TSXV:OIII | OTCQX:OIIIF - O3 Mining
TORONTO, Aug. 24,
2023 /CNW/ - O3 Mining Inc. (TSXV: OIII)
(OTCQX: OIIIF) ("O3 Mining" or the "Corporation") is
pleased to announce that it has received the final results of its
1,806 metre drill program completed over the Upper Camflo area
(North-West of the Kierens pit), within the Marban Alliance
project, in Val-d'Or, Québec,
Canada.
Highlights:
- O3 Mining drilled eight holes for a total of 1,806
metres over the Upper Camflo area along the up-dip extension of
a gold-bearing structure identified during the compilation of
historical exploration drilling completed by Barrick Gold on the former Camflo mine.
- The Upper Camflo drill program tested an area of 800 metres
along strike for near surface gold mineralization near the border
of the property.
- The program intersected 1.6 g/t Au over 1.5 metres in
hole O3MA-23-503, associated with an andesite containing 5%
quartz-calcite-pyrite veinlets
O3 Mining's President and Chief Executive Officer, Mr.
Jose Vizquerra
commented: "We are encouraged by the work completed on
the Camflo deposit to date and are excited to continue our drill
program over our Marban Alliance property to potentially expand
resources. The results are in addition to the many gold zones found
near the surface in the area. We hope that with further drilling we
can demonstrate that these areas form the potential footprint of a
larger deposit.."
The Upper Camflo drill program tested an area of 800 metres
along strike for near-surface gold mineralization from the border
of the property. The drill program was initiated after compilation
work of Barrick Gold's historical
drilling revealed parallel zones north of the former Camflo mine.
One of the zones was intersected by a series of holes drilled
horizontally by Barrick toward the north from the border of the
property at the 2400 mining level (700 metres from surface). In
particular, hole O3MA-23-503 intersected 1.6 g/t Au overs 1.5
metres near the surface and was associated with an andesite
containing 5% quartz-calcite-pyrite veinlets. Drilling completed
thus far constituted the first phase of drilling to be completed
over the Upper Camflo area to explore the near-surface potential
within the Camflo ore body footprint. More drilling is required to
continue testing this target.
In 2021 and 2022, exploration efforts by O3 Mining aimed to test
the depth extensions of the historic Camflo deposit, as well as to
test for additional high-grade zones (See news release of O3 Mining
dated June 30, 2022 and entitled
"O3 Mining Expands Mineralization Corridor At Camflo Extension,
Intersecting 94 Metres at 1.1 g/t Au"). Over the course
of the 2021-2022 drill program, a total of 6,338 metres in 2 drill
holes and 3 wedges were drilled on the Camflo Extension. The
results of the 2022 drill program are summarized in Table 2
below.
Table 1: Significant Results from previous drilling
and Upper Camflo campaign
Hole
|
From
|
To
|
Grade
|
Core
Length
|
Vertical
Depth
|
Zone
|
O3MA-21-179
|
99.6
|
100.4
|
41.2
|
0.8
|
98
|
Orion #8
|
O3MA-21-179
|
684.0
|
685.0
|
7.5
|
1.0
|
672
|
|
O3MA-21-179
|
868.5
|
869.2
|
17.4
|
0.7
|
851
|
|
O3MA-22-254-W1
|
1141.5
|
1143.1
|
4.7
|
1.6
|
1118
|
|
O3MA-22-254-W1
|
1845.0
|
1923.6
|
0.6
|
78.6
|
1820
|
Camflo
|
O3MA-22-254-W1
|
1969.8
|
1972.0
|
3.8
|
2.2
|
1901
|
Camflo
|
O3MA-23-503
|
196.5
|
198.0
|
1.6
|
1.5
|
139
|
Upper
Camflo
|
Table 2: Drill Hole Results from June 30, 2022 at Camflo Extension. Only
intercepts above 5 g/t Au * m are reported.
