The freshly minted company plans to operate in the battery metals space.
Power Ore (TSXV:PORE) has announced that it is set to acquire a 100 percent interest in the Mann Mine and the MacMurchy properties from Orefinders Resources (CVE:ORX).
Power Ore is a new company that has stated it plans to position itself in the battery metals space by acquiring cobalt and nickel assets.
As quoted in the press release, chief executive officer of Power Ore, Stephen Stewart said:
“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. 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, cash in the bank and a low share count which is tightly held by a group of very strong shareholders. Additionally, we will have a very active strategy whereby the market can expect to see Power Ore execute on a series of acquisitions that will make us a very relevant player in the battery metals space in Canada.”