Power Ore Acquires Scott Property Adjacent to Opemiska, Increases Chibougamau Land Position by 30%
Power Ore Acquires Scott Property Adjacent
to Opemiska, Increases Chibougamau Land
Position by 30%
TORONTO
,
July 23, 2020
/CNW/ - PowerOre Inc. ("Power Ore" or the "Company") (TSX.V: PORE)
is pleased to announce that it has acquired 100% royalty free interest in the Scott property, a 2,930
hectare land package adjacent to Power Ore's Opemiska and Yorbeau Resources'
Scott Lake
project. This acquisition increases the Opemiska Copper Complex property area to nearly 13,000
hectares and further establishes Power Ore as a dominant land holder in the
Chibougamau
district.
Map of Power Ore's Scott Property Acquisition
Power Ore's Updated Opemiska Presentation
Geology and Exploration Potential of Scott Property
The Scott property is contiguous with the southwestern boundary of Yorbeau Resources'
Scott Lake
project. Prospecting in 2018/2019 by the vendor uncovered three high-grade copper showings with
grades ranging between 1.0% and 2.7% Cu and two gold showings including 6.0 gpt gold and 1.8
gpt gold in selected grab samples. The showings are oriented along a North 20 degrees – North 45
degrees structural trend for a copper-gold lode mineralization, comparable with mineralization
throughout the
Chibougamau
camp.
Geological similarities exist with the contiguous
Scott Lake
deposit including a rusted island
composed of pyritized and silicified rhyolite which has not been drill tested. The discovery of the
Selco-Scott VMS lens (part of Scott Lake) was in the same rock type. Exploration on the Scott
property will focus on the North 20 degrees – North 45 degrees structural trend, including further
prospecting and a detailed drone magnetic geophysical survey.
"We are pleased to have acquired this strategic grounds to increase our land position in this copper-
gold district. The prospectivity of this land package furthers our strategy of accumulating prospective
ground to our base of operations at Opemiska. As the copper and gold metal prices continue to
generate activity, shareholders can expect an update on our exploration plans as our senior geology
team will be on site in early August", says
Stephen Stewart
, CEO of Power Ore.
In return for a 100% royalty free interest, Power Ore has issued 450,000 shares from its treasury to
the vendors of the Scott Property. This is an arms length transaction.
About the Opemiska Copper Complex
The Opemiska Copper Complex is located adjacent to the town of
Chapais, Quebec
within the
Chibougamau
region. Opemiska is also within the Abitibi Greenstone belt and within the boundaries
of the Province of
Quebec's
Plan Nord which promotes and funds infrastructure and development of
natural resource projects. The Opemiska property covers 12,782 hectares and covers the past
producing Springer, Perry, Robitaille and Cooke mines which were owned and operated by
Falconbridge
. The project has excellent in place infrastructure including a power station and direct
access to Highway 113 and the Canadian National Railway.
QP Statement
The technical information contained in this news release has been reviewed and approved by
Charles Beaudry
, P.Geo and géo., Director and Vice President Exploration for Power Ore, who is a
Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral
Projects".
For information and updates on Power Ore, please visit:
www.powerore.com
And please follow us on Twitter @PowerOre
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release. Certain information in this press release may contain forward-looking statements. This
information is based on current expectations that are subject to significant risks and uncertainties
that are difficult to predict. Actual results might differ materially from results suggested in any
forward-looking statements. Power Ore is a trade name of PowerOre Inc. PowerOre Inc. assumes
no obligation to update the forward-looking statements, or to update the reasons why actual results
could differ from those reflected in the forward looking-statements unless and until required by
securities laws applicable to PowerOre Inc. Additional information identifying risks and
uncertainties is contained in filings by PowerOre Inc. with Canadian securities regulators, which
filings are available under PowerOre Inc. profile at
www.sedar.com
.
SOURCE
Power Ore
View original content:
http://www.newswire.ca/en/releases/archive/July2020/23/c5790.html
%SEDAR: 00045293E
For further information:
To speak to the Company directly, please contact: Stephen Stewart,
Chief Executive Officer, Phone:
416.644.1571, Email:
www.powerore.com
CO: Power Ore
CNW 08:00e 23-JUL-20