TSXV:OIII | OTCQX:OIIIF - O3 Mining
TORONTO, Jan. 31,
2024 /CNW/ - O3 Mining Inc. (TSXV: OIII)
(OTCQX: OIIIF) ("O3 Mining" or the "Corporation") is
pleased to provide a review of 2023 and an outline of the outlook
for 2024 focusing on essential catalysts of de-risking the Marban
Alliance project, progressing potential strategic synergies, and
kicking off the feasibility study. The Corporation is excited to
enter a new phase of development in 2024 while maintaining its
dedication to community engagement and sustainability.
"In 2023, our team set ambitious goals of maximizing
shareholder and stakeholder value, and demonstrating the potential
for continued growth and engineering improvements at Marban
Alliance. The commitment and efforts of our team underscore our
confidence in Marban Alliance and our dedication to delivering
enduring value. As we look to transition from exploration to
development in 2024, we focus on further de-risking the Marban
Alliance project by infilling our resources at Malartic H,
improving our mining engineering and estimation parameters, and
pursuing potential processing and tailings synergies with industry
peers. We will continue to engage collaboratively with local
communities and other stakeholders in the development of Marban
Alliance to adopt industry best practices and maintain a standard
of excellence in sustainable development." Said O3
Mining President and Chief Executive Officer, Mr. José
Vizquerra.
2024 Outlook – Marban Alliance
Technical Studies and Engineering
- Commencement of feasibility study on Marban Alliance
expected in Q2 2024 following results of bridging and optimization
engineering from the standalone scenario presented in the
pre-feasibility study to alternative mining and milling
scenarios.
- Discussions with industry peers to assess potential processing
synergies and develop mutually beneficial partnerships.
- Completion of metallurgical, geotechnical, and
geomechanical field and test work required for a feasibility
study.
Resources
- 28,000 metres of infill drilling at Malartic H (342,000 oz
Au based on 10,203 Kt at 1.04 g/t Au) to convert the open pit
inferred mineral resource into the indicated mineral resource
category (See News Release dated June 20,
2023 and entitled "O3 Mining Delivers Maiden Mineral
Resource Estimate for Malartic H").
Permitting
- Expecting to complete environmental baseline studies and
commence an Impact Study Assessment.
Community Engagement
- Creation of a working group with the local communities'
representatives: citizens, municipal, first nations, social
organizations, etc. to integrate ideas, suggestions, and concerns
from the community in addition to exploring specific themes to
enhance the Marban Alliance project.
- Opening of community relations office in the local
community.
- Continuation of consultations with key stakeholders including
but not limited to, citizens, host communities, first nations,
municipal, provincial, and federal representatives, etc.
Figure 1: Marban Alliance Project and Horizon Project
2024 Outlook – Exploration Projects
Horizon Project
- 3,000+ metres of drilling on Horizon SW / Ludovick sector
where historical auriferous drill intercepts warrant follow-up
along a 2.5 km long segment of the Parfouru Fault corridor.
- Follow up on the two inaugural drill holes which discovered
a Volcanogenic Massive Sulphide ("VMS") environment on the
Horizon property including drilling at eight other induced
polarization anomalies that have been identified within the 14 km
long volcanic sequence. The selected targets will be drill tested
at a 400-metre spacing at vertical depth of 300 metres and pulse
electromagnetic surveys will be completed in each hole to be able
to rapidly cover the horizons and discover significant VMS
mineralization.
Kinebik Project
- Compilation of Kinebik project historical work.
- Geological mapping, prospecting and soil sampling expected to
commence during the summer of 2024.
- Overburden drilling program expected to commence during winter
2024 to determine initial drill targets in specific areas along the
40 km of strike which the Kinebik project straddles along the
Casa Berardi Break.
Other Exploration Projects
- Ongoing evaluation of potential exploration targets
or monetization strategies for non-core projects.
