Power Ore to Acquire Falconbridge Opemiska Copper Mine Complex in Quebec, Canada
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Power Ore Inc. has entered into an agreement to acquire a 100 percent interest in the Opemiska Copper Mine Complex from Explorateurs-Innovateurs de Quebec Inc. (Ex-In), a privately owned company.
The Opemiska Copper Mine Complex consists of two past producing underground mines in Springer and Perry and neighbors the town of Chapais, Quebec. Falconbridge operated the Opemiska Copper Mine Complex from 1953 to 1991 when it produced a total of 23 million tonnes at 2.4 percent copper, 0.3 gpt gold.
“We are excited to announce this transformative acquisition as we see it having excellent value for our shareholders. This is a great opportunity for all stakeholders in that the Opemiska Copper Complex has the potential to be fast tracked given its jurisdiction, infrastructure, location and a host of other advantages. Another key point for this acquisition is Opemiska’s database, which is a proverbial gold mine of data which we will utilize to determine the potential for an open pit mining scenario in what was originally a high grade underground mine,” said Stephen Stewart, Power Ore CEO.
“Opemiska is a storied mine as it was Falconbridge’s main copper producer for many years. We have been looking for exposure to copper and other metals that we believe will benefit from the demand in metals needed for electric vehicles, renewable power and global electrification in general. We are bullish on copper fundamentals driven by increasing demand from traditional uses, as well as the increasing demand from electric vehicles and renewable energy technology like solar and wind. Additionally, having a presence in the Chibougamau region, historically renowned for its mineral wealth, as well as being in Quebec, opens up strategic opportunities for Power Ore,” added Stewart.
ABOUT OPEMISKA COPPER MINE COMPLEX
The Opemiska project 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 project consists of 11 mining claims and covers the past producing Springer & Perry mines which were owned and operated by Falconbridge. The project has excellent “in place” infrastructure including a powerstation and direct access to Highway 113 and the Canadian National Railway.
Opemiska was mined by Falconbridge as a high-grade underground mining operation, and was in production for over 35 years prior to Ex-In acquiring the property in 1993.
Falconbridge operated the Opemiska Copper Mine Complex from 1953 to 1991 and produced a total of 23 million tonnes at 2.4 percent copper, 0.3 gpt gold. The Springer mine produced over 650 million pounds of copper (329,307 tonnes) at 2.54 percent copper and more than 200,000 ounces of gold at 0.48 gpt gold, while the Perry mine produced over 385 million pounds of copper (198,018 tonnes) at 2.19 percent copper, and more than 5,800 ounces of gold at 0.02 gpt gold.
Full details on Opemiska Copper Mine Complex is available in the company’s project presentation HERE
About Power Ore
Power Ore strives to get ahead of the electrification revolution and acquire established, undervalued copper, cobalt and nickel assets—the future “sea of oil”.
To stop by Power Ore’s website, CLICK HERE
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