TSXV:OIII | OTCQX:OIIIF - O3 Mining
TORONTO, July 18,
2023 /CNW/ - O3 Mining Inc. (TSXV: OIII)
(OTCQX: OIIIF) ("O3 Mining" or the "Corporation") is
pleased to announce that it has received results from its
1,368 metre drilling campaign on the Hygrade Fold area
(North-West of Kierens pit), within the Marban Alliance project, in
Val-d'Or, Québec, Canada.
Highlights:
- 33.3 g/t Au over 3.4 metres in hole
O3MA-23-507 at a vertical depth of 138 metres, including
218.0 g/t over 0.5 metres on Zone 341
- Zone 341 now intersects high-grade intervals within four
O3 Mining drill holes and remains open at depth
- 10.8 g/t Au over 2.2 metres in hole
O3MA-23-494 at a vertical depth of 277 metres, including
31.6 g/t over 0.7 metres on Orion 10
- Orion 10 remains open for 300 metres along plunge
O3 Mining's President and Chief Executive Officer,
Mr. José Vizquerra commented: "These new
high-grade intercepts from our 2023 winter drill program
demonstrate the potential of finding high-grade shoots even at
shallow depths within the Marban Alliance project. Located between
the recently-released Malartic H resource area and the Marban
Alliance pre-feasibility study resource area, the Hygrade Fold area
delivers encouraging results".
The 2023 winter drill campaign on the Hygrade Fold area covered
three gold zones: 341, Orion 8, and Orion 10. The campaign on Zone
341 consisted of three follow-up drill holes from an intercept in
hole O3MA-22-341 which returned 5.7 g/t Au over 7.6
metres (See news release of O3 Mining dated September 13, 2022 and entitled "O3
Mining Intersects 20.5 g/t Au over 2.2 Metres Including 73.5 g/t Au
over 0.6 Metres at Hygrade Fold, Marban Engineering"). Holes
were drilled approximately 40 metres apart and successfully
expanded the high-grade mineralized zone up-dip and towards the
east, with two out of three holes intersecting high-grade intervals
(see Table 1).
On Orion, three holes were drilled to test the accuracy of the
historical mining stope 3D model on Orion 8 and whether
mineralization remains in the walls of the stopes. Hole O3MA-23-499
indicates that 4.2 metres of mineralized material at 2.2 g/t
Au remains below the historical mining stope. One hole,
O3MA-23-494, was extended beyond the Orion 8 deposit to reach the
Orion 10 Zone at depth. This hole returned a high-grade intercept
of 10.8 g/t Au over 2.2 metres showing the potential to
expand the Orion 10 zone at depth (see Table 2).
Table 1: Near Surface Drill Hole Intercepts. Only
intercepts above 5.0 g/t Au*metres are reported, cut-off 0.3 g/t Au
and above 200 metres from surface.
Hole
|
From
(m)
|
To
(m)
|
Grade
|
Core
Length
(m)
|
Vertical
Depth
|
Zone
|
(g/t
Au)
|
(m)
|
O3MA-23-499
|
66.8
|
71.0
|
2.2
|
4.2
|
98
|
Orion 8
|
O3MA-23-505
|
115.4
|
118.2
|
4.3
|
2.8
|
124
|
341
|
including
|
115.4
|
116.0
|
17.2
|
0.6
|
124
|
O3MA-23-507
|
133.0
|
136.4
|
33.3
|
3.4
|
138
|
including
|
135.9
|
136.4
|
218.0
|
0.5
|
138
|
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.
|
Table 2: Deeper Drill Hole Intercepts. Only
intercepts above 5.0 g/t Au*metres are reported, cut-off 1.0 g/t Au
and below 200 metres from surface.
