PowerOre Inc. (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:
|*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.
“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
|*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 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 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.
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.
Table 2: Summary statistics of spring 2019 diamond drilling program on Opemiska Project. Note that collars have not yet been surveyed.
|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|
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