TSXV:OIII | OTCQX:OIIIF – O3 Mining
TORONTO, March 13,
2024 /CNW/ - O3 Mining Inc. (TSXV: OIII)
(OTCQX: OIIIF) ("O3 Mining" or the "Corporation") is
pleased to announce the start of a 3,000 metre drill campaign at
the Ludovick Sector in the Horizon Project, located seven
kilometres west of the Marban and Norlartic deposits and four
kilometres north-east of the Canadian Malartic open-pit owned by
Agnico Eagles Mines Limited. The Corporation will be mobilizing two
drill rigs to complete the drill campaign.
O3 Mining's President and Chief Executive Officer, Mr. José
Vizquerra commented: "This exploration program at the
Ludovick Sector in the Horizon Project represents an opportunity to
follow up on historic auriferous drill intercepts along a six
kilometres long segment of the Parfouru Fault corridor. We will be
exploring the property in areas where many exploration targets
remain untested. We anticipate that the initial results from this
drill program will be assayed and reported over the coming
months."
Geologically, the gold mineralization in the Ludovick Sector is
associated with the regional Parfouru fault corridor that affected
the mafic volcanics of the Hébécourt Formation, Blake River Group,
the wackes of the Cadillac Group and the conglomerates of the
Timiskaming Group, about 4.0 km north of the Canadian Malartic
open-pit on the Cadillac Fault. The Hébécourt Formation extends
into the La Ronde mining complex approximately 30 km to the west.
The Timiskaming Group, for its part, is also a renowned sedimentary
basin closely associated with numerous Archean gold deposits in the
Abitibi belt. In the Ludovick Sector of the Horizon property,
the Parfouru auriferous corridor is at least 700 metres wide, as
shown by the historical drill intercepts of NioGold Mining
Corporation ("NioGold") (see news release of NioGold dated
November 6, 2012 and entitled
"Niogold Mining Corporation Announces Ludovick Zone Extended
Over A Length Of 1.3 Km"). The highest grade intercepts of
NioGold were obtained in the Ludovick zone within a structure
located at the contact of the Hébécourt Formation and Cadillac
Group. These results are 8.17 g/t Au over 3.1 m in hole CW-11-021, 3.15 g/t Au over
6.5 m in hole CW-11-016, and 23.4 g/t
Au over 1.0 m in hole CW-12-083.
Further south within the Parfouru fault corridor, significant
intercepts were obtained within the Timiskaming Group
conglomerates, namely 9.06 g/t Au over 2.2
m in hole CW-12-075, located within a 50 metres wide gold
anomalous envelope. Evidence of mineralization within the
sedimentary basin clearly opens up promising exploration potential
within the sector, beyond the Ludovick zone. There has been minimal
historical drilling conducted along the 6 km stretch of the
Parfouru fault corridor contained within the Horizon property thus
offering distinct exploration potential. The drilling campaign
announced today is the first attempt by the Corporation in that
part of the property and it will focus on drilling the extensions
of the historical intercepts listed above. For details about the
historical QA/QC protocols used, please refer to the Niogold's news
release.
Figure 1: Horizon and Marban
Alliance projects
Qualified Person
The scientific and technical content in this news release has
been 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 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 (106,000 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 planned and ongoing drilling, the
significance of drill results, the ability to continue drilling,
the impact of drilling on the definition of any resource, the
ability to incorporate new drilling in an updated technical report
and resource modelling. 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 drill results at the Horizon Project;
the significance of drill results; the ability of drill results to
accurately predict mineralization; 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.
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.