Power Ore Closes Robitaille Copper & Cooke Gold Mine's Transaction in Chibougamau Quebec
TORONTO, July 13, 2020 - Power Ore Inc. ("Power Ore" or the "Company") (TSX.V: PORE) is pleased to announce that the transaction as announed on February 28, 2020 related to the Cooke Copper and Robaitaille Gold Mine has closed. In addition to these former producing Falconbdirge Mines, the property includes 12KM of strike of the Gwillin Fault and brings the Opemiska project to a total size of nearly 10,000 hectares. In conjunction with this transaction, Power Ore has also published this property's first NI 43-101 Techincal Report.
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) |
"The Opemiska now includes four former producing copper and gold mines with substantial production over five decades. Within this consolidated land package our strategy will be to continue to develop resources in and around these mines to delineate its bulk tonnage potential while also also looking for new discoveries along the significantly expanded land package along the Gwillim fault, 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
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:
- Opemiska Copper-Gold Type (Springer, Perry and Robitaille Mines),
- Opemiska Gold-Copper Type (Cooke Mine),
- Blondeau Type Volcanegenic Massive Sulphide (VMS), and
- 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 mineralized 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.
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.
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".
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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
Contact
To speak to the Company directly, please contact: Stephen Stewart, Chief Executive Officer. Phone: 416.644.1571, Email: sstewart@powerore.com, www.powerore.com