O3 Mining Intersects 3.7 g/t Au over 11.0 Metres at Norlartic Extension, Marban Engineering

Rhea-AI Summary

O3 Mining (TSXV: OIII, OTCQX: OIIIF) has announced significant results from its ongoing drilling program on the Marban Project in Val-d'Or, Quebec. The report covers 27 holes drilled in 2022, totaling 13,692 metres, revealing valuable intercepts including 3.7 g/t Au over 11.0 metres in hole O3MA-22-334 and 7.9 g/t Au over 3.2 metres in hole O3MA-22-423. These findings suggest the potential for expanding resources in the area with an updated resource estimate. The drilling program aims to explore the Norlartic trend further, which may lead to greater economic viability for the Marban Project.

Positive

• Reported significant gold intercepts, such as 3.7 g/t Au over 11.0 metres and 7.9 g/t Au over 3.2 metres.
• Indicates potential to expand near-surface resources and justify a single larger pit.
• Promising geological similarities between the Norlartic Extension and existing mineralization, suggesting resource continuity.

Negative

• None.

TSXV:OIII | OTCQX:OIIIF - O3 Mining

TORONTO, Feb. 27, 2023 /PRNewswire/ - O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) ("O3 Mining" or the "Corporation") is pleased to provide an update on its continuing drilling program on its Marban Project in Val-d'Or, Quebec, Canada. The Corporation is reporting new significant results from 27 holes drilled in 2022 over recognized extensions of the Norlartic trend up to two kilometres towards the southeast of the Norlartic deposit and adjacent to the northern wall of the Marban pit. A total of 13,692 metres in 56 holes have been drilled during this program. Assay results from two holes are still pending.

Highlights:

• 27 near surface economic intercepts reported today, including:
• 3.7 g/t Au over 11.0 metres in hole O3MA-22-334 from 166.0 metres, 140 metres to the north-west of one of the possible satellite pits identified in the Pre-feasibility study ("PFS");
• 7.9 g/t Au over 3.2 metres in hole O3MA-22-423 from 39.1 metres, 400 metres to the east-south-east of one of the possible satellite pits identified in the PFS.

"These new results from our 2022 exploration program at Marban Engineering continue to highlight the potential to increase near-surface resources. In particular, the results published today suggest that with further work it may be possible to demontrate that the three satellite resource pits north of the Marban main pit could provide a basis to justify a single larger pit and show potential to expand eastward." O3 Mining's President and Chief Executive Officer, Mr. Jose Vizquerra commented: "

The Norlartic Extension trend has now been drilled over two kilometres at 80 metre spacings down to an average of 250 vertical metres. The dyke swarm hosting the gold mineralization at Norlartic Extension is geologically identical to the one hosting the Norlartic and Kierens mineralization. They correspond to mafic and intermediate fine-grained dykes, which have been successfully traced along the trend and serve as a marker to the mineralized corridor. The PFS resource estimate generated three small pits using historical drill results along the Norlartic Extension trend immediately north of the Marban pit. The new drill results obtained in that area returned additional significant intercepts, which suggest the possibility that an updated resource estimate could confirm and expand this inferred resource.

The Marban Dyke mineralization is associated with quartz vein stockwork hosted in felsic dykes. They correspond to a series of zones located in the north-eastern portion of the Marban pit. The three intercepts reported are located along the north-western extension of those zones or along a stacked zone located further north.

Figure 1 – Marban Project Surface Map

Figure 2 – Norlartic Extension Significant Intercepts

Table 1: Near Surface Expension Drill Hole Intercepts (only intercepts above 5.0 g/t Au*m are reported, cut-off 0.3 g/t Au and above 300m from surface)

