O3 Mining Intersects 5.1 g/t Au Over 5.1 metres near Marban’s Norlartic Pit

Toronto, March 09, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) is pleased to provide new drilling results from the Marban project on its Malartic Property in the Val-d’Or region of Québec, Canada as part of its 250,000 metre drilling program.

Drilling at Marban focuses on expanding mineralization outside of the proposed pit areas outlined in the Preliminary Economic Assessment (“Marban PEA”) released on September 08, 2020. The 2021-2022 drilling program consists of 125,000 metres to test extensions of the deposits and zones outside the PEA pit areas. New drilling results from two drill holes include:

Drilling Highlights:

  • 5.1 g/t Au over 5.1 metres including 13.1 g/t Au Over 0.5 metres and 15.2 g/t Au over 0.7 metres in hole O3MA-21-033-W1 at the North Shear zone
  • 2.7 g/t Au over 10.6 metres including 26.9 g/t Au Over 0.5 metres in hole O3MA-21-033 near surface in new Triple North zone

The discovery of the new Triple North zone outside of the Norlartic pit shell continues to build our confidence in the potential to expand the mineable resources at Marban. With 125,000 metres of drilling planned for the Marban project, our drill program continues to grow, as does the potential for new discovery,” President and CEO José Vizquerra.

The intercepts released today in holes O3MA-21-033, O3MA-21-033-W1 and O3MA-21-039 are part of six drill holes completed earlier this year to test extensions at depth of the North North and North Shear zones, which are both proposed for open pit mining in the 2020 Marban PEA.  Assay results from four other drill holes in this area are pending.

A total of 51 drill holes have been drilled at Marban since the beginning of the campaign in August 2020, focusing on the Kierens, Kierens NW, Gold Hawk, Orion, MK, North Shear, North North, and Marban NE zones. Assay results from 23 drill holes are pending.

Table 1: Drill Hole Intercepts (only intercepts above 5 g/t Au * m are reported, cut-off 0.3 g/t Au above 200 m and 1.0 g\t Au below 200 m)

Drill Hole From (m) To (m) Interval (m) Au (g/t) Zone
O3MA-21-033 38.9 49.5 10.6 2.7 Triple North (new zone)
incl. 38.9 39.4 0.5 26.9
incl. 43.8 44.5 0.7 8.9
O3MA-21-033-W1 580.2 585.3 5.1 5.1 North Shear
incl. 581.1 581.6 0.5 13.1
incl. 583.1 583.8 0.7 15.2
O3MA-21-039 286.9 288.8 1.9 5.3 North North

NOTE: True width determination is currently unknown but is estimated at 65-80% of the reported core length interval for the zones.

Table 2: Drill Hole Details 

Drill Hole ID Azimuth (˚) Dip (˚) Length (m) UTM E UTM N
O3MA-21-033 206 -72 701 277929 5337816
O3MA-21-033-W1 206 -72 31 277929 5337816
O3MA-21-039 208 -73 666 277756 5337904

 

Hole O3MA-21-033 intersected a new zone called Triple North, at a vertical depth of approximately  30 metres. The hole intersected stockwork quartz-carbonate veins with disseminated pyrite and visible gold within an albitized and sheared granodiorite. The interval returned 2.7 g/t Au over 10.6metres, including 26.9 g/t Au over 0.5 metres and 8.9 g/t Au over 0.7 metres. The Triple North zone is open laterally and at depth.

The North Shear zone was intersected in hole O3MA-21-033-W1 and confirmed the depth continuity of the mineralized zone. The mineralized interval has been intercepted 200 metres below the last historical intercept of the North Shear zone, and returned 5.1 g/t Au over 5.1 metres, including 13.1 g/t Au over 0.5 metres and 15.2 g/t Au over 0.7 metres, expanding the potential of the zone further at depth. The mineralization is hosted within a quartz-carbonate vein with visible gold and disseminated pyrite at the sheared contact between mafic volcanics and a felsic dyke.

Hole O3MA-21-039 intersected the  North North zone at a vertical depth of approximately 200 metres and cross-cut an albitized granodiorite. Mineralization consists of quartz-carbonate-tourmaline veins with up to 2% disseminated pyrite. The intercept returned 5.3 g/t Au over 1.9 metres. 

