Toronto, Ontario – September 4, 2019 – PowerOre Inc. (“Power Ore” or the “Company”) (TSX.V: PORE) is pleased to announce results from its final batch of assays from its Spring 2019 drill program at the Opemiska Copper Mine Complex in the Chibougamau District of Quebec.
The four 100+ Metre intersections include:
- 133.9 metres of 0.65% copper equivalent* starting 16 metres down hole in OPM-19-19
- 102.1 metres of 0.57% copper equivalent* starting 15 metres down hole in OPM-19-20
- 100 metres of 0.36% copper equivalent* starting 7 metres down hole in hole OPM-19-21
- 114 metres of 0.48% copper equivalent* starting 36 metres down hole in hole OPM-19-22
*Copper Equivalent (“Cu Eq.”) grade including copper, gold, silver, cobalt and zinc based on 100% recoveries is calculated using the following equation: Cu Eq. = [(Cu % x 20 x Cu price) + (Au grade / 34.2857 x Au price) + (Ag grade / 34.2857 x Ag price) + (Co % x 20 x Co price) + (Zn % x 20 x Zn price)] / (20 x Cu price). We used Cu, Au, Ag, Co and Zn price of US$2.65, US$1,400 and US$14.75, US$15.00 and US$1.15 respectively.
“These final four holes, each of which is mineralized for over 100 metres in length and above our cut off grade, continue to demonstrate shallow and disseminated minerealization on the Springer Mine at the Opemiska Copper Complex. Not only has the drill program confirmed our thesis about disseminated mineralization by delivering 12 holes consisting of +100-metre intersections with copper and gold mineralization, but has also produced quite a few headline intersections which undoubtedly exceeded our expectations. Additionally the drill program discovered new zones of mineralization, such as within the rhyolite, which have the potential to expand the mineralized envelope. Shareholders can expect a full summary of the program, including plans, sections and proposed steps moving forward in the near term, said Stephen Stewart, Power Ore’s CEO.
Table 1: Summary of Significant Mineralized Intersections on Opemiska Project.
|Hole ID||Grade||Interval (m)||From (m)||To (m)|
|Copper Eq (%)||Copper (%)||Gold (gpt)||Silver (gpt)||Cobalt (%)||Zinc (%)|
*Copper Equivalent (“Cu Eq.”) grade including copper, gold, silver, cobalt and zinc based on 100% recoveries is calculated using the following equation: Cu Eq. = [(Cu % x 20 x Cu price) + (Au grade / 34.2857 x Au price) + (Ag grade / 34.2857 x Ag price) + (Co % x 20 x Co price) + (Zn % x 20 x Zn price)] / (20 x Cu price). We used Cu, Au, Ag, Co and Zn price of US$2.65, US$1,400 and US$14.75, US$15.00 and US$1.19 respectively.
° Composite includes intervals no greater than 6.0m with results inferior to 0.30% Cu-Eq.
Hole 19 was drilled towards the south just north of Vein #1 to a depth of 151.0 metres and intersected 133.9 metres of 0.65% copper equivalent, including 0.59% copper equivalent over 13.2 metres from 16.1 metres down hole (Vein #1), 4.65% copper equivalent over 7.9 metres from 81.1 metres down hole (Vein #2), 0.52% copper equivalent over 19.0 metres from 98.6 metres down hole and 1.82% copper equivalent over 12.3 metres at the end of the hole from 137.7 metres down hole (western extension of Vein #34).
Hole 20 was oriented northwest and was drilled near the edge of Vein #20 and intersected several high grade zones as the hole moved in and out of the vein. The hole intersected 102.1 metres of 0.57% copper equivalent, including 1.55% copper equivalent over 7 metres from 18.0 metres down hole and 1.62% copper equivalent over 14.8 metres from 61.5 metres down hole. The bottom of the hole intersected 21.1 metres of 0.97% copper equivalent from 96.0 metres.
Hole 21 was collared between the #2 and #3 Veins and was drilled to the south to a depth of 109.0 metres. Hole 21 intersected 100 metres of 0.36% copper equivalent from 7.0 metres down hole including 0.50% copper equivalent over 17.0 metres from 7.0 metres down hole and 1.10% copper equivalent over 15.3 metres from 34.0 metres down hole. No major veins are known in this area, although the hole did intersect several narrow high grade veins.
Hole 22 was oriented northwest and was drilled near Vein #23 and intersected a wide zone of mineralization near a stope but did not enter it and was stopped after entering rhyolite. The hole intersected 114.0 metres of 0.48% copper equivalent, including 1.52% copper equivalent over 26.0 metres from 76.0 metres down hole. The hole was
Hole 23 was oriented northwest and drilled into the rhyolite-pyroxenite/gabbro contact to test for mineralization outside of the known veins. The hole was drilled to 223.6 metres and was mostly unmineralized, but intersected 0.48% copper equivalent over 22.0 metres at the bottom of the hole (from 187.0 metres down hole). The hole is not well mineralized except near the contact with the rhyolite confirming once again our interpretation of the favourable nature of the intrusive contact.
