TSXV:OIII | OTCQX:OIIIF - O3 Mining
TORONTO, June 8, 2023
/CNW/ - O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) ("O3
Mining" or the "Corporation") is pleased to provide additional
assay results from our winter drill program on our Marban
Engineering Project in Val-d'Or, Québec, Canada. In this news release, the Corporation
is reporting 22 significant intercepts in 13 drill holes from
the Malartic H deposit drill program completed in March 2023, which expands upon the 17 significant
intercepts disclosed in O3 Mining's new release dated May 16, 2023 (entitled "O3 Mining Intersects
5.9 g/t Au Over 10.1 Metres on Malartic H"). The Malartic H
deposit consists of multiple stacked lenses now covering an area of
950 metres along strike and 300 metres wide.
Highlights:
- 4.0 g/t Au over 36.5 metres in hole
O3MA-23-485 at a vertical depth of 66 metres, including
231.0 g/t over 0.5 metre and 1.2 g/t over
14.4 metres
- 2.8 g/t Au over 16.9 metres in hole
O3MA-22-471 at a vertical depth of 182 metres
- 7.2 g/t Au over 4.5 metres in hole
O3MA-22-476 at a vertical depth of 219 metres
O3 Mining's President and Chief Executive Officer,
Mr. José Vizquerra commented: "These new
robust and shallow intercepts from our 2023 winter drill program
bring us confidence ahead of the maiden near surface resource
estimate to be released shortly. Additionally, higher grade
intercepts deeper in the system could signal potential for an
underground operation."
The 2023 winter drill program on Malartic H covered a one
kilometre stretch, filling gaps covered by historic drilling in the
shallow part of the Malartic H deposit to achieve an 80 metre
spacing. Historic drilling was completed by NioGold Mining Corp.
and Aur Resources Inc., with QA/QC procedures applied and
documented. All assays have been received (except a portion of hole
O3MA-23-491 that replicate hole O3MA-23-485, 6 metres apart),
and O3 Mining expects to release a maiden mineral resource estimate
on the Malartic H deposit later this month.
Malartic H is located within five kilometres of the proposed
processing plant described in the current pre-feasibility study on
the Corporation's Marban Engineering Project.
Table 1: Near Surface Delineation Drill Hole
Intercepts. Only intercepts above 5.0 g/t Au*m are reported,
cut-off 0.3 g/t Au and above 200 metres from surface.
Hole
|
From
(m)
|
To
(m)
|
Grade
(g/t Au)
|
Core
Length
(m)
|
Vertical
Depth
(m)
|
Zone
|
O3MA-23-453*
|
106.9
|
113.0
|
1.2
|
6.1
|
80
|
Malartic H
|
O3MA-23-466
|
174.5
|
176.0
|
4.1
|
1.5
|
137
|
O3MA-23-470
|
260.2
|
260.7
|
29.0
|
0.5
|
175
|
O3MA-23-471
|
114.5
|
120.3
|
1.4
|
5.8
|
86
|
and
|
139.7
|
153.0
|
2.6
|
13.3
|
104
|
and
|
162.5
|
169.4
|
0.8
|
6.9
|
122
|
and
|
241.1
|
258.0
|
2.8
|
16.9
|
182
|
O3MA-23-480
|
91.5
|
100.1
|
1.6
|
8.6
|
68
|
and
|
182.0
|
190.0
|
2.0
|
8.0
|
129
|
and
|
246.0
|
253.1
|
3.4
|
7.1
|
169
|
including
|
247.0
|
248.3
|
13.9
|
1.3
|
169
|
O3MA-23-481
|
46.0
|
47.5
|
8.4
|
1.5
|
33
|
and
|
95.8
|
99.0
|
2.1
|
3.2
|
69
|
and
|
115.2
|
123.0
|
1.0
|
7.8
|
84
|
O3MA-23-484
|
31.4
|
59.0
|
1.2
|
27.6
|
35
|
O3MA-23-485**
|
56.2
|
92.7
|
4.0
|
36.5
|
66
|
including
|
56.2
|
64.0
|
1.1
|
7.8
|
50
|
including
|
72.6
|
87.0
|
1.2
|
14.4
|
66
|
including
|
90.6
|
91.1
|
231.0
|
0.5
|
79
|
O3MA-23-487
|
139.0
|
143.0
|
1.7
|
4.0
|
97
|
O3MA-23-489
|
110.6
|
118.0
|
2.3
|
7.4
|
89
|
O3MA-23-491***
|
74.7
|
88.0
|
1.4
|
13.3
|
68
|
and
|
93.4
|
95.0
|
19.6
|
1.6
|
79
|
including
|
93.4
|
93.9
|
50.9
|
0.5
|
80
|
|
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. *Partly included in the news release dated
May 16, 2023 (entitled "O3 Mining Intersects 5.9 g/t Au Over 10.1
Metres on Malartic H"). **Includes two intervals of lost core from
71.2 metres to 71.8 metres and from 88.5 metres to
90.0 metres where grade was set to zero. ***Drilled
6 metres apart from hole O3MA-23-485 to replicate the
mineralized interval with lost core, assays results from the
beginning of the mineralized interval are still pending.
|
Table 2: Deeper Delineation Drill Hole Intercepts. Only
intercepts above 5.0 g/t Au*m are reported, cut-off 1.0 g/t Au and
below 200 metres from surface.
