VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 28, 2017) - Opawica Explorations Inc. (the "Company") (TSX VENTURE:OPW) announces that pursuant to its news releases dated August 2, 2016 and January 30, 2017, the Company has exercised its option to acquire 100% interest in the Bazooka West property located in Beauchastel Township, Quebec, from Globex Mining Enterprises Inc. ("Globex"), for consideration of a final option payment of $30,000 cash and 500,000 common shares of the Company which are subject to a four month hold period expiring August 22, 2017. Globex retains a 3% Gross Metal Royalty ("GMR") with the Company retaining the right to purchase 1% of the GMR for $1,000,000 within five years.
The Bazooka East and West gold properties combine for a total strike length of approximately seven kilometres along one of the most prolific auriferous structures in the world, the Cadillac Larder Lake Break ("CLLB"). Opawica's collective 100% ownership, subject to various underlying royalties, of these properties will now be referred to as the Bazooka Gold Property (the "Property").
To date only 800 metres of strike length has been tested by limited shallow drilling and small mining activities undertaken in the early 1950's through a 115 metre deep shaft on the Bazooka Gold Property. This outlines approximately six kilometres of untested strike length and the entire seven kilometres of the Bazooka Gold Property is open to depth for gold exploration.
The eastern border of Opawica's Bazooka Gold Property adjoins Yorbeau Resources Inc.'s ("Yorbeau") Rouyn Property that is currently under option for Kinross Gold Corporation ("Kinross") to purchase a 100% interest for consideration that includes C$12 million in certain exploration expenditures and a single cash payment of US$25,000,000, plus 2% of the prevailing gold price multiplied by the number of ounces in measured, indicated and inferred resources identified in a resource estimate to be completed on the Rouyn Property (see Yorbeau press release dated October 25, 2016). In addition, the western border of the Bazooka Gold Property adjoins Richmont Mines Inc.'s Wasamac gold property (~3 million ozs Au resources).
All of these properties are within 10 kilometres of the Rouyn-Noranda mining camp and are located on, or near, the CLLB. The 220 kilometre length of the CLLB, and areas in general proximity thereto, between Matachewan, Ontario to Val D'Or, Quebec have yielded over 125 million ounces of gold from production and existing gold resources.
SHARES FOR SERVICES AGREEMENT WITH AGORACOM
The Company has entered into an online marketing and advertising agreement (the "Agreement") with Agora Internet Relations Corp. ("AGORACOM") for a one year term ending April 30, 2018. The Company expects to receive significant advertising exposure over the next 12 months through many content brand insertions on the AGORACOM network and extensive search engine marketing.
As compensation for the services to be provided, AGORACOM will receive $45,000 plus applicable HST and payment will be made by the issuance of common shares at a deemed price per share to be determined after the date the services are provided during the year. AGORACOM will be paid $9,000 plus applicable HST in value of shares upon commencement of the Agreement on May 1, 2017, and thereafter will receive $9,000 plus applicable HST in value of shares at the end of each quarter with the final share payment to be made on April 30, 2018. The shares issued to AGORACOM will be subject to a four month hold period from the date of each issuance of shares.
The Agreement and all securities proposed to be issued thereunder are subject to the acceptance of the TSX Venture Exchange.
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 more information, please visit the Company's website at www.opawica.com.
