Press Release

O3 Mining Intersects 5.9 g/t Au Over 10.1 Metres on Malartic H Deposit at Marban Alliance

May 16, 2023
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TSXV:OIII | OTCQX:OIIIF – O3 Mining

TORONTO, May 16, 2023 /CNW/ – O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) is pleased to provide additional assay results from our winter drill program on our Marban Alliance Engineering Project in Val-d’Or, Québec, Canada. In this news release, the Corporation is reporting 17 significant intercepts in nine drill holes from the Malartic H deposit drill program completed in March 2023. The Malartic H deposit consists of multiple stacked lenses covering an area of 600 metres along strike and 300 metres wide.

Highlights:

  • 5.9 g/t Au over 10.1 metres in hole O3MA-23-463 at a vertical depth of 122 metres, including 53.2 g/t over 1.0 metre;
  • 2.6 g/t Au over 6.9 metres in hole O3MA-22-474 at a vertical depth of 98 metres;
  • 3.5 g/t Au over 7.5 metres in hole O3MA-22-477 at a vertical depth of 247 metres.

O3 Mining’s President and Chief Executive Officer, Mr. José Vizquerra commented: These new assay results from our 2023 winter drill program substantiate the presence of thick mineralized zones at Malartic H as previously highlighted by historical drilling. These results reinforce the prospectivity of the two main shears – being the Marbenite and the Norbenite – which cut across the Marban Alliance property. We are looking forward to receiving the remaining assay results from the core samples extracted from the Malartic H deposit during our 2023 winter drill program.

As part of the 2023 winter drill program, drill holes covered a one kilometre stretch, filling gaps covered by historic drilling in the shallow part of the Malartic H deposit to achieve an 80 metre spacing. Most of the historical drilling was completed by NioGold Mining Corp. and Aur Resources Inc., with QA/QC procedures applied and documented. Assay results reported today are from the south-eastern part of the Malartic H deposit and assay results from the central part of the Malartic H deposit are expected in the coming weeks. Once all assay results are received, O3 Mining expects to release a maiden mineral resource estimate on the Malartic H deposit by the end of the second quarter of 2023.

Malartic H is located within five kilometres of the proposed processing plant described in the current pre-feasibility study on the Corporation’s Marban Alliance Engineering Project.

Table 1: Near Surface Delineation Drill Hole Intercepts. Only intercepts above 5.0 g/t Au*m are reported, cut-off 0.3 g/t Au and above 200 metres from surface.

Hole

From (m)

To (m)

Grade
(g/t Au)

Core
Length (m)

Vertical
Depth
(m)

Zone

O3MA-23-453

110

113

1.8

3

79

Malartic H

and

164

172

0.6

8

119

O3MA-23-455

67.5

69

8.1

1.5

51

O3MA-23-458

86.3

89.5

3

3.2

68

and

183.4

184

15.5

0.6

142

O3MA-23-461

123.9

130.4

1.1

6.5

92

and

173.7

176.5

2.8

2.8

127

O3MA-23-463

148.1

158.2

5.9

10.1

122

including

151

152

53.2

1

122

and

222.4

223.9

10.3

1.5

177

including

223.3

223.9

24.4

0.6

177

O3MA-23-467

207.9

210.6

2

2.7

163

O3MA-23-469

8.7

13

2.4

4.3

9

O3MA-23-474

106.7

113.6

2.6

6.9

98

and

127.4

138

0.6

10.6

118

and

143

152

0.8

9

132

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.

 

Table 2: Deeper Delineation Drill Hole Intercepts. Only intercepts above 5.0 g/t Au*m are reported, cut-off 1.0 g/t Au and below 200 metres from surface.

Hole

From (m)

To (m)

Grade
(g/t Au)

Core
Length (m)

Vertical
Depth
(m)

Zone

O3MA-23-463

370.4

371.1

12

0.7

291

Malartic H

O3MA-23-477

293.8

295.3

3.7

1.5

230

and

312.5

320

3.5

7.5

247

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.

