- Flagship Opemiska Copper Mining Complex project located in Quebec
- Opemiska expected to be a high-grade, open pit resource with access to infrastructure in place
- Other assets in Ontario include an early stage cobalt project and a nickel property
What Power Ore does:
PowerOre Inc (CVE:PORE) is a junior explorer hoping that a past-producing copper mine in Quebec is the key to revitalizing the province’s renowned copper assets.
The Canadian developer’s flagship asset is the Opemiska Copper Mining Complex project located near the town of Chapais, Quebec within the prolific Chibougamau region. The project consists of two historically producing mines which were previously owned and operated by mining giant Falconbridge, then bought by Swiss firm Xstrata.
Power Ore is reinterpreting this past underground operation as a high-grade open pit copper project. Opemiska has excellent infrastructure in place including a power station and direct access to the Canadian National Railway and Highway 113.
The Toronto-based company is seeing mineralization very close to surface, which means that Opemiska could be a high-grade, open pit resource with direct access to infrastructure.
Opemiska is also within the Abitibi Greenstone belt and within the boundaries of Quebec’s Plan Nord, which promotes and funds infrastructure and development of natural resource projects.
In addition to Opemiska, Power Ore has two other significant assets in its portfolio, both in neighbouring Ontario: the Mann silver-cobalt project and the MacMurchy nickel property.
Mann covers 867 hectares west of Cobalt, Ontario, within the renowned Temiskaming silver area. The property contains nine historic shafts and a ramp driven to the 210-foot level. Historically, the Mann Mine produced 330,000 ounces of silver prior to 1987.
MacMurchy is an early stage nickel property with significant exploration potential. Historic drilling on a gold-rich quartz vein assayed 7.43% nickel and 2.1 grammes per tonne (g/t) of precious metals - platinum, palladium and gold - over 1 metre.
How is it doing:
PowerOre is fully funded to fast track and publish Opemiska’s maiden NI 43-101 resource estimate.
In spring 2019, Power Ore embarked on a new 3,500 metre drilling program at Opemiska focused on near surface, high-grade and disseminated mineralization, as well as validating historical drilling conducted by Falconbridge.
The first three holes returned results confirming thick disseminated mineralization at the project, which will be fundamental to Power Ore’s reinterpretation of the project going forward.
By August, the company had published new results showing 2.5% copper equivalent over 74 metres beginning at 28 metres downhole, meaning it is very near to surface.
Further drill results are expected shortly.
- Results from final four drill holes
- Incorporate full drill results into new project model to get a clear picture of mineralization
- Publish new resource estimate for Opemiska
What the CEO says:
In a note to shareholders as Opemiska’s drill program began, PowerOre CEO Stephen Stewart said that the company has a “clear path forward” to define an economic orebody on Opemiska.
“We believe we can achieve this in the near term and that when we do, we’ll be in the enviable position of having a copper-gold asset of sufficient size and grade to stand out from its peer group,” Stewart said.
“Opemiska boasts superior geological merits, but also has significant infrastructure already in place with easy access, a trait which few base metal projects share. Opemiska is a unique opportunity, that once defined under the NI 43-101 regime should offer shareholders significant appreciation in terms of share price and market cap from where we stand today.”
Contact Angela at [email protected]