Hole
|
From
(m)
|
To
(m)
|
Grade
(g/t Au)
|
Core
Length (m)
|
Vertical
Depth
(m)
|
Zone
|
O3MA-23-473
|
355.9
|
356.4
|
22.0
|
0.5
|
268
|
Malartic H
|
O3MA-23-476
|
313.6
|
318.1
|
7.2
|
4.5
|
219
|
including
|
316.0
|
317.0
|
24.2
|
1.0
|
219
|
O3MA-23-476
|
377.0
|
380.0
|
2.7
|
3.0
|
263
|
|
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 Property Map
Figure 2: Location of significant intercepts at Malartic H
About the Malartic H deposit
The Malartic H deposit has a recognized strike length of 950
metres, 300 metres wide and down to a vertical depth of 500 metres.
The mineralized system is partially open laterally and completely
open at depth. It is located about 1 kilometre to the north of the
Malartic Hygrade former mine, near the hinge of a regional Z-shaped
fold. More importantly the Malartic H deposit is also located
between the northwestern extensions of the Marbenite and Norbenite
shears, which host most of the resources of the Marban Engineering
Project. At Malartic H, the two shears are northwest-trending and
dipping around 70 degrees to the northeast. The deposit is hosted
by an alternance of mafic and ultramafic volcanic sequence of the
Jacola formation. Similar to the
Hygrade area, numerous intermediate to felsic dyke systems are
injected in the volcanic sequence. The mineralization occurs as
disseminated pyrite with local visible gold in quartz veins and
veinlets and disseminated in the host rock. Zones are spatially
correlated shears within mafic volcanic units or with the
intermediate to felsic dykes. All zones are roughly
subparallel.
The 2023 winter drilling program on the Malartic H deposit
comprises 23 drill holes totaling 6,948 metres. The parameters are
listed in Table 3 for the entire program. Assay results are
completely received except for the one twin hole mentioned above
(which results are pending).
Table 3: Technical parameters of holes of the 2023
campaign on Malartic H.
Hole
|
Azimuth
(°)
|
Dip
(°)
|
Start
Depth
(m)
|
End
Depth
(m)
|
Length
(m)
|
UTM Zone
18 Easting
(m)
|
UTM Zone
18 Northing
(m)
|
Assays
Status
|
O3MA-23-453
|
224
|
-45
|
0
|
183
|
183
|
275524
|
5339441
|
All Received
|
O3MA-23-455
|
224
|
-45
|
0
|
201
|
201
|
275608
|
5339411
|
All Received
|
O3MA-23-456
|
224
|
-50
|
0
|
126
|
126
|
275650
|
5339341
|
All Received
|
O3MA-23-457
|
224
|
-49
|
0
|
201
|
201
|
275749
|
5339341
|
All Received
|
O3MA-23-458
|
224
|
-50
|
0
|
321
|
321
|
275524
|
5339536
|
All Received
|
O3MA-23-461
|
224
|
-45
|
0
|
309
|
309
|
275606
|
5339521
|
All Received
|
O3MA-23-463
|
238
|
-51
|
0
|
474
|
474
|
275589
|
5339662
|
All Received
|
O3MA-23-466
|
224
|
-50
|
0
|
198
|
198
|
275352
|
5339477
|
All Received
|
O3MA-23-467
|
224
|
-50
|
0
|
234
|
234
|
275437
|
5339469
|
All Received
|
O3MA-23-469
|
224
|
-58
|
0
|
309
|
309
|
275450
|
5339567
|
All Received
|
O3MA-23-470
|
224
|
-45
|
0
|
351
|
351
|
275690
|
5339490
|
All Received
|
O3MA-23-471
|
224
|
-45
|
0
|
333
|
333
|
275317
|
5339798
|
All Received
|
O3MA-23-473
|
198
|
-50
|
0
|
510
|
510
|
275492
|
5339844
|
All Received
|
O3MA-23-474
|
193
|
-65
|
0
|
426
|
426
|
275384
|
5339713
|
All Received
|
O3MA-23-476
|
224
|
-45
|
0
|
450
|
450
|
275397
|
5339875
|
All Received
|
O3MA-23-477
|
224
|
-50
|
0
|
429
|
429
|
275409
|
5339764
|
All Received
|
O3MA-23-481
|
224
|
-45
|
0
|
207
|
207
|
274987
|
5340035
|
All Received
|
O3MA-23-480
|
224
|
-45
|
0
|
372
|
372
|
275266
|
5339857
|
All Received
|
O3MA-23-484
|
224
|
-45
|
0
|
231
|
231
|
275026
|
5340184
|
All Received
|
O3MA-23-485
|
224
|
-56
|
0
|
375
|
375
|
275188
|
5339891
|
All Received
|
O3MA-23-487
|
224
|
-45
|
0
|
270
|
270
|
275028
|
5339964
|
All Received
|
O3MA-23-489
|
224
|
-48
|
0
|
333
|
333
|
275116
|
5340224
|
All Received
|
O3MA-23-491
|
222
|
-56
|
0
|
105
|
105
|
275190
|
5339890
|
Partial
Result
|
For full drilling results, please see our website
www.o3mining.com.
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 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 (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. Forward-looking statements including, but are not limited
to, statements with respect to the significance of assay results
disclosed herein, the ability of exploration (including drilling)
to accurately predict mineralization, the significance of
historical drilling, the veracity of historical QA/QC procedures,
the significance of the intercepts reported in this news release,
and the prospectivity of the two main shears. 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. 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.
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Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
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commission or other regulatory authority has approved or
disapproved the information contained herein.
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SOURCE O3 Mining Inc.