Orientation of Drilling and True Widths of Mineralization
Field based and drill hole evidence clearly indicate that several orientations of veins are present on the Opemiska Property but that around the Springer Mine the veins are predominantly EW with a steep dip to the north. South directed drill holes are intersecting those veins near perpendicular. However in the disseminated mineralization we find veins with various core angles suggesting that other directions may be important. As such, in the disseminated mineralization the true width of mineralized intersections is estimated to be the same as the drill core width even though the mineralization may have an overall envelope that is different.
The technical information contained in this news release has been reviewed and approved by Charles Beaudry, P.Geo and géo., Director and Vice President Exploration for Power Ore, who is a Qualified Person as defined in “National Instrument 43-101, Standards of Disclosure for Mineral Projects.” For the exploration undertaken by Power Ore all assay batches are accompanied by rigorous Quality Assurance procedures that include insertion of standards and blanks and verification assays in a secondary laboratory. Quality Control results, including the laboratory’s own control samples, are evaluated immediately on reception of batch results and corrections implemented immediately if necessary. All drill collars are surveyed and positioned in UTM coordinates. Downhole deviations surveys are done with a Reflex instrument at 30m intervals. A systematic density measurement program using two methods was implemented to measure density of all rock types. A specific susceptibility measurement protocol was also implemented to better estimate the relative abundance of magnetite in the variably magnetic rocks of the Ventures Sill.
About Opemiska Copper Mine Complex
The Opemiska Copper Complex 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.
For information and updates on Power Ore, please visit: www.powerore.com
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To speak to the Company directly, please contact:
Stephen Stewart, Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Power Ore is a trade name of PowerOre Inc. PowerOre Inc. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to PowerOre Inc. Additional information identifying risks and uncertainties is contained in filings by PowerOre Inc. with Canadian securities regulators, which filings are available under PowerOre Inc. profile at www.sedar.com.
Table 2: Summary statistics of spring 2019 diamond drilling program on Opemiska Project. Note that collars have not yet been surveyed.
|OPM-19-02||509668.0||5515069.0||180||-50||May 17/2019||May 18/2019||2.0||107.5||246.6|
|OPM-19-03||509510.0||5514950.0||180||-60||May 18/2019||May 19/2019||2.6||115.4||362.0|
|OPM-19-04||509880.0||5514959.0||180||-47||May 19/2019||May 20/2019||3.0||193.7||555.7|
|OPM-19-05||509805.0||5514939.0||180||-46||May 20/2019||May 21/2019||2.5||98.5||654.2|
|OPM-19-06||509830.0||5515009.0||180||-50||May 21/ 2019||May 23/2019||2.5||226.5||880.7|
|OPM-19-07||509778.0||5514820.0||180||-48||May 23/ 2019||May 24/ 2019||2.3||139.6||1020.3|
|OPM-19-08||509957.0||5514963.0||180||-45||May 24/ 2019||May 25/2019||2.0||188.0||1208.3|
|OPM-19-09||510066.0||5514786.0||180||-65||May 24/ 2019||May 28 /2019||8.0||320.6||1528.9|
|OPM-19-10||509975.0||5514896.0||180||-49||May 28/ 2019||May 28/2019||3.0||51.1||1580.0|
|OPM-19-11||509592.0||5514808.0||360||-60||May 29/2019||May 29/2019||12.5||37.9||1617.9|
|OPM-19-12||509592.0||5514808.0||225||-45||May 29/2019||May 31/2019||11.5||122.6||1740.5|
|OPM-19-13||509592.0||5514808.0||300||-45||May 31/2019||June 01/ 2019||11.8||195.7||1936.2|
|OPM-19-14||509620.5||5515005.8||230||-45||June 01/2019||June 03/ 2016||2.7||173.0||2109.2|
|OPM-19-15||509620.5||5515005.8||315||-45||June 03/ 2019||June 03/ 2019||17.7||38.0||2147.2|
|OPM-19-16||509640.0||5514904.0||315||-45||June 04/ 2019||June 05/2019||2.5||160.5||2307.7|
|OPM-19-17||509668.0||5515068.8||315||-45||June 05/2019||June 05/2019||2.3||100.9||2408.6|
|OPM-19-18||509753.1||5515065.4||315||-45||June 06/2019||June 07/2019||2.8||146.9||2555.5|
|OPM-19-19||509753.0||5515040.0||180||-45||June 07/ 2019||June 08/2019||1.2||158.3||2713.8|
|OPM-19-20||509790.0||5515124.0||315||-45||June 08/2019||June 09/ 2019||6.7||149.0||2862.8|
|OPM-19-21||509671.0||5514936.0||180||-60||June 09/2019||June 10/2019||1.4||113.6||2976.4|
|OPM-19-22||509835.0||5515145.0||315||-45||June 10/2019||June 11/2019||1.7||150.0||3126.4|
|OPM-19-23||509974.0||5515286.0||315||-45||June 11/2019||June 13/2019||5.7||223.6||3363.9|