O3 Mining Inc (CVE:OIII) (OTCQX:OIIIF) has reported more drill results from Val-d'Or, Québec, which show the potential to expand resources at its Marban project to depth.
The company reported assays from 18 holes from the Marban, Gold Hawk, North and Orion zones and reported multiple high-grade intersections at Marban from below a depth of 200 metres (m), which were outside the current underground scenario outlined in the 2020 preliminary economic assessment (PEA).
READ: O3 Mining issues first ESG report amid changing industry practices
"Historically, the Val-d'Or camp has seen the economic benefits of underground mines, which can extend to depths of 3 kilometres (km) below surface," noted O3 Mining's CEO Jose Vizquerra in a statement.
"Today's drilling results demonstrate resource and excellent potential mine plan expansion at Marban at depth through our aggressive exploration program further adding to our goal of putting Marban into production with both an open pit and underground mine."
Highlight results included 37.6 grams per ton (g/t) gold over 1.2m in one hole, starting at a depth of 581.5m at the Marban underground zone on the Marbenite shear that remains open at depth.
Also encountered was 4.6 g/t gold over 3.2m in another hole from 265.8m depth at the underexplored dykes north area of the Marban pit.
At the Orion zone, 39.6 g/t gold over an interval of 0.5m was hit from 588.1m depth, and 9.3 g/t of the yellow metal was found over 0.8m starting from 703.2m depth at the Gold Hawk zone, said O3.
The company's Marban project lies in the heart of the Malartic gold mining camp, covering 7,525 hectares (Ha). It sits 12km from the Canadian Malartic Mine. The Marban PEA outlined production of an average 115,000 ounces of gold per year over a 15.2-year mine life.
A pre-feasibility study on Marban is due to be completed in 2022 and the company aims to put the Marban project into production by 2026.
Today's assays hail from the company's 250,000m drilling program.
At the 7,754 Ha Alpha property, O3 is carrying out a 56,000m drill program, with 34,236m having been completed in the year so far.
O3 Mining is an Osisko Group company and is on the path to production from its highly prospective gold camps in Québec, Canada.
Contact the author at giles@proactiveinvestors.com