O3 Mining Intersects 12.0 g/t Au Over 8.3 Metres From Kappa Zone at its Alpha Project
O3 Mining Inc. provides an update on its drilling program at the Marban and Alpha properties in Val-d'Or, Québec, with results indicating significant gold mineralization. Highlights include:
- 12.4 g/t Au over 1.9 metres in hole O3AL-21-380
- 12.0 g/t Au over 8.3 metres in O3AL-21-388
- 28.1 g/t Au over 0.9 metres in O3AL-21-391
The ongoing drilling program focuses on expanding resources near the Aurbel Mill and aims to enhance the project's viability. O3 Mining is advancing its 250,000-meter drilling initiative, with over 73,000 meters planned for 2022.
- Significant gold mineralization reported, e.g., 12.0 g/t Au over 8.3 m.
- Continued expansion drilling planned for Kappa zone.
- Fully funded 250,000-meter drilling program supports resource growth.
- None.
TSXV:OIII | OTCQX:OIIIF
TORONTO, Jan. 24, 2022 /PRNewswire/ - O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) ("O3 Mining" or the "Corporation") is pleased to provide an update on its fully-funded 250,000 metre drilling program at its Marban and Alpha properties in Val-d'Or, Québec, Canada which seeks to convert, expand, and discover new gold resources. The Corporation is reporting results from three holes drilled on the Alpha property.
Drilling Highlights:
- 12.4 g/t Au over 1.9 metres in hole O3AL-21-380 at a vertical depth of 53 metres in the Kappa zone;
- 12.0 g/t Au over 8.3 metres and 8.1 g/t Au over 2.0 metres and 35.9 g/t Au over 1.1 metres in hole O3AL-21-388 from a vertical depth of 625 metres to 663 metres in the Kappa zone which remains open at depth and laterally.
- 28.1 g/t Au over 0.9 metres in hole O3AL-21-391 at a vertical depth of 638 metres in the Kappa zone which remains open at depth and laterally.
O3 Mining continues to extend gold mineralization with the potential to increase resources within trucking distance of the 1,600 tpd Aurbel Mill ("Aurbel"). On May 14, 2020, the Corporation signed an option agreement with QMX Gold Corporation (acquired by Eldorado Gold in January 2021) to acquire a 100 per cent interest in Aurbel, which is a fully permitted mining facility located 10 kilometres from O3 Mining's Alpha property.
O3 Mining's President and Chief Executive Officer, Mr. Jose Vizquerra commented, "I am very excited about today's drill results which give us confidence in the continuity of gold mineralization and the potential of the Kappa Zone which extends at depth and remains open in many directions. The proximity of the Kappa and Bulldog zones creates the potential for a sizeable project with robust grade, thickness, and continuity. We are eager to continue our 2022 winter drilling program where we will continue expansion drilling in the Kappa Zone through the coming months."
Table 1: Drill Hole Intercepts (only intercepts above 5.0 g/t Au * m are reported, cut-off 1.0 g/t Au)
Drill Hole | From | To | Interval | Au | Zone |
O3AL-21-380 | 52.0 | 53.9 | 1.9 | 12.4 | Kappa |
O3AL-21-388 | 710.0 | 712.0 | 2.0 | 8.1 | |
and | 719.1 | 720.2 | 1.1 | 35.9 | |
and | 757.5 | 765.8 | 8.3 | 12.0 | |
O3AL-21-391 | 726.7 | 727.6 | 0.9 | 28.1 |
The intercepts in holes O3AL-21-388 and O3AL-21-391 are spaced 100 metres horizontally. These intercepts are following up on a significant intercept obtained 100 metres above in hole O3AL-21-338, which returned 4.4 g/t Au over 4.1 metres (See Press Release August 5th, 2021). This zone remains open to the east and at depth while partially open to the west and above. The Kappa zone offers clear potential to grow and therefore warrants further drilling. Gold mineralization at Kappa is located at the contacts with an intermediate porphyritic dyke and characterized by quartz-calcite-epidote-pyrite-chalcopyrite veins and veinlets within a wide (>20 metres) biotite-epidote alteration envelope. Unlike Bulldog, the Kappa zone shows a clear association with Ag (~10 g/t) and Cu (~0.1 %). The Kappa structure occurs about 150 metres north of the Bulldog zone and was identified while stepping back to drill Bulldog at depth.
