Press Release

O3 Mining Intersects 3.7 g/t Au over 11.0 Metres at Norlartic Extension, Marban Alliance Engineering

February 27, 2023
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TSXV:OIII | OTCQX:OIIIF – O3 Mining

Toronto, February 27, 2023 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) is pleased to provide an update on its continuing drilling program on its Marban Alliance Project in Val-d’Or, Quebec, Canada. The Corporation is reporting new significant results from 27 holes drilled in 2022 over recognized extensions of the Norlartic trend up to two kilometres towards the southeast of the Norlartic deposit and adjacent to the northern wall of the Marban Alliance pit. A total of 13,692 metres in 56 holes have been drilled during this program.  Assay results from two holes are still pending.

Highlights:

  • 27 near surface economic intercepts reported today, including:
  • 3.7 g/t Au over 11.0 metres in hole O3MA-22-334 from 166.0 metres, 140 metres to the north-west of one of the possible satellite pits identified in the Pre-feasibility study (“PFS”);
  • 7.9 g/t Au over 3.2 metres in hole O3MA-22-423 from 39.1 metres, 400 metres to the east-south-east of one of the possible satellite pits identified in the PFS.

“These new results from our 2022 exploration program at Marban Alliance Engineering continue to highlight the potential to increase near-surface resources. In particular, the results published today suggest that with further work it may be possible to demontrate that the three satellite resource pits north of the Marban Alliance main pit could provide a basis to justify a single larger pit and show potential to expand eastward. O3 Mining’s President and Chief Executive Officer, Mr. Jose Vizquerra commented: ”

The Norlartic Extension trend has now been drilled over two kilometres at 80 metre spacings down to an average of 250 vertical metres. The dyke swarm hosting the gold mineralization at Norlartic Extension is geologically identical to the one hosting the Norlartic and Kierens mineralization. They correspond to mafic and intermediate fine-grained dykes, which have been successfully traced along the trend and serve as a marker to the mineralized corridor. The PFS resource estimate generated three small pits using historical drill results along the Norlartic Extension trend immediately north of the Marban Alliance pit. The new drill results obtained in that area returned additional significant intercepts, which suggest the possibility that an updated resource estimate could confirm and expand this inferred resource.

The Marban Alliance Dyke mineralization is associated with quartz vein stockwork hosted in felsic dykes. They correspond to a series of zones located in the north-eastern portion of the Marban Alliance pit. The three intercepts reported are located along the north-western extension of those zones or along a stacked zone located further north.

Figure 1 – Marban Alliance Project Surface Map

Figure 2 – Norlartic Extension Significant Intercepts

 

Table 1: Near Surface Expension Drill Hole Intercepts (only intercepts above 5.0 g/t Au*m are reported, cut-off 0.3 g/t Au and above 300m from surface)

Hole

From
(m)

To
(m)

Grade
(g/t
Au)

Core
Length
(m)

Zone

O3MA-22-302

69.0

76.3

0.7

7.3

Norlartic
Extension

O3MA-22-320

287.5

294.7

1.0

7.2

O3MA-22-324

125.7

138.3

0.5

12.6

O3MA-22-327

76.8

82.0

1.4

5.2

O3MA-22-327

85.8

96.7

1.3

10.9

O3MA-22-334

166.0

177.0

3.7

11.0

O3MA-22-334

206.5

207.6

5.5

1.1

O3MA-22-340

101.3

107.1

0.9

5.8

O3MA-22-340

154.3

166.0

1.1

11.7

O3MA-22-358

46.1

52.5

0.9

6.4

O3MA-22-358

54.6

59.2

2.2

4.6

O3MA-22-360

34.5

39.5

2.7

5.0

O3MA-22-360

59.0

64.3

1.0

5.3

O3MA-22-360

74.0

83.5

1.3

9.5

O3MA-22-361

78.5

79.5

14.5

1.0

O3MA-22-365

170.4

179.0

0.9

8.6

O3MA-22-369

188.1

194.6

1.3

6.5

O3MA-22-381

93.0

94.5

5.3

1.5

O3MA-22-387

323.6

327

3.1

3.4

O3MA-22-412

32.5

35.5

1.8

3.0

O3MA-22-414

172.8

183.5

0.5

10.7

O3MA-22-423

25.3

26.5

4.2

1.2

O3MA-22-423

39.1

42.3

7.9

3.2

O3MA-22-443

37.5

39.5

2.6

2.0

O3MA-22-361

159.0

165.0

0.8

6.0

Marban Alliance
Dyke

O3MA-22-361

184.0

187.0

2.6

3.0

O3MA-22-377

213.0

213.6

20.2

0.6

True width determination is currently unknown but is estimated at 65-80% of the reported core length interval for the zones. Assays are uncut except where indicated.

