work), which recorded a much wider 17m visual intersection of copper sulphide and oxide mineralisation ( see announcement dated 13th June 2022 ).

Assay results for VALMET0002 are expected to be received shortly following additional test work requirements and delays in receiving ore grade analysis results. A second-phase of seventeen shallow RC drill holes has been recently completed at Valentina with results expected to be received over the coming weeks.

Sixteen Drillholes Completed at San Antonio Ahead of Updated Mineral Resource

Thirteen RC and three DD drill holes have been completed at the San Antonio high-grade copper resource to upgrade its categorisation from Inferred to Indicated, ahead of a planned resource upgrade for Costa Fuego in late 2022.

RC drill holes have in-filled and extended the mineralised trend along interpreted high-grade plunging shoots, with most of the drill holes supporting the current interpretation of structure and mineralisation at San Antonio.

Diamond drillholes will provide material for metallurgical testwork, key to the inclusion of the San Antonio Resource in the Costa Fuego combined prefeasibility study (PFS) due in Q1 2023.

Assay results from San Antonio drilling are also expected to be received in the coming weeks.

First drilling is now underway across the Santiago Z porphyry target, one of several large-scale targets planned for testing this year.

The Company looks forward to next drilling results from Valentina and San Antonio, and an exciting period of exploration drilling across its consolidated, coastal range, landholdings.

Figure 1 Location of Cortadera, Productora, San Antonio and Valentina in relation to coastal range infrastructure of Hot Chili's combined Costa Fuego copper-gold project, located 600km north of Santiago in Chile

Reported on a 100% Basis - combining Mineral Resource estimates for the Cortadera, Productora and San Antonio deposits. Figures are rounded, reported to appropriate significant figures, and reported in accordance with CIM and NI 43-101. Metal rounded to nearest thousand, or if less, to the nearest hundred. Total Resource reported at +0.21% CuEq for open pit and +0.30% CuEq for underground. Refer to Announcement "Hot Chili Delivers Next Level of Growth" (31st March 2022) for JORC Table 1 information related to the Costa Fuego Mineral Resource estimates.

* Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. For Cortadera and San Antonio (Inferred + Indicated), the average metallurgical recoveries were Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average metallurgical recoveries were Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were Cu=83%, Au=51%, Mo=67% and Ag=23%.

Table 1 New Significant RC Results at Valentina

Significant intercepts are calculated above a nominal cut-off grade of 0.5% Cu, with a minimum estimated true thickness of 1.5m. These parameters are aligned with marginal economic cut-off grades for narrow, high-grade polymetallic copper deposits of similar grade in Chile and elsewhere in the world.

Down-hole significant intercept widths are estimated to be at or around 70 per cent of true-widths of mineralisation

* Copper Equivalent (CuEq) reported for the drill holes at Valentina used Costa Fuego averages (as no metallurgical testwork has been completed) using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. Average fresh rock metallurgical recoveries were Cu=83%, Au=56%, Mo=82%, and Ag=37%.

Figure 2. Location of drill holes in relation to the Valentina high grade copper deposit. Valentina is open along strike to the north and to the south underneath a 10 to 15m deep cover of gravel.

Reported on a 100% Basis - combining Mineral Resource estimates for the Cortadera, Productora and San Antonio deposits. Figures are rounded, reported to appropriate significant figures, and reported in accordance with CIM and NI 43-101. Metal rounded to nearest thousand, or if less, to the nearest hundred. Total Resource reported at +0.21% CuEq for open pit and +0.30% CuEq for underground. Refer to Announcement "Hot Chili Delivers Next Level of Growth" (31st March 2022) for JORC Table 1 information related to the Costa Fuego Mineral Resource estimates.

Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) +(Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. For Cortadera and San Antonio (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%.

** Note: Silver (Ag) is only present within the Cortadera Mineral Resource estimate

Competent Person's Statement- Exploration Results

Exploration information in this Announcement is based upon work compiled by Mr Christian Easterday, the Managing Director and a full-time employee of Hot Chili Limited whom is a Member of the Australasian Institute of Geoscientists (AIG). Mr Easterday has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a ‘Competent Person' as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). Mr Easterday consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Competent Person's Statement- Costa Fuego Mineral Resources

The information in this report that relates to Mineral Resources for Cortadera, Productora and San Antonio which constitute the combined Costa Fuego Project is based on information compiled by Ms Elizabeth Haren, a Competent Person who is a Member and Chartered Professional of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Ms Haren is a full-time employee of Haren Consulting Pty Ltd and an independent consultant to Hot Chili. Ms Haren has sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Ms Haren consents to the inclusion in the report of the matters based on her information in the form and context in which it appears. For further information on the Costa Fuego Project, refer to the technical report titled "Resource Report for the Costa Fuego Technical Report", dated December 13, 2021, which is available for review under Hot Chili's profile at www.sedar.com.

Reporting of Copper Equivalent

Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. For Cortadera and San Antonio (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%.

About Hot Chili

Hot Chili Limited is a mineral exploration company with assets in Chile. The Company's flagship project, Costa Fuego, is the consolidation into a hub of the Cortadera porphyry copper-gold discovery and the Productora copper-gold deposit, set 14 km apart in an excellent location – low altitude, coastal range of Chile, infrastructure rich, low capital intensity. The Costa Fuego landholdings, contains an Indicated Resource of 725Mt grading 0.47% CuEq (copper equivalent), containing 2.8 Mt Cu, 2.6 Moz Au, 10.4 Moz Ag, and 67 kt Mo and an Inferred Resource of 202 Mt grading 0.36% CuEq containing 0.6Mt Cu, 0.4 Moz Au, 2.0 Moz Ag and 13 kt Mo, at a cut-off grade of +0.21% CuEq for open pit and +0.30% CuEq for underground. The Company is working to advance its Costa Fuego Project through a preliminary feasibility study (followed by a full FS and DTM), and test several high-priority exploration targets.

Certain statements contained in this news release, including information as to the future financial or operating performance of Hot Chili and its projects may include statements that are "forward‐looking statements" which may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, and capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Hot Chili, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements.

Hot Chili disclaims any intent or obligation to update publicly or release any revisions to any forward‐looking statements, whether as a result of new information, future events, circumstances or results or otherwise after the date of this news release or to reflect the occurrence of unanticipated events, other than as may be required by law. The words "believe", "expect", "anticipate", "indicate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward‐looking statements.

All forward‐looking statements made in this news release are qualified by the foregoing cautionary statements. Investors are cautioned that forward‐looking statements are not a guarantee of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Details

Investor Relations

Graham Farrell

+1 416-842-9003

Graham.Farrell@harbor-access.com

Investor Relations

Jonathan Paterson

+1 475-477-9401

Jonathan.Paterson@harbor-access.com

Managing Director

Christian Easterday

admin@hotchili.net.au

Company Website

https://www.hotchili.net.au/investors/

Copyright (c) 2022 TheNewswire - All rights reserved.

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