(TheNewswire)
Vancouver, B.C. - TheNewswire - October 25th, 2021 - Opawica Explorations Inc. (TSXV:OPW) (FSE:A2PEAD) (OTC:OPWEF) (the “Company” or “Opawica”) is pleased to announce that it has entered into a purchase agreement to acquire 100% ownership in the expansion of its Little d’Espoir lake Property (the “Property”) located in the Exploits Subzone, Newfoundland.
The added mineral claims consist of 162 claims encompassing a land area of approximately 40.5km², making the Little d’Espoir lake Property a commanding contiguous land package of 338 mineral claims comprising a total land area of 84.5km².
The additional claims were acquired to cover surrounding transecting faults and associated secondary and tertiary structures situated within the siliciclastic sediments of the Davidsville Group. The secondary and tertiary structures in the area are important as they are underexplored and have been proven to host epizonal gold both to the north and south of the Property.
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Blake Morgan, chief executive officer of Opawica stated, “After having boots on the ground this season, the Opawica team needed to secure this land position. Little d’Espoir lake Property will be one property we focus on, as we continue to move towards drilling in Newfoundland.”
About the Property
The Property lies within an area known as the Exploits Subzone which consists of a major thrust zone that formed as a result of 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.
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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.
Homes in 1987 Selco-BP Resources Canada Ltd. analysed a grab sample (HR 1592) which assayed above the detection limit for copper at >1%. Several other samples, including HR 1588 and HR 1593 assayed 0.73% Cu and 0.19% Cu respectively. In 1989, the Newfoundland and Labrador mineral branch research program resulted in one sample returning 0.66 g/t Au (Colman-Sadd, 1989).
A 1986 geophysical magnetic survey executed by BP Selco suggested a few narrow zones of higher magnetic amplitude response of 500 to 2000 nt above background signatures, may represent a new target. These above background signatures are found in clusters in the west-central portion and south-east central portion of the historical grid (Holmes, 1986), located just north of D'Espoir Lake.
Holmes (1986) reported 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.
Transaction Outlined
The Company has agreed to acquire a 100% interest in the Little d’Espoir lake Extension Property for consideration of $30,000 and 600,000 common shares of the Company. The agreement is subject to the acceptance of the TSX Venture Exchange.
Derrick Strickland, P.Geo (1000315), is the qualified person for Opawica Explorations Inc. and has reviewed and approved the technical content of this news release.
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.
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 and 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 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.
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