Oldham came to Vale Park hoping to extend their eight match winning streak, but Brian Horton's Valiants weren't going to make it easy as they needed at least a point to help climb further up the league.
Vale had the first chance in the tenth minute when a corner swung into the box by Phil Charnock found an unmarked Sam Collins, who saw his header cleared off the line by Chris Armstrong.
Confusion in the box 2 minutes later enabled Charnock to latch on to a free ball and he turned quickly to fire a shot from 12-yards that forced Les Pogliacomi to save.
Oldham had to wait a while for their first chance, but in the 28th minute a low cross from the right flank by Julien Baudet found Carlo Corazzin who fired a snap shot from ten yards but Mark Goodlad made a brilliant save low to his left.
The Latics came out of the traps quickly and a long ball forward from Lourenco found Dean Holden who took the ball into the box and hit a left foot shot that deflected off Steve Rowland and underneath Goodlad.
Port Vale worked hard to get one back and in the 66th minute a break and cross from the left by Billy Painter allowed substitute Steve McPhee to slide in and equalise with his first touch.
Clyde Wijnhard went searching for a winner in the 75th minute when he pounced on a free ball and struck a looping shot that had Goodlad beaten, but it sailed past the left post.
Valiants boss Brian Horton said: "We had to take a chance, Steve McPhee's gone in there and got his first goal of the season, it'll do him good. It was good entertaining football for the neutrals and I was pleased with everybody today."
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