TORONTO, July 8, 2019 /CNW/ - PowerOre Inc. ("Power
Ore" or the "Company") (TSX.V: PORE) is pleased to
announce results from drill holes 8 and 9 from its spring 2019
drill program at the Opemiska Copper Mine Complex in the
Chibougamau District of
Quebec.
Notable intersections from Hole 8 and 9 include:
- 295.6 metres at 0.29% copper equivalent over starting at
25.0 metres down hole in hole OPM-19-09, including:
-
- 0.77% copper equivalent over 19.6 metres from 26.4 metres
and;
- 1.23% copper equivalent over 21.0 metres from 87.0 metres
and;
- 1.03% copper equivalent over 16.0 metres from 296.0 metres.
- 2.91% copper equivalent over 8.0 metres starting at 87.0
metres down hole; and
- 0.52% copper equivalent over 12.4 metres from 116.6
metres in hole OPM-19-08.
*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.
|
Power Ore completed 23 diamond drill holes in this 3,364 metre
drill campaign and will report the results for the remaining 14
holes as the Company receives them.
Click here for Map of Drill Hole
Locations
"Hole 9's mineralized width of 295 metres is exceptional,
considering the hole is near surface and the Opemiska Copper
Complex is in the heart of the established Chibougamau copper and gold mining district in
Quebec, while hosting in place
infrastructure and access including on site railroad, power and
highway. Opemiska has a well defined high-grade vein system which
comes right to surface, but this hole has exceed our expections in
terms of identifying new mineraliation that exists in the rock
outside of these veins," said Stephen
Stewart, Power Ore's CEO.
Summary Mineralized Intersections (Holes 8 – 9) From Opemiska
Spring 2019 Drill Program
Hole
ID
|
Grade
|
Interval
(m)
|
From
(m)
|
To
(m)
|
Copper Eq
(%)
|
Copper
(%)
|
Gold
(gpt)
|
Silver
(gpt)
|
Cobalt
(%)
|
Zinc
(%)
|
OPM-19-08
|
2.91
|
0.04
|
1.95
|
7.19
|
0.006
|
2.84
|
8.0
|
87.0
|
95.0
|
AND
|
0.52
|
0.35
|
0.12
|
3.31
|
0.004
|
0.08
|
12.4
|
116.6
|
129.0
|
|
|
|
|
|
|
|
|
|
|
OPM-19-09
|
0.29
|
0.19
|
0.10
|
1.05
|
0.003
|
0.008
|
295.6
|
25.0
|
320.6
|
INCLUDING
|
0.77
|
0.59
|
0.15
|
3.41
|
0.005
|
0.009
|
19.6
|
26.4
|
46.0
|
AND
|
1.23
|
0.99
|
0.22
|
3.09
|
0.007
|
0.011
|
21.0
|
87.0
|
108.0
|
AND
|
1.03
|
0.56
|
0.46
|
4.97
|
0.01
|
0.08
|
16.0
|
296.0
|
312.0
|
*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-19-08
Hole 08, which is a twin of historical
hole S587 intersected 8.0 metres of mineralized rock starting at
87.0 metres. This interval returned an average grade of 2.91%
CuEq. Towards the bottom of the hole another mineralized
interval returned 12.4 metres grading 0.52% CuEq starting at 116.6
metres.
Hole OPM-19-09
Hole 09, a twin of historical hole S61,
and was mineralized virtually throughout, with our longest
intersection to date, showing 295.6 metres of mineralized rock
starting at 25 metres. This long interval returned 0.29% CuEq, and
included higher grade zones—19.6 metres grading 0.77% CuEq from
26.4 metres, 21.0 metres grading 1.23% CuEq from 87.0 metres and
16.0 metres grading 1.03% CuEq from 296.0 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.
Power Ore also announces that in accordance with the Company's
Stock Option Plan, a total of 1,825,000 incentive options have been
granted to officers, directors and consultants, all of whom have
assisted in creating value for our shareholders to date. The
option's exercise price is $0.10 per
share and they are exercisable for a period of five years from the
date of issue. This option grant replaces the options which were
announced on the Company's May 29,
2019 which have now been cancelled.
For information and updates on Power Ore, please
visit: www.powerore.com
And please follow us on Twitter @PowerOre
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.
Table 2: Summary statistics of spring 2019 diamond
drilling program on Opemiska Project. Note that collars have
not yet been surveyed.
