Press Release

O3 Mining Intersects 4.0 g/t Au Over 36.5 Metres on Malartic H Deposit at Marban

June 8, 2023
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Figure 1: Marban Property Map (CNW Group/O3 Mining Inc.)

Figure 2: Location of significant intercepts at Malartic H (CNW Group/O3 Mining Inc.)

TSXV:OIII | OTCQX:OIIIF – O3 Mining

TORONTO, June 8, 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 Engineering Project in Val-d’Or, Québec, Canada. In this news release, the Corporation is reporting 22 significant intercepts in 13 drill holes from the Malartic H deposit drill program completed in March 2023, which expands upon the 17 significant intercepts disclosed in O3 Mining’s new release dated May 16, 2023 (entitled “O3 Mining Intersects 5.9 g/t Au Over 10.1 Metres on Malartic H”). The Malartic H deposit consists of multiple stacked lenses now covering an area of 950 metres along strike and 300 metres wide.

Highlights:

  • 4.0 g/t Au over 36.5 metres in hole O3MA-23-485 at a vertical depth of 66 metres, including 231.0 g/t over 0.5 metre and 1.2 g/t over 14.4 metres
  • 2.8 g/t Au over 16.9 metres in hole O3MA-22-471 at a vertical depth of 182 metres
  • 7.2 g/t Au over 4.5 metres in hole O3MA-22-476 at a vertical depth of 219 metres

O3 Mining’s President and Chief Executive Officer, Mr. José Vizquerra commented: These new robust and shallow intercepts from our 2023 winter drill program bring us confidence ahead of the maiden near surface resource estimate to be released shortly. Additionally, higher grade intercepts deeper in the system could signal potential for an underground operation.

The 2023 winter drill program on Malartic H 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. Historic drilling was completed by NioGold Mining Corp. and Aur Resources Inc., with QA/QC procedures applied and documented. All assays have been received (except a portion of hole O3MA-23-491 that replicate hole O3MA-23-485, 6 metres apart), and O3 Mining expects to release a maiden mineral resource estimate on the Malartic H deposit later this month.

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

106.9

113.0

1.2

6.1

80

Malartic H

O3MA-23-466

174.5

176.0

4.1

1.5

137

O3MA-23-470

260.2

260.7

29.0

0.5

175

O3MA-23-471

114.5

120.3

1.4

5.8

86

and

139.7

153.0

2.6

13.3

104

and

162.5

169.4

0.8

6.9

122

and

241.1

258.0

2.8

16.9

182

O3MA-23-480

91.5

100.1

1.6

8.6

68

and

182.0

190.0

2.0

8.0

129

and

246.0

253.1

3.4

7.1

169

including

247.0

248.3

13.9

1.3

169

O3MA-23-481

46.0

47.5

8.4

1.5

33

and

95.8

99.0

2.1

3.2

69

and

115.2

123.0

1.0

7.8

84

O3MA-23-484

31.4

59.0

1.2

27.6

35

O3MA-23-485**

56.2

92.7

4.0

36.5

66

including

56.2

64.0

1.1

7.8

50

including

72.6

87.0

1.2

14.4

66

including

90.6

91.1

231.0

0.5

79

O3MA-23-487

139.0

143.0

1.7

4.0

97

O3MA-23-489

110.6

118.0

2.3

7.4

89

O3MA-23-491***

74.7

88.0

1.4

13.3

68

and

93.4

95.0

19.6

1.6

79

including

93.4

93.9

50.9

0.5

80

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. *Partly included in the news release dated May 16, 2023 (entitled “O3 Mining Intersects 5.9 g/t Au Over 10.1 Metres on Malartic H”). **Includes two intervals of lost core from 71.2 metres to 71.8 metres and from 88.5 metres to 90.0 metres where grade was set to zero. ***Drilled 6 metres apart from hole O3MA-23-485 to replicate the mineralized interval with lost core, assays results from the beginning of the mineralized interval are still pending.


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-23-473

355.9

356.4

22.0

0.5

268

Malartic H

O3MA-23-476

313.6

318.1

7.2

4.5

219

including

316.0

317.0

24.2

1.0

219

O3MA-23-476

377.0

380.0

2.7

3.0

263

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 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 950 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 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. Assay results are completely received except for the one twin hole mentioned above (which results are pending).

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

All Received

O3MA-23-467

224

-50

0

234

234

275437

5339469

All Received

O3MA-23-469

224

-58

0

309

309

275450

5339567

All Received

O3MA-23-470

224

-45

0

351

351

275690

5339490

All Received

O3MA-23-471

224

-45

0

333

333

275317

5339798

All Received

O3MA-23-473

198

-50

0

510

510

275492

5339844

All Received

O3MA-23-474

193

-65

0

426

426

275384

5339713

All Received

O3MA-23-476

224

-45

0

450

450

275397

5339875

All Received

O3MA-23-477

224

-50

0

429

429

275409

5339764

All Received

O3MA-23-481

224

-45

0

207

207

274987

5340035

All Received

O3MA-23-480

224

-45

0

372

372

275266

5339857

All Received

O3MA-23-484

224

-45

0

231

231

275026

5340184

All Received

O3MA-23-485

224

-56

0

375

375

275188

5339891

All Received

O3MA-23-487

224

-45

0

270

270

275028

5339964

All Received

O3MA-23-489

224

-48

0

333

333

275116

5340224

All Received

O3MA-23-491

222

-56

0

105

105

275190

5339890

Partial Result

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. 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 and expertise of a team of industry leaders 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: José Vizquerra | CEO, President & Director, info@o3mining.com; Alex Rodriguez | Vice President, Corporate Development, arodriguez@o3mining.com, Telephone: +1 (647) 391-7724, Toll Free: +1 (833) 979-35168

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