TSXV:OIII | OTCQX:OIIIF - O3 Mining
TORONTO, Feb. 22,
2024 /CNW/ - O3 Mining Inc. (TSXV: OIII)
(OTCQX: OIIIF) ("O3 Mining" or the "Corporation") is
pleased to announce that it has received initial results from its
2,886 metre infill drilling campaign completed between November 2023 and January
2024 on the Norlartic Extension area within the Marban
Alliance project, in Val-d'Or,
Québec, Canada.
Highlights:
- 9.6 g/t Au over 6.2 metres in hole
O3MA-23-539 at a vertical depth of 36 metres, including 104
g/t over 0.5 metre on Norlartic Extension
- 3.7 g/t Au over 5.9 metres in hole
O3MA-23-539 at a vertical depth of 21 metres on Norlartic
Extension
- 1.2 g/t Au over 17.2 metres in hole
O3MA-23-546 at a vertical depth of 106 metres on Norlartic
Extension
O3 Mining's President and Chief Executive Officer, Mr. José
Vizquerra commented: "These new intercepts from our 2023
infill drilling program at Marban Alliance will provide additional
data to advance our understanding of the existing resources at
Marban Alliance. Located at the Norlartic Extension deposit, these
results strengthen our confidence in expanding the Norlartic
Extension satellite pits in our anticipated Feasibility Study. We
will continue to report on results from our winter drilling
campaign in the Marban Alliance project as assays are
received."
The 2023 drilling campaign on the Norlartic Extension focused on
best intercepts of the 2022 drilling campaign (see news releases of
O3 Mining dated (i) July 6, 2022 and
entitled "O3 Mining Intersects 2.3 g/t Au Over 14.8
Metres Outside Resource Pit Shells at Marban
Engineering", and (ii) February
27, 2023 and entitled "O3 Mining Intersects 3.7 g/t Au
over 11.0 Metres at Norlartic Extension, Marban
Engineering"). In the area adjacent to the main Marban
pit, three satellite pits were defined in the Corporation's
pre-feasibility study using only historical drilling. A strike
length of 200 metres hosting multiple Norlartic Extension dyke
swarms was drilled down to 250 metres vertical at a spacing of
40 metres, corresponding to the drill spacing used elsewhere
on the property. The results released today along with those from
2022 show two near-surface mineralized lenses of at least
200 metres long each. Complete assay results for nine of the
18 drill holes from this campaign have been received to date. Once
all assays are received, the 2022 and 2023 results on Norlartic
Extension will be integrated into an updated mineral resource
estimate to be used in a future feasibility study on the Marban
Alliance project.
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 a two-kilometre trend and serve as a marker to the
mineralized corridor.
Table 1: Near Surface Drill Hole Intercepts. Only
intercepts with metal factor above 5.0 (g/t Au x metres) are
reported, cut-off 0.3 g/t Au and above 200 metres from surface. See
Table 2 below for full technical parameters.
Hole
|
From
|
To
|
Grade
|
Core
Length
|
Vertical
Depth
|
Zone
|
(m)
|
(m)
|
(g/t
Au)
|
(m)
|
(m)
|
O3MA-23-532
|
26
|
34
|
0.9
|
8
|
25
|
Norlartic
Extension
|
91.6
|
102.8
|
0.9
|
11.2
|
83
|
O3MA-23-535
|
101.7
|
105
|
1.5
|
3.3
|
81
|
O3MA-23-537
|
48.7
|
50.1
|
5.3
|
1.4
|
36
|
59.7
|
63
|
2.1
|
3.3
|
46
|
O3MA-23-539
|
25.1
|
31
|
3.7
|
5.9
|
21
|
43.7
|
49.9
|
9.6
|
6.2
|
36
|
Including
(VG*)
|
47.8
|
48.3
|
104
|
0.5
|
36
|
O3MA-23-546
|
111.2
|
128.4
|
1.2
|
17.2
|
106
|
O3MA-23-548
|
133.9
|
137.3
|
2.1
|
3.4
|
117
|
154
|
161.9
|
0.9
|
7.9
|
136
|
|
True width
determination is currently unknown but is estimated at 65-80% of
the reported core length interval for the zones. Assays are uncut
except where indicated.