Figure 1: Malartic Property Map

 Figure 2: Marban Project Drilling Map

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Louis Gariepy. (OIQ #107538), VP Exploration, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Quality Control and Reporting Protocols

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. 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 QA/QC program. Third-party assays are submitted to other designated laboratories for 5% of all samples. Drill program design, Quality Assurance/Quality Control (“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 ready 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 (137,000 hectares) in Québec. O3 Mining trades on the TSX Venture Exchange (TSX.V: OIII) and OTC Markets (OTCQX: OIIIF). The company 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. The information in this news release about the transaction; and any other information herein that is not a historical fact may be “forward-looking information”. 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. This forward-looking information is based on reasonable assumptions and 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 restart of operations; further steps that might be taken to mitigate the spread of COVID-19; the impact of COVID-19 related disruptions in relation to the Corporation’s business operations including upon its employees, suppliers, facilities and other stakeholders; uncertainties and risk that have arisen and may arise in relation to travel, and other financial market and social impacts from COVID-19 and responses to COVID 19. 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 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.

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.

 

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

 

 

O3 Mining To Drill 250,000 Metres At Marban and Alpha in 2021-2022

Toronto, March 2, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) is pleased to announce its plan to execute a 250,000-metre drilling program during 2021 and 2022 at its Malartic and Alpha properties in Val-d’Or, Québec, Canada as it seeks to convert, expand and discover new gold resources.

O3 Mining drilled 86,000 metres during 2019 and 2020 on its Malartic and Alpha properties to build on its mineral inventory in Québec of 3.9 million ounces of gold (total measured and indicated resource of 2.4 million ounces gold contained within 62.0 Mt @ 1.22 g/t Au and 1.5 million ounces gold contained within 20.2 Mt @ 2.27 g/t Au in the Inferred category).

The exploration success to date, as well as a recently completed CDN $35.0 million bought deal financing which brought its total cash and investments to CDN $145.9 million, gives O3 Mining the confidence to expand the drilling program as it executes its triple exploration strategy to convert, expand and discover resource through the second-largest drilling program in Québec behind its sister company Osisko Mining. The completion of the additional 250,000 metres will bring the total program to approximately 350,000 metres on the properties since it started drilling in September 2019.

The exploration budget for 2021-2022 is CDN $49.3 million with 125,000 metres budgeted for Malartic and 125,000 metres for Alpha. After the winter season ends in April, the Corporation will continue drilling year-round, with six drill rigs.

O3 Mining Strategy

Convert: At the Marban project on the Malartic property, the Corporation is undertaking infill drilling to convert Inferred mineral resources to the Measured and Indicated categories as it moves towards completing a Pre-Feasibility Study, planned for 2022. Marban has a Preliminary Economic Assessment (“PEA”) announced on September 8, 2020 which outlined open-pit production of 115,000 ounces a year for 15 years.

Expand: O3 Mining will continue with step-out drilling and testing new areas within 5 kilometres of the proposed plant site at Malartic with the aim of identifying new mineral resources that can be brought within the mine plan, a strategy the Corporation successfully executed in 2020 (see Press Releases November 24, 2020 and November 3, 2020). The Marban PEA was based on a measured and indicated resource of 1.9 million ounces gold contained within 54.2 Mt @ 1.10 g/t Au and a total of 0.6 million ounces gold contained within 13.2 Mt @ 1.44 g/t Au in the Inferred category.

O3 Mining also aims to continue to expand the mineral resource footprint in the Orenada-Bulldog and Akasaba sectors at Alpha where it has an option on the nearby Aurbel mill. Alpha hosts 1.2 million ounces of gold (total Measured and Indicated resource of 500,000 ounces gold contained within 7.7 Mt @ 2.00 g/t Au and 700,000 ounces gold contained within 5.9 Mt @ 3.80 g/t Au in the Inferred category).

