The Powell property consists of 23 claims (178 claim units) with an area of 7,120 acres and is located approximately 125 km west of Thunder Bay, Ontario in the Shebandowan greenstone belt.
Rainy Mountain Royalty Corp. owns 100% of the Powell property.
The Powell Property was originally acquired in 2004 by Rainy Mountain Royalty Corp. and subsequently joint ventured with Mega Uranium Ltd. The property has had extensive grids (over 110 km) and Induced Polarization (“IP”) surveys, and a limited amount of drilling and trenching, which exposed a number of gold showings. This work was carried out by Fairmont Resources (“Fairmont”). The most recent drill program on the Powell Property, also carried out by Fairmont, occurred in 2011 and yielded 2.91 gm Au/1.55m and 8.45 gm Au/1.9 m (as reported in Fairmont’s news release of June 14, 2011). The IP surveys have outlined 3 major shear zones which extend South West from the Ardeen Mine and other shears extending from the Moss Lake gold deposit now being developed by a Wesdome Gold Mines Inc. (“Wesdome”) subsidiary, Moss Lake Gold Mines Ltd.
The Powell Property is also contiguous with the Hamlin Property recently purchased by Wesdome, where a large copper-gold-silver IOCG system was outlined by Rainy Mountain in 2005-2007, and subsequently drilled further by Xstrata Copper (now owned by Glencore plc) in 2008-2012.
Robert Middleton, P.Eng., is acting as the Company’s Qualified Person for the Powell Property project, in accordance with regulations under NI 43-101.