Hole
|
From
(m)
|
To
(m)
|
Grade
|
Core
Length (m)
|
Vertical
Depth
|
Zone
|
(g/t
Au)
|
(m)
|
O3MA-23-494
|
255.8
|
258.0
|
10.8
|
2.2
|
277
|
Orion 10
|
including
|
255.8
|
256.5
|
31.6
|
0.7
|
277
|
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.
|
Figure 1: Marban Alliance Project Map
Figure 2: Location of significant intercepts at Hygrade Fold
About the Hygrade Fold Area
The Hygrade Fold area is located North-West of the Kierens pit,
to the west of the area relating to the pre-feasibility study on
the Marban Alliance project, and south of the Malartic H deposit.
It contains several gold deposits and occurrences including
Malartic Hygrade, Orion 8, Orion 10 and Zone 341. The
mineralization is related to quartz and quartz-carbonate veining
within mafic and ultramafic flows and locally spatially related to
small intrusions.
Historical production was recorded from Malartic Hygrade and the
Orion 8. Epoch, tonnages and grades of historical production are
reported in Table 3.
Table 3: Historical production within the Hygrade Fold
area
Mine
|
Company
|
Years
|
Tonnes
|
g/t
Au
|
Au
Ounces
|
Malartic
Hygrade
|
Malartic
Hygrade
|
1962–1963
|
28,000
|
19.6
|
18,000
|
Orion 8
|
Malartic
Hygrade
|
1987–1990
|
131,000
|
5.3
|
22,000
|
Source: Technical
report entitled "NI 43-101 Pre-feasibility Study of the Marban
Engineering Project" and dated October 7, 2022 (with an effective
date of August 17, 2022), prepared for O3 Mining by Ausenco
Engineering Canada Inc. with the assistance of G Mining and WSP
Canada.
|
The 2023 winter drilling program at the Hygrade Fold area
consisted of six drill holes totaling 1,368 metres. The parameters
are listed in Table 4 for the entire program. All assay
results have been received.
Table 4: Technical parameters of holes of the 2023
campaign at Hygrade Fold.
Hole
|
Azimuth
(°)
|
Dip
(°)
|
Start
Depth
(m)
|
End
Depth
(m)
|
Length
(m)
|
UTM
Zone 18
Easting
(m)
|
UTM
Zone 18
Northing
(m)
|
Assays
Status
|
O3MA-23-494
|
196
|
-65
|
0
|
345
|
345
|
275343
|
5338444
|
All Received
|
O3MA-23-499
|
198
|
-48
|
0
|
117
|
117
|
275349
|
5338422
|
All Received
|
O3MA-23-502
|
208
|
-51
|
0
|
138
|
138
|
275330
|
5338399
|
All Received
|
O3MA-23-505
|
153
|
-45
|
0
|
204
|
204
|
274610
|
5339142
|
All Received
|
O3MA-23-507
|
150
|
-45
|
0
|
243
|
243
|
274636
|
5339160
|
All Received
|
O3MA-23-510
|
150
|
-60
|
0
|
321
|
321
|
274636
|
5339160
|
All Received
|
Qualified Persons
The scientific and technical content of this news release has
been prepared, reviewed and approved by Mr. Sébastien Vigneau (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
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. 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 (62,000 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. In this news
release, such forward-looking information includes, but is not
limited to, the following statements: the potential of finding
high-grade shoots at shallow depths within the Marban Alliance
project; the potential to expand the Orion 10 zone at depth; the
significance of historical production at Malartic Hygrade and Orion
8; production being achieved at any of the Corporation's
properties; the Corporation becoming a gold producer with several
multi-million-ounce deposits in Québec; the Corporation's ability
to deliver superior returns to its shareholders and long-term
benefits to its stakeholders. 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 ability of
exploration activities (including drilling) to accurately predict
mineralization; errors in management's modelling; the ability of
any material to be mined in a matter that is economic; the
Corporation's ability to obtain any necessary permits, consents or
authorizations required for its planned activities; the
Corporation's ability to raise the necessary capital or to be fully
able to implement its business strategies; and the price of gold.
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
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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
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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
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SOURCE O3 Mining Inc.