Opawica Explorations Gives Company Update

Disseminated on behalf of OpawicaExplorationsInc.

Vancouver, B.C. – October 16th, 2024 – Opawica Explorations Inc. (TSXV:OPW) (FSE:A2PEAD) (OTCQB:OPWEF) (the “Company” or “Opawica”) Gives company update.

Dear Fellow Shareholders & Investors,

Our objective is to build and grow a company with significant exploration upside resulting in an increase in value for our investors. I am pleased to confirm we have achieved significant accomplishments since 2020 as we consider the terrible market conditions since 2022. The good news is that has all changed now. Opawica Explorations is ready to press ahead, capture the turn in the market and all-time high gold prices. The 2024 – 2025 season is lining up to be our most exciting one yet. We plan to kick off our phase 2 drill program on the Bazooka Property. We are also planning our phase 2 drilling program on the Arrowhead Property, fully surrounded by Agnico Eagle.

We are looking forward to an exciting end to 2024 and are delighted to have you all on board!

Accomplishments since 2021:

Identification of 59 High Priority drill targets on our Bazooka Property.
Successfully permitted the Bazooka drill holes
Commencement of Drilling on the Bazooka Property
Oversubscribed Private Placement; raising a total of $5.28million
Completion of an additional $2 million dollars of Flow Through Shares @ $0.55
Successful cross border listing on the OTCQB
Engaged the services of GoldSpot Discoveries Corp. AI Machine Learning
Completion of a 384-line-kilometer geophysical survey on our Bazooka asset, contiguous to the south of the Wasamac deposit*, covering the vast extent of the shear zones governing mineralization on the greenstone belt.
Completion of a 2-D deep seismic program on our Arrowhead property that is encircled by Agnico Eagle Mines Limited.
Established strong communications with the first nations, and local contractors to make a successful project for all stakeholders going forward.
Historical data compilation and direction identified for future exploration on our gold targets in Rouyn-Noranda.
Completed phase1 one drilling program on the Bazooka with multiple high-grade zones and visible gold.
Completed maiden drill program on the Arrowhead property with high-grade gold up to 18gt/au
Logged and sampled over 4000m of Bazooka drill core to date.
Completed the acquisition data from historical sources from government and previous exploration efforts on our portfolio.
Developed geological models and geological targets based on the data acquired to date from drilling, geophysics, and AI Machine Learning.
Used our drill results on Bazooka, Interpretation geophysical data to develop strong targets.
Completed downhole geophysics and interpretation on the Arrowhead property

Follow up plans:

Drill permits for Bazooka Property
Drill targets for Bazooka Property
Drill contractor for Bazooka Property
Start Phase 2 drill program on Bazooka Property
Drill permits for Arrowhead Property
Drill targets for Arrowhead Property
Drill contractor for Arrowhead Property
Start Phase 2 drill program on Arrowhead Property

The continued development of corporate assets is a value generating event for Opawica shareholders. Our overall plan is to maximize value through the growth of our identified assets which will include the allocation of additional funds into the Rouyn-Noranda camp. We anticipate identifying substantial drill targets to bring to market with the strategy of understanding of the gold mineralization.

I am enormously excited to be working closely with our team and management to advance all our projects. The immediate focus is on the Bazooka and Arrowhead Properties which are both projects of considerable merit. I am extremely optimistic with our abilities to advance our projects while enhancing the value proposition for all stakeholders.

With the Gold priced at all time high’s, we are well positioned with a good cash position. Our assets have had over $5,000,000 spent on them since 2021, with 2 prior drill programs. The assets have road access, water and hydro-electric power keeping exploration costs low. We are in one of the most prolific gold earing regions on earth with multiple active mines contiguous and within 7 KMS of our assets, showing this region has massive upside.

We now have a great understanding based on the enormous amount of work completed on the structure and gold mineralisation of the region. This will assist us with the phase two drill program.

*Wasamac deposit held by Agnico Eagle publish at December 31, 2023, in the first estimate of mineral resources of measured and indicated 2.2 milion ounces of gold (27.8 million tonnes grading 2.43 g/t gold) and inferred mineral resources were 0.8 million ounces of gold (9.2 million tonnes grading 2.66 g/t gold).

Sincerely,

Blake Morgan | CEO | President

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. 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.

Qualified Person

Yvan Bussieres, P.Eng., a “Qualified Person” under National Instrument 43-101, has reviewed and approved the scientific and technical information in this news release.

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.

Disclaimer

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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding Opawica Explorations Inc.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Opawica Explorations Inc.’s industry; (b) market opportunity; (c) Opawica Explorations Inc.’s business plans and strategies; (d) services that Opawica Explorations Inc. intends to offer; (e) Opawica Explorations Inc.’s milestone projections and targets; (f) Opawica Explorations Inc.’s expectations regarding receipt of approval for regulatory applications; (g) Opawica Explorations Inc.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Opawica Explorations Inc.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Opawica Explorations Inc.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Opawica Explorations Inc.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Opawica Explorations Inc.’s ability to enter into contractual arrangements with additional parties; (e) the accuracy of budgeted costs and expenditures; (f) Opawica Explorations Inc.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Opawica Explorations Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Opawica Explorations Inc.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Opawica Explorations Inc.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Opawica Explorations Inc.’s business operations (e) Opawica Explorations Inc. may be unable to implement its growth strategy; and (f) increased competition.

Except as required by law, Opawica Explorations Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Opawica Explorations Inc. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Opawica Explorations Inc. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Opawica Explorations Inc. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Opawica Explorations Inc. or such entities and are not necessarily indicative of future performance of Opawica Explorations Inc. or such entities.

8) The technical information contained in articles and videos produced for this campaign has been reviewed and approved by Mr. Yvan Bussieres, P. Eng, at Opawica Explorations Inc. as the Qualified Person for the Company as defined in National Instrument 43-101.

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