O3 Mining Inc (CVE:OIII) (OTCQX:OIIIF) reported additional results from the 250,000 metre drilling program at its Marban property in Quebec, which included 4.1 grams per tonne (g/t) gold over 13.4 metres that expands mineralization inside the Kierens proposed open pit.
The company said multiple intercepts at Marban are all located near-surface, above a depth of 200 vertical metres that demonstrate the potential to grow mineral resources in and around the proposed open-pit areas outlined in the 2020 preliminary economic assessment.
“These results continue to demonstrate our ability to add value through our aggressive exploration program,” O3 Mining CEO Jose Vizquerra said in a statement.
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“We believe there is more gold we can bring into the resources at our flagship Marban property which will be extremely valuable to our planned mining operation, giving us the possibility to both extend the mine life and increase production,” Vizquerra added.
O3 Mining noted that it completed 86,000 metres of drilling during 2019 and 2020 on its Val-d'Or, Quebec properties with the aim of expanding its current 2.4 million ounce Measured & Indicated gold resource and its Inferred resource of 1.5 million gold ounces, as well as making new discoveries.
The company added it expects to release more drilling results from its 2021 winter program within the next few weeks. O3 Mining is planning to complete a pre-feasibility study at Marban in 2022 as the next step to advance the project to production.
As well, the company said a 56,000 metre drill program is being conducted at its Alpha property in Québec with 31,384 metres completed to date. Assay results from Alpha are expected to be released in the coming months.
O3 Mining is part of the Osisko group of companies and describes itself as an emerging 'consolidator' of exploration properties in prospective gold camps in Canada, specifically in Québec and Ontario. It wants to become a multi-million-ounce company.
In Québec, the group holds 435,000 hectares of ground, while in Ontario it has 25,000 hectares. Overall, the company already has 5.2 million ounces of gold in six existing deposits in its portfolio.
Contact Sean at sean@proactiveinvestors.com