'Exceptional' result at Opemiska
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The company intersected 295.6m at 0.29% copper-equivalent from 25m in OPM-19-09; and 8m at 2.91% Cu-eq from 87m in OPM-19-08.
"Hole 9's mineralised width of 295m 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," CEO Stephen Stewart said.
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Leadership
Look beyond market approach to project valuations: van Zyl
Leadership
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SPONSOREDgreenland minerals
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He said the hole had exceeded expectations in terms of identifying new mineralisation outside a well-defined high-grade vein system.
The property hosts two past-producing copper-gold mines operated by Falconbridge.
Power Ore is evaluating the potential for an openpit scenario at what was previously an underground mining complex.
Under a deal agreed in May, Power Ore is acquiring Opemiska from Ex-In by issuing shares, warrants, paying C$1.5 million and spending $3 million on exploration within 3.5 years.
Power Ore had about $970,000 (US$740,000) in working capital at the end of April, having raised just over $1 million in March at 12c per flow-through unit and 10c per hard dollar unit.
The company is the battery metals spin-off of Orefinders Resources and listed on the TSX Venture Exchange in June 2018.
Its shares touched C16c in July last year and fell to 4.5c in December.
They gained 1c or 12.5% yesterday to close at 9c, capitalising Power Ore at $3.5 million (US$2.7 million).