Power Ore Creates District Scale Chibougamau Land Package with 9,055 Hectare Expansion Including Past Producing Robitaille & Cooke Mines
Power Ore Creates District Scale
Chibougamau Land Package with 9,055
Hectare Expansion Including Past Producing
Robitaille & Cooke Mines
TORONTO
,
Feb. 28, 2020
/CNW/ -
Power Ore Inc. ("Power Ore" or the "Company") (TSX.V: PORE)
is pleased to announce that it has entered into an agreement with 2736-1179 Quebec Inc. to acquire
the past producing
Robitaille (Copper)
and Cooke (Gold) Mines, both former
Falconbridge
mines.
This acquisition also increases the Opemiska Copper Complex property from 797 hectares to 9,852
hectares. This new land package is contiguous to the Springer and
Perry Mines
as well as Yorbeau
Resources'
Scott Lake
deposit, and covers ~12KM of the Gwillin Fault, a key structural feature
controlling regional mineralization providing for significantly more exploration potential.
"This is an important acquisition as it gives us 12KM of coverage along the Gwillim Fault while adding
two past producing mines in the Robitaille and Cooke, the latter of which produced high grade gold.
We will continue to develop resources in and around the former producing mines, as we have with
Springer, but the addition of 9,000 hectares opens us up for additional discovery targets, many of
which have already been identified for follow up," said
Stephen Stewart
, Power Ore's CEO.
Click here to see a Map of the Opemiska Copper Complex Property
Click here for a Presentation on Power Ore's New District Scale Opemiska Land Package
Historical Production from the Opemiska Copper Complex
Mine (Prod. Years)
Tonnes Produced
Copper Grade (%)
Gold Grade (gpt)
Cooke (1976-1989)
1
2,131,649
0.66%
5.17
Robitaille (1969-1972)
1
204,087
1.86%
N/A
Springer (1953-1991)
2
12,468,000
2.39%
0.82
Perry (1953-1991)
2
8,890,720
2.16%
0.24
Total Production
23,694,456
2.14%
0.99
1: Houle, Patrick, MERN, Chibougamau (2019)
2: Larouche, Claude (NI43-101 report, 2018)
Exploration Potential of the Expanded Opemiska Copper Mine Complex
The expanded Opemiska land package consists of four potential deposit types which will need follow
up studies. These include:
1. Opemiska Copper-Gold Type (Springer,
Perry and Robitaille Mines
),
2. Opemiska Gold-Copper Type (Cooke Mine),
3. Blondeau Type Volcanegenic Massive Sulphide (VMS), and
4. Scott-Lemoine Type VMS.
The vicinity of the Cooke mine is host to gold-rich veins of the Opemiska-type as well as VMS-type
mineralized zones that were discovered underground at the mine and consists of a massive and
disseminated sulphide horizon in felsic tuffs of the Blondeau Formation.
Throughout Power Ore's land package, on both sides of the Gwillim Fault numerous copper-gold
veins have been encountered in drilling but in most cases the orientations of the veins could not be
ascertained. The focus of Power Ore's exploration will be on ascertaining the correct orientation of
the veins in order to increase our chances of making a discovery within a well endowned copper-gold
system. Further review of all past mineralied drill intersections is warranted as they could represent
major new Opemiska-type veins.
In the northeast corner of the property the volcanic rocks are on the south limb of the
Chibougamau
anticline, with the nearby north limb hosting Yorbeau's Scott Lake VMS Deposit. This contact may be
present on the Power Ore's land package, and if so would merit detailed exploration to test for this
attractive deposit type.
Terms of Acquisition
To acquire a 100% interest in the Robitaille and Cooke mines, Power Ore and 2736-1179 Quebec
Inc. entered into a definitive agreement with the following terms:
Within five business days after the Effective Date, issue 500,000 shares and 500,000 warrants,
exercisable at
$0.10
per share to 2736-1179 Quebec Inc.
12 months after the Effective Date, Power Ore will issue 500,000 shares and 500,000 warrants,
exercisable at
$0.15
per share; incur
$300,000
in work obligations, and pay
$50,000
to 2736-
1179 Quebec Inc.
24 months after the Effective Date, Power Ore will issue 500,000 shares and 500,000 warrants,
exercisable at
$0.20
per share; incur an additional
$400,000
in work obligations, and pay
$50,000
to 2736-1179 Quebec Inc.
36 months after the Effective Date, Power Ore will issue 500,000 shares and 500,000 warrants,
exercisable at
$0.25
per share; incur an additional
$400,000
in work obligations, and pay
$50,000
to 2736-1179 Quebec Inc.
48 months after the Effective Date, Power Ore will issue 500,000 shares; incur an additional
$400,000
in work obligations, and pay
$100,000
to 2736-1179 Quebec Inc.
60 months after the Effective Date, Power Ore will issue 500,000 shares; incur
$1,500,000
in
work obligations, and pay
$200,000
to 2736-1179 Quebec Inc.
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 9,852 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.
For information and updates on Power Ore, please visit:
www.powerore.com
And please follow us on Twitter @PowerOre
N
either 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/February2020/28/c2023.html
%SEDAR: 00045293E
For further information:
Stephen Stewart, Chief Executive Officer, Phone:
416.644.1571, Email:
[email protected], www.powerore.com
CO: Power Ore
CNW 09:00e 28-FEB-20