Hole	From (m)	To (m)	Grade (g/t Au)	Core Length (m)	Zone
O3MA-22-302	69.0	76.3	0.7	7.3	Norlartic Extension
O3MA-22-320	287.5	294.7	1.0	7.2
O3MA-22-324	125.7	138.3	0.5	12.6
O3MA-22-327	76.8	82.0	1.4	5.2
O3MA-22-327	85.8	96.7	1.3	10.9
O3MA-22-334	166.0	177.0	3.7	11.0
O3MA-22-334	206.5	207.6	5.5	1.1
O3MA-22-340	101.3	107.1	0.9	5.8
O3MA-22-340	154.3	166.0	1.1	11.7
O3MA-22-358	46.1	52.5	0.9	6.4
O3MA-22-358	54.6	59.2	2.2	4.6
O3MA-22-360	34.5	39.5	2.7	5.0
O3MA-22-360	59.0	64.3	1.0	5.3
O3MA-22-360	74.0	83.5	1.3	9.5
O3MA-22-361	78.5	79.5	14.5	1.0
O3MA-22-365	170.4	179.0	0.9	8.6
O3MA-22-369	188.1	194.6	1.3	6.5
O3MA-22-381	93.0	94.5	5.3	1.5
O3MA-22-387	323.6	327	3.1	3.4
O3MA-22-412	32.5	35.5	1.8	3.0
O3MA-22-414	172.8	183.5	0.5	10.7
O3MA-22-423	25.3	26.5	4.2	1.2
O3MA-22-423	39.1	42.3	7.9	3.2
O3MA-22-443	37.5	39.5	2.6	2.0
O3MA-22-361	159.0	165.0	0.8	6.0	Marban Dyke
O3MA-22-361	184.0	187.0	2.6	3.0
O3MA-22-377	213.0	213.6	20.2	0.6

 

The drilling campaign on Norlartic Extension comprises 56 drill holes totaling 13,692 metres. The parameters are listed in Table 2 for the entire program. Significant intercepts have been published in the last months (Press Release – July 6, 2022, and December 22, 2022) Those drill holes also contain a significant amount of intercepts with grade-thickness values below 5 m*g/t Au.

Table 2: Technical parameters of holes of the 2022 campaign on Norlartic Extension and Marban Dyke

Hole	Azimuth (°)	Dip (°)	Start Depth (m)	End Depth (m)	Length (m)	UTM Easting (m)	UTM Northing (m)
O3MA-22-298	208	-60	0	287.8	287.8	278326	5336377
O3MA-22-299	208	-61	0	187.1	187.1	278125	5336368
O3MA-22-300	208	-50	0	278.8	278.8	278126	5336462
O3MA-22-301	212	-58	0	275.8	275.8	278077	5336467
O3MA-22-302	201	-50	0	240	240	278011	5336477
O3MA-22-303A	181	-47	0	192	192	277974	5336291
O3MA-22-304	181	-47	0	186	186	278027	5336353
O3MA-22-305	181	-47	0	195	195	278089	5336309
O3MA-22-306	181	-47	0	207	207	278064	5336283
O3MA-22-307	181	-47	0	147	147	278147	5336250
O3MA-22-309	181	-47	0	165	165	278204	5336212
O3MA-22-313	208	-53	0	279.1	279.1	278185	5336591
O3MA-22-317	208	-54	0	362.9	362.9	278183	5336694
O3MA-22-320	218	-62	0	342	342	278183	5336694
O3MA-22-322	209	-50	0	363	363	278275	5336349
O3MA-22-324	207	-47	0	279	279	278441	5336433
O3MA-22-327	206	-59	0	303	303	278465	5336338
O3MA-22-330	209	-69	0	276	276	278178	5336647
O3MA-22-333	207	-66	0	237	237	278226	5336569
O3MA-22-334	207	-55	0	250.3	250.3	278113	5336678
O3MA-22-338	213	-70	0	207	207	278042	5336567
O3MA-22-340	206	-57	0	267	267	278139	5336567
O3MA-22-344	205	-60	0	291.1	291.1	278041	5336726
O3MA-22-349	197	-45	0	149.9	149.9	277814	5336689
O3MA-22-350A	158	-77	0	180.1	180.1	277814	5336689
O3MA-22-353	194	-54	0	87	87	277869	5336600
O3MA-22-355	206	-57	0	207	207	277987	5336630
O3MA-22-357	207	-56	0	132	132	277934	5336555
O3MA-22-358	207	-56	0	135	135	277994	5336501
O3MA-22-360	207	-56	0	228	228	278143	5336436
O3MA-22-361	207	-56	0	204	204	278176	5336346
O3MA-22-362	206	-59	0	309	309	278526	5336450
O3MA-22-365	206	-68	0	281.9	281.9	278390	5336533
O3MA-22-367	207	-66	0	210	210	278275	5336492
O3MA-22-369	209	-69	0	201	201	278195	5336509
O3MA-22-372	210	-53	0	312	312	278241	5336430
O3MA-22-373	206	-55	0	359.6	359.6	278324	5336413
O3MA-22-377	206	-57	0	299.9	299.9	278352	5336319
O3MA-22-379	206	-57	0	318.2	318.2	278473	5336215
O3MA-22-381	150	-70	0	213	213	278530	5336380
O3MA-22-382	180	-45	0	195.2	195.2	278530	5336380
O3MA-22-384	207	-52	0	267	267	278628	5336132
O3MA-22-387	211	-62	0	330	330	278588	5336198
O3MA-22-388	207	-52	0	312	312	278860	5336056
O3MA-22-391	187	-61	0	171	171	279344	5335851
O3MA-22-394	187	-61	0	128.8	128.8	279484	5335760
O3MA-22-395	207	-56	0	191.6	191.6	279066	5336102
O3MA-22-398	207	-56	0	168.1	168.1	278974	5336099
O3MA-22-400	207	-56	0	257.9	257.9	278905	5336140
O3MA-22-403	206	-63	0	342	342	278938	5336203
O3MA-22-412	206	-57	0	351	351	279018	5336180
O3MA-22-414	207	-56	0	393	393	278835	5336180
O3MA-22-416	213	-69	0	288	288	278750	5336194
O3MA-22-419	207	-50	0	233.9	233.9	278744	5336181
O3MA-22-421	207	-73	0	230.9	230.9	278665	5336194
O3MA-22-431	187	-86	0	186	186	279125	5335873

