Opawica Explorations Inc. Update ON Drill Mobilization at Bazooka Property and Option Extension of Bazooka WEST Property, Quebec
300 – 555 W. Georgia Street, Randall Building, Vancouver, BC Canada V6B 1Z6
T (604)681-3170, F (604)681-3552, [email protected]
www.opawica.com
OPAWICA EXPLORATIONS INC. UPDATE ON DRILL MOBILIZATION AT BAZOOKA
PROPERTY AND OPTION EXTENSION OF BAZOOKA WEST PROPERTY, QUEBEC
Vancouver, B.C. – January 30, 2017 – Opawica Explorations Inc. (the “Company” / “Opawica”)
(TSX.V: OPW) announces that further to the Comp any’s news release of October 27, 2016 that
announced the initialization of drill mobilization in November 2016, a delay in obtaining access permits
has required the Company to amend mobilization arra ngements with the drill contractor. Drilling at the
Company’s 100% owned Bazooka Property will now commence in mid February 2017.
The Company has also obtained a three month extension on its Option to acquire 100% interest, subject to
a 3% gross metal royalty, of the Bazooka West property from Globex Mining Enterprises Inc. (TSX:
GMX) that was first announced on August 2, 2016. The final option payment of $30,000 and 500,000
common shares of the Company has been extended to April 30, 2017, for consideration of $5,000 and
250,000 common shares of the Company payable upon r eceipt of TSX Venture Exchange acceptance of
the extension.
The gold mineralization on the Company’s 100% ow ned Bazooka property, where past drilling has
intersected world class gold intercepts, appears to be the extension of the mineralized zones and gold
resources known to exist on the western end on the Yo rbeau Resources Inc. (“Yorbeau”) Rouyn property.
The Yorbeau property has been optioned by Kinross Go ld Corporation ("Kinross"), whereby Kinross has
the option to acquire a 100% interest in Yorbeau's Rouyn property for consideration that includes
exploration expenditures of C$12 million; cash paymen ts of USD $25,000,000, plus 2% of the prevailing
gold price multiplied by the number of ounces of gold in measured, indicated and inferred resources
identified in a resource estimate, yet to be completed; as well as other considerations (see Yorbeau press
release dated October 25, 2016).
Opawica is mobilizing a drill program that is designed to test the depth extension of the mineralized zone
of the underground workings. In 1951-52, Eldona Gold Mines Ltd. sank a shaft to a depth of 125 metres,
and at the depth of 114 metres, 634 metres of drifts were developed and the company had reached the fold
nose feature of the Cadillac Larder Lake Break (“CLLB”). Four mineralized gold zones were outlined
as follows: “ Average of back panel samples grading 0.31 oz over 15.0 feet, average of back panel
samples grading 0.55 oz over 3.5 feet by 69 feet long, average of back panel samples grading 0.06
oz over 5.3 feet by 60 feet long and channel samples grading 0.21 oz (over a drift section of 10
feet)”, (extract from NI 43-101 technical report dated March 20, 2016 filed by the Company on
www.sedar.com on April 28, 2016). The Opawica drill program of up to three holes totalling 1,500
metres is designed to reach the de pth extension of the underground mine ralized zone at the depth from
200 to 400 metres.
Significant gold mineralization has been establishe d on the Bazooka property from near surface to
approximately 250 metres vertical depth from past drilling by previous owners such as Siscoe (1944)
interval of 5.79 metres of 77.18 g/t Au (true widt h unknown); with more rece nt drill intercepts ranging
from narrow and intermittent anom alous gold values up to Soquem (1981) interval of 7.50 metres of
25.77 g/t Au; Lake Shore Gold Corp. (2003) intercep t of 1.25 metres of 94.11 g/t Au; and RT Minerals
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Corp. values of up to 17 metres of core length at 7. 86 g/t Au, including 7.20 metres interval of 16.77 g/t
Au (RT Minerals Corp. June 21, 2011 press rel ease). These recent interv als are estimated at
approximately 85% to 93% true widths. This gold mineralization is known to exist within 50 metres on
strike to the gold mineralization on the Yorbeau prop erty and for a current strike length on Opawica’s
Bazooka property and optioned Bazooka West property for approximately seven kilometres.
Mr. Yvan Bussieres, P.Eng., is the Qualified Person who has prepared or supervised the preparation of the
information that forms the basis for the scientific and technical disclosure in this news release.
FOR FURTHER INFORMATION CONTACT:
Fred Kiernicki
President and Chief Executive Officer
Opawica Explorations Inc.
Telephone: 604-681-3170
Fax: 604-681-3552
Neither the TSX Venture Exchange nor its Re gulation Service Provider (as the term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward-looking Statements
Certain statements in this press release relating to th e Company’s exploration activities, project expenditures and
business plans are approximate and are "forward-looking stat ements" within the meaning of securities legislation.
The Company does not intend, and does not assume any ob ligation, to update these forward-looking statements.
These forward looking statements represent management’s best judgment based on current facts and assumptions
that management considers reasonable, including that oper ating and capital plans will not be disrupted by issues
such as adverse market conditions, mechanical failure, unav ailability of parts, labor disturbances, interruption in
transportation or utilities, or adverse weather conditions, th at there are no material unanticipated variations in
budgeted costs, that contractors will complete projects according to schedule, and that actual mineralization on
properties may not achieve any categor y of resource(s). The Company makes no representation that reasonable
business people in possession of the same information would reach the same conclusions. Forward looking
statements involve known and unknown risks, uncertainti es and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. In particular, fluctuations in the price of gold,
equity markets or in currency markets could prevent th e Company from achieving its ta rgets. Readers should not
place undue reliance on forward-looking statements. There is no guarantee that drill results reported in this news
release or future releases will lead to the identification of a deposit that can be mined economically, and further
work is required to identify resources and reserves. We seek safe harbour.