The drilling campaign on Norlartic Extension comprises 56 drill holes totaling 13,692 metres. The parameters are listed in Table 2 for the entire program. Significant intercepts have been published in the last months (Press Release – July 6, 2022, and December 22, 2022) Those drill holes also contain a significant amount of intercepts with grade-thickness values below 5 m*g/t Au.

Table 2: Technical parameters of holes of the 2022 campaign on Norlartic Extension and Marban Alliance Dyke

Hole

Azimuth
(°)

Dip (°)

Start
Depth
(m)

End Depth
(m)

Length
(m)

UTM
Easting
(m)

UTM
Northing
(m)

O3MA-22-298

208

-60

0

287.8

287.8

278326

5336377

O3MA-22-299

208

-61

0

187.1

187.1

278125

5336368

O3MA-22-300

208

-50

0

278.8

278.8

278126

5336462

O3MA-22-301

212

-58

0

275.8

275.8

278077

5336467

O3MA-22-302

201

-50

0

240

240

278011

5336477

O3MA-22-303A

181

-47

0

192

192

277974

5336291

O3MA-22-304

181

-47

0

186

186

278027

5336353

O3MA-22-305

181

-47

0

195

195

278089

5336309

O3MA-22-306

181

-47

0

207

207

278064

5336283

O3MA-22-307

181

-47

0

147

147

278147

5336250

O3MA-22-309

181

-47

0

165

165

278204

5336212

O3MA-22-313

208

-53

0

279.1

279.1

278185

5336591

O3MA-22-317

208

-54

0

362.9

362.9

278183

5336694

O3MA-22-320

218

-62

0

342

342

278183

5336694

O3MA-22-322

209

-50

0

363

363

278275

5336349

O3MA-22-324

207

-47

0

279

279

278441

5336433

O3MA-22-327

206

-59

0

303

303

278465

5336338

O3MA-22-330

209

-69

0

276

276

278178

5336647

O3MA-22-333

207

-66

0

237

237

278226

5336569

O3MA-22-334

207

-55

0

250.3

250.3

278113

5336678

O3MA-22-338

213

-70

0

207

207

278042

5336567

O3MA-22-340

206

-57

0

267

267

278139

5336567

O3MA-22-344

205

-60

0

291.1

291.1

278041

5336726

O3MA-22-349

197

-45

0

149.9

149.9

277814

5336689

O3MA-22-350A

158

-77

0

180.1

180.1

277814

5336689

O3MA-22-353

194

-54

0

87

87

277869

5336600

O3MA-22-355

206

-57

0

207

207

277987

5336630

O3MA-22-357

207

-56

0

132

132

277934

5336555

O3MA-22-358

207

-56

0

135

135

277994

5336501

O3MA-22-360

207

-56

0

228

228

278143

5336436

O3MA-22-361

207

-56

0

204

204

278176

5336346

O3MA-22-362

206

-59

0

309

309

278526

5336450

O3MA-22-365

206

-68

0

281.9

281.9

278390

5336533

O3MA-22-367

207

-66

0

210

210

278275

5336492

O3MA-22-369

209

-69

0

201

201

278195

5336509

O3MA-22-372

210

-53

0

312

312

278241

5336430

O3MA-22-373

206

-55

0

359.6

359.6

278324

5336413

O3MA-22-377

206

-57

0

299.9

299.9

278352

5336319

O3MA-22-379

206

-57

0

318.2

318.2

278473

5336215

O3MA-22-381

150

-70

0

213

213

278530

5336380

O3MA-22-382

180

-45

0

195.2

195.2

278530

5336380

O3MA-22-384

207

-52

0

267

267

278628

5336132

O3MA-22-387

211

-62

0

330

330

278588

5336198

O3MA-22-388

207

-52

0

312

312

278860

5336056

O3MA-22-391

187

-61

0

171

171

279344

5335851

O3MA-22-394

187

-61

0

128.8

128.8

279484

5335760

O3MA-22-395

207

-56

0

191.6

191.6

279066

5336102

O3MA-22-398

207

-56

0

168.1

168.1

278974

5336099

O3MA-22-400

207

-56

0

257.9

257.9

278905

5336140

O3MA-22-403

206

-63

0

342

342

278938

5336203

O3MA-22-412

206

-57

0

351

351

279018

5336180

O3MA-22-414

207

-56

0

393

393

278835

5336180

O3MA-22-416

213

-69

0

288

288

278750

5336194

O3MA-22-419

207

-50

0

233.9

233.9

278744

5336181

O3MA-22-421

207

-73

0

230.9

230.9

278665

5336194

O3MA-22-431

187

-86

0

186

186

279125

5335873

For full drilling results, please see our website www.o3mining.com.

Qualified Persons

The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Sébastien Vigneau (OGQ #993), Principal Geologist, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