|
*Interval where gold
was visually observed
|
|
Figure 1: Photos of visible gold at 48.0 metres in hole
O3MA-23-539
Figure 2: Marban Alliance Project Map
Figure 3: Location of significant intercepts at Norlartic
Extension
Table 2: Technical parameters of holes of the
2023-2024 campaign at Norlartic Extension
Hole
|
Azimuth
(°)
|
Dip
(°)
|
Start Depth
(m)
|
End Depth
(m)
|
Length
(m)
|
UTM
Zone 18
Easting
(m)
|
UTM
Zone 18
Northing
(m)
|
Assays
Status
|
O3MA-23-532
|
207
|
-56
|
0
|
213
|
213
|
278089
|
5336567
|
All Received
|
O3MA-23-533
|
198
|
-47
|
0
|
189
|
189
|
278028
|
5336548
|
All Received
|
O3MA-23-534
|
198
|
-73
|
0
|
117
|
117
|
277950
|
5336510
|
All Received
|
O3MA-23-535
|
213
|
-53
|
0
|
147
|
147
|
277984
|
5336475
|
All Received
|
O3MA-23-536
|
207
|
-57
|
0
|
132
|
132
|
278069
|
5336453
|
All Received
|
O3MA-23-537
|
208
|
-52
|
0
|
117
|
117
|
278013
|
5336435
|
All Received
|
O3MA-23-538
|
207
|
-56
|
0
|
132
|
132
|
278038
|
5336494
|
All Received
|
O3MA-23-539
|
204
|
-50
|
0
|
120
|
120
|
278105
|
5336435
|
All Received
|
O3MA-23-540
|
198
|
-46
|
0
|
120
|
120
|
278120
|
5336409
|
All Received
|
O3MA-23-541
|
207
|
-47
|
0
|
126
|
126
|
278159
|
5336391
|
Partial
|
O3MA-23-542
|
203
|
-52
|
0
|
156
|
156
|
278177
|
5336428
|
All Pending
|
O3MA-23-543
|
206
|
-58
|
0
|
198
|
198
|
278205
|
5336453
|
All Pending
|
O3MA-23-544
|
210
|
-55
|
0
|
171
|
171
|
278069
|
5336531
|
All Pending
|
O3MA-23-545
|
207
|
-57
|
0
|
192
|
192
|
278098
|
5336507
|
Partial
|
O3MA-23-546
|
207
|
-62
|
0
|
204
|
204
|
278113
|
5336530
|
Partial
|
O3MA-23-547
|
213
|
-46
|
0
|
222
|
222
|
278161
|
5336528
|
Partial
|
O3MA-23-548
|
206
|
-60
|
0
|
222
|
222
|
278161
|
5336528
|
Partial
|
O3MA-24-582
|
216
|
-55
|
0
|
109
|
109
|
278209
|
5336384
|
All Pending
|
2024 Infill Drilling Campaign
Update
The 2024 infill drilling campaign at Marban Alliance mainly
focuses on the Malartic H deposit to convert inferred in-pit
resources into the indicated category. The ongoing Malartic H
program consists of approximately 28,000 metres of drilling,
and approximately 10,000 metres of core are currently awaiting
assay results.
Qualified Person
The scientific and technical content of this news release has
been prepared, reviewed, and approved by Mr. Sébastien Vigneau,
P.Geo. (OGQ #993), Principal Geologist of O3 Mining, who is a
"qualified person" within the meaning of National Instrument 43-101
– Standards of Disclosure for Mineral Projects ("NI
43-101").
Quality Assurance/Quality
Control
O3 Mining reviewed all available QA/QC reports, downhole
deviations and dips, collar location, original logs and available
laboratory certificates. O3 Mining individualy inspected and
validated all of mineralized intervals in drill holes core.
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 Québec,
Canada. O3 Mining benefits from
the support and expertise of a team of industry leaders as it grows
towards becoming 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 (75,000 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 modelling. 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 Norlartic Extension;
the significance of drill results; the ability of drill results to
accurately predict mineralization; 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.
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SOURCE O3 Mining Inc.