- 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
- Past drilling at the complex returned intersections of 2.5% copper equivalent over 74 metres
- Copper poised to stand out in a post-pandemic economy
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.
Today, Opemiska comprises around 9,800 hectares of prime land around the Gwillim Fault, including two past-producing deposits called Robitaille and Cooke, which produced copper and gold respectively. The project now houses four potential deposit types that require follow up studies. The area around the Cooke mine hosts gold-rich veins as well as volcanic massive sulphide-type mineralized zones. Past drilling at the complex returned intersections of 2.5% copper equivalent over 74 metres.
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.
How is it doing:
Earlier this year Power Ore sold its Mann mine to the Rider Investment Capital Corporation, which will become Baselode Energy once it closes the qualifying transaction on the TSX Venture Exchange. Power Ore owns 80% of Rider (Baselode) shares, 22 million of which are outstanding. Noted exploration veteran James Sykes, who helped discover the Arrow uranium deposit in Saskatchewan, will take the helm of Baselode.
Meanwhile, PowerOre is committed to delivering a technical report on its newly acquired Robitaille and Cooke properties in Quebec as quickly as possible in light of the coronavirus (COVID-19) pandemic.
The company has already completed its work commitments on Opemiska up until May 22, 2022, but has applied for an extension to allow them to defer a $150,000 payment to Ex-In until May 22, 2021.
Although Power Ore is funded and able to make this payment, in light of the exploration restrictions in place due to the pandemic, the company has asked for and received the six-month deferral.
It recently closed a $300,000 non-brokered, flow-through private placement.
- Copper poised to be the primary beneficiary of the economic fallout from coronavirus
- Demand will be fueled by the construction of new hospitals and other infrastructure
- Buoyed by C$5 billion program between Quebec provincial government and Cree nation under massive Plan Nord project
What the boss says:
Power Ore CEO Stephen Stewart has said there is going to be a “New Deal 2.0” that will create millions of jobs in the United States and provide a major boon for copper.
“People need jobs and America’s infrastructure is totally crumbling. North America is looking for an opportunity to rebuild its infrastructure to be competitive with the East.”
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