TSXV: OIII | OTCQX: OIIIF - O3 Mining
TORONTO, June 7, 2022
/CNW/ - O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) ("O3
Mining" or the "Corporation) is pleased to provide a progress
update on the mining, metallurgical, geomechanical, geotechnical,
environmental and community engagement work components of the
Pre-Feasibility Study ("PFS") for the Marban Engineering Project.
O3 Mining remains committed to completing the study on schedule in
Q3 2022.
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 (owned equally by Agnico Eagle
Mines Limited and Yamana Gold Inc.). Activity at Marban in 2022 has
been focused on Marban Engineering and working
towards completion of the PFS and future economic studies.
PFS Progress Highlights
- A trade-off study has been completed on mine/mill throughput,
indicating a 50% increase from the Preliminary Economic Assessment
("PEA") estimate of 4 Mt per year to 6 Mt per year to mill
- The geotechnical and geomechanical testing has been
completed
- The mineral processing and metallurgical testing program has
been completed
- Environmental baseline studies are ongoing and dialogue has
been initiated with First Nations communities, host communities
around the project and government representatives from all levels
of government
Mining
- Improved mine sequencing to limit peak mining rate increase to
15% with the increase of 50% in mill feed throughput and reduced
peak stockpile under 2Mt vs 12Mt at PEA
- Improvements made to the productivity with; increased truck
size to 150 tonnes from 100 tonnes in PEA and increased bench size
from 5 metres to 10 metres
- The Mineral Resource Estimate ("MRE") dated March 1, 2022 (See Press Release March 1, 2022) will be used as the resource base
for the PFS together with the completed and reported metallurgical
testwork results
- Additional work to be completed includes:
-
- Mine sequencing and stockpile design
- Detailed mine capital cost and operational cost
Geotechnical, Geomechanical, and
Hydrogeological Programs
- Geotechnical and geomechanical testing has been completed in
Q2; interpretation ongoing
- Hydrogeological modelling has been completed
Mineral Processing and
Tailings Management
- The metallurgical testing program has been completed
- Trade-off study on CAPEX to recovery for grinding and leach
circuit design has been completed. A reduction of target grind size
from 100 microns to 85 microns and optimized leach-CIP circuit will
be integrated in the mill design. Combined with improved results
from testwork program and the inclusion of solution losses the
recovery for the PFS is: 94.9% for Marban and 91.9% for
Norlartic.
- The tailings management trade-off study has been completed,
with an improved conventional tailings scenario selected. This
scenario combines a smaller tailing management facility and in-pit
tailings deposition enabling a project footprint reduction.
Table 1: PFS Calculated Recoveries
(Gold)
Pits
|
Leach
Extraction
|
Soluble and
other Losses
|
Net Recovery
|
Marban and Kierens
|
95.4%
|
0.5%
|
94.9%
|
Norlartic
|
(12.084 * Au
Head Grade
(g/t) + 80.2)%
|
0.5%
|
Average of 91.9%
based on preliminary
mine plan1
|
|
Note (1): Final
recoveries will be confirmed once the final mine plan is
completed
|
Environmental Baseline Studies and
Community Relations
O3 Mining has advanced environmental baseline studies as stated
in the 2021 ESG Report (See Press Release April 4, 2022), as well as, initiated dialogue
with First Nations communities, government representatives from all
three levels: municipal, provincial and federal, host communities
around the project and other relevant stakeholders. O3 remains
committed to the responsible development of its projects by
incorporating a holistic sustainability approach to generate value
for all stakeholders and to handle environmental concerns.
Additionally, O3 Mining has taken supplementary steps towards
the social acceptability of the project. The company intends to
implement a participatory approach and met with the citizens
located in the project's proximity to obtain their feedback to
determine the most suitable and effective mechanism to exchange
through the continuation of discussions (See Press Release
May 25, 2022).
Marban Engineering 2022
The Corporation will continue to advance the Marban Engineering
project towards production by completing the PFS by Q3 2022 as
planned. O3 Mining aims to become a leading gold producer and put
the Marban project into production by 2026. In 2022, 18,000
metres have been drilled on Marban Engineering, with an
additional 40,000 metres planned until the end of the year.
Drilling will be focused on infill and expansion drilling, as well
as exploration drilling in the Marban Fold area.
Figure 1: Marban Property Map
Qualified Persons
The scientific and technical content of this news release has
been reviewed, prepared, and approved by Mr. Sébastien Vigneau, P.
Geo (OGQ #993), Principal Geologist of the Corporation, Mr.
Rob Raponi, P. Eng, Process and
Infrastructure of Ausenco, and Mr. Carl
Michaud. Messrs Raponi, Michaud and Vigneau are "Qualified
Persons" as defined by National Instrument 43-101 – Standards of
Disclosure for Mineral Projects ("NI 43-101").
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
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.