Opawica
Explorations
Expands
Chapel Island Gold Property, Newfoundland
Vancouver,
B.C. - July
27,
2021
-
Opawica
Explorations Inc. (TSX.V: OPW) (FSE: A2PEAD) (OTC Pink: OPWEF) (the "Company" or "Opawica")
is pleased to announce that
it
has entered into a property purchase and sale agreement to acquire
a 100% interest, subject to a 1.5% net smelter returns royalty,
in
an extension to
the Chapel Island
gold property
located in the
Exploits
Subzone
of central Newfoundland and Labrador.
Blake Morgan,
the
Company's President
and CEO, commented: "This
new acquisition enhances Opawica's
current
holdings of a 100% interest in 173 mineral claims totalling
approximately 43.25 km2
that
comprise the Chapel Island property. The Opawica
team is
eager to explore the property
and
will look to have boots on the ground in the coming
weeks".
Chapel
Island Extension Property
The Chapel Island
Extension Property is 350 hectares in size and is contiguous to the
Company's existing Chapel Island property totalling 43.25 square
kilometres.
Known
mineralization on the Chapel Island Extension Property is described
as pyrite-rich, sericitized Coaker
Porphyry.
Mineralized samples came from sub-crop. One sample returned a value
of 1.7 g/t Au. Mineralization
occurs in shear zone cutting argillites of the Dunnage melange in
shear zone is sub-parallel to nearby contact with the
Coaker
Porphyry.
The Chapel Island
Property is underlain by rocks assigned to the Early Ordovician and
younger Dunnage Melange, Middle Ordovician Coaker
Porphyry, Middle
Ordovician Puncheon Diorite
and the
Early Devonian Loon Bay Batholith. The Chapel Island is mainly
underlain by the Dunnage Melange. The Dunnage Melange is composed
of a heterogeneous sedimentary matrix, lacking consistent or
continuous bedding, and supports a large number
of clasts and blocks
that are heterogeneous in lithology and distribution. Clasts and
blocks range is
size
from granular to hundreds of metres in diameter and up to a
kilometre in diameter. These clasts and blocks comprise less than
30% of the melange. The blocks are commonly composed of
mafic volcanics
(tuffs,
agglomerates, pillow breccia and pillow basalt), greywackes and
carbonates.
Transaction
Outlined
The
Company has agreed to acquire a 100% interest, subject to a 1.5%
NSR royalty of which the Company may purchase 0.5% of the NSR for
$1,000,000 at any time, in the
Chapel
Island Extension
Property for
consideration of $25,000 and 250,000 common shares of the Company.
The agreement is subject to the acceptance of the TSX Venture
Exchange.
Derrick
Strickland,
P.
Geo.
(10000315),
is the
qualified person for Opawica
and
approves the technical content of this news release.
About
Opawica
Explorations
Inc.
Opawica
Explorations Inc. is a Canadian
mineral
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.
FOR
FURTHER INFORMATION CONTACT:
Blake
Morgan
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 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.