O3 Mining Inc (TSX-V:OIII, OTCQX:OIIIF). has provided an update on its well-funded 250,000 metre drilling program at its Marban and Alpha properties in Val-d'Or, Québec, noting that Marban open pits indicate a resource expansion potential.
The company is reporting 11 holes drilled in and around the Marban open-pittable deposits.
In a statement, O3 Mining said the drilling highlights include:
- 3.3 grams per ton (g/t) gold over 10.9 metres (m) in hole O3MA-21-135 located within the proposed Preliminary Economic Assessment (PEA) pit for the North-North Zone;
- 4.2 g/t gold over 7.8m in hole O3MA-21-130A located 9m below the proposed PEA pit for the Norlartic Zone; and
- 5.7 g/t gold over 14.5m including 61.9 g/t gold over 1.1m as well as 2.7 g/t gold over 4.5m including 15.1 g/t gold over 0.6m in hole O3MA-21-144 located 43m below the proposed PEA pit for the Norlartic Zone on both sides of a historical.
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"Our infill-drilling program continues to demonstrate structural continuity and resource expansion potential in and around the Marban open pits,” said O3 Mining CEO Jose Vizquerra. “I truly believe the pits have a huge potential for further expansion.”
The company has drilled 97,728m as of September 31, 2021, on its Val-d'Or properties testing for PEM with 100-metre step-outs aiming to expand current resources of 2.4 million ounces measured and indicated (62.0 million ton (Mt) at1.22 g/t gold) and 1.5 million ounces inferred (20.2 Mt at 2.27 g/t gold)
All recent intercepts will be included in an updated resource for Marban which is expected to be released during the first quarter of 2022, the company said.
New director of operations
Meanwhile, O3 Mining has announced the appointment of Jean-Félix Lepage as director of operations.
The company said Lepage has over 10 years of experience in mining and optimizing processes, projects, and activities. He most recently worked at Newmont Corporation where he held several different operational roles.
“As we look forward to moving the Marban project into production I am very excited to add Jean-Félix Lepage as Director of Operations,” said Vizquerra. “His knowledge and experience will be a key asset to O3 Mining as he will lead the team completing the Marban Pre-Feasibility Study.”
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