Bazooka Property | Opawica Explorations

Overview

Bazooka covers seven kilometres of the Cadillac-Larder Lake Fault Zone, of which less than one kilometre has been drill tested. The property is adjacent to Agnico Eagle’s Wasamac gold project. Gold occurs in the Main Zone, a mixed sequence of altered quartz-carbonate-sericite and talc-chlorite schists up to an estimated 60 metres wide, at the contact with a graphitic fault.

2025 drill program

Source: News release, July 10, 2025

14 holes, 3,359 metres, 978 samples. Gold was intersected in every hole.

OP-25-33
67.9 m at 0.84 g/t Au
including 7.5 m at 3.65 g/t Au
OP-25-25
10.0 m at 2.15 g/t Au
near surface
OP-25-29
29.0 m at 0.39 g/t Au
including 12.0 m at 0.87 g/t Au
OP-25-28
15.5 m at 0.31 g/t Au
including 7.5 m at 0.60 g/t Au

Hole	Result	Detail
OP-25-33	67.9 m at 0.84 g/t Au	including 7.5 m at 3.65 g/t Au
OP-25-25	10.0 m at 2.15 g/t Au	near surface
OP-25-29	29.0 m at 0.39 g/t Au	including 12.0 m at 0.87 g/t Au
OP-25-28	15.5 m at 0.31 g/t Au	including 7.5 m at 0.60 g/t Au

Uncut weighted averages. Intervals are drilled core lengths; true widths are not yet determined.

Bazooka gold intercepts, Mine Area, July 2025.Source: Opawica Explorations.

Bazooka gold intercepts, West Area, July 2025.Source: Opawica Explorations.

2021 to 2022 work

More than 5,000 metres of drilling
3D structural and geological modelling
Target generation with ALS GoldSpot Discoveries
An M-PASS airborne survey
A 3D IP survey by Abitibi Geophysics
A downhole televiewer survey

OP-21-13
3.0 m at 8.21 g/t Au
including 1.6 m at 13.70 g/t Au
OP-22-20
3.0 m at 6.48 g/t Au
including 1.0 m at 18.70 g/t Au
OP-22-22
7.2 m at 2.34 g/t Au

Hole	Result	Detail
OP-21-13	3.0 m at 8.21 g/t Au	including 1.6 m at 13.70 g/t Au
OP-22-20	3.0 m at 6.48 g/t Au	including 1.0 m at 18.70 g/t Au
OP-22-22	7.2 m at 2.34 g/t Au

Core lengths. Source: Opawica corporate presentation.

3D model of historic and 2021 to 2022 drilling with modelled gold zones.Source: Opawica Explorations.

Visible gold in drill hole OP-21-22 at 279.45 m.Source: Opawica Explorations.

Targets

Source: Opawica corporate presentation, October 2025.

3D lithostructural modelling identified 15 structures controlling mineralization, shears in a Riedel-like system associated with quartz-carbonate stockwork. Targets generated in 2021 were validated by the 2021 to 2022 drilling, and several targets remain untested.

Structural framework, plan view.Source: Opawica Explorations.

Cross-section looking east: 2021 targets validated by 2021 to 2022 drilling.Source: Opawica Explorations.

Long section looking south: open targets to drill.Source: Opawica Explorations.

Historical work

Historical results

The property has 134 historic drill holes totalling more than 30,000 metres. Opawica drilled 5 holes for 2,172 metres in 2017 and more than 5,000 metres in 2021 to 2022.

In 1951 and 1952 Eldona Gold Mines sank a 125-metre shaft and developed 634 metres of drifts. Historical drill intercepts reported by the Company include 77.18 g/t Au over 5.79 m (hole BA5), 25.77 g/t Au over 7.5 m (BZ81-3), 7.70 g/t Au over 20.5 m (BZ82-9) and 316.23 g/t Au over 1.0 m (BA-03-02A).

Historical results predate Opawica’s work, are reported as core lengths as disclosed by the Company, and should not be relied upon as current results.

Eldona Gold Mines surface infrastructure, 1950s.Source: Opawica Explorations.

Conceptual exploration target

Source: News release, October 16, 2025

The Company is exploring for a conceptual exploration target of 10 to 40 million tonnes grading between 0.9 and 1.45 g/t gold.

What is next

Source: company news releases, July 10, 2025 and January 20, 2026.

In January 2026 the Company said it is exploring a joint venture or sale of Bazooka. About 7,000 metres of high-priority targets remain to be drilled, and the property is open to the north, south, west and at depth.