Figure 2: O3 Mining's Property Map
2024 Outlook - Sustainable Development
- Commitment to maintaining the UL 2723 ECOLOGO®
Certification for Mineral Exploration Companies. Continuous
training of employees, enforcement of Environmental, Social, and
Governance ("ESG") procedures, and constant search for innovative
solutions to improve ESG performance, will be at the core of the
Corporation's ongoing exploration activities. A second field audit
to maintain the certification is planned for the summer of
2024.
- Commitment to ongoing improvements in our practices, fostering
collaborative partnerships, and shaping the responsible future of
exploration and mining.
- We plan to develop and adopt an Indigenous communities'
engagement policy and adopt a local communities' engagement
policy.
2023 Highlights
- Completed robust drilling campaigns at Marban Alliance
and Horizon – Over 19,000 metres were drilled in 86 holes at
Marban Alliance in 2023 including drill campaigns over the targets
Upper Camflo, Orion, Hygrade Fold, Malartic H, Malartic W,
Kierens-Norlartic, and Norlartic Extension. Over 8,000 metres were
drilled at Horizon in 2023 over the targets Marbenite/Norbenite
Extensions and VMS.
- Delivered maiden mineral resource estimate for Malartic
H – An open-pit inferred mineral resource was defined at
Malartic H of 342,000 oz Au using a 0.30 g/t cut-off grade based
on 10,203 Kt at 1.04 g/t Au. The MRE was based on
approximately 29,000 metres of drilling in 103 holes, including
8,036 metres in 25 holes completed by the Corporation in 2022 and
2023 (See News Release dated June 20,
2023 and entitled "O3 Mining Delivers Maiden Mineral
Resource Estimate for Malartic H").
- Discovery of Volcanogenic Massive Sulphide deposit
environment at Horizon Project – Two inaugural drill holes
completed over the prospective VMS belt within the Horizon project
intercepted anomalous base and precious metal values which are well
within the range of values encountered in VMS-related exhalative
horizons in other prolific belts of Abitibi like the C Contact at
Noranda and the Key Tuffite at Matagami.
- Strengthened presence in the Casa Berardi Trend
– Acquisitions of the Kinebik properties from NewOrigin Gold
Corp. and the Cameron properties from Globex Mining Enterprises
Inc. straddling over 40 km of strike along the prolific auriferous
Casa Berardi Break, have been combined by the Corporation into a
consolidated project called the "Kinebik Project".
- Spin-out of Eleonore Opinaca into "Electric Elements
Mining Corp." – The successful formation and
capitalization of "Electric Elements Mining Corp." with additional
properties from Osisko Development Corp. provides the Corporation
with exposure to lithium exploration in the Eeyou-Istchee Area,
Nunavik, Québec.
- Recognition of Exemplary Sustainable Development
Practices – The Corporation was awarded the 2024
Prospectors & Developers Association of Canada Sustainable
Development Award and the Québec's Mineral Exploration Association
("QMEA") 2023 prize for Excellence in Sustainable
Development. These prestigious awards at both the Canadian
and provincial levels are testaments to our commitment and
dedication to continuously improve our practices, foster
collaborative partnerships, and shape the responsible future of
exploration and mining.
Qualified Person
The scientific and technical content of this news release has
been prepared, reviewed, and approved by Mr. Sébastien Vigneau,
P.Geo. (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").
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 (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.
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 for growth and
engineering improvements at the Marban Alliance project; a
positive market outlook for 2024; completion of the FS on the
timeline indicated or at all; statements regarding the
Corporation's exploration plans and other business objectives; the
ability to convert the open pit inferred resource at Malartic H
into the indicated category; the ability of exploration (including
drilling) to accurately predict mineralization; completion and
results of the Corporation's optimization studies and other
detailed assessments for the Corporation's planned feasibility
study; discussions with strategic partners; the Corporation
maintaining the UL 2723 ECOLOGO® Certification for Mineral
Exploration Companies and the associated field audit; the
Corporation continuously improving its practices, fostering
collaborative partnerships, and shaping the responsible future of
exploration and mining; the Corporation developing and adopting an
Indigenous communities engagement policy and a host communities
engagement policy; the Corporation completing the environmental
baseline studies and commencing the Impact Study Assessment at the
Marban Alliance project; 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.