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PacificOre to start drilling at Lac Dore March 21

VANCOUVER, BRITISH COLUMBIA -2013-03-20

Dr. Christian Derosier report

DRILLING BEGINS ON LAC DORE VANADIUM-IRON-TITANIUM DEPOSIT

PacificOre Mining Corp. and its wholly owned subsidiary Prestige Mining Corp. have approved the commencement of a predrill field program on the 100-per-cent-owned Lac Dore vanadium-iron-titanium project located near Chibougamau, Que. The program will entail the opening of winter roads to and on the site, and newly planned diamond drill locations.

This first phase of exploration work carried out during spring and summer 2012 on Lac Dore permitted (1) the re-establishment and extension of the previous grid (1997), (2) the establishment of five permanent benchmarks which will be used for future infrastructure and mine construction, and (3) the surveying of the previous drill holes, trenches and stripping utilized in the earlier pre-National Instrument 43-101 feasibility study in 2002 to 2003. In addition, last fall, the company carried out a magnetometer survey which covered the recently cut and surveyed grid.

Following these programs, the company has now entered the field to carry out a diamond drilling campaign aimed at twinning a number of the historic holes.

The first 2013 diamond drilling program is designed to address a number of desirable outcomes:

  • To confirm the geological and mineralogical context, as well as the thickness and grade of the mineralization intersected historically within the known deposit by twinning a minimum of three historic drill holes. This twinning would permit the company’s geological team to qualify the previous non-compliant NI 43-101 resources calculated by Allard and Girard (1998) and SNC-Lavalin (2003), and, which for a large part, could today be qualified as indicated and measured mineral resources (compliant with NI 43-101). Four twin holes have been identified which the company anticipates will be drilled once the access road and the set-ups are cleared of snow the week of March 20. The drilling program is planned to start on March 21, 2013.
  • The second phase of the planned drilling program is anticipated to be undertaken before summer 2013, and is designed to increase the confidence in the mineralization and the mineral resources and to address other outcomes:
  • To confirm the extension at depth of the known mineralized zones and to fill some gaps in the historic drilling patterns. These holes would be aimed at enabling an increase in the resources and will bring a large part of them to measured mineral resources category;
  • A number of drill holes are planned for sections of the known horizon, which have yet to have been drilled historically. The holes will test the extension at depth of the apparent mineralized layers;
  • If budgets permit, a number of additional drill holes would be targeted at a significant geophysical target identified on the horizon that does not appear to have been drill tested in the historic campaigns. This would verify the northeast extension of the deposit, between the main previously drilled areas and the eastern boundary of the property, where the recent magnetometer survey has confirmed the presence of a second continuous magnetic anomaly. These holes could add substantial NI 43-101-compliant resources to the Lac Dore project.
  • It is anticipated that the two phases of diamond drilling planned for this year, upon completion, would bring the Lac Dore project to prefeasibility-study level. Additional drilling will be necessary to bring the project to the feasibility-study level, calculate and establish the probable and proven mineral reserves, and commence mine planning where feasible.The Lac Dore project comprises 42 mineral claims, including the 18 key claims previously owned by the Province of Quebec, and encompasses 672 hectares (1,660.49 acres). It is situated approximately 40 kilometres southeast of the mining centre of Chibougamau, Que. It covers most of the well-known historic Lac Dore vanadium-iron-titanium deposits, which for more than 40 years was a crown asset of the province of Quebec. The Lac Dore deposit, in 2002 to 2003, was the subject of a positive non-compliant NI 43-101 prefeasibility study by SNC-Lavalin, with regard to the production of vanadium.

    The Lac Dore complex (Allard, 1976) is a Bushveld-type layered complex folded into a large anticline and metamorphosed to the green schist facies like the enclosing volcanic rocks, with which it is coeval and comagmatic. From bottom to top, the complex has been divided into three main zones: Anorthosite zone (Main zone), Layered zone and Upper Border zone. The last includes the Soda-granophyre and Ferrodioric zones. The vanadium mineralization in the Lac Dore complex is contained in the lowermost part of the Layered zone. The vanadium horizon consists of rhythmically layered units (50-metre- to 200-metre-thick layered zones) rich in ferroaugite, magnetite and ilmenite interbedded with layers of leucogabbro. The iron-titanium oxides are heterogeneously and rhythmically distributed, with the Fe-Ti-oxide-rich horizons intercalated with oxide-free horizons.

    This press release has been reviewed by Dr. Christian Derosier, PGeo, consulting geologist and qualified person for the Lac Dore and Lac Dore North vanadium-iron-titanium projects under National Instrument NI 43-101.

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