Toronto, Ontario – February 4, 2019 – PowerOre Inc. (“Power Ore” or the “Company”) (TSX.V: PORE) is pleased to announce that its ongoing review and audit of the historical diamond drilling at the Opemiska Copper Complex (“Opemiska”) shows the average length of core that was assayed by Falconbridge was often less than 30% of the intersection with as little as a single sample interval assayed in some cases.
Power Ore believes that the result of this development has the following potential:
- Previous grade calculations may have been underestimated; and
- There is potential to categorize mineralization that was unassayed, and therefore thought to be uneconomic, into a disseminated mineralization category once the Springer mineralized zone has been re-drilled.
“This development is important as Power Ore looks to delineate an open pit and convert as much rock as possible into what may be minable material. The high-grade veins at Opemiska are clear, but this exercise further demonstrates disseminated mineralization within the wall rock as well as in areas where step out drilling was completed. As one example of this, the holes that we compared below show that Falconbridge was assaying very small portions of their intersections and were only looking at the high-grade veins. Specifically, Falconbridge’s Hole S26 only had a single assay while its twinned Hole OP-2015-01, which returned 1.02% CuEq of 81 metres, shows a strong correlation but also shows that mineralization throughout the entire intersection. This mineralization was likely ignored by Falconbridge, who focused on mining ore which was often 5% copper. We are a data-driven group and have been meticulously analyzing the abundance of data on Opemiska. This is an excellent example of uncovering significant upside and new targets through data analysis,” said Stephen Stewart, CEO of Power Ore.
Technical Analysis of Twinned Hole OP-2015-01 vs Hole S26
Hole OP-2015-01 was twinned with historical surface hole S26 that was drilled by the Falconbridge Copper when the mine was operating. Falconbridge’s hole S26 intersected the #2 vein in the crown pillar where a single 2-foot sample (0.61 metres) returned 5.28% copper and 1.37 gpt gold. However, this is the only assayed interval in the hole; elsewhere there are a few visual estimates of grade but no assays. The twinned hole OP-2015-01, drilled within 3.0 metres of the observed collar of hole S26, intersected the same lithologies and the same vein at approximately the same depth. The hole OP-2015-01 was assayed in its entirety and returned an 81.0 metre interval assaying 1.02% copper equivalent, with 0.86% copper, 0.19 gpt gold and 2.98 gpt silver over 81.0 metres. Figure 1 is a comparative histogram of copper grade for the holes S26 and OP-2015-01. Figure 2 is a box plot illustrating that very small percentages of the original drill holes were assayed. This was to be expected as the mine was focused on the high-grade veins being mined from underground.
*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 grade x Au price) + (Ag grade x Ag price)] / (20 x Cu price x 34.2857 g/t). We used Cu, Au and Ag price of US$2.65, US$1,274 and US$15.74, respectively.
Figure 1) Histogram of Copper Grade of Twinned Holes S26 and OP-2015-01
Figure 2) Box and Wisker Plot of Percentage of Hole Sampled of Falconbridge Surface Holes by Period
Implication for Resource Modelling on the Historical Springer Mine
“The significance of this news release is to demonstrate that the Exploration Target estimated by RPA in its 2013 study outlining a range of tonnage and grade for the Springer Mine was constrained by the limited sampling done in the surface drill holes. Complete sampling of holes would likely add significant upside to the grade and tonnages of the block model. This comes as excellent news to our ongoing efforts to digitize all the stopes and underground workings at Springer and Perry in order to more accurately reflect the tonnage and grade of the near surface material that remains and could be mined from an open pit”, said Charles Beaudry P.Geo géo., Director and Vice President Exploration for Power Ore.
More details Available on Opemiska and Power Ore Technical Analysis of its Data:
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 Exploration Targets
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.” The potential tonnage and grade of these Exploration Targets are conceptual in nature. There has been insufficient exploration to define them as mineral resources and it is uncertain if further exploration will result in the targets being delineated as mineral resources. Power Ore advises that no one should consider these targets as mineral resources; however, the Company’s objective is to define mineral resources initially and then to work towards engineering activities to define any economic viability of the Opemiska Copper Project. The exploration targets defined on the old Springer and Perry mines are based on thousands of holes that were drilled during the mining period of both mines, many of which were drilled from underground and for which no core is left to resample or log and therefore cannot easily be confirmed. With respect to the results from the ExIn drilling 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.
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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.