TORONTO, Sept. 26, 2018 /CNW/ - Power Ore ("Power Ore" or the "Company") (TSX.V: PORE) is pleased to present its shareholder update.
"From a shareholders' perspective, our share price performance is most important. Closing price on September 24, 2018 was $0.13. This price and resulting market capitalization is based on thin trading, although we expect trading volumes to increase as we continue to develop the Power Ore portfolio vis-à-vis accretive acquisitions and further work on the Mann cobalt-silver mine. I encourage our sharehodlers to reach out to me directly for a personal update and more context on our activities," said Stephen Stewart, Power Ore CEO. He continued, "Management is marginally content with the share performance, and we remain very bullish with respect to our upcoming plans for the company and we believe the fundamentals are in place for a strong market going forward. We strive to be an active management team focused on delivering value on a per share basis, with a view that a soft market yields opportunities for accretive acquisitions. As our management team and board of directors are significant shareholders in the company, we think and act like owners when making decisions on behalf of all shareholders."
Since June 2018, Power Ore has completed significant work on the Mann cobalt-silver mine.
Below is a summary of the Company's recent activity and plans going forward, along with links to provide further detail on each milestone.
Activity on Mann Mine – Completed Work
- Mann Mine Presentation – This presentation including plans & sections, and our recently released drill program to extend the high grade cobalt and silver mineralization on Zone D which is intersected by the Mann's 210' ramp.
- High Resolution Airborne Photos - These airborne images form a photo-mosaic that covers the area surrounding the historic Mann Mine. The main purpose of this high resolution imaging was to locate the Mann's Mine's multiple stockpiles so that our technical team can sample the surface mineralisation for high-grade silver and cobalt, and to ultimately assist with field work that was completed in September 2018. Moreover, with the discovery of the location of Zone D to the south of the stripped outcrop, we will prospect the area in more detail.
- Mann Mine 3D Model 'Flyby Video' - This video represents the culmination of our data compilation exercise. Upon acquisition of Mann, our team spent considerable efforts recompiling and validating all of the existing data which was in numerous formats and from over a period of several decades. This video is designed to visually depict the mineralized zones, the existing drill holes and mining infrastructure including shafts and ramp for us to effectively design our future exploration and drill programs.
Activity on Mann Mine – Soon to be Announced Work
- Sampling of Stockpiles – The sampling program is now complete, with samples having been submitted to the lab for assaying. Results are expected in the near term. The sampling program is aimed at identifying and evaluating the cobalt metal content in the various surface stockpiles and dumps which exist from the Mann Mine's previous silver-focused production.
- Airborne Magnetic Survey – This high resolution survey has now been completed, and its data is being processed. The results will be announced in the coming days upon completion of data processing and interpretation. The purpose of this magnetic survey is to further delineate the geology and structural controls of the various zones on the Mann Mine property.
From managements perspective, the most interesting value opportunity for Power Ore is completing and announcing an advanced stage, accretive acquisition. Shareholders can expect this to occur in the near term, and the acquisition to be within the 'Electrification Metals' sector, which we define as copper, nickel and cobalt.
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."
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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.
SOURCE Power Ore
For further information: To speak to the Company directly, please contact: Stephen Stewart, Chief Executive Officer, Phone: 416.644.1571, Email: [email protected], www.powerore.com