Toronto, Ontario – July 23, 2020 – 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.
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.
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”.
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To speak to the Company directly, please contact:
Stephen Stewart, Chief Executive Officer
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.