The shallow intercept in hole O3AL-21-380 is located 600 metres east of hole O3AL-21-388 and hosted within a thick dyke. The relationship with the other intercepts listed above has yet to be understood. This near-surface intercept is open to the east and at depth while partially open to the west.
Based on these promising results, O3 Mining assigned 6,000 metres of drilling to expand the Kappa zone. Two drill rigs are actively working to fulfill the program this winter.
Figure 1: Alpha Project Drilling Map
Drilling Update
O3 Mining will progress its large-scale drilling program with 73,000 metres planned on its Alpha and Marban projects with updated health and safety procedures to keep its employees safe and mitigate COVID-19 transmission. As part of this program, the winter drilling season at Marban will focus on the Camflo deposit extension at depth. At Alpha, the focus will be put on the expansion of the Kappa and Bulldog deposits and exploration in the Omega sector.
The Corporation has drilled 118,951 metres in 2021 on its Val-d'Or properties testing for Potential Economic Material ("PEM") with 100-metre step-outs aiming to expand current resources of 2.4 million ounces measured and indicated (62.0 Mt @ 1.22 g/t Au)1 and 1.3 million ounces inferred (19 Mt @ 2.13 g/t Au)1 and make new discoveries.
Figure 2: Marban and Alpha Properties Overview
Marban – Project Development
The Marban project is in the heart of the Malartic gold mining camp. It covers 7,525 hectares and is located 12 kilometres from the Canadian Malartic Mine. The Marban preliminary economic assessment ("PEA") outlined production of an average of 115,000 ounces of gold per year over the 15.2 year mine life.
Activity at Marban in 2022 will be focused on Marban Engineering, focused on the completion of the Marban PFS and future economic studies, and Marban Regional, a greenfield exploration program over the entire Marban project with 40,000 metres of drilling planned. In 2021, 63,756 metres were drilled with up to eight drill rigs testing for PEM, as well as aiming to convert resources from Inferred to Measured and Indicated, to ultimately become part of Marban's maiden mineral reserve.
A PEA was completed on the project in 2020, and a Pre-Feasibility Study ("PFS") is currently underway and due to be completed in 2022 as the next step to advance the project to production. Additionally, the Corporation has advanced baseline studies on the Marban project, held meetings with key stakeholders, and hosted its first community information meeting for nearby residents. O3 Mining aims to become a leading gold producer and put the Marban project into production by 2026.
Alpha – Advanced Exploration
The Alpha property is located eight kilometres east of Val-d'Or, Québec, and three kilometres south of the Eldorado Lamaque Mine. The property covers more than 7,754 hectares and includes 20 kilometres of the prolific Cadillac Break. O3 Mining has an option agreement that grants the right to acquire 100 percent interest in the Aurbel Mill located only 10 kilometres from the Alpha property for C
In 2022, the 33,000 metres of drilling at Alpha will be focused on expanding the known deposits at Kappa and Bulldog, following up on sigma type veins in the Omega sector and resource conversion of the Akasaba deposit. A 54,121 metres program was executed in 2021 which included grassroots exploration, deposit delineation, and resource expansion.
1/ Mineral Inventory: i) Marban Technical Report 2020 Prepared by Ausenco Engineering Canada, Moose Mountain Technical Services and WSP Canada, ii) Orenada Technical Report 2018 Prepared by InnovExplo Inc., iii) Akasaba Technical Report 2014 Prepared by Geologica Inc. and Geopointcom Inc., iv) Simkar Gold Technical Report 2015 Prepared by MRB & Associates, v) East Cadillac Technical Report 2017 Prepared by MRB & Associates vi) Sleepy Technical Report 2014 Prepared by Geologica Group-Counseil Inc. and GeoPointCom Inc. |
Qualified Person
The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Sébastien Vigneau. (OGQ #993), Principal Geologist, who is a "qualified person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").
Quality Control and Reporting Protocols
True width determination is currently unknown but is estimated at 65
About O3 Mining Inc.
O3 Mining Inc., an Osisko Group company, is a gold explorer and mine developer on the road to produce from its highly prospective gold camps in Québec, Canada. O3 Mining benefits from the support, previous mine-building success, and expertise of the Osisko team as it grows towards being a gold producer with several multi-million ounce deposits in Québec.
O3 Mining is well-capitalized and owns a
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SOURCE O3 Mining Inc.
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