Press Release

O3 Mining Intersects 1.5 g/t Au over 44.3 Metres at Kierens-Norlartic Infill Program, Marban Alliance Engineering

February 23, 2023
Share

TORONTO, Feb. 23, 2023 /CNW/ – O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) is pleased to provide an update on its continuing drilling program on its Marban Alliance Engineering Project in Val-d’Or, Quebec, Canada. The Corporation is reporting assay results from 14 holes from the Kierens-Norlartic infill drilling program completed in December 2022 (Press Release – December 22, 2022) seeking technical justification to convert a portion of the remaining 50,000 ounces of gold located within the Pre-feasibility study (“PFS”) resource pit shells from the inferred to the indicated category (The Marban Alliance PFS, titled “Pre-feasibility Study of the Marban Alliance Engineering Project” in accordance with National Instrument 43-101 –Standards of Disclosure for Mineral Projects (“NI 43-101”) and dated October 7, 2022 (with an effective date of September 6, 2022) is available on SEDAR (www.sedar.com) under O3 Mining’s issuer profile). The 2022 infill program totaled 64 drill holes completed in and around the Norlartic, North, North-North and Kierens pits, of which five holes have assays pending.

“Not only do the results offer us the potential to expand the Kierens-Norlartic resources, but we are also seeing consistency with the estimated grades, giving us confidence that we can convert more material not considered in the PFS to ore, which will be reflected in the Feasibility Study in Q1 2024. We expect to receive more assay results from our drilling campaign in the next weeks and it promises to continue unveiling Marban Alliance’s resource potential while we continue drilling with three rigs at our Marban Alliance project,” said O3 Mining President and Chief Executive Officer, Mr. Jose Vizquerra.

Highlights:
  • 1.5 g/t Au over 44.3 metres in hole O3MA-22-356 starting at 257.4 meters in the hole in the Norlartic PFS pit shell.
  • 1.6 g/t Au over 27.0 metres in hole O3MA-22-385 starting at 356.4 meters in the hole at the bottom of the Norlartic PFS pit shell.
  • 2.1 g/t Au over 84.5 metres (true width of approx. 19 metres) in hole O3MA-22-335 starting at 17.6 meters in the hole near surface and at the eastern limit of the Norlartic PFS pit shell.

Most of the results published today are consistent with the estimated grades of the inferred blocks they were aiming to convert. Some of the intercepts are located immediately outside of the PFS pit outline thus offering the possibility to increase the tonnage of the resource if a future pit expansion can be demonstrated. In the case of the Norlartic deposit, it is interesting noting that drill hole O3MA-22-335 returned a notable intercept right next to the property boundary in the south-east corner of the pit shell, where it remains open. The process of updating the ore wireframes is ongoing and will be completed as soon as the full assay results are received. We will then be working with our consultants to update the resource estimate that we expect will form part of the Feasibility Study.

 Figure 1 – Marban Alliance Engineering Property Map

Figure 2 – Norlartic Infill Drilling Intercepts

The 2022 infill program comprises 64 drill holes totaling 12,153 metres. The parameters are listed in Table 2 for the entire program. Many 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 between 5 and 20 m*g/t Au.

Table 1: Conversion Drill Hole Intercepts (only intercepts above 20.0 g/t Au*m are reported, cut-off 0.3 g/t Au and within or near resources pit shells)

Hole

From (m)

To (m)

Grade
(g/t Au)

Core
Length (m)

Zone

O3MA-21-229+O3MA-22-229EXT*

47.5

104.2

2.0

56.7

Norlartic

O3MA-22-229EXT*

120.0

144.1

1.8

24.1

O3MA-22-356

257.4

301.7

1.5

44.3

O3MA-22-335*

17.6

102.1

2.1

84.5

O3MA-22-354

229.5

246.8

1.6

17.3

O3MA-22-374*

20.2

50.7

2.9

30.5

O3MA-22-375

18.5

25.0

3.0

6.5

O3MA-22-385

356.4

383.4

1.6

27.0

O3MA-22-411

267.5

282.5

1.6

15.0

O3MA-22-435

300.1

310.5

2.0

10.4

O3MA-22-436

66.5

76.2

2.3

9.7

O3MA-22-325*

37.0

57.3

2.0

20.3

Kierens

O3MA-22-337

29.5

58.5

0.9

29.0

North

O3MA-22-336

99.3

100.3

21.4

1.0

North-North

O3MA-22-399

33.0

52.1

1.9

19.1

* True width determination is estimated at 75-95% of the reported core length interval. Holes marked with an asterisk were drilled at a lower angle to the zones and true width varies from 18-35% of the reported core length.

