TSXV:OIII | OTCQX:OIIIF – O3 Mining
TORONTO, June 27,
2023 /CNW/ - O3 Mining Inc. (TSXV: OIII)
(OTCQX: OIIIF) ("O3 Mining" or the "Corporation") is
pleased to announce a name change to certain projects to provide
simplicity and clarity for its stakeholders going forward. The
Corporations flagship project, Marban Engineering, will be re-named
the Marban Alliance project, and the project
previously referred to as Marban Regional, covering broader
regional exploration properties, will be re-named the
Horizon project. The Corporation is also pleased to announce
an update on the progress of the Corporation's technical, economic
and environmental studies.
O3 Mining President and Chief Executive Officer, Mr.
Jose Vizquerra
commented, "I am proud to unveil the new name for our
flagship project, Marban Alliance, which reflects our
commitment for this project to benefit all stakeholders in the
region. We will continue to develop the Marban Alliance
project by focusing on win-win opportunities for our partners, host
communities and shareholders, and we remain committed to our
sustainable development and social responsibility values being at
the centre of our actions as we work diligently to develop the
Marban Alliance project towards production".
Highlights
- The Corporation has made the decision to distinguish and
differentiate the two separate strategies of mine development and
regional exploration within its Marban property.
-
- The Marban Engineering project becomes the Marban
Alliance project, which is at the advanced Development
Stage (See Figure 1 & 2). Projects at this stage of
development typically require extensive work, and third-party
studies, to evaluate the technical and economic feasibility of a
mine project.
- The Marban Regional project, with the addition of the Héva
property, becomes the Horizon project, which is at an
Early Exploration Stage, and represents a regrouping of the
Corporation's regional exploration in the Malartic-Rivière-Héva
area (See Figure 1 & 2). Work on these projects is to determine
whether there is significant mineralization to support moving
forward with additional work.
- The Corporation has developed several information tools and
a collaborative approach to reflect its progress on the
Marban Alliance project (www.Marban-Alliance.com).
- O3 Mining has optimization studies underway to enhance the
technical, environmental and economic aspects of the Marban
Alliance project. With new opportunities being explored, the
Feasibility Study schedule is under review, with an
estimated commencement in H1-2024. The Corporation aims to ensure
the best possible version of the project is prepared which will
take into account the interests of all stakeholders and will ensure
its successful co-existence and positive benefits for Indigenous
and local communities.
With these changes, the Corporation wishes to make a clear
distinction between the Marban Alliance and Horizon projects.
Figure 1 - Marban Alliance and Horizon Property Boundaries
Figure 2 – Stages of the mine development process
Marban Alliance Project
The Corporation has developed several communication tools, and a
collaborative approach for the current Development Stage of the
Marban Alliance project. The project now has its own website
(www.Marban-Alliance.com), synthesizing the key project-related
information in one place. The new tools illustrate the project's
progress in areas beyond the technical and economic aspects and
highlights the contributions of local partners that have made it
possible to advance the project towards its current
stage.
Going forward, with the continued support of our partners and
the local community, the Corporation's view is that this deepened
dialogue will allow for a harmonious development and integration
into the local environment as the project is further advanced into
production.
O3 Mining is convinced that the Marban Alliance project
is a continuation of the rich mining history within the
Val-d'Or–Malartic region.
Figure 3: Marban Alliance Property Map
Figure 4: Marban Alliance Project Satellite View
Meetings with Stakeholders
O3 Mining has been actively listening to citizens, environmental
organizations, governments, First Nations and other stakeholders
prior to, and since it filed the initial project description with
the Impact Assessment Agency of Canada (IAAC) and the project notice with the
Ministère de l'Environnement, de la Lutte contre les changements
climatiques, de la Faune et des Parcs (MELCCFP) (News Release -
November 22, 2022).
Several meetings were held in the winter and spring with various
organizations and citizens' groups. As part of its participatory
approach, O3 Mining continues dialogue with residents of the
communities surrounding the project and with the various
authorities. As announced on May 30,
2023 (Communication to the Community - Neighbourhood Meeting
Marban Project), O3 Mining will welcome citizens from the
surrounding communities today, June 27,
2023, during a Neighborhood Meeting at the Maison du
Citoyen in Dubuisson. Those in
attendance will have an opportunity to learn more about the
Marban Alliance project. Details of upcoming meetings and
interactive workshops planned by O3 Mining will be presented and
will also be available on the new Marban Alliance website at
www.marban-alliance.com/en/participatory-approach under the
schedule for the project's collaborative approach.
