O3 Mining Expands the Kinebik Project through the Acquisition of Midland Exploration's Lac Esther Property along the Casa Berardi Break
O3 Mining has acquired the Lac Esther Property from Midland Exploration, expanding its Kinebik Project along the Casa Berardi trend. The transaction was completed for a cash consideration of C$75,000, with Midland retaining a 2.0% net smelter return royalty. O3 Mining has the option to repurchase 50% of the NSR for C$500,000 and holds a right of first refusal on any sale of the NSR. This acquisition strengthens O3 Mining's presence in the Casa Berardi trend and aligns with their core exploration strategy to explore major geologic faults in Québec.
O3 Mining ha acquisito la Proprietà Lac Esther da Midland Exploration, espandendo il suo Progetto Kinebik lungo il trend di Casa Berardi. La transazione è stata completata per un corrispettivo in contante di 75.000 CAD, con Midland che mantiene una royalty del 2,0% sul ritorno della vendita. O3 Mining ha l'opzione di riacquistare il 50% della NSR per 500.000 CAD e detiene un diritto di preferenza su qualsiasi vendita della NSR. Questa acquisizione rafforza la presenza di O3 Mining nel trend di Casa Berardi e si allinea con la loro strategia principale di esplorazione volta a studiare grandi faglie geologiche in Québec.
O3 Mining ha adquirido la Propiedad Lac Esther de Midland Exploration, ampliando su Proyecto Kinebik a lo largo de la tendencia de Casa Berardi. La transacción se completó por un consideración en efectivo de 75.000 CAD, con Midland reteniendo una regalía del 2,0% sobre el retorno del mineral. O3 Mining tiene la opción de recomprar el 50% de la NSR por 500.000 CAD y posee un derecho de tanteo sobre cualquier venta de la NSR. Esta adquisición fortalece la presencia de O3 Mining en la tendencia de Casa Berardi y se alinea con su estrategia central de exploración para investigar grandes fallas geológicas en Québec.
O3 Mining은 Midland Exploration으로부터 라크 에스테르 재산을 인수하여 Casa Berardi 트렌드를 따라 Kinebik 프로젝트를 확장했습니다. 이번 거래는 75,000 캐나다 달러의 현금 고려금으로 완료되었으며, Midland는 2.0%의 순 제련 반환 로열티를 유지합니다. O3 Mining은 500,000 캐나다 달러에 NSR의 50%를 재구매할 수 있는 옵션을 가지고 있으며 NSR 판매에 대한 우선 구매권을 보유하고 있습니다. 이 인수는 O3 Mining의 Casa Berardi 트렌드 내 입지를 강화하고 퀘벡의 주요 지질 단층을 탐사하려는 핵심 탐사 전략과 일치합니다.
O3 Mining a acquis la propriété Lac Esther de Midland Exploration, élargissant ainsi son projet Kinebik le long de la tendance de Casa Berardi. La transaction a été conclue pour une contrepartie en espèces de 75 000 $ CA, Midland conservant une redevance de 2,0 % sur le retour de l'affinerie. O3 Mining a l'option de racheter 50 % de la NSR pour 500 000 $ CA et détient un droit de préemption sur toute vente de la NSR. Cette acquisition renforce la présence d'O3 Mining dans la tendance de Casa Berardi et s'aligne avec leur stratégie d'exploration principale visant à explorer de grandes failles géologiques au Québec.
O3 Mining hat die Lac Esther-Immobilie von Midland Exploration erworben und das Kinebik-Projekt entlang des Casa Berardi-Trends erweitert. Die Transaktion wurde für 75.000 CAD in bar abgeschlossen, wobei Midland eine Royalty von 2,0 % auf den Schmelzumsatz behält. O3 Mining hat die Option, 50 % der NSR für 500.000 CAD zurückzukaufen, und hat ein Vorkaufsrecht für Verkäufe der NSR. Diese Akquisition stärkt die Präsenz von O3 Mining im Casa Berardi-Trend und passt zu ihrer zentralen Erkundungsstrategie, die darauf abzielt, große geologische Störungen in Québec zu untersuchen.
- Strategic expansion of Kinebik Project through property acquisition
- Relatively low acquisition cost of C$75,000
- Option to reduce future royalty payments by buying back 50% of NSR
- Right of first refusal on NSR sale provides additional control
- 2.0% NSR royalty obligation on future production
- Additional C$500,000 required to reduce NSR burden
TSXV:OIII | OTCQX:OIIIF - O3 Mining
O3 Mining's President and Chief Executive Officer, Mr. José Vizquerra commented: "We are pleased to further consolidate our presence on the Casa Berardi trend through the acquisition of Midland's Lac Esther Property. The Lac Esther Property fits well within our current property holdings at the Kinebik Project and will enable our team to conduct additional exploration drilling at Casa Berardi. This aligns well with our core exploration strategy and is an extension of our mission to explore and develop the major geologic faults in Québec. Our exploration success on the Cadillac Break continues a baseline of expertise to continue our strategy along the prolific Casa Berardi trend."
The Transaction was completed pursuant to an asset purchase agreement (the "Midland Agreement") dated October 30, 2024 between the Corporation and Midland. Under the terms of the Midland Agreement, the Corporation acquired
On a go-forward basis, O3 Mining will be consolidating the Lac Esther Property into the "Kinebik Project". |
Figure 1: Kinebik Project and the Lac Esther Property
About the Lac Esther Property
The Lac Esther Property covers an area of 16,094 hectares and is located 45 km northeast of the town of
A geophysical survey (mag-drone) is planned for execution in Q1-2025 with the aim of better defining deformation corridors, faults, intrusions that will greatly help interpreting potential gold-bearing structures.
About the Kinebik Project
The Kinebik project straddles over 40 km of strike along the prolific auriferous Casa Berardi trend, which extends over 400 km in the northern part of the Abitibi Greenstone Belt. Along its length, there are five mining districts including the +5.0M oz Au world-class Casa Berardi deposit, the Douay deposit (3.0M oz Au at 1.1 g/t Au), and the Vezza deposit (0.3M oz Au at 5.6 g/t Au). The Kinebik project is easily accessible all year round through the main roads to
Qualified Person
The scientific and technical content of this news release has been reviewed and approved by Mr. Louis Gariépy, P.Eng (OIQ #107538), VP Exploration of O3 Mining, who is a "qualified person" within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About O3 Mining Inc.
O3 Mining Inc. is a gold explorer and mine developer on the road to produce from its highly prospective gold camps in
O3 Mining is well-capitalized and owns a
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. Forward-looking statements include, but are not limited to, statements with respect to the closing of the Transaction, the ability to obtain the final approval of the TSX Venture Exchange, the significance of the Corporation's success at Cadillac Break, the Corporation's planned exploration activities and long-term objectives, the potential of the Kinebik and Lac Esther properties, the ability of exploration (including drilling) to accurately predict mineralization, production being achieved at any of the Corporation's properties, the Corporation becoming a gold producer with several multi-million-ounce deposits in
Neither the 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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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SOURCE O3 Mining Inc.
FAQ
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