Vancouver, British Columbia (October 27, 2016) - Opawica Explorations Inc. (TSXV: OPW) (the "Company" / "Opawica") is pleased to announce that it has initiated mobilization of a drill program on its 100% owned Bazooka property near Rouyn-Noranda, Quebec.
Opawica owns and/or has an option to acquire a 100% interest in property holdings for approximately seven km of strike length on the prolific Cadillac Larder Lake Break ("CLLB"). The Company's 100% owned Bazooka property is contiguous to the western boundary of Yorbeau Resources Inc.'s ("Yorbeau") Rouyn property situated nine km southwest of Rouyn Noranda, Quebec. The gold mineralization on the Company's 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 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, to be completed; as well as an equity participation in Yorbeau (see Yorbeau press release dated October 25, 2016).
Opawica is mobilizing a drill program that is designed to test the fold nose feature, or cross fault, of the CLLB situated on the eastern portion of the Company's Bazooka property. Two holes of up to 500 metres each will be drilled perpendicular to the apparent north-south orientation of much of the quartz veining within this part of the CLLB. This drilling will commence by mid-November, 2016.
In addition, Opawica plans to drill up to a 1,500 metre hole that will test the stratigraphic horizon at this location on the Bazooka property to a vertical depth of approximately 1,000 metres.
The Bazooka property and adjacent Yorbeau property lie in the Rouyn-Beauchastel segment of the CLLB and is thought to represent the eastern extension of the Kerr-Addison Mine horizon. The Kerr Addison Mine, located approximately 50 km west of the Bazooka property, produced about eleven million ounces of gold during its 58-year production life along 1,000 metre strike length and to a depth of about 1,400 metres. At the Kerr Addison Mine, gold mineralization is found in sediments and in altered volcanic rocks associated with syenite intrusion within an alteration zone that is associated to the CLLB. Two types of mineralization were characteristic of the Kerr-Addison deposit. One being green carbonate ore and flow ore. These ore types and related sulphide content is found below 150 metres, with continuity and gold grades improving to depths of approximately 1,200 metres. The current Opawica program will test this deeper geological setting and gold target at Bazooka.
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 for approximately one kilometre.
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.