HOLE_ID
|
UTEM_EAST
|
UTM_NORTH
|
AZIMUTH
|
DIP
|
DATE_STARTED
|
DATE_ENDED
|
OVERBURDEN
|
LENGTH_M
|
CUMMULATIVE_M
|
OPM-19-01
|
509620.0
|
5515006.0
|
180
|
-48
|
May
16/2019
|
May17/2019
|
1.3
|
139.1
|
139.1
|
OPM-19-02
|
509668.0
|
5515069.0
|
180
|
-50
|
May
17/2019
|
May
18/2019
|
2.0
|
107.5
|
246.6
|
OPM-19-03
|
509510.0
|
5514950.0
|
180
|
-60
|
May
18/2019
|
May
19/2019
|
2.6
|
115.4
|
362.0
|
OPM-19-04
|
509880.0
|
5514959.0
|
180
|
-47
|
May
19/2019
|
May
20/2019
|
3.0
|
193.7
|
555.7
|
OPM-19-05
|
509805.0
|
5514939.0
|
180
|
-46
|
May
20/2019
|
May
21/2019
|
2.5
|
98.5
|
654.2
|
OPM-19-06
|
509830.0
|
5515009.0
|
180
|
-50
|
May 21/
2019
|
May
23/2019
|
2.5
|
226.5
|
880.7
|
OPM-19-07
|
509778.0
|
5514820.0
|
180
|
-48
|
May 23/
2019
|
May 24/
2019
|
2.3
|
139.6
|
1020.3
|
OPM-19-08
|
509957.0
|
5514963.0
|
180
|
-45
|
May 24/
2019
|
May
25/2019
|
2.0
|
188.0
|
1208.3
|
OPM-19-09
|
510066.0
|
5514786.0
|
180
|
-65
|
May 24/
2019
|
May 28
/2019
|
8.0
|
320.6
|
1528.9
|
OPM-19-10
|
509975.0
|
5514896.0
|
180
|
-49
|
May 28/
2019
|
May
28/2019
|
3.0
|
51.1
|
1580.0
|
OPM-19-11
|
509592.0
|
5514808.0
|
360
|
-60
|
May
29/2019
|
May
29/2019
|
12.5
|
37.9
|
1617.9
|
OPM-19-12
|
509592.0
|
5514808.0
|
225
|
-45
|
May
29/2019
|
May
31/2019
|
11.5
|
122.6
|
1740.5
|
OPM-19-13
|
509592.0
|
5514808.0
|
300
|
-45
|
May
31/2019
|
June 01/
2019
|
11.8
|
195.7
|
1936.2
|
OPM-19-14
|
509620.5
|
5515005.8
|
230
|
-45
|
June
01/2019
|
June 03/
2016
|
2.7
|
173.0
|
2109.2
|
OPM-19-15
|
509620.5
|
5515005.8
|
315
|
-45
|
June 03/
2019
|
June 03/
2019
|
17.7
|
38.0
|
2147.2
|
OPM-19-16
|
509640.0
|
5514904.0
|
315
|
-45
|
June 04/
2019
|
June
05/2019
|
2.5
|
160.5
|
2307.7
|
OPM-19-17
|
509668.0
|
5515068.8
|
315
|
-45
|
June
05/2019
|
June
05/2019
|
2.3
|
100.9
|
2408.6
|
OPM-19-18
|
509753.1
|
5515065.4
|
315
|
-45
|
June
06/2019
|
June
07/2019
|
2.8
|
146.9
|
2555.5
|
OPM-19-19
|
509753.0
|
5515040.0
|
180
|
-45
|
June 07/
2019
|
June
08/2019
|
1.2
|
158.3
|
2713.8
|
OPM-19-20
|
509790.0
|
5515124.0
|
315
|
-45
|
June
08/2019
|
June 09/
2019
|
6.7
|
149.0
|
2862.8
|
OPM-19-21
|
509671.0
|
5514936.0
|
180
|
-60
|
June
09/2019
|
June
10/2019
|
1.4
|
113.6
|
2976.4
|
OPM-19-22
|
509835.0
|
5515145.0
|
315
|
-45
|
June
10/2019
|
June
11/2019
|
1.7
|
150.0
|
3126.4
|
OPM-19-23
|
509974.0
|
5515286.0
|
315
|
-45
|
June
11/2019
|
June
13/2019
|
5.7
|
223.6
|
3363.9
|
SOURCE Power Ore