Opawica Explorations Inc. Options Enterprise Property IN Newfoundland and Stakes Additional Claims
11 00 – 595 Howe Street, Vancouver, BC Canada V6 C 2T5
T (604) 681 -3170, F (604) 681 -3552, i [email protected]
www.opawica .com
OPAWICA EXPLORATIONS INC. OPTIONS ENTERPRISE PROPERTY IN
NEWFOUNDLAND AND STAKES ADDITIONAL CLAIMS
Vancouver, B.C. – October 23, 2020 – Opawica Explorations Inc. (the “Company”) (TSX.V: OPW) is
pleased to announce that it has entered into an option agree ment (the “Agreement”) to ac quire up to a
100% interest , subject to a 2.5% net smelter returns (“NSR”) royalty , in the Enterprise property (the
“Property”) located in the Exploits Subzone of Cent ral Newfoundland and Labrador from Crest
Resources Inc. (“Crest”).
The Enterprise Property is a gold property comprised of 30 8 mining claims with a total area of 77 square
kilometres. The Property represents an exceptional geophysical, geological a nd structural triple junction
target which the Crest development team identified, based on recently released mag data, cross referenced
with regional geology in the Exploits Subzone belt. The Enterprise property features both epizonal gold
targets and an undefined magnetic anomaly on the margin of a granitic body.
Analysis of new Newfoundland and Labrador Geological Survey mag and geologic data has identified an
extreme mag high at the intersection of a large scale intrusive, meta -sediments, and inferred deep seated
dog-leg structural fau lting. Rio Tinto performed airbo rne electromagnetic and magnetic surveys in 1979
and followed up with a minor drilling exploration program in spring of 1980, with one 86m drill hole in
this claim group. Given the history of major miners exploring this regi on, the Company believes these
factors warrant a modern, second look on this ground.
Figure 1: Map of Claims, Total Magnetic Intensity
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The Company may earn an initial 80% interest in the Property by paying an aggregate of $1,450,000 cash
and incurring $5,000,000 in work expenditures over a four year period as follows: (i) $ 250,000 cash due
upon signing the Agreement (the “Agreement Date”); thereafter, optional commitments of (ii) $450,000
cash and incurring $1,000,000 in exploration expenditures on or before the second anniversary of the
Agreement Date; (iii) $250,000 cash and incurring a further $2,000,000 in exploration expenditures on or
before t he third anniversary of the Agreement Date; and (iv) $ 500,000 cash and incurring a further
$2,000,000 in exploration expenditures on or before the fourth anniversary of the Agreement Date. Upon
completing the abo ve payments and expenditures, the Company shall be deemed to have exercised the
Option and shall be entitled to an undivided 80% right, title and interest in and to the Property, subject to
the 2.5% NSR retained by Crest . Sub sequent to the exercise date, the Company may ea rn an additional
20% interest in the Property by paying market price in cash o r in kind based on an ind ependent valuation
of the Property. The Agreement is subject to any applicable approvals of the TSX Venture Exchange and
the Canadian Securities Exchange.
Exploration, Development and Mine Operating Joint Venture Agreement
The Company further announces that it has entered into an exploration, development and mine operating
joint venture agreement with Crest whereby Crest will identi fy claims to be staked in the Newfoundland
area, that are prospective for gold mineralization, and the Company will pay for the costs of staking the
same, and thereafter the part ies will explore and develop the staked claims on a joint venture basis under
which the Company w ill hold an initial 70% interest and Crest will hold an initial 30% interest. The
Company has staked 906 claims under this agreement.
Mr. Yvan Bussi ères, P.Eng., is the Qualified Person for Opawica Explorations Inc. and approves the
technical content of this news release.
About Opawica Explorations Inc.
Opawica Explorations Inc . is a junior resource company engaged in the acquisition, exploration and
evaluation of gold and base metal mineral properties in Canada. The Company owns 100% interest
subject to certain royalties in the Bazooka gold property located in the Beauchastel Township
approximately seven kilometres southwest of Rouyn-Noranda, Quebec. The Bazooka property comprises
seven contiguous kilometres of strike length along the prolific Abitibi Gold Belt on the Cadillac Larder
Lake Break. The eastern b order of the Bazo oka gold property adjoins Yorbeau Resources I nc.’s Rouyn
Property and the western border adjoins Monarq ues Gold Corporation’s Wasamac gold property . The
Company also holds 100% interest subject to certain royalties in the McWatters gold p roperty in the
Rouyn-Noranda area and the Arrowhead gold property in the Joannes Township, Quebec.
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 Ven ture Exchange nor its Regulation Service Prov ider (as the term is defined in the
policies of the TSX Ven ture Exchange) accepts responsibili ty for the adequacy of accuracy of this news
release.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to f uture events or future
performance and reflect management’s current expectations and assumptio ns. Such forward -looking
statements reflect management’s current beliefs and are based on assumption s made by and inf ormation
currently available to the Company. Readers are cautioned that the se forward -looking statement s are
neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to
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differ materially fr om those expected including, but not limited to, market condit ions, availability of
financing, actual results of the Comp any’s exploration and other activit ies, environmental risks, future
metal prices, operating risks, accidents, labor issues, delays in o btaining governme ntal approvals and
permits, and other risks i n the mining industry. All the forward-looking statements made in this news
release are quali fied by these cautionary statements and those in our continuous disclosure filings
available on SEDA R at www.sedar.co m. 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.