Toronto, Ontario – June 25, 2019 – PowerOre Inc. (“Power Ore” or the “Company”) (TSX.V: PORE) is pleased to announce results from the second batch of assays from its spring 2019 drill program at the Opemiska Copper Mine Complex in the Chibougamau District of Quebec. The second batch of results encompasses drill holes 4 through 7.

 

Notable intersections include:

  • 1.08% copper equivalent over 23.8 metres starting at 7.2 metres down hole in hole OPM-19-04 (Twinned Hole of Historical Falconbridge Hole S87)

 

  • 0.32% copper equivalent over 130.6 metres starting at 9.0 metres down hole including 1.19% copper equivalent over 7.9 metres from 14.2 metres AND 0.78% copper equivalent over 4.0 metres from 106.0 metres in hole OPM-19-07 (Twinned Hole of Historical Falconbridge Hole S86)

 

  • 0.90% copper equivalent over 12.6 metres starting at 2.0 metres down hole AND 1.76% copper equivalent over 5.5 metres downhole starting at 51.0 metres in hole OPM-19-06

 

*Copper Equivalent (“Cu Eq.”) grade including copper, gold, silver, cobalt and zinc based on 100% recoveries is calculated using the following equation: Cu Eq. = [(Cu % x 20 x Cu price) + (Au grade / 34.2857 x Au price) + (Ag grade / 34.2857 x Ag price) + (Co % x 20 x Co price) + (Zn % x 20 x Zn price)] / (20 x Cu price). We used Cu, Au, Ag, Co and Zn price of US$2.65, US$1,400 and US$14.75, US$15.00 and US$1.19 respectively. Note we have adjusted the gold price to $1,400 from $1,325 previously, to reflect recent Gold price activity.

 

Power Ore completed 23 diamond drill holes in this 3,364 metre drill campaign and will report the results for the remaining 16 holes as it receives them.

 

Click here for Map of Drill Hole Locations

 

“We continue to receive promising results with this second batch showing widely mineralized copper zones near surface. Mineralization in holes 4 and 6 are once again, high grade near surface holes that clearly shows the open pit potential at Opemiska. Hole 7 is encouraging as this is an exceptionally wide mineralized zone spanning 130 metres of 0.3% copper, and shows the potential remaining in the crown pillar at Vein #3. Most importantly is that we are seeing mineralization very close to the surface, which continues to be in line with our objective of reinterpreting the Opemiska Copper Complex as an open pit mine,” said Stephen Stewart, Power Ore’s CEO.

 

Table 1: Summary of Significant Mineralized Intersections on Opemiska Project.

Hole ID Grade Interval (m) From (m) To (m)
Copper Eq (%) Copper (%) Gold (gpt) Silver (gpt) Cobalt (%) Zinc (%)
OPM-19-01 0.74 0.39 0.29 4.23 0.01 0.12 23.6 51.0 74.6
INCLUDING 1.66 0.79 0.78 8.69 0.01 0.37 7.1 51.0 58.1
   
OPM-19-02 1.44 0.75 0.64 5.08 0.01 0.04 57.6 49.4 107.0
INCLUDING 2.30 1.81 0.22 11.57 0.01 0.07 11.9 49.4 61.3
AND 6.11 0.75 0.64 16.63 0.02 0.04 8.0 99.0 107.0
   
OPM-19-03 0.24 0.15 0.06 3.20 0.001 0.02 79.0 33.0 112.0
INCUDING 0.53 0.35 0.14 6.10 0.002 0.04 32.0 56.0 88.0
   
OPM-10-04 1.08 0.52 0.61 5.33 0.004 0.04 23.8 7.2 31.0
AND 1.43 1.20 0.17 5.13 0.01 0.05 5.4 186.6 192.0
   
OPM-19-05 1.04 0.40 0.69 4.44 0.006 0.08 5.5 93.0 98.5
   
OPM-19-06 0.90 0.06 0.94 5.21 0.002 0.14 12.6 2.0 14.6
AND 1.76 1.30 0.49 5.41 0.01 0.03 5.5 51.0 56.5
AND 1.11 0.99 0.07 4.12 0.01 0.02 12.0 200.0 212.0
   