 

Figure 1 – Marban Alliance Property Map

Figure 2: Location of significant intercepts at Malartic H

About the Malartic H deposit

The Malartic H deposit has a recognized strike length of 600 metres, 300 metres wide and down to a vertical depth of 500 metres. The mineralized system is partially open laterally and completely open at depth. It is located about 1 kilometre to the north of the Malartic Hygrade former mine, near the hinge of a regional Z-shaped fold. More importantly the Malartic H deposit is also located between the northwestern extensions of the Marbenite and Norbenite shears, which host most of the resources of the Marban Alliance Engineering Project. At Malartic H, the two shears are northwest-trending and dipping around 70 degrees to the northeast. The deposit is hosted by an alternance of mafic and ultramafic volcanic sequence of the Jacola formation. Similar to the Hygrade area, numerous intermediate to felsic dyke systems are injected in the volcanic sequence. The mineralization occurs as disseminated pyrite with local visible gold in quartz veins and veinlets and disseminated in the host rock. Zones are spatially correlated shears within mafic volcanic units or with the intermediate to felsic dykes. All zones are roughly subparallel.

The 2023 winter drilling program on the Malartic H deposit comprises 23 drill holes totaling 6,948 metres. The parameters are listed in Table 3 for the entire program. Assays results are completely received for only 8 of those holes.

Table 3: Technical parameters of holes of the 2023 campaign on Malartic H.

Hole

Azimuth

(°)

Dip

(°)

Start
Depth
(m)

End
Depth
(m)

Length

(m)

UTM Zone 18
Easting
(m)

UTM Zone 18
Northing
(m)

Assays
Status

O3MA-23-453

224

-45

0

183

183

275524

5339441

All Received

O3MA-23-455

224

-45

0

201

201

275608

5339411

All Received

O3MA-23-456

224

-50

0

126

126

275650

5339341

All Received

O3MA-23-457

224

-49

0

201

201

275749

5339341

All Received

O3MA-23-458

224

-50

0

321

321

275524

5339536

All Received

O3MA-23-461

224

-45

0

309

309

275606

5339521

All Received

O3MA-23-463

238

-51

0

474

474

275589

5339662

All Received

O3MA-23-466

224

-50

0

198

198

275352

5339477

Partial Result

O3MA-23-467

224

-50

0

234

234

275437

5339469

All Received

O3MA-23-469

224

-58

0

309

309

275450

5339567

Partial Result

O3MA-23-470

224

-45

0

351

351

275690

5339490

Partial Result

O3MA-23-471

224

-45

0

333

333

275317

5339798

All pending

O3MA-23-473

198

-50

0

510

510

275492

5339844

Partial Result

O3MA-23-474

193

-65

0

426

426

275384

5339713

Partial Result

O3MA-23-476

224

-45

0

450

450

275397

5339875

All pending

O3MA-23-477

224

-50

0

429

429

275409

5339764

Partial Result

O3MA-23-481

224

-45

0

207

207

274987

5340035

All pending

O3MA-23-480

224

-45

0

372

372

275266

5339857

All pending

O3MA-23-484

224

-45

0

231

231

275026

5340184

All pending

O3MA-23-485

224

-56

0

375

375

275188

5339891

All pending

O3MA-23-487

224

-45

0

270

270

275028

5339964

All pending

O3MA-23-489

224

-48

0

333

333

275116

5340224

All pending

O3MA-23-491

222

-56

0

105

105

275190

5339890

All pending

 

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

Qualified Persons

The scientific and technical content of this news release has been prepared, reviewed and approved by Mr. Sébastien Vigneau (OGQ #993), Principal Geologist of O3 Mining, who is a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Quality Assurance/Quality Control

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 (62,000 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 the significance of assay results disclosed herein, the ability of exploration (including drilling) to accurately predict mineralization, the significance of historical drilling, the veracity of historical QA/QC procedures, the significance of the intercepts reported in this news release, and the prospectivity of the two main shears. 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 ability of exploration activities (including drilling) to accurately predict mineralization; errors in management’s modelling; 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; Toll Free: +1 (833) 979-3516, Telephone: +1 (873) 381-2014, info@o3mining.com, 1440-155 University Avenue, Toronto, ON M5H 3B7
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