A new battery metals exploration company is set to seal the deal on two promising metal properties in northeastern Ontario.
Power Ore announced May 30 that it’s in the final stages of taking ownership of the Mann Mines and the MacMurchy properties from Orefinders Resources.
Power Ore is a spinoff company of Orefinders with a focus on amassing a portfolio of metal properties used in the manufacturing of batteries for electrical vehicles.
Its main project is the Mann Silver-Cobalt Mines, near Gowganda, and the MacMurchy nickel property, just to the west.
The 867-hectare Mann property contains nine old mine shafts and a ramp that was driven down to 250-foot level.
Prior to 1987, the property produced 330,000 ounces of silver.
Drilling conducted on the property during 2011-12 confirmed there is high-grade silver and cobalt mineralization.
Power Ore has made its final application to the TSX Venture Exchange to list its shares under the symbol 'PORE'.
The shares will be available for sale and trading on the exchange on June 4.
“The initial value proposition for the company is that our flagship asset, the Mann Mine in the Cobalt-Gowganda district of Northern Ontario, holds up extremely well relative to our comparable companies' assets in the region,” said Power Ore CEO Stephen Stewart in the company’s first news release.
“In fact, the Mann can be considered one of the most advanced stage assets in the district and one of the few that has actual and recent diamond drilling that demonstrates high grade mineralization for both cobalt and silver.
"We are starting with a strong asset base, ($1 million) cash in the bank and a low share count which is tightly held by a group of very strong shareholders.”
Stewart said they’ve developed a “very active strategy” to embark upon a “series of acquisitions that will make us a very relevant player in the battery metals space in Canada."