OPM-19-07 0.32 0.17 0.16 0.93 0.002 0.003 130.6 9.0 139.6
INCLUDING 1.19 0.84 0.32 6.74 0.01 0.01 7.9 14.2 22.1
AND 0.78 0.58 0.21 1.61 0.005 0.004 4.0 106.0 110.0

 

*Copper Equivalent (“Cu Eq.”) grade including copper, gold, silver, cobalt and zinc based on 100% recoveries is calculated using the following equation: Cu Eq. = [(Cu % x 20 x Cu price) + (Au grade / 34.2857 x Au price) + (Ag grade / 34.2857 x Ag price) + (Co % x 20 x Co price) + (Zn % x 20 x Zn price)] / (20 x Cu price). We used Cu, Au, Ag, Co and Zn price of US$2.65, US$1,400 and US$14.75, US$15.00 and US$1.19 respectively. Note we have adjusted the gold price to $1,400 from $1,325 previously, to reflect recent Gold price activity.

 

 

Hole OPM-19-04

Hole 04, which is a twin of old mine hole S87, was collared immediately north of the #2 Vein and intersected 23.8 metres of mineralized rock starting at 7.2 metres.  This interval returned an average grade of 1.08% CuEq including the #2 Vein.  Towards the bottom of the hole another mineralized interval returned 5.4 metres grading 1.43% CuEq starting at 186.6 metres and the hole stopped in a stope of the #3 Vein at 193.7 metres.

 

Hole OPM-19-05

Hole 05, a twin of historical hole S856, was drilled just south of the #2 Vein and drilled a similar sequence as hole 03 as well as a 5.5 metres interval grading 1.04% CuEq at the bottom where the hole entered a stope at 98.5 metres and was stopped.

 

Hole OPM-19-06

Hole 06 was collared between the #1 and #2 Veins and was targeted on the disseminated mineralization between these two veins and to the south of the #2 Vein at depth.  The hole intersected two mineralized veins at 51.0 and 200.0 metres.  The upper zone returned 1.76% CuEq over 5.5 metres and the bottom zone returned 1.11% CuEq over 12.0 metres near the bottom of the hole.

 

Hole OPM-19-07

Hole 07, a twin of historical hole S86, was collared just north of the #3 Vein and intersected a very long intersection of low grade mineralization.  Starting at 9.0 metres the hole returned an average of 0.32% CuEq over 130.6 metres.  This interval includes two more significant intersections of 7.9 metres of 1.19% CuEq from 14.2 metres and 4.0 metres of 0.78% CuEq from 106.0 metres.

 

Orientation of Drilling and True Widths of Mineralization

Field based and drill hole evidence clearly indicate that several orientations of veins are present on the Opemiska Property but that around the Springer Mine the veins are predominantly EW with a steep dip to the north.  South directed drill holes are intersecting those veins near perpendicular.  However in the disseminated mineralization we find veins with various core angles suggesting that other directions may be important.  As such, in the disseminated mineralization the true width of mineralized intersections is estimated to be the same as the drill core width even though the mineralization may have an overall envelope that is different.

 

QP Statement

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.”  For the exploration undertaken by Power Ore all assay batches are accompanied by rigorous Quality Assurance procedures that include insertion of standards and blanks and verification assays in a secondary laboratory.  Quality Control results, including the laboratory’s own control samples, are evaluated immediately on reception of batch results and corrections implemented immediately if necessary.  All drill collars are surveyed and positioned in UTM  coordinates.  Downhole deviations surveys are done with a Reflex instrument at 30m intervals.  A systematic density measurement program using two methods was implemented to measure density of all rock types.  A specific susceptibility measurement protocol was also implemented to better estimate the relative abundance of magnetite in the variably magnetic rocks of the Ventures Sill.

 

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.

 

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

 

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.