Toronto, Ontario – January 24, 2019 – PowerOre Inc. (“Power Ore” or the “Company”) (TSX.V: PORE) is pleased to announce additional lengthy and high grade intersections from the Opemiska Copper Complex property (“Opemiska”). These previously unreleased drill holes include eight near surface diamond drill holes totalling 1,245 metres.
Table 1) Phase Two Drill Hole Compilation Results
“Opemiska continues to demonstate excellent high grade copper and gold mineralization right from surface. Four of the seven drill holes show significant mineralization over twenty metres, one of which showing 1.85% copper equivalent over 52 metres and another showing 1% copper over 81 metres. This is all brand new information for the market and our sharheolders and we expect to release more in the near term as we continue our work on the project.” said Stephen Stewart, Power Ore’s CEO.
Figure 1) Drill Hole Location Map of Phase Two’s Results
Detail on Opemiska’s 2015 Drill Campaign and Results
The 2015 drill program consisted of four (4) holes and was aimed at twinning historical drill holes. Only the first hole, OP-2015-01 is considered an actual twinned hole as it was set up less than 3.0 metres west of mine surface hole S26 and was drilled parallel to it. The hole was drilled into the western extension of Vein #2 crown pillar and cut mineralization upon entering bedrock. Hole OP-2015-01 was sampled over its entire length and results confirm the original data. Overall, the hole returned an interval of 81.0 metres grading 1.02% copper equivalent and the assays spiked in the vicinity of the higher values reported or estimated in hole S26.
Hole OP-2015-05 was drilled near the original hole S58 but since its collar was not found, OP-2015-05 is not considered a twinned hole. The hole, which bottomed out at 111.0 metres, cut an interval of 6.0 metres grading 1.64% copper equivalent starting at 57.0 metres whereas in hole S58 significant mineralization starts at 211.0 metres.
Detail on Opemiska’s 2016 Drill Campaign and Results
A drilling program of nine (9) surface diamond drill holes, totalling 708 metres, was planned by ExIn following numerous years of compilation work, limited surface detailed exploration (stripping, sampling & diamond drilling), and geophysical surveying, including a recent experimental “TDEM” ground survey. The first six holes were targeted on new interpretation by F. Gaucher (M.Sc. thesis, Laurentian University) of Induced Polarization survey results and all these holes were collared near old mineralized trenches. Three of these holes – OP-2016-01, OP-2016-03 and OP-2016-05 – intersected significant mineralization shown in Table 1 and Figure 1. The results confirmed that in some cases the veins produce significant chargeability anomalies accompanied by a clear drop in resistivity values.
The Hole OP-2016-07 was drilled on Vein #2 but was collared right on the vein and entered bedrock in mineralization and then cut 20.6 metres grading 2.24% copper equivalent (see Table 1). The drill was then backed up and hole OP-2016-08 was drilled beneath and intersected 52.4 metres grading 1.85% copper equivalent (Table 1) again showing that a wide mineralized zone occurs around the mined veins.
Results from Compilation and Validation of Previous Drill Hole Data completed by Falconbridge
Falconbridge’s historical project data available to the Company includes over over 14,500 diamond drill holes consisting of more than 850,000 metres from surface and underground diamond drilling with over 350,000 assays from the old mine and over two thousand paper plans, sections and longitudinals from the Springer and Perry mining operations as well as many operational reports and administrative and technical memoranda.
“We are in the process of validating the digital versions of results and after confirming that the drill hole coordinates and the assays are identical to the logs, we will complete the digitization of all the underground workings in order to generate accurate wireframes of the stopes to subtract the mined out volumes from the block model prior to calculating a new block model. This in-house work will be completed in a few weeks and will allow us to confirm our view of the economic potential of the project,” added Charles Beaudry, VP Exploration.
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.
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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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.