Discover: O3 Mining aims to continue to discover new mineralized zones at the Simkar and Omega sectors at Alpha and to test targets generated by its exploration team and verified using artificial intelligence (“AI”) by Mira Geoscience Ltd. incorporating drilling and mapping databases, geochemical samples, Induced Polarization (IP), Electromagnetic (EM), magnetic and gravity datasets (see Press Release August 6, 2020).

We see the market looking for large, economic gold deposits in mining-friendly jurisdictions and that is exactly what O3 Mining is in the process of delivering. We have secured the financial resources to increase the planned scope of our 2021 and 2022 exploration programs to convert, expand and discover and keep building ounces around our two potential production sites in Val-d’Or. 2021 will be an exciting year for O3 Mining as this exploration program further advances the production potential of Malartic and Alpha,” President and CEO Jose Vizquerra

 

Highlights

Drilling at the Malartic property will test extensions of the ore deposits included in the September 2020 PEA (See press release September 8, 2020) to grow the mineral resource base, specifically focused on the Norlartic–Kierens, North-North, North Shear, Marban, and the Gold Hawk deposits. Other drilling targets include Orion #8, Golden Bridge, MK, Malartic H, Marban NE, and Camflo deep, including extensions of historical mineralized zones within three kilometres of the PEA pit shells, which offer additional potential to increase resources within the Marban mining project area.

Drilling at Alpha will aim to expand the known deposits at Bulldog, Orenada, Simkar, and Akasaba, and the Corporation will proceed to a resource estimate when it feels there are enough resources to generate an economic production scenario. Drilling will follow-up on significant drill intercepts to prove-up the continuity of grades and widths to turn these into new deposits as well as make new discoveries within the Bulldog-Orenada, Akasaba, Simkar, and Omega sectors.

BMO 30th Global Metals & Mining Conference

Jose Vizquerra, President and CEO, will present at the BMO Global Metals & Mining Conference on Wednesday, March 3rd at 4:00 p.m. (EST) as part of the Osisko Group Panel alongside Osisko Development, Osisko Mining, and Osisko Metals, and will be available for one-on-one meetings throughout the conference. Meeting requests can be made through the conference website.

BMO Global Metals & Mining Conference is one of the sector’s premier events. This five-day invitation-only conference brings together mining industry leaders and institutional investors from around the globe. The event is considered a barometer of industry sentiment for the year to come.

Figure 1: Alpha Property Map

Figure 2: Malartic Property Map

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Louis Gariepy. (OIQ #107538), VP Exploration, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

About O3 Mining Inc.

O3 Mining Inc., an Osisko Group company, is a gold explorer and mine developer ready 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 (137,000 hectares) in Québec. O3 Mining trades on the TSX Venture Exchange (TSX.V: OIII) and OTC Markets (OTCQX: OIIIF). The company 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. The information in this news release about the transaction; and any other information herein that is not a historical fact may be “forward-looking information”. 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. This forward-looking information is based on reasonable assumptions and 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 restart of operations; further steps that might be taken to mitigate the spread of COVID-19; the impact of COVID-19 related disruptions in relation to the Corporation’s business operations including upon its employees, suppliers, facilities and other stakeholders; uncertainties and risk that have arisen and may arise in relation to travel, and other financial market and social impacts from COVID-19 and responses to COVID 19. 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 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.

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.

 

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

O3 Mining Closes C$35 Million Bought Deal Private Placement of Flow-Through Shares

 This News Release is not for distribution To U.S. Newswire Services or for dissemination In the United States

Toronto, February 25, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) is pleased to announce the completion of its previously-announced “bought deal” brokered private placement of an aggregate of 7,709,300 “flow-through shares” of the Corporation (“FT Shares”), at an issue price of C$4.54 per FT Share for aggregate gross proceeds of approximately C$35 million, including the exercise in full of the underwriters’ option (the “Offering”).

The Offering was led by Sprott Capital Partners LP, on behalf of itself and a syndicate of underwriters that included Canaccord Genuity Corp., Eight Capital, CIBC World Markets Inc., National Bank Financial Inc., Red Cloud Securities Inc., Cormark Securities Inc. and Stifel Nicolaus Canada Inc.

The gross proceeds from the sale of the FT Shares will be used by the Corporation to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”) related to the Corporation’s projects in Québec. The Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares with an effective date no later than December 31, 2021 and in the aggregate amount not less than the total amount of the gross proceeds raised from the issuance of the FT Shares.

All securities issued under the Offering will be subject to a hold period expiring four months and one day from the date of issuance. The Offering is subject to final acceptance of the TSX Venture Exchange.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About O3 Mining Inc.

O3 Mining Inc., an Osisko Group company, is a gold explorer and mine developer ready 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 (137,000 hectares) in Québec. O3 Mining trades on the TSX Venture Exchange (TSX.V: OIII) and OTC Markets (OTCQX: OIIIF). The company 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 and projections as at the date of this news release. The information in this news release about the Offering; the use of the proceeds from the Offering; the jurisdictions in which the FT Shares will be offered or sold; the number of FT Shares offered or sold; the size of the Offering; the timing and ability of the Corporation to close the Offering, if at all; the timing and ability of the Corporation to satisfy the customary listing conditions of the TSX Venture Exchange, if at all; the timing and ability of the Corporation to obtain all necessary approvals; the tax treatment of the securities issued under the Offering under the Income Tax Act (Canada) and Taxation Act (Québec); the timing to renounce all Qualifying Expenditures in favour of the subscribers, if at all; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “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. This forward-looking information is based on reasonable assumptions and 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 Corporation 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 Offering; volatility in the trading price of common shares of the Corporation; risks relating to the ability of the Corporation to obtain required approvals, complete definitive documentation and complete the Offering; the ability of the Corporation to complete further exploration activities, including drilling; property interests; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; changes in the tax and regulatory regime; and community and non-governmental actions. 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 corporation cannot assure shareholders and prospective purchasers 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 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.

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.

 

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

 

O3 Mining Intersects 1.2 g/t Au Over 28.2 Metres and 2.2 g/t Au Over 5.1 Metres Near Surface From Simkar Sector At Alpha Property

Toronto, February 25, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) is pleased to provide drilling results from the Simkar sector on its Alpha property in Val-d’Or, Québec, Canada as part of a well-funded 150,000 metre drilling program.

New drilling results from six holes drilled in the Simkar sector in late 2020 include:

Drilling Highlights from hole O3AL-20-326

  • 1.2 g/t Au over 28.2 metres
    • 2.0 g/t Au over 5.1 metres
    • 8.0 g/t Au over 0.5 metres
    • 4.4 g/t Au over 2.7 metres
  • 2.2 g/t Au over 5.1 metres
    • 17.8 g/t Au over 0.5 metres

A 3D-model of the Alpha property is available on the Company’s website at https://o3mining.com/presentations/drill-results.

The Simkar sector comprises several East-West trending iron-rich gabbros and basalts covering an area of 5 kilometres by 2 kilometres. The main dyke hosts the former Simkar mine. The drill holes reported today aimed to test the extensions of multiple zones known from historical surface exploration work and shallow drill holes extending over an area of roughly 1.2 square kilometres,  located approximately 700 metres south of the historical Simkar mine. O3 Mining’s 2020 trenching program helped improve the geological understanding of the controls of these zones in preparation for drilling this winter. The encouraging results received from this initial drilling program support a decision to continue drilling to further explore for mineralized extensions of the VD-L17 zone, which remains partially open laterally and fully open at depth.

Drilling at Simkar is successfully intercepting gold mineralization at relatively shallow depths and advancing the possibility of developing another potential ore body with good grade and width. The success of these holes further validates the multi-exploration technique approach we are taking to developing drill targets, which bodes well for future success of finding extensions to these zones as our drilling program continues,”President and CEO Jose Vizquerra.

 

O3 Mining’s 2020-2021 drilling program includes 100,000 metres for the Alpha property, which hosts multiple mineralized systems over an approximate 20 kilometres strike length. The program is focused on expanding known deposits at depth at the Bulldog-Orenada, Simkar, and Akasaba sectors, as well as follow-up on the significant previous drill, intercepts to prove the continuity of grades and widths to define new deposits and to make new discoveries in the vicinity of those deposits or in the Omega sector. These targets were generated in 2020 