PowerOre Inc (CVE:PORE) released new drill results from its flagship Opemiska copper project that uncovered new areas of mineralization in the Chibougamau district of Quebec.
New results from the company’s current drill program include four mineralized intersections that exceeded 100 metres in length and above the firm’s cut-off grade, Power Ore told investors on Wednesday.
Shares of Power Ore had powered 7.1% higher by Wednesday midday at C$0.08 in Toronto.
READ: Power Ore reports results from spring 2019 drill program at the Opemiska Copper Mine Complex in Quebec
The intersections include nearly 134 metres of 0.65% copper equivalent (CuEq) in one hole, with subsequent intersections revealing results of 102.1 metres of 0.57% CuEq, 100 metres of 0.36% CuEq and 114 metres of 0.48% CuEq.
The results exceeded the explorer’s expectations, its CEO Stephen Steward told shareholders in a statement accompanying the news.
"These final four holes, each of which is mineralized for over 100 metres in length and above our cutoff grade, continue to demonstrate shallow and disseminated mineralization on the Springer Mine at the Opemiska Copper Complex,” Stewart said in the statement.
“Not only has the drill program confirmed our thesis about disseminated mineralization by delivering 12 holes consisting of +100-metre intersections with copper and gold mineralization but has also produced quite a few headline intersections which exceeded our expectations.”
The drill program also discovered new zones of mineralization that has the potential to expand the mineralized envelope, according to Stewart.
The new results are a key step in Power Ore’s understanding of the unique disseminated mineralization that makes up the Opemiska project.
The firm said that the current field and drilling evidence indicates that there are several different orientations of veins present on the property. The veins surrounding the past producing Springer mine on the property run primarily in an east-west direction, but in true disseminated style Power Ore has found veins with various core angles, suggesting that other directions may also be important.
“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 company said in a statement.
The junior explorer believes Opemiska could be a high-grade, open-pit resource with access to infrastructure.
Located near the town of Chapais, Quebec within the prolific and infrastructure-rich Chibougamau region, the project consists of two historically producing mines which were previously owned and operated by mining giant Falconbridge.
-- Updates with share price --
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