Toronto, Ontario – March 12, 2019 – PowerOre Inc. (“Power Ore” or the “Company”) (TSX.V: PORE) is pleased to announce that its ongoing compilation of historical drill results and 3D modelling of the Springer and Perry mine geology is highlighting a large number of wide (defined as 20 metres or longer) disseminated mineralized drill intersections on the Springer mine. Figure 1 shows the locations of the significant composite intervals and grade obtained in the drilling on the Springer Mine and Tables 1 and 2 list the composite intervals for the Explorateurs et Innovateurs de Québec inc (“Ex-In“) and Falconbridge mine data.

“In our February 4 news release, we showed that sampling in the early decades of the mine focused on high grade veins and that much of the low grade, disseminated copper mineralization in surface and underground drilling was left unsampled.  We are keen to evaluate this aspect of the historical drilling as it pertains to our attempts at estimating an open-pitable resource on the Springer mine,” said Charles Beaudry, M.Sc., PGeo and geo, Director and VP Exploration for Power Ore.

Location of Significant Composite Intervals and Grade at Springer Mine (Figure 1)

 

Composite Diamond Drill hole Intervals Completed by Ex-In (Table 1)

Composite Diamond Drill Hole Intervals Completed by Falconbridge (Table 2)

 

Implication for Resource Modelling on the Historical Springer Mine

These results are being used for planning purposes in designing Opemiska’s upcoming drill program. This drill program will be divided between identifying additional areas of broadly disseminated mineralization which could be included in an eventual open pit-based mineral resource estimation and a twin hole drill program to validate the mine assays. The automatically calculated composites will not be used for any other purpose.

The results confirm that there is abundant disseminated mineralization on the edges of the glory hole on #3 Vein and that wide disseminated mineralization has been confirmed in the vicinity of #0 Vein to the north and near #4 Vein in the south.  Elsewhere the Ex-In drilling intersected narrower zones but often with very high grades in the crown pillars of the principal named veins.  Our current 3D modelling is striving to exactly define the veins and the mined out stopes in order to domain the veins for interpolation purposes.  The 3D modelling is being done using scanned 2D plans and sections from the old mine and work is ongoing with Veins #1, #2 and #3 completed and the other veins expected to be completed in the coming week.

 

Review of Disseminated Mineralization in Historical Drilling

The historical Falconbridge Mine and Ex-In diamond drilling database contains 14,516 drill holes totaling 853,267 metres both on surface and underground with a total of 303,909 samples analysed for copper (218,909 samples with more than trace value), 21% assayed for gold and 26% assayed for silver. Occasionally, when visible cobalt mineralization was observed the core was assayed for cobalt.

For the drilling undertaken by Ex-In, Power Ore manually compiled the composite mineralized intervals over 20.0 metres in width.  No lower assay cut off grade was used but composites were limited to intervals above a nominal 0.5% average copper cut off grade. For the Falconbridge mine data we used data mining techniques in this investigative phase of the project.  To get a better sense of the disseminated mineralization we carried out an automatic calculation of the composite intervals using a top cut of 1% copper equivalent for any high grade samples (to reduce the influence of assays in mined out stopes), and calculated an overall composite copper equivalent grade using a very low cut-off at 0.05% copper-equivalent in order to ensure we generate the widest possible mineralized interval irrespective of grade.

65 surface holes (out of 837 surface drill holes) returned composites over 20 metres in length with a grade above 0.2% Copper Equivalent(*).

*We used Cu, Au and Ag price of US$2.65, US$1,274 and US$15.74, respectively. Copper Equivalent (“Cu Eq.”) grade including gold and silver based on 100% recoveries is calculated using the following equation: Cu Eq. = [(Cu % * 20 * Cu price) + (Au gpt / 34.2857 x Au price per ounce) + (Ag gpt / 34.2857 x Ag price per ounce)] / (20 x Cu price).

 

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 power station 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.

 

QP Statement and Note on Falconbridge Mine Assays

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.”  With respect to the results from the drilling by Explorateurs et Innovateurs de Québec inc (‘Ex-In’) we have all the original assay certificates and we have reviewed all the available QC results which included standards, blanks and duplicates.  All the pulps and rejects from all the ExIn drilling are available as well as all the core and we plan on resampling the pulps with rigorous QAQC protocols in order to be able to use these drill results in any future resource estimation.  Regarding the Falconbridge Mine assays, none of the assays compiled from the Falconbridge historical mine drilling have been validated at this time because of absence of any core left over from the mine operations.  However the sampling already done by Ex-In, which confirmed the copper grades in many areas of the historical Springer mine they drilled as well as the records preserved from the old mine, including annual grade reconciliations, give us the confidence to use the data « as is » until a proper validation drilling campaign (up to 20 short diamond drill holes planned for May and June) can provide the basis to validate all the mine assaying for initial resource estimation purposes.  We are using these historical assays for data mining purposes to help provide some constraints for the development of our hypotheses concerning the Opemiska Copper Project and in particular the distribution of disseminated mineralization, which was generally not mined in the underground operations.

 

For information and updates on Power Ore, please visit: www.powerore.com

And please follow us on Twitter @PowerOre

To speak to the Company directly, please contact:

Stephen Stewart, Chief Executive Officer

Phone:  416.644.1571

Email:  sstewart@powerore.com

www.powerore.com

 

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.