Opawica Commences Maiden 5,000m Drill Program at Arrowhead

Rhea-AI Summary

Opawica Explorations Inc. has initiated a drilling program on the Arrowhead Property, following its prior announcement on April 21, 2022. The ambitious plan involves 5,000 meters of drilling across 20 targets, with promising historical data showing gold values up to 90.45 grams per tonne. The property is strategically located in the Abitibi gold belt, surrounded by Agnico Eagle Mines Ltd. Recent challenges include pending assay results due to lab delays. The CEO expressed optimism about funding for future drilling phases, contingent upon initial results.

Positive

• Commenced drilling on Arrowhead Property with a planned 5,000 meters.
• Historical channel sample reported gold values of 90.45 g/t.
• Property located in a proven gold-producing region with numerous previous gold deposits.

Negative

• Assay results from the Bazooka Property drilling program are delayed.
• Pending assay results may postpone potential positive news for shareholders.

VANCOUVER, British Columbia--(BUSINESS WIRE)-- Opawica Explorations Inc. (TSXV: OPW) (FSE: A2PEAD) (OTC: OPWEF) (the “Company” or “Opawica”) announces that further to the news release of April 21, 2022, the Company has commenced drilling on the Arrowhead Property.

Arrowhead Property highlights:

• Planned 5,000 meters of drilling on 20 targets over 15 configurations;
• Hosts a historical channel sample of 90.45 grams per tonne (g/t) gold (Au) over one meter;
• Reports of native gold to occur in relatively small shoots;
• Located in the Rouyn-Noranda region of the gold producing Abitibi gold belt;
• Volcanogenic massive sulphide (VMS) gold-rich polymetallic/quartz-carbonate auriferous veins potential; and
• The project is surrounded by Agnico Eagle Mines Ltd. (TSX: AEM).

Blake Morgan, Chief Executive Officer of Opawica states, “The Opawica team is thrilled to begin our maiden drill program on the Arrowhead Project. The Company is well funded and able to quickly move to a “phase two” drill campaign as the results merit. The assays from the recently completed Bazooka Property drill program are still pending due to lab staffing delays. The lab has promised to provide the assays to Opawica in the near term, and we look forward to disseminating the results out to our shareholders as soon as possible.”

Historical drill holes on Arrowhead completed by SOQUEM, Groupe Minier O and Agnico-Eagle intercepted 40 mineralized zones, and were mostly mineralized with gold, although some zones reported copper and zinc. These previously mineralized intercepts enhance the property's potential for the following types of mineralization:

• Gold-rich VMS deposits;
• VMS deposits, similar to the Louvicourt mine;
• Gold-rich polymetallic veins, like at the Doyon and Mouska gold mines;
• Quartz-carbonate auriferous veins associated with regional east-west-trending faults and shear zones, like at the O'Brien, Kewagama, Central-Cadillac, Wood-Cadillac and Lapa mines.

The Arrowhead Project is mainly covered by the metavolcanites of the Blake River Group. Strata are oriented E-W and present a sub-vertical dip. Volcanic and sedimentary rocks form a series of E-W trending, steeply dipping monoclinal panels. The sequences are separated by longitudinal contacts parallel to the lithologies. In the southern part of Joannes Township, the Cadillac Fault runs along an E-W axis over a lateral distance of about 150 km. In the Province of Quebec, more than 40 gold deposits that have produced over 60 million ounces of gold in the past hundred years and are associated with this major structure and its subsidiary faults*.

First prospecting on the Arrowhead started in 1920 on the major shear zone located in the northern part of the property. In 1926, the exploration works consisted of prospecting, pitting, trenching and diamond drilling, mainly to test two shear zones containing quartz-carbonate veins with free gold. Gold values of up to 45.05 g/t were obtained over appreciable widths. Two main veins, designed as "A" and "B", were explored. This work led to underground exploration that started in 1936. A three-compartments shaft was sunk to a depth of 154m. Levels were established at depths of 60.96m (200 ft), 106.68m (350 ft) and 152.40m (500 ft). Drifting and crosscutting were carried out on all three levels on the "A" and "B" veins.

The 609.60-metre diamond drilling program carried out in 1929 returned several gold intersections, the highest grading 13.44 g/t Au over three metres. On surface, the A vein was traced over 152.40 metres and gold values of up to 90.45 g/t Au (channel sampling) were obtained over one metre.

Native gold is reported to occur in relatively small shoots and generally, where visible, in the fractures of the quartz. Both the A and B veins and most of the others on the property consist of discontinuous lenses in the shear that forms the vein zone.

Figure 1 Drill hole locations

Derrick Strickland, PGeo, (OGQ No. 35402) is the qualified person for Opawica Explorations and approves the technical content of this news release. *The qualified person has not verified the information on the Abitibi greenstone belt. Mineralization hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralization hosted on the company's properties.

About Opawica Explorations Inc.

Opawica Explorations Inc. is a junior Canadian exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi Gold Belt in Québec and in Central Newfoundland and Labrador. The Company’s management has a great track record in discovering and developing successful exploration projects. The Company’s objective is to increase shareholder value through the development of exploration properties using cost effective exploration practices, acquiring further exploration properties, and seeking partnerships by either joint venture or sale with industry leaders.

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.

Forward-Looking Statements

This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company’s exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220505006084/en/

Blake Morgan

President and Chief Executive Officer

Opawica Explorations Inc.

Telephone: 604-681-3170

Fax: 604-681-3552

Source: Opawica Explorations Inc.

FAQ

What is the drilling program on Opawica's Arrowhead Property?

Opawica has started a 5,000-meter drilling campaign on the Arrowhead Property, targeting 20 locations.

What were the historical gold values found at the Arrowhead Property?

Historical data reveals channel samples with gold values up to 90.45 grams per tonne.

Who surrounds the Arrowhead Property?

The Arrowhead Property is located near Agnico Eagle Mines Ltd., a significant player in the region.

What challenges is Opawica facing regarding assay results?

The company is currently facing delays in receiving assay results for its Bazooka Property drill program due to lab staffing issues.

What potential does the Arrowhead Property have for gold mining?

The Arrowhead Property shows high potential for gold-rich deposits based on historical mineralization and its location in the Abitibi gold belt.