PowerOre Inc (CVE:PORE) is adding to its land position in the Chibougamau region of Quebec with a new acquisition next to its Opemiska copper complex.
The Toronto-based junior said it has acquired the Scott property, a 2,930-hectare swath of prospective land contiguous with Yorbeau Resources’ Scott Lake project.
Power Ore’s acquisition boosts its land package in Chibougamau by 30% to nearly 13,000 hectares in the province.
Previous exploration work at Scott revealed three high-grade copper showings with grades between 1% and 2.7% copper, as well as two gold showings including 6 grams per ton (g/t) gold and 1.8 g/t gold in selected grab samples.
Geological similarities exist with the Yorbeau’s Scott Lake deposit, including a rusted island composed of pyritized and silicified rhyolite that has not been drill tested, according to the release.
Power Ore told shareholders that it plans to focus exploration on the North 20 degrees-North 45 degrees structural trend, where mineralization is comparable with what is seen throughout the Chibougamau district. Exploration will include further prospecting and a detailed drone magnetic survey.
Power Ore CEO Stephen Steward said in the statement that the firm was “pleased” to have acquired the strategic ground to increase its land position.
“The prospectivity of this land package furthers our strategy of accumulating prospective ground to our base of operations at Opemiska,” Stewart added. “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.”
Power Ore issued the vendor 450,000 shares of the company in return for a 100% royalty-free interest in the Scott project.
The Opemiska property covers 12,782 hectares, including the past-producing Springer, Perry, Robitaille and Cooke mines.
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