 

Qualified Persons

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").

For further information on the Marban project, please see the technical report, entitled "NI 43-101 Pre-feasibility Study of the Marban Engineering Project" and dated October 7, 2022 (with an effective date of September 6, 2022), (the "Marban PFS"). Reference should be made to the full text of the Marban PFS for the assumptions, qualifications and limitations relating to the PFS. The Marban PFS is available on SEDAR (www.sedar.com) under O3 Mining's issuer profile.

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Quality Control and Reporting Protocols

Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Half-core samples are shipped to Agat laboratory in Val-d'Or, Québec, and Mississauga, Ontario for assaying. The core is crushed to 75% passing -2 mm (10 mesh), a 250 g split of this material is pulverized to 85% passing 75 microns (200 mesh) and 50 g is analyzed by Fire Assay (FA) with an Atomic Absorption Spectrometry (AAS) finish. Samples assaying >10.0 g/t Au are re-analyzed with a gravimetric finish using a 50 g charge. Commercial certified standard material and blanks are systematically inserted by O3 Mining's geologists into the sample chain after every 18 core samples as part of the quality assurance and quality control ("QA/QC") program. Third-party assays are submitted to other designated laboratories for 5% of mineralized samples. Drill program design, QA/QC, and interpretation of results are performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices.

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 100% interest in all its properties (66,000 hectares) in Québec. O3 Mining trades on the TSX Venture Exchange (TSXV: OIII) and OTC Markets (OTCQX: OIIIF). The Corporation is focused on delivering superior returns to its shareholders and long-term benefits to its stakeholders. Further information can be found on our website at https://o3mining.com

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 including, but are not limited to, statements with respect to planned and ongoing drilling, the significance of drill results, the ability to continue drilling, the impact of drilling on the definition of any resource, the ability to incorporate new drilling in an updated technical report and resource model. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements Forward-looking information is based on estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the drill results at Malartic H; the significance of drill results; the ability of drill results to accurately predict mineralization; the ability of the Corporation to produce an updated mineral resource estimate on Malartic in Q2 2023 (or at all); the ability of any material to be mined in a matter that is economic. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Corporation nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Corporation believes that this forward-looking information is based on reasonable assumptions, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. The Corporation does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. These statements speak only as of the date of this news release.

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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/o3-mining-intersects-3-7-gt-au-over-11-0-metres-at-norlartic-extension-marban-engineering-301756257.html

SOURCE O3 Mining Inc.

FAQ

What new drilling results did O3 Mining report on February 27, 2023?

O3 Mining reported significant gold intercepts from its Marban Project drilling program, including 3.7 g/t Au over 11.0 metres and 7.9 g/t Au over 3.2 metres.

How many holes were drilled in the Marban Project by O3 Mining in 2022?

O3 Mining drilled a total of 56 holes totaling 13,692 metres in the Marban Project during 2022.

What is the significance of the Norlartic trend for O3 Mining?

The Norlartic trend shows potential for expanding near-surface resources and justifying a larger single pit, which may enhance the project's economic viability.

What areas are being explored under the Marban Project?

The drilling program is focused on the Norlartic trend and the adjacent northern wall of the Marban pit.