NEWS RELEASE – Montréal, Québec. February 3, 2022. E-Power Resources Inc. (“E-Power” or the “Company”) is pleased announce that the Company has entered into an option agreement for certain claims comprising part of the Turgeon property located in the Abitibi district, western Québec.
Under the terms of the option agreement, the Company will grant to Rival Technologies Inc. (“Rival”) the exclusive right and option (the “Option”) to acquire a 100% interest in 84 claims covering the southern part of the Turgeon property. The claims being optioned to Rival cover a geophysical lineament interpreted by Ministère de l’Énergie et des Ressources naturelles, Québec as being part of a regional scale deformation zone.
About the Turgeon Property
Located in the Abitibi region of western Québec adjacent to the Ontario border, the Turgeon property consists of 331 claim units totalling 18,366 hectares. The property is located within the prolific Abitibi gold and base metal mining district of Québec and Ontario which has produced in excess of 200 million (“M”) ounces (“oz”) of gold and 775 M tonnes of base metal sulphide. Current and past producing mines in the area of the Turgeon property include the Detour Lake Gold Mine located approximately 25 km to the northwest, the Casa Berardi Gold Mine located approximately 10 km to the south, and the Selbaie Mine located approximately 30 km to the east. The Detour Lake Mine has annual production on the order of 600,000 ounces Au and proven and probable reserves of 15.4 million ounces Au. The Casa Berardi Gold Mine has produced greater than 2 million oz Au, has annual production of approximately 125,000 oz Au, proven and probable reserves totalling approximately 1.5 M oz Au, and measured and indicated resources of approximately 1.2 M oz Au. The past producing Sebaie base metal mine produced approximately 53 M tonnes of ore at average grades of 1% Cu, 2% Zn, and 0.6 g/t Au. Turgeon is an early stage exploration property being evaluated by E-Power primarily for its copper-zinc and gold potential. Targetting graphite mineralization, the Company completed a short diamond drill program in April 2019 that resulted in an intersection of 9.65 % Cg (carbon as graphite) over an intersection length of 42 metres (“m”) which included a high-grade section of 21.62 % Cg over 8.80 m. The Company has recently completed a high resolution magnetic and electromagnetic survey over the property.
Qualified Person
Jamie Lavigne, P. Geo, President and Director for E-Power is a Qualified Person as defined in NI 43-101 and has reviewed and approved the technical information in this press release.