Opawica Explorations Inc. Options The Lil’ d’Espoir Lake Property, The Chapel Island Gold Property, Located in the Exploits Subzone in Newfoundland and Provides Corporate Summary
11 00 – 595 Howe Street, Vancouver, BC Canada V6 C 2T5
T (604) 681 -3170, F (604) 681 -3552, [email protected]
www.opawica.com
Opawica Explorations Inc. Options The Lil’ d’Espoir Lake Property, The Chapel Island Gold
Property, Located in the Exploits Subzone in Newfoundland and Provides Corporate Summary
Vancouver, B.C. – February 12, 2021 – Opawica Explorations Inc. (the “Company”) (TSX.V: OPW) is
pleased to announce that it has entered into an option agreement (the “Agreement”) to acquire up to 100%
interest, subject to a 1.5% net smelter returns (“NSR”) royalty, in the The Lil’ d’Espoir Lake Property
(the “LDL”), The Chapel Island Gold Property (the “CI”), located in the Exploits Subzone of Central
Newfoundland and Labrador and the Richard Copper Property (the “Richard”), located approximately
15kms from Rouyn-Noranda Quebec from Crest Resources Inc. (“Crest”).
These new assets are the perfect addition to our already outstanding land packages in both Quebec and
Newfoundland. The Opawica team is eager to get boots on the ground and attack some of the high grade
targets." states Company President Blake Morgan.
Property Highlights
Chapel Island
The CI consists of 173 mineral claims encompassing a land area of approximately 43.25 km². The property
is located 1.5 km northwest of mainland Newfoundland’s Port Albert Peninsula and can be accessed from
Boyd’s Cove via a causeway.
Chapel Island itself hosts several Government recognized mineral occurrences that have been documented
as follows:
• Road Cut #1 : Best grab sample from Road Cut #1, which was of a volcanic rock containing
arsenopyrite and pyrite, returned a value of 10.4 grams per tonne gold. A massive sulphide float
occurrence located near Road Cut #1 returned values up to 2.7 g/t Au, 10.3 g/t Ag, 0.90% Cu and
0.02% Zn (sample 12623) (Dyke, 2005).
• Road Cut #2: Best grab sample (altered mafic volcanics subcrop) containing 1% arsenopyrite and
pyrite returned a value of 1.8 g/t Au (Dyke,2005).
• Road Cut #3: Best grab sample of a 3 to 4 cm wide quartz vein, containing massive to semi-massive
arsenopyrite needles, and located at the contact of a mafic dyke and porphyry returned a value of
7.9 g/t Au. Best chip sample returned 3.6 g/t Au over 1.5 metres (Dyke, 2005).
• Road Cut #4 : Grab sample of porphyry containing fine grained pyrite and trace arsenopyrite
returned a value of 1024 ppb Au (Dyke, 2005).
• School Road : Grab sample of strongly carbonatized she ar zone (0.65 metre wide) hosted
sedimentary and porphyritic felsic rock returned a value of 1.7 grams per tonne gold. Arsenopyrite
and pyrite mineralization are present (Dyke, 2005).
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• Broken Boat: Grab samples of calcite veins in silicified sedimentary rock containing disseminated
coarse grained arsenopyrite and trace pyrite returned values up to 8.3 g/t Au. Two other grab
samples returned values of 6.3 g/t Au and 2.7 g/t Au (Dyke, 2005).
• Curtis Cove: Grab sample (C403191) of vuggy quartz containing bo th fine grains and needles of
arsenopyrite returned a value of 1225 ppb Au (Dyke, 2005).
• Swamp Zone: Nine grab samples returned values greater than 1 g/t Au including two that returned
values greater than 100 g/t Au up to 149 g/t Au. (Stefan Kruse of Terra ne Geoscience Inc.in
Quinlan 2012 [002E/10/1839])
There have been no documented drill holes on Chapel Island; to date.
The Company plans to execute preliminary data compilation as well as a site visit in early spring 2021 to
explore new areas away from the easily accessible, know mineralized areas which are currently the only
areas that have been sampled.
This will be followed up by a ground -based geophysical survey to better define secondary and tertiary
structures associated with the regional Dog Bay L ine fault, which is thought to be responsible for fluid
mobilization and gold concentration in the region.
The Lil’ d’Espoir Lake Property
The Lil’ d’Espoir Lake Property consists of 176 mineral claims encompassing a land area of approximately
44km². The p roperty is located 30km northwest of the town of Baie d’Espoir and can be accessed by a
series of forest service roads. The property lies within an area called the Exploits Subzone which consists
of a major thrust zone that was formed due to the closing of the ancient Iapetus Ocean. The property consists
of a range of Siliciclastic sediments and assemblages of felsic volcanics and granitoids Cambrian to
Ordovician in age.
In 1985 several silicified boulders were found on the shoreline of d’Espoir Lake which retuned anomalous
levels of Cu, Pb, Zn, As and Ag. A limited amount of geological mapping and baseline reconnaissance has
been completed and the property ahs never been drilled to date. A detailed soil survey was completed around
a gold bearing boulder, anomalous Cu, Pb, Zn values returned appear to reflect underlying bedrock source
areas to the south and west.
Chalcopyrite and pyrite mineralization can be found along the contact of small stocks of granite as mapped
by J.M. Holmes (1987) for BP Selco. These stocks are seen to intrude sediments of the Spruce Brook
Formation (S.P. Colman-Sadd, 1978).
In 1987 Selco-BP Resources Canada Ltd.’s sample HR 1592 assayed above the detection limit for copper
at >1%, several others including HR 1588 and HR 1593 assaye d 0.73% Cu and 0.19% Cu respectively
(Holmes, 1987). Subsequently in 1989 , as part of a Government funded Newfoundland and Labrador
mineral branch research program one sample on the property returned 0.66 g/t Au (Colman -Sadd, pers.
comm., 1989).
