Business
Opawica Explorations Inc. Announces Drill Mobilization Initiated at Bazooka Property, Adjacent to Yorbeau Resources Inc. - Kinross Gold Corporation Rouyn Project, Quebec
VANCOUVER, BC / ACCESSWIRE / October 27, 2016 / Opawica Explorations Inc. (TSXV: OPW) (the "...
About this update from Opawica Explorations Inc.
[{"type":"text","content":"Opawica Explorations Inc. Announces Drill Mobilization Initiated at Bazooka Property, Adjacent to Yorbeau Resources Inc. - Kinross Gold Corporation Rouyn Project, QuebecVANCOUVER, BC / ACCESSWIRE / 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.\nOpawica 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.\nThe 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).\nOpawica 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.\nIn 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.\nThe 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-A...