Opawica Explorations Inc. Update on Drill Mobilization at Bazooka Property and Option Extension of Bazooka West Property, Quebec

VANCOUVER, BC / ACCESSWIRE / January 30, 2017 / Opawica Explorations Inc. (TSX-V: OPW) (OTC PINK: OPWEF) (the “Company” / “Opawica”) announces that, further to the Company’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 arrangements 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 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.

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 Regulation 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 the Company’s exploration activities, project expenditures and business plans are approximate and are “forward-looking statements” within the meaning of securities legislation. The Company does not intend, and does not assume any obligation, 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 operating and capital plans will not be disrupted by issues such as adverse market conditions, mechanical failure, unavailability of parts, labor disturbances, interruption in transportation or utilities, or adverse weather conditions, that 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 category 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, uncertainties, 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 the Company from achieving its targets. 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.

SOURCE: Opawica Explorations Inc.

ReleaseID: 453850