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Welcome To Opawica Explorations Inc.

Opawica Explorations Inc. (the “Company”)(TSX.V: OPW) was incorporated under the Business Corporations Act (Ontario) on September 17, 1975 and was continued into British Columbia by Certificate of Continuation issued under the Business Corporations Act (British Columbia) on September 29, 2006. The Company is listed as Tier 2 mining issuer on the TSX Venture Exchange under the symbol "OPW". The Company is a junior resource company engaged in the acquisition, exploration and evaluation of gold and base metal mineral properties in Canada. As at the date hereof, the Company owns, subject to certain royalties, a 100% interest or an option to acquire a 100% interest in each of the following mineral resource properties in Canada:

  • Arrowhead Property - 100% owned gold property consisting of 19 mineral claims in a continuous claim block totalling 400.76 hectares, located in the Joannes Township approximately 30 km east of Rouyn Noranda, Quebec.

  • Bazooka Property - 100% owned gold property consisting of 15 mineral claims in two non-continuous claim blocks totalling 312.4 hectares, located in the Beauchastel Township approximately 7 km southwest of Rouyn Noranda, Quebec.

  • Bazooka West Property - option to acquire 100% interest in a gold property consisting of 24 mineral claims totalling 953.86 hectares located in the Beauchastel Township approximately 7 km southwest of Rouyn Noranda, Quebec.

  • McWatters Property - 100% owned gold property consisting of 12 mineral claims totalling 404.17 hectares located near Rouyn Noranda, Quebec.

  • TKL Teck Property - 100% owned four patented mineral claims located near Kirkland Lake in northeastern Ontario.

  • Yukon Bro Property - 100% owned massive sulphide, silver, lead, zinc property with exploration potential for gold and copper, located 120 km southeast of Faro, Yukon Territory.

The Company is engaged in the search for potential joint venture partners, mineral property acquisitions and financings.


CORPORATE AND OPERATIONAL UPDATE

Acquisition of Bazooka, McWatters and Arrowhead Properties

On June 27, 2016, the Company closed the purchase and sale agreement dated February 25, 2016 between the Company and Investissements Gema Inc., whereby the Company acquired a 100% interest, subject to retained royalties, in the Bazooka, McWatters and Arrowhead claims located in the Rouyn-Noranda area of northern Quebec, Canada (the “Property Transaction”). Consideration for the Property Transaction was 3,870,000 common shares of the Company, of which 1,000,000 of the shares were issued to RT Minerals Corp., a company with common directors to the Company. The shares are subject to a hold period expiring October 28, 2016.

Private Placement

As a condition to completing the Property Transaction, the Company closed a unit private placement to raise gross proceeds of $600,000 (the “Offering”) on June 27, 2016. The Company raised $550,000 through the sale of 550 mixed flow-through and non flow-through units priced at $1,000 (the “FT/NFT Units”) and $50,000 through the sale of 1,000,000 non flow-through units priced at $0.05 (the “NFT Units”). Each FT/NFT Unit consists of 11,667 flow-through common shares, 8,333 non flow-through common shares, and 20,000 share purchase warrants exercisable at a price of $0.06 for a term of five years. The FT/NFT Unit pricing is equivalent to $0.05 per share and a whole warrant attached to each share that is exercisable into one further common share at a price of $0.06 for a term of five years. Each NFT Unit consists of one common share and one share purchase warrant exercisable at a price of $0.06 for a term of five years. Insiders purchased 17 FT/NFT Units which is equivalent to 340,000 shares and 340,000 warrants. All securities issued in the Offering are subject to a hold period expiring October 28, 2016.

The proceeds from the sale of the flow-through portion of the Offering are $320,843 and will be used towards recommended exploration program on the Bazooka property, and the balance on exploration programs thereafter as recommended by the Company’s Qualified Persons. The proceeds from the sale of the non flow-through portion of the Offering will be used for general working capital.

Share Consolidation

A further condition to closing the Property Transaction was the consolidation of the Company’s share capital on a four (4) old for one (1) new basis (the “Consolidation”). The Consolidation was approved by the board of directors in accordance with the Company’s Articles, received the approval of the TSX Venture Exchange, and became effective at the opening of markets on March 18, 2016.

Acquisition of Bazooka West Property

Pursuant to an agreement dated July 27, 2016, the Company acquired the option to purchase a 100% interest in 24 mineral claims located in Beauchastel Township, Quebec, collectively known as the Bazooka West property. The initial consideration payable to the Optionor is $30,000 and the issuance of 500,000 common shares of the Company upon TSX Venture Exchange acceptance of the transaction, and an additional $30,000 and 500,000 common shares of the Company by January 31, 2017 or upon the issuance of a permit to drill, whichever occurs first. In addition, the Optionor shall retain a three percent (3%) Gross Metal Royalty upon all mineral production from the property, of which one percent (1%) may be purchased for one million dollars within the first five years of the option. The transaction is subject to regulatory acceptance.

