Toronto, Ontario – July 30, 2018 – Power Ore (“Power Ore” or the “Company”) (TSX.V: PORE) is pleased to provide an update on its 100% owned silver and cobalt Mann Mine in the Gowganda – Cobalt district of Ontario.
A detailed presentation outlining work completed on the Mann Mine to date, including its geologic plans and sections, a 3D model, as well as future drill and exploration program on the asset are now available on PowerOre.com.
Upon acquisition of the Mann Mine, Power Ore received a significant amount of data, both digital and physical, which needed to be compiled, validated and input into our technical database in order to generate new plans, sections along with a 3-D model of Mann’s geology and infrastructure. This was a necessary step prior to developing an exploration and drill program for the Mann Mine. “The Mann Mine has an extensive history of production and exploration which gave us a tremendous amount of data which had been fragmented and disorganized. Since its acquisition, our team has spent considerable time and energy compiling this data so we understand what this asset is, what it can be and how we plan on developing it,” said Stephen Stewart Power Ore’s CEO.
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Data Compilation and New Interpretations on Mann Mine
Recent work by the previous owner included airborne and ground geophysical surveys and a 15 hole, 1,458 metres diamond drilling program undertaken in the fall and winter of 2011 and 2012, that was focused on confirming silver mineralization in the vicinity of Zones 3 and D and to test some of the targets outlined by the ground geophysics. The area of Shaft #5, returned some high grade intersections of silver and cobalt as shown in Table 1 below and in the figures in the 3D interpretation file and in Figure 2.
Power Ore has completed the compilation of available data which includes all the work in 2011 and 2012 and the drilling from the period in the mid 1980’s when the ramp on Zone D (Shaft #5) was excavated to access a known high grade silver zone. However very little of work prior to the 1980’s and, in particular the abundant drilling carried out in the 1960’s is currently available to Power Ore. As a result our current targetting is focused on more recent results. On hand assessment reports dating from the 1960’s indicate that there may be some additional older reports and maps archived at the offices of the MNDM in Kirkland Lake. A review is underway to determine what additional data, if any, has been archived and could be added to the existing dataset for future targeting.
The current compilation has highlighted the presence of some remaining high grade silver mineralization in Zone D on the 125 foot level (38.8m) at the current bottom of the ramp and some high values on Level 2 in the vicinity of Zones A and C, to the southeast of Shaft #3 and north of Shaft #5 (figure 1). The mineralization on Zone D strikes east-west and dips nearly vertically and appears to rake towards the west at about 45 degrees.
In addition to the high silver, the drilling completed in 2011/12 intersected high cobalt values in Zone D closely associated with the high silver interesections and also further south on the down plunge extensions of holes drilled on this zone. This could potentially represent a new style of mineralization that is dominated by cobalt instead of the usual close association with silver.
Figure 1: Principal mineralized zones on the Mann Mine property.
Exploration and Drilling Plans for Mann Mine
The current plan calls for a 7 hole, 1,800 metre program of diamond drilling all located very near existing underground infrastructure. In particular, Zone D is located at the end of the existing ramp and could easily and quickly be accessed for further underground exploration. Future drilling for silver and cobalt will target the extension of Zone D along the west 45 degree rake of the silver and cobalt mineralization and to the south of Zone D at depth to test for extensions of the cobalt zone. In addition drill holes are planned to test beneath the third level near Shaft #3 and towards the west of the recent intersections obtained on Zones A-C. The planned drill holes are shown as green traces in figure 2. Power Ore will provide public disclosure and guidance once its exploration strategy for the property is finalized for the property.
Figure 2: 3D view of Mann Mine property looking towards the west with high silver values plotted along with planned diamond drill holes shown in green. (Full Size Image Available on PowerOre.com)
About the Mann Mine
The Mann silver-cobalt mine property is located in the Milner township, in Ontario. The property covers 867 hectares, and is located west of Cobalt, Ontario, within the renowned Temiskaming silver area. The property contains 9 historic shafts and a ramp driven to the 210-foot level. Historically, the Mann Mine produced 330,000 ounces of silver prior to 1987.
Modern drilling on the Mann mine has confirmed the existing of high grade mineralization which is consistent with its historical production. Results are as follows:
Table 1: Summary of Mineralized intersections on the Mann Mine Property
Historical work has confirmed that the silver mineralization at the Mann Mine property is typical of that found elsewhere in the Cobalt Mining district and occurs as native silver and arsenides and sulphides of silver, cobalt and copper in quartz calcite veins that are sub-vertical and either east-west or nearly north-south. The veins are typically quite narrow but may locally expand to several metres at the intersections of fault structure. This is apparently what happened on Zone D near Shaft #5.
About Power Ore
Power Ore is a brand-new company and listing on the TSX Venture Exchange, which upon listing has $1 million in cash, 29,973,333 common shares outstanding and 100% ownership of the advanced stage cobalt and silver Mann Mine and the MacMurchy nickel property in the Cobalt – Gowganda District of Ontario.
Power Ore is positioning itself to be the owner of a diversified portfolio of battery metal assets in Canada, and is focused on two things:
1. Assets whose metals are used in the manufacture of Batteries for Electrical Vehicles specifically, Cobalt and Nickel; and
2. Advanced stage assets in Canada where discoveries have been made, mineralization is well understood and infrastructure is in place.
QP Statement The technical information contained in this news release has been reviewed and approved by Charles Beaudry, P.Geo, Director and Vice President Exploration for PowerOre Inc., who is a Qualified Person as defined in “National Instrument 43-101, Standards of Disclosure for Mineral Projects.” 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: firstname.lastname@example.org 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.