Power Ore Intersects 295 Metres at 0.29% CuEq at Surface at Opemiska
Power Ore Intersects 295 Metres at 0.29%
CuEq at Surface at Opemiska
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
N
either 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
View original content:
http://www.newswire.ca/en/releases/archive/July2019/08/c3471.html
%SEDAR: 00045293E
For further information:
To speak to the Company directly, please contact: Stephen Stewart, Chief
Executive Officer, Phone:
416.644.1571, Email:
CO: Power Ore
CNW 07:00e 08-JUL-19