Opawica Explorations Inc. Announces Drill Mobilization at Bazooka Property, Quebec
Vancouver, British Columbia--(Newsfile Corp. - February 15, 2017) - Opawica Explorations Inc. (TSXV: OPW) (the "Company") announces that further to the Company's January 30, 2017 news release, drilling will commence on February 20, 2017 on the Company's 100% owned Bazooka (East) property located near Rouyn Noranda, Quebec. At the request of IIROC, Opawica confirms that there are no other material changes in the affairs of the Company that would account for the recent increase in market activity.
The Company owns or has under option approximately seven kilometres of the Cadillac Larder Lake Break ("CLLB") which makes up the contiguous block of ground referred to as the Bazooka West and East properties (the "Bazooka Properties").
The Bazooka Properties are situated between and contiguous to the Wassamac gold property and deposit owned by Richmont Mines Inc. to the west north west, and Yorbeau Resources Inc.'s Rouyn property that 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; and other considerations (see Yorbeau press release dated October 25, 2016).
The Bazooka Property drilling of an untested fold nose feature and drilling to depth of up to about 400 metres targeted on historical underground high grade gold mineralization, previously explored by shaft and drifting (Eldona Mines Ltd. - 1952), will commence with the drill collar situated immediately west of the Augmitto gold resources and related mineralization situated on the Kinross-Yorbeau Rouyn property.
FOR FURTHER INFORMATION CONTACT:
President and Chief Executive Officer
Opawica Explorations Inc.
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.
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.