Toronto, Ontario – September 6, 2018 – Power Ore (“Power Ore” or the “Company”) (TSX.V: PORE) is pleased to provide its fall exploration plan for its 100% owned cobalt and silver Mann Mine in the Gowganda–Cobalt district of Ontario. The exploration plan includes sampling around the Mann Mine’s existing workings, cobalt and silver stockpiles and tailings facilities. Power Ore has also commissioned an airborne geophysical survey company to complete a high resolution drone magnetic survey and a Lidar survey of the property. The Company’s technical team will also be mapping the Mann Property. Furthermore, Power Ore is in the process of applying for advanced exploration permits in preparation for its drill plans as detailed in the Company’s July 30, 2018 news release.
“After spending a good deal of the summer compiling the existing database and drawing conclusions in preparation for this ‘on the ground’ phase, we are happy to detail our next phases for the Mann Mine. The airborne surveys will give us modern high resolution magnetics to view subterrainian geologic structures which carry the known cobalt and silver mineralisation. While the the Lidar survey will provide a very detailed depiction of the property’s surface and its workings and facilities. Our focus is clearly on extending the known in situ mineralisation, but we are taking a close look at the various historical workings, including stockpiles and tailings which are noteworthy as the mine’s historical production was largely focused on the high grade silver, with the cobalt often being considered as waste. Hence, there is still potential for high grade cobalt in the stockpiles sitting at surface. This will be evaluated and assayed during our sampling program,” said Stephen Stewart, Power Ore’s CEO.
Airborne Magnetics & Lidar Surveys
Power Ore is commissioning an ultra high resolution magnetic survey in the vicinity of the old Mann Mine workings to trace the principal structures that are known to carry the colbalt and silver mineralization on the property. In addition to the magnetic survey, the Company will also conduct a Lidar survey to obtain super high resolution imagery and a digital elevation model to help in accurate referencing of surface features including surface stockpiles, tailings facilities and historical mine infrastructure.
Reports on the Mann Mine property refer to stockpiles near the underground openings, which Power Ore has located. Several of these muck piles are reported to contain high grades of cobalt and silver. The Company has planned a systematic sampling program on these stockpiles to measure the metal content and to assess the volume of material using Lidar data with the objective of estimating the total metal contained within the piles.
The airborne surveys, and mapping and sampling programs do not require further permitting, but Power Ore is preparing applications to permit the planned diamond drilling program to test for cobalt and silver mineralization in the vicinity of the old Mann Mine underground workings. The Company has laid out a 7 hole, 1,770 metre drill program to test the old workings in Zones 3, A-C and D. Zone D is located at the bottom of an existing ramp where some very high grades were encountered in the 1980’s.
The airborne geophysical program is expected to begin in mid September and the Company expects to have its sampling and mapping program completed by the end of September.
Drilling and Exploration 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 1.
Figure 1) 3D view of Mann Mine property looking towards the west with high silver values plotted along with planned diamond drill holes shown in green.
About the Mann Mine
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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 existence 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 (see CRESO News Releases published on Sedar.ca on 1-12-2011, 14-12-2011 and 4-4-2012)
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 structures. This is apparently what happened on Zone D near Shaft #5.
Power Ore would also like to announce that in accordance with the Company’s Stock Option Plan, a total of 350,000 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 exercise price is $0.09 per share and they are exercisable for a period of five years from the date of issue.
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
To speak to the Company directly, please contact:
Stephen Stewart, Chief Executive Officer
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.