A geophysical magnetic survey executed by BP Selcoin in 1986 suggests a few narrow zones of higher
amplitude response (500 to 2000 nt above background) found clustered in the west -central portion and
south-east central portion on the property (Holmes, 1986), north of D'Espoir Lake. The general trend of the
VLF responses is east-west except at the eastern side of Little D'Espoir Lake where there is a sharp swing
to the northeast (Holmes, 1986).
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The company plans to do a ground-based electromagnetics program to better define deep seated structures
that may tie this area to the current exploration gold boom in the exploits Subzone.
Richard Copper Property
The Richard is located approximately 15 km north of Rouyn Noranda and consists of four claims bisected
by the Lyndhurst Fault and Deformation zone. The host rock is a brecciated/porphyritic rhyolite and holds
potential VMS base metal, (copper and gold) mineralization. Historical work has been conducted on the
Richard Copper project from 1947 to 1992, which will be compiled and digitised prior to the 2021 field
season.
Transaction Outlined
Opawica may acquire from the Vendor, an undivided 100% right, title and interest in and to the Properties,
subject to the 1.5% NSR royalty reserved to the Vendor on the LDL and CI Properties and the l% underlying
NSR royalty on the RC Property, for consideration of 2,000,000 common shares of the Purchaser and
I,000,000 common share purchase warrants, payable as follows:
• 2,000,000 common shares of the Purchaser payable to the Vendo r within five business days of
receipt of TSX Venture Exchange ("TSXV") acceptance of this Agreement (the "Acceptance
Date");
• 1,000,000 common share purchase warrants priced at $0.31 for a period of 24 months from the
Acceptance Date.
• the Purchaser shall have the right to repurchase 0.75% of the NSR for $1,000,000 at any time.
The Agreement is subject to any applicable approvals of the TSX Venture Exchange and the Canadian
Securities Exchange.
Corporate Update
The Company has assembled a group of structurally controlled gold property targets. These types of gold
mineralization represent the most economically significant for gold found in Canada.
The six flagship properties are in the controlled gold systems of the Abitibi Greenstone Belt, in Quebec and
Rogerson Structural Gold Corridor, in Newfoundland. Three Abitibi Greenstone properties are in Rouyn -
Noranda camp; Arrowhead, Bazooka, and McWatters Properties. The Rogerson Structural gold Corridor in
Newfoundland properties are Density, Mass, and Eclipse.
Abitibi Greenstone Belt, Quebec
Quebec's world-class mineralization is the Abitibi Greenstone Belt which is 150 km wide and stretches 650
km from roughly Wawa, Ontario, to Val d'Or, Quebec. The belt has produced millions of ounces of gold
over its history, with the Cadillac Gold Camp, Virginia town, Rouyn -Noranda Gold Camp, and Val d'Or
Gold Camp being just a few of its largest contributors.
Quebec is home to 27 producing mines and over 530 surface mineral mining operations, putting the value
of Quebec's mineral shipments at $8.11 billion in 2016 (Investissement Quebec). Quebec is Canada's second
largest producer of gold, largest producer of iron and zinc, and the only North American producer of
niobium. The mineral wealth is evident and is a big reason The Fraser Institute ranks Quebec among the
world's top ten in mining investments.
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Based on the historical data the Company recognized that there are several unresolved structural anomalies
through out the area. The Arrowhead Property is completely surrounded by Agnico Eagle Mines Limited
and with historical gold values of 45.05 g/t. The Bazooka Property historical gold values of 42.5 g/t gold
over 4.5 meters. McWatters Property historical gold values of 7.79 over 3 meters
Rogerson Structural Gold Corridor Newfoundland.
Newfoundland’s Rogerson Structural Corridor gold district occurs within a northeast -trending structural
corridor defined by crustal-scale faults extending forms southwestern to north-central Newfoundland. The
Rogerson Lake Conglomerate characterizes the structural corridor. The presence of conglomerate reflects
preservation of syn-orogenic upper crystal clastic sequences commonly associated with orogenic gold vein
systems. The largest known gold resource along this corridor occurs at Marathon Gold Corporation’s
Valentine Lake property.
In Marathon Gold Corporation’s press release dated April 22, 2020 Valentine Lake project has estimated
Proven and Probable Mineral Reserves of 1.87 Moz (41.05 Mt at 1.41 g/t Au) and Total Measured an d
Indicated Mineral Resources (inclusive of the Mineral Reserves) of 3.09 Moz (54.9 Mt at 1.75 g/t Au).
Additional Inferred Mineral Resources are 0.96 Moz (16.77 Mt at 1.78 g/t Au)*. Recent exploration by
Antler Gold Inc. on previously unexplored property in the Wilding Lake area, adjacent to the northeast
corner of the Valentine Lake property, exposed a system of gold -bearing quartz veins hosted by syn -
orogenic sedimentary rocks, felsic volcanic rocks and volcaniclastic rocks.
The Company is in the proce ss of developing a structural model for its 2021 exploration program on the
Density, Mass, and Eclipse Properties.
Mr. Yvan Bussi ères, P.Eng., is the Qualified Person for Opawica Explorations Inc . and approves the
technical content of this news release. *The qualified person has not verified the information on Abitibi Greenstone
Belt and Marathon Gold Corporation’s Valentine Lake property and the information disclosed is not necessarily
indicative of mineralization on the Company’s Properties that is the subject of this press release 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 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. The
Company’s management has a great track record in discovering and dev eloping 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.
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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 a nd
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 forwar d-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.