Drill
Hole
|
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au(g/t)
|
Zone
|
O3MA-21-253
|
|
1268.0
|
1384.5
|
116.5
|
0.7
|
Camflo
|
O3MA-21-253
|
And
|
1453.0
|
1454
|
1.0
|
26.8
|
Camflo
|
O3MA-21-253
|
And
|
1517.0
|
1520.8
|
3.8
|
1.9
|
Camflo
|
O3MA-22-253-W1
|
|
1258.9
|
1353.2
|
94.3
|
1.1
|
Camflo
|
O3MA-22-253-W1
|
including
|
1274.8
|
1275.9
|
1.1
|
13.8
|
Camflo
|
O3MA-22-253-W1
|
And
|
1541.4
|
1543.0
|
1.6
|
2.6
|
Camflo
|
O3MA-22-253-W1
|
And
|
1551.0
|
1556.0
|
5.0
|
1.9
|
Camflo
|
O3MA-22-253-W2
|
|
1391.5
|
1477.0
|
85.5
|
0.7
|
Camflo
|
O3MA-22-253-W2
|
And
|
1501.9
|
1506.1
|
4.2
|
1.4
|
Camflo
|
O3MA-22-253-W2
|
And
|
1657.0
|
1660.0
|
3.0
|
5.3
|
Camflo
|
O3MA-21-254
|
|
98.9
|
99.8
|
0.9
|
69.1
|
Orion
|
O3MA-21-254
|
And
|
1536.0
|
1538.0
|
2.0
|
5.2.
|
Diorite Ore
|
O3MA-21-254
|
And
|
1750.3
|
1914.2
|
163.9
|
0.5
|
Camflo
|
O3MA-21-254
|
And
|
2036.0
|
2037.5
|
1.5
|
14.2
|
Camflo
|
Table 3: Drill Hole Parameters from 2023 Program
Hole
|
Azimuth
|
Dip
|
Start
Depth
|
End
Depth
|
Length
(m)
|
Target
Zone
|
UTM
Easting
|
UTM
Northing
|
O3MA-23-490
|
178
|
-45
|
0
|
177
|
177
|
Upper Camflo
|
273750
|
5338244
|
O3MA-23-493
|
178
|
-45
|
0
|
192
|
192
|
Upper Camflo
|
273903
|
5338249
|
O3MA-23-495
|
181
|
-45
|
0
|
201
|
201
|
Upper Camflo
|
274057
|
5338244
|
O3MA-23-497
|
178
|
-45
|
0
|
201
|
201
|
Upper Camflo
|
274200
|
5338244
|
O3MA-23-498
|
178
|
-45
|
0
|
201
|
201
|
Upper Camflo
|
274350
|
5338244
|
O3MA-23-501
|
178
|
-45
|
0
|
201
|
201
|
Upper Camflo
|
274500
|
5338244
|
O3MA-23-503
|
178
|
-45
|
0
|
204
|
204
|
Upper Camflo
|
274650
|
5338244
|
O3MA-23-508
|
270
|
-45
|
0
|
228
|
228
|
Upper Camflo
|
274057
|
5338244
|
O3MA-23-511
|
90
|
-45
|
0
|
201
|
201
|
Upper Camflo
|
274057
|
5338244
|
About the Camflo Area
The Camflo deposit was first discovered in 1962 by Camflo
Mines, and was in production for 30 years from 1962 to 1992. It
produced a total of 1.89 million ounces of gold from 10.3 million
tonnes of ore grading 5.7 g/t Au. From this amount, 0.24 million
ounces of gold were extracted within the current Marban Alliance
project claims (Source: QERPUB-M.E.R. Publication DV93-01 Rapports
des Géologues Résidents sur l'Activité Minière Régionale, 1993).
Historically, gold production was mainly restricted to the Camflo
Plug, a cigar shaped quartz-monzonitic intrusion that plunges 60°
towards the north-east. Although the Camflo plug at surface is
outside O3 Mining's property claims, the extension of the plug and
the mine below 800 vertical metres is within the Marban Alliance
project, as it plunges toward the north-east
Figure 1: Marban Alliance Project Map
Figure 2: Location of significant intercepts at
Upper Camflo
Figure 3: Camflo Extension Cross Section
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 ability of the
Corporation to expand its mineral resource with further drilling;
the near surface potential of the Upper Camflo area, the
Corporation's ability to demonstrate the footprint of the deposit
with further drilling; the ability of exploration (including
drilling) to accurately predict mineralization; the significance of
prior production on or near the Marban Alliance project; the
significance of the intercepts reported in this news release; the
prospectivity of the Upper Camflo area; ; production being achieved
at any of the Corporation's properties; the Corporation becoming a
gold producer with several multi-million-ounce deposits in Québec;
and 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
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.