Studies Update
Optimization studies
Since the publication of the Pre-Feasibility Study (as defined
below) (News Release -September 6,
2022), O3 Mining has undertaken technical and technological
optimization studies to select a single scenario for detailed
evaluation during the Corporation's planned Feasibility Study.
The first set of project optimization opportunities was assessed
in Q2-2023, and these identified a second set of opportunities that
are currently under review. The levers for improvement include
reducing the stripping ratio (waste rock/ore), reassessing the
infrastructure including mill and tailings and adding ounces to the
mining plan.
Input received during the consultation process conducted by the
IAAC and MELCCFP identified opportunities which are also being
evaluated. The options assessment method has also been revised in
light of the suggestions received for the inclusion of certain
social impact indicators.
The design for the Keriens waterway diversion project will be
updated by the end of the second quarter of 2023.
Field Data Collection
In early 2023, O3 Mining continued the process of collecting
environmental baseline and technical data to compile the
information required for its planned Feasibility Study and its
potential impact studies.
Highlights include:
- Geotechnical drilling and trenching within the infrastructure
footprint and the planned diversion of Chemin Gervais. The Corporation plans additional
geotechnical and hydrogeological drilling for summer 2023.
- Geochemical testing of waste rock, ore and overburden is
underway.
- The inventory of bird fauna continues into early summer
2023.
- Supplemental studies of fish habitat studies in spring
2023.
- Phases 1 and 2 of soil environmental characterization studies
were completed at specific locations in early Q2-2023.
Feasibility Study
With optimization studies underway to enhance the technical,
environmental and economic aspects of the Marban Alliance project ,
the timeline to complete a Feasibility Study on the Marban Alliance
project has been adjusted to ensure the best possible version of
the project is prepared. The updated timeline to publish the
Feasibility Study will be confirmed once the second round of
optimization studies is complete, which may also feature the recent
resource calculation for the Malartic H deposit (News Release –
June 20, 2023). We estimate to
commence the Feasibility Study in H1-2024.
The optimization studies will define essential elements of the
Feasibility Study including:
- annual production rate;
- selection of mining equipment;
- mining infrastructure required for operations; and
- footprint and access.
Horizon Project
The newly named Horizon project covers the previously
named Marban Regional property, the Héva property and recently
acquired claims indicated on the map below. The Horizon
project remains an exploration priority for O3 Mining under the
previously announced planned work programs (News Release
-January 16, 2023).
Figures 5: Horizon Property Map
Figures 6 – Horizon Property Satellite View
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.
Scientific and Technical Disclosure
Technical Report
The scientific and technical information relating to the Marban
Alliance project (formerly the Marban Engineering project) is
supported by the technical report entitled "Marban
Engineering Project NI 43-101 Technical Report &
Pre-Feasibility Study Val-d'Or Quebec,
Canada", dated as of October 7,
2022 (with an effective date of August 24, 2022) (the "Pre-Feasibility Study"),
which was prepared, reviewed and approved by Renee Barrette, ing., James
Purchase, P.Geo., Carl Michaud,
P.Eng., Ali Hooshiar, P.Eng., Davood
Hasanloo, P. Eng., and Andréanne Hamel, ing., each of whom
is a "qualified person" for purposes of National Instrument
43-101 – Standards of Disclosure for Mineral Projects.
Reference should be made to the full text of the Pre-Feasibility
Study, a copy of which is available electronically on SEDAR
(www.sedar.com) under O3 Mining's issuer profile.
Qualified Person Statement
The scientific and technical information in this news release
has been reviewed and approved by Mr. Louis
Gariepy, P.Geo. B.Sc., Vice President of Exploration of O3
Mining, who is a "qualified person" within the meaning of National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects.
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: expected annual production at
the Marban Alliance project; life of mine at the Marban Alliance
project; the Corporation's social license to operate; the timing
and ability for the Corporation to complete a feasibility study for
the Marban Alliance project, if at all; the timing for, and results
of, the Corporation's optimization studies; and expected work,
including field data collections. 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
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 news 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.