Opawica Explorations Expands Chapel Island Gold Property, Newfoundland
TheNewswire.ca - 30 minutes ago
(via TheNewswire)
Vancouver, B.C. - TheNewswire - July 27, 2021 - Opawica Explorations Inc. (TSXV:OPW.VN) (FSE:A2PEAD) (OTC:OPWEF) (the "Company" or "Opawica") is pleased to announce that it has entered into a property purchase and sale agreement to acquire a 100% interest, subject to a 1.5% net smelter returns royalty, in an extension to the Chapel Island gold property located in the Exploits Subzone of central Newfoundland and Labrador.
Blake Morgan, the Company's President and CEO, commented: "This new acquisition enhances Opawica's current holdings of a 100% interest in 173 mineral claims totalling approximately 43.25 km2 that comprise the Chapel Island property. The Opawica team is eager to explore the property and will look to have boots on the ground in the coming weeks".
Chapel Island Extension Property
The Chapel Island Extension Property is 350 hectares in size and is contiguous to the Company's existing Chapel Island property totalling 43.25 square kilometres.
Known mineralization on the Chapel Island Extension Property is described as pyrite-rich, sericitized Coaker Porphyry. Mineralized samples came from sub-crop. One sample returned a value of 1.7 g/t Au. Mineralization occurs in shear zone cutting argillites of the Dunnage melange in shear zone is sub-parallel to nearby contact with the Coaker Porphyry.
The Chapel Island Property is underlain by rocks assigned to the Early Ordovician and younger Dunnage Melange, Middle Ordovician Coaker Porphyry, Middle Ordovician Puncheon Diorite and the Early Devonian Loon Bay Batholith. The Chapel Island is mainly underlain by the Dunnage Melange. The Dunnage Melange is composed of a heterogeneous sedimentary matrix, lacking consistent or continuous bedding, and supports a large number of clasts and blocks that are heterogeneous in lithology and distribution. Clasts and blocks range is size from granular to hundreds of metres in diameter and up to a kilometre in diameter. These clasts and blocks comprise less than 30% of the melange. The blocks are commonly composed of mafic volcanics (tuffs, agglomerates, pillow breccia and pillow basalt), greywackes and carbonates.
Transaction Outlined
The Company has agreed to acquire a 100% interest, subject to a 1.5% NSR royalty of which the Company may purchase 0.5% of the NSR for $1,000,000 at any time, in the Chapel Island Extension Property for consideration of $25,000 and 250,000 common shares of the Company. The agreement is subject to the acceptance of the TSX Venture Exchange.
Derrick Strickland, P. Geo. (10000315), is the qualified person for Opawica and approves the technical content of this news release.
About Opawica Explorations Inc.
Opawica Explorations Inc. is a Canadian mineral exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi Gold Belt in Quebec 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.