O3 Mining Inc (CVE:OIII) (OTCQX:OIIIF) reported drill results from nine holes drilled in and around its Marban open-pittable deposits in Quebec, which included 3.4 grams per tonne (g/t) gold over 3.1 metres (m), as well as 1.0 g/t gold over 29.4m.
The company said it continues to extend gold mineralization with the potential to increase resources within trucking distance of the planned Marban processing infrastructure.
“We continue to add value to our shareholders through our aggressive drilling program. Today's results combined with our previously reported results within the open-pittable areas on June 1st, 2021, further show our potential to expand the open pits at Marban and ultimately increase the existing resource,” O3 Mining CEO Jose Vizquerra said in a statement.
READ: O3 Mining says latest drill results from Québec show potential to expand resources at depth at Marban project
“Drilling will continue to seek to expand the size of these areas as well as expanding Marban mineralization at depth,” Vizquerra added.
O3 Mining noted that drilling at Marban has focused on expanding mineralization in and outside of the proposed Preliminary Economic Assessment (PEA) pit areas, as well as discovering new mineralization for an underground mining scenario.
The PEA, which was completed in September 2020, outlined production of 115,000 ounces a year for more than 15 years following an initial capital expenditure of C$256 million.
The company added that a Pre-Feasibility Study (PFS) for Marban is currently underway and is expected to be completed in 2022, with gold production targeted to begin by 2026.
As well, O3 Mining announced that a 56,000m drill program is being executed this year at its Alpha property in Québec with 38,001m completed year to date. Results will be released in the coming weeks as soon as the assays become available.
Drilling at Alpha is at an earlier stage than at Marban and has focused on grassroots exploration, deposit delineation, and resource expansion.
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