Toronto, Ontario – April 17, 2019 – PowerOre Inc. (“Power Ore” or the “Company”) (TSX.V: PORE) is pleased to announce that it has completed the digitization and resulting geological model based on all available drilling completed on the Opemiska Copper Complex. The data confirms the distribution of disseminated material around the veins as well as widespread disseminated mineralization near the contact with underlying rhyolite, where solutions ponded and deposited copper-gold mineralization.
“These sections are an important tool that depict our understanding of the mineralization at Opemiska, and more specifically, the open pit potential on the Springer Mine. Our geological model and sections represent our understanding of the remaining high-grade veins and disseminated mineralization at Opemiska. This model is critical to our planning and its sections allow investors to visualize what we see including the high-grade mineralization, what was mined by Falconbridge and perhaps most importantly the new disseminated zones. When the market considers what we know about this asset and its high-grade nature relative to our current market cap I think they will see room for considerable growth,” said Stephen Stewart, Power Ore’s CEO.
These four newly created sections depict high-grade mineralization within the veins at Springer, what has already been mined by Falconbridge and the new disseminated mineralized zones.
Opemiska Geological Model Methodology
The 3D geological model of the Springer mine was built on existing mine level plans, vertical cross sections and longitudinal sections, recovered by the vendor, showing the outlines of the mined-out stopes. Some digitization had been completed prior to RPA’s reports from 2013 and 2014 and we integrated this work and produced 3D wireframes of the veins and mined-out stopes at Springer using the three sets of digitized maps. This resulted in a more accurate depiction of the mineralization and will be used to separately interpolate the high grade copper mineralization in the veins and the disseminated mineralization in the surrounding intrusion. For estimating the remaining vein material we can subtract previously mined out stopes (stope volumes) from the mineralized veins (vein volumes), which ultimately indicates to us that a considerable amount of vein mineralization remains in the Springer mine and could eventually be extracted by an open pit. Moreover, our original hypothesis that the disseminated mineralization surrounding the veins in the vicinity of the gabbro-rhyolite contact is higher grade and more consistent appears to be holding true according to our geological modelling. The mineral resource estimate at Opemiska will be undertaken as soon as the historical mine assays can be validated which we expect to achieve with our forthcoming twinned-hole drilling program.
Confirmation of RPA Reports from 2013 and 2014
Power Ore’s geological model confirms the work completed by RPA on the Springer and Perry Mines in their 2013 and 2014 Reports (as referenced in Power Ore’s March 20, 2019 news release). The new geological model enables the Company to re-create RPA’s processes, with Power Ore’s version of its digital database being more detailed and accurate. Furthermore, Power Ore’s geological model includes drilling completed after 2014 which includes the long and high grade intersections detailed in Power Ore’s January 17 and January 24, 2019 news releases. Going forward, Power Ore will use this model with its own criteria based on its advanced knowledge of Opemiska relative to the RPA Reports from 2013 and 2014, which were completed on a limited budget.
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.
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.
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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.