Exploration of Bazooka and Bazooka West Properties on the Cadillac Larder Lake Break

The acquisition of the Bazooka West property extends the Company’s strike length to the west adjacent to the Company’s 100% owned Bazooka Property for a total of approximately seven kilometres on the prolific Cadillac Larder Lake Break (“CLLB”). The Bazooka property is contiguous to the western boundary of Yorbeau Resources Inc.’s ("Yorbeau") Rouyn property situated nine kilometres southwest of Rouyn Noranda, Quebec. The gold mineralization on the 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.

The Company is now preparing a prospective drill program that is designed to test the fold nose feature, or cross fault, of the CLLB situated on the eastern portion of the Bazooka property. Some of the drilling is planned to be conducted perpendicular to the apparent north-south orientation of much of the quartz veining within this part of the CLLB that strikes east-west through the entire approximate seven kilometre width of the Company’s holdings. The initial Phase I program will be announced at a later date following the securement of a drill permit.

Significant gold mineralization has been established on the Bazooka property from near surface to approximately 250 metres vertical depth from past drilling by previous owners such as Siscoe (1944) interval of 5.79 metres of 77.18 g/t Au (true width unknown), with more recent drill intercepts ranging from narrow and intermittent anomalous gold values up to Soquem (1981) interval of 7.50 metres of 25.77 g/t Au; Lake Shore Gold Corp. (2003) intercept of 1.25 metres of 94.11 g/t Au; and RT Minerals Corp. values of up to 17 metres of core length at 7.86 g/t Au, including 7.20 metres interval of 16.77 g/t Au (RT Minerals Corp. June 21, 2011 press release). These recent intervals are estimated at approximately 85 to 93% true widths. This gold mineralization is known to exist within 50 metres on strike to the gold mineralization on the Yorbeau property and for a current strike length on the Bazooka property for approximately one kilometre. The remaining six kilometres of the total CLLB on the Company’s properties has had little to no drilling completed. The Bazooka property hosts gold mineralization from past drilling which is approximately 500 metres west of the Yorbeau shaft and 250 metres west of the Yorbeau ramp. In addition, gold mineralization is immediately adjacent to an existing capped and accessible shaft on the Bazooka property. The Company and Yorbeau properties have a common north-south boundary extending for about two kilometres.

On June 22, 2016, Yorbeau announced that it had signed a non-binding letter of intent ("LOI") with Kinross Gold Corporation ("Kinross"), whereby Kinross has the option to acquire a 100% interest in Yorbeau's Rouyn property in Quebec 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 upon signing a definitive option agreement (see Yorbeau press release dated June 22, 2016).

Mr. Yvan Bussieres, P.Eng., is the Independent Qualified Person who has prepared or supervised the preparation of the information that forms the basis for the scientific and technical disclosure in the above.

Exploration of McWatters Property

The Company has initiated the preparation of a ground reconnaissance program on its 100% owned McWatters property. The McWatters property is a 404 hectare property that is contiguous to the eastern boundary of the above noted Yorbeau property. As part of this work, the Company will locate the drill collar of a historic drill hole that reportedly returned a near surface intercept of 7.0 g/t Au over an interval of 3.7 metres (Lake Shore Gold Corp. 2003 – Sludge sample Imperial to Metric drilled 1979 – MNR Quebec Govt files) and review trenches in the vicinity where grab samples returned up to 1.6 g/t Au (RT Minerals Corp. 2011). The purpose of this work is to outline a drill program in this area.

Mr. Yvan Bussieres, P.Eng., is the Independent Qualified Person who has prepared or supervised the preparation of the information that forms the basis for the scientific and technical disclosure in the above.

DIRECTOR APPOINTMENTS

The Company appointed Mr. Philippe Havard, Ing. Jr., to the Board of Directors on June 27, 2016. Mr. Havard is a shareholder of Investissements Gema Inc.

The Company appointed Mr. Yvan Bussières, P.Eng., to the Board of Directors on July 15, 2016. Mr. Bussières has worked as a geologist and geophysicist for 38 years, and has conducted and supervised all phases of exploration for gold, copper, nickel, chromium, lithium, graphite and uranium throughout Canada and West Africa.

Mr. Edmond Hatoum has resigned from the Board of Directors to pursue other interests. The Company would like to thank Mr. Hatoum for his services as a director of the Company.


 

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