Table 2: Technical parameters of the hole of the 2022 Infill drilling program

Hole

Azimuth (°)

Dip (°)

Start
Depth
(m)

End Depth
(m)

Length
(m)

UTM
Easting
(m)

UTM
Northing
(m)

O3MA-22-229EXT

34

-46

101

240

139

277801

5337019

O3MA-22-278

208

-54

0

171

171

277660

5337803

O3MA-22-279

208

-59

0

156

156

277683

5337776

O3MA-22-280

208

-55

0

141

141

277658

5337759

O3MA-22-281

211

-45

0

192

192

277906

5337313

O3MA-22-282

212

-45

0

132

132

277883

5337323

O3MA-22-283

212

-79

0

180

180

277883

5337323

O3MA-22-284

211

-60

0

129

129

277833

5337299

O3MA-22-285

211

-59

0

228

228

277947

5337367

O3MA-22-286

209

-45

0

150

150

277838

5337390

O3MA-22-287

211

-65

0

188

188

277838

5337390

O3MA-22-288

211

-59

0

225

225

277811

5337444

O3MA-22-289

211

-56

0

204

204

277840

5337438

O3MA-22-290

208

-45

0

165

165

277220

5337947

O3MA-22-291

208

-45

0

162

162

277241

5337917

O3MA-22-292

178

-45

0

132

132

277241

5337917

O3MA-22-293

158

-45

0

171

171

277851

5337832

O3MA-22-294

158

-45

0

171

171

277813

5337820

O3MA-22-295

155

-45

0

174

174

277741

5337795

O3MA-22-323

30

-45

0

150

150

276822

5337620

O3MA-22-325

31

-45

0

150

150

276789

5337646

O3MA-22-326

20

-45

0

177

177

276773

5337658

O3MA-22-328

220

-45

0

123

123

276791

5337766

O3MA-22-329

31

-42

0

102

102

277160

5337395

O3MA-22-331

207

-54

0

264

264

277387

5337234

O3MA-22-332

209

-49

0

102

102

277692

5337042

O3MA-22-335

68

-45

0

126

126

277831

5336900

O3MA-22-336

211

-60

0

171

171

277604

5337835

O3MA-22-337

208

-46

0

84

84

277617

5337429

O3MA-22-339

209

-45

0

111

111

277655

5337414

O3MA-22-342

211

-47

0

93

93

277754

5337345

O3MA-22-343

212

-45

0

102

102

277819

5337342

O3MA-22-345

212

-45

0

114

114

277850

5337344

O3MA-22-347A

205

-46

0

389

389

277711

5337436

O3MA-22-354

209

-45

332

332

277708

5337347

O3MA-22-356

209

-48

0

354

354

277725

5337372

O3MA-22-359C

214

-48

0

298

298

277692

5337397

O3MA-22-363

209

-55

0

365

365

277637

5337466

O3MA-22-368

209

-46

0

429

429

277708

5337502

O3MA-22-374

32

-54

0

88

88

277606

5337056

O3MA-22-375

168

-45

0

81

81

277544

5337130

O3MA-22-376A

44

-45

0

84

84

277702

5336993

O3MA-22-380

208

-52

0

417

417

277620

5337520

O3MA-22-385

208

-46

0

441

441

277736

5337478

O3MA-22-390A

211

-46

0

189

189

277797

5337480

O3MA-22-396

212

-59

0

90

90

277309

5337827

O3MA-22-399

228

-45

0

126

126

277305

5337853

O3MA-22-401

198

-50

0

93

93

277258

5337879

O3MA-22-402

204

-54

0

159

159

277286

5337952

O3MA-22-407

215

-60

0

113

113

277507

5337547

O3MA-22-411

212

-50

0

338

338

277488

5337515

O3MA-22-415

212

-57

0

356

356

277488

5337515

O3MA-22-422

213

-68

0

312

312

277505

5337410

O3MA-22-428

200

-63

0

239

239

277633

5337202

O3MA-22-430

10

-65

0

200

200

277664

5337294

O3MA-22-433

170

-78

0

230

230

277728

5337147

O3MA-22-435

204

-64

0

323

323

277518

5337488

O3MA-22-436

218

-45

0

149

149

277460

5337278

O3MA-22-438

33

-85

0

208

208

277516

5337554

O3MA-22-439

198

-68

0

131

131

277467

5337588

O3MA-22-440

206

-68

0

185

185

277463

5337627

O3MA-22-445

178

-88

0

102

102

277387

5337234

O3MA-22-446

338

-42

0

126

126

276773

5337658

O3MA-22-447

150

-42

0

132

132

276723

5337765

Qualified Persons; Technical Report

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

Assays are uncut except where indicated. 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
Download the press release

Recent posts

Creation of a Working Group

Following the discussions and comments received from residents last fall, the O3 Mining team wishes to pursue its participatory approach by setting up a […]

View the post January 18, 2024

Communication to the community: Keriens watercourse deviation

Communication to the community: Keriens watercourse deviation   Val d’Or, November 15, 2023   On Tuesday, November 14, an event was held to discuss […]

View the post November 15, 2023

Communications to the community: Winter work planned on Marban Alliance

Communications to the community: Winter work planned on Marban Alliance Val-d’Or, November 8, 2023 As part of our ongoing efforts to keep the community […]

View the post November 8, 2023

O3 Mining wins the Sustainable Development Excellence Award at the XPLOR 2023 Gala

O3 Mining wins the Sustainable Development Excellence Award at the XPLOR 2023 Gala   TSXV:OIII | OTCQX:OIIIF – O3 Mining   Montreal, November 2nd, […]

View the post November 2, 2023

Restez à l’affût

Afin de toujours être au courant des dernières nouvelles en lien avec le projet Marban Alliance, inscrivez-vous à notre infolettre ci-dessous.