O3 Mining Inc (TSX-V:OIII, OTCQX:OIIIF) has reported more positive drill results from its Marban project in Val-d'Or, Québec, which show the potential to expand gold resources at the open pits there.
The assays come from 13 new holes in the Norlartic and North North deposits and show "multiple intercepts of mineable grade over more than 10 metres widths," the firm said.
Marban spans over 7,500 hectares and sits just 12 kilometres from the famous Canadian Malartic Mine. An 80,000 metre (m) drill program is being carried out there this year, with 32,000 metres drilled so far.
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"Our infill drilling program continues to confirm our expectations of being able to expand the gold resources in the Marban open pits," said Jose Vizquerra, CEO of O3 in a statement.
"Results from today's release will form part of an updated resource estimate which we expect to release in 2022. The exploration team is doing a great job in expanding gold mineralization which bodes well for the potential to increase the size of our next resource estimate."
Drill highlights included 1.9 grams per ton (g/t) gold over a width of 12.7m in one hole, which was at the bottom of the proposed North North preliminary economic assessment (PEA) pit.
Another hole showed 11.1 g/t of the yellow metal over 22.2m including 103.4 g/t gold over 2m located in the core of the North North PEA pit.
Also encountered was 1.9 g/t gold over 31.4m in a hole at the eastern end of the Norlartic PEA pit.
A PEA at Marban outlined production of an average 115,000 ounces of gold per year over the 15.2 year mine life.
A PEA was completed on the project in 2020, and a pre-feasibility study (PFS) is currently underway and due to be completed in 2022 as the next step to advance the project to production. O3 Mining aims to become a leading gold producer and put the Marban project into production by 2026.
O3 Mining is part of the Osisko group of companies and is 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 the author at giles@proactiveinvestors.com