For further information on the Marban Alliance project, please see the technical report, entitled “NI 43-101 Pre-feasibility Study of the Marban Alliance Engineering Project” and dated October 7, 2022 (with an effective date of September 6, 2022), (the “Marban Alliance PFS”).  Reference should be made to the full text of the Marban Alliance PFS for the assumptions, qualifications and limitations relating to the PFS. The Marban Alliance PFS is available on SEDAR (www.sedar.com) under O3 Mining’s issuer profile.

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Quality Control and Reporting Protocols

Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Half-core samples are shipped to Agat laboratory in Val-d’Or, Québec, and Mississauga, Ontario for assaying. The core is crushed to 75% passing -2 mm (10 mesh), a 250 g split of this material is pulverized to 85% passing 75 microns (200 mesh) and 50 g is analyzed by Fire Assay (FA) with an Atomic Absorption Spectrometry (AAS) finish. Samples assaying >10.0 g/t Au are re-analyzed with a gravimetric finish using a 50 g charge.

Commercial certified standard material and blanks are systematically inserted by O3 Mining’s geologists into the sample chain after every 18 core samples as part of the quality assurance and quality control (“QA/QC”) program. Third-party assays are submitted to other designated laboratories for 5% of mineralized samples. Drill program design, QA/QC, and interpretation of results are performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices.

About O3 Mining Inc.

O3 Mining Inc., an Osisko Group company, is a gold explorer and mine developer on the road to produce from its highly prospective gold camps in Québec, Canada. O3 Mining benefits from the support, previous mine-building success and expertise of the Osisko team as it grows towards being a gold producer with several multi-million-ounce deposits in Québec.

O3 Mining is well-capitalized and owns a 100% interest in all its properties (66,000 hectares) in Québec. O3 Mining trades on the TSX Venture Exchange (TSXV: OIII) and OTC Markets (OTCQX: OIIIF). The Corporation is focused on delivering superior returns to its shareholders and long-term benefits to its stakeholders. Further information can be found on our website at https://o3mining.com

 

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. Forward-looking statements including, but are not limited to, statements with respect to planned and ongoing drilling, the significance of drill results, the ability to continue drilling, the impact of drilling on the definition of any resource, the ability to incorporate new drilling in an updated technical report and resource model. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements Forward-looking information is based on estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the drill results at Malartic H; the significance of drill results; the ability of drill results to accurately predict mineralization; the ability of the Corporation to produce an updated mineral resource estimate on Malartic in Q2 2023 (or at all); the ability of any material to be mined in a matter that is economic. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Corporation nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Corporation believes that this forward-looking information is based on reasonable assumptions, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. The Corporation does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. These statements speak only as of the date of this news release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

SOURCE O3 Mining Inc.

For further information: on O3 Mining, please contact: José Vizquerra Benavides, President, CEO and Director, Toll-Free: +1 (833) 979-3516, Telephone: +1 (873) 381-2014

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