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
