Opawica delays Bazooka drilling to mid-February
2017-01-30 15:40 ET - News Release
Mr. Fred Kiernicki reports
OPAWICA EXPLORATIONS INC. UPDATE ON DRILL MOBILIZATION AT BAZOOKA PROPERTY AND OPTION EXTENSION OF BAZOOKA WEST PROPERTY, QUEBEC
Further to the company's news release of Oct. 27, 2016, that announced the initialization of drill mobilization in November, 2016, a delay in obtaining access permits has required Opawica Explorations Inc. to amend mobilization arrangements with the drill contractor. Drilling at the company's 100-per-cent-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 receipt of TSX Venture Exchange acceptance of the extension.
The gold mineralization on the Company's 100% owned 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 Yorbeau Resources Inc. ("Yorbeau") Rouyn property. The Yorbeau property has been optioned by Kinross Gold 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 payments 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 depth extension of the underground mineralized zone at the depth from 200 to 400 metres.
Significant gold mineralization has been established 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 width unknown); with more recent drill intercepts ranging from narrow and intermittent anomalous gold values up to Soquem (1981) interval of 7.50 metres of 25.77 g/t Au; Lake Shore Gold Corp. (2003) intercept of 1.25 metres of 94.11 g/t Au; and RT Minerals 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 release). These recent intervals 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 property 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.
We seek Safe Harbor.
© 2017 Canjex Publishing Ltd. All rights reserved.