OPW:CC - Opawica Acquires Drill Ready Cornwall BC Property
(TheNewswire)
Vancouver, B.C. – TheNewswire - October 3 rd , 2022 - Opawica Explorations Inc. (TSXV:OPW) (FSE:A2PEAD)(OTC:OPWEF) (the "Company" or "Opawica") ispleased to announce the acquisition of the Cornwall property locatedin the Kootenay Terrane of south-eastern British Columbia.
Past work on the Cornwall Property hasoutlined a 2.4km long north-northwest trending linear copper-in-soilanomaly. Zinc, lead, and barium in soil define a linear feature ofsimilar dimension and orientation, which is offset roughly 175m to thewest of the copper horizon. This second feature has coincidentchargeability, TEM, and magnetic anomalies, suggesting potential formassive sulphide mineralization.
The copper showings on the CornwallProperty consist of pyrite and chalcopyrite hosted in a quartz-richamphibolite. Mineralization is consistent with Besshi or Cyprus typeVMS exhalative sulphides deposited in a mafic volcanic environment.The South, Dunn Creek, and Dunn Road showings appear to be on the samesulphide-bearing stratigraphic horizon which has been tentativelytraced along a strike length of over 2km. The North showing is similarin character but appears to be off stratigraphic trend from the othershowings (Figure 1).
The copper horizon is clearly delineatedby copper-in-soil anomalies in both the 1997 and 2011 surveys. TheZn-Pb-Ba anomaly is coincident with a distinct linear chargeabilityanomaly defined in a 1997 survey conducted by Phelps Dodge. Theanomalous zone is also coincident with a strong conductor defined by a2011 TEM survey. Phelps Dodge drilled the chargeability anomaly in1997, but the holes appear to be short, and did not cross the core ofthe EM-defined conductor (Figure 1).
The linear conductor in the Dunn Creekarea is the most interesting exploration target on the property. Thereare, however, several other sites with coincident geochemical andgeophysical anomalies that warrant further investigation. The areas ofinterest are shown as Targets 1 through 5 in Figure 1.
Target 1: possesses a number of encouraging coincidentgeochemical and geophysical anomalies and is considered drill ready.Three proposed drill holes totalling 1,000 m are shown on Figure1.
Target 2: is a strong chargeabilityanomaly with coincident zinc-in-soil and magnetic susceptibilityanomalies very similar to Target 1. It is possible that this is acontinuation of the tentative mineralized horizon located in theTarget 1 area which is offset along a northeast trending fault.
Target 3: possesses coincidentchargeability, magnetic, and barium anomalies, and is possibly anorthwest striking continuation of Target 1.
Targets 4 and 5: are isolated smallconductors defined by the TEM survey that was conducted north of CapeHorn Creek.
The targets located on the Property aresummarized below:
Target 1(stratigraphic feature west of the Dunn Creek showings area)
• 2km (+) long linear multi parameteranomaly
• Coincident zinc, lead, andbarium-in-soil anomalies
• TEM conductor
• IP chargeabilityfeature
• Low resistivity - Sporadic highmagnetic susceptibility
Target 2 (south ofDunn Creek)
• Strong chargeabilityfeature
• Coincident resistivity low
• High magneticsusceptibility
• Zinc-in-soil anomalies
Target 3 (NW of Target1, possible continuation)
• Chargeability feature
• Magnetic anomalies
• Barium in soilanomalies
Target 4 (North ofCape Horn Creek)
• TEM conductor
• Copper-in-soilanomalies
Target 5 (Northshowing, Zappa Trench)
• Mineralization
• TEM anomaly
The Company has agreed to issue ten million commonshares and pay twenty thousand dollars in cash to arms length vendors. The agreement is subject to a two percent net smelter royalty ofwhich one percent can be purchased for one million dollars. TheCompany does not expect to assume any material liabilities inconnection with the completion of the transaction. The transactiondoes not constitute a fundamental acquisition for the Company asdefined within the policies of the TSX Venture Exchange. Thetransaction will not result in the creation of a new insider or achange of control of the Company within the meaning of applicablesecurities laws.
Completion of the transaction remains subject to theapproval of the TSX Venture Exchange and cannot be completed untilsuch approval has been received and due diligence has been completedto the satisfaction of the Company. No finders' fees or commissionsare payable in connection with the transaction.
Derrick Strickland, P. Geo (100315), is the qualifiedperson for Opawica Explorations and approves the technical content ofthis news release.
Figure 1Target Area
Opawica Explorations Inc. has granted 300,000 stockoptions to directors, officers, and consultants of the Company. TheCompany has granted a total of 300,000 incentive stock optionsexercisable at 10 cents per share expiring 3 rd October 2024and are fully vested as of the grant date. Thestock options are subject to the acceptance of the TSX VentureExchange.
The Company also announces the resignation ofdirector, Christopher Reynolds, effective immediately. The Companywishes Mr. Reynolds, success in his future endeavours.
About Opawica Explorations Inc.
Opawica Explorations is a junior Canadian explorationcompany with a strong portfolio of precious and base metal propertieswithin the Rouyn-Noranda region of the Abitibi gold belt in Quebec,and in central Newfoundland and Labrador. The company's management hasa strong record of discovering and developing successful explorationprojects. The company's objective is to increase shareholder valuethrough the development of exploration properties using cost-effectiveexploration practices, acquiring further exploration properties, andseeking partnerships by either joint venture or sale with industryleaders,
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 RegulationService Provider (as the term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy of accuracyof this news release.
Forward-Looking Statements
This news release contains certain forward-lookingstatements, which relate to future events or future performance andreflect management’s current expectations and assumptions. Suchforward-looking statements reflect management’s current beliefs andare based on assumptions made by and information currently availableto the Company. Readers are cautioned that these forward-lookingstatements are neither promises nor guarantees, and are subject torisks and uncertainties that may cause future results to differmaterially from those expected including, but not limited to, marketconditions, availability of financing, actual results of theCompany’s exploration and other activities, environmental risks,future metal prices, operating risks, accidents, labor issues, delaysin obtaining governmental approvals and permits, and other risks inthe mining industry. All the forward-looking statements made in thisnews release are qualified by these cautionary statements and those inour continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof andthe Company does not assume any obligation to update or revise them toreflect new events or circumstances save as required by applicablelaw.
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