Toronto, Ontario – August 12, 2019 – PowerOre Inc. (“Power Ore” or the “Company”) (TSX.V: PORE) is pleased to announce the latest results from its spring 2019 drill program at the Opemiska Copper Mine Complex in the Chibougamau District of Quebec, including hole OPM-19-18 which intersected 2.54% copper equivalent over 74 metres beginning at 28 metres downhole. Included in this intersection is 4.15% copper equivalent over 25 metres and 5.4% copper equivalent over 14.5 metres.
Click here for Map of Drill Hole Locations. Full details with a breakdown of Copper Equivalent inputs and formula is listed in the table.
|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. Note we have adjusted the gold price to $1,400 from $1,325 previously, to reflect recent Gold price activity.
Hole 18 yielded the richest intersection of Power Ore’s Spring 2019 drill program and yielded 2.54% CuEq over 74 metres including 4.15% CuEq over 25 metres and 5.40% over 14.5 metres. Hole 18 was drilled to 104 metres, and while intersecting Vein #20 towards the end of the hole, was mineralized almost throughout, starting from 28 metres. and was drilled towards Vein #20 located north of Vein #3 and the Glory Hole.
Hole 16 was drilled to 152 metres in between Vein #3 and the Glory Hole and Vein #2. The hole was drilled towards the hinge of the anticline of the rhyolite-pyroxenite/gabbro contact and yielded 0.56% CuEq over 97 metres, including 0.72% CuEq over 50 metres, and 1.39% CuEq over 10 metres.
Hole 15 is a 38 metre hole which was drilled towards Vein #1 and ended in a stope. Drilling intersected 0.39% CuEq over 16 metres.
Hole 17 was drilled 80 metres west of Hole 18 towards the Rhyolite-Pyroxenite/Gabbro contact to a depth of 95.3 metres. A single sample composite yielded 1.13% CuEq over 2 metres starting at 18 metres.
The above holes are the fifth batch of results encompassing drill holes 15 to 18 of a 23 drill hole, 3,364 metre drill campaign. Power Ore will report subsequent results as it receives them.
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.
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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.