O3 Mining Inc (CVE:OIII) (OTCMKTS:OQMGF) has reported drill results from an area at its Alpha property in Val-d'Or, Québec, which it said underscores the potential for finding another orebody with good grades.
The latest assays hail from six holes drilled late last year in the Simkar sector, which spans 5 kilometres (km) by 2 km and includes intersections of 8 grams per ton (g/t) gold over 0.5 metres (m) and 2 g/t of the yellow metal over 5.1m in one hole.
READ: O3 Mining closes the sale of its Northern Gold Mining subsidiary to Moneta Porcupine Mines
"The drill holes reported today aimed to test the extensions of multiple zones known from historical surface exploration work and shallow drill holes extending over an area of roughly 1.2 square kilometres, located approximately 700 metres south of the historical Simkar mine," the company said in a statement.
The results also support the firm's decision to continue drilling at the VD-L17 zone, which remains partially open laterally and fully open at depth, it added.
The drilling is part of a well-funded 150,000m drilling program in 2020/21 and includes 100,000m at the Alpha property, which hosts multiple mineralized systems over around 20 km of strike.
At Alpha, the program is focused on expanding known deposits at depth at the Bulldog-Orenada, Simkar, and Akasaba sectors, as well as following up on significant previous drill intercepts to prove the continuity of grades and widths to define new deposits and to make new discoveries.
Another hole from the six drilled hit 17 g/t of gold over 0.6m width from a depth of 153m.
"The success of these holes further validates the multi-exploration technique approach we are taking to developing drill targets, which bodes well for future success of finding extensions to these zones as our drilling program continues," said CEO of 03 Mining Jose Vizquerra in the statement.
O3 is an Osisko Group company and has highly prospective assets in gold camps in Québec, Canada.
Contact the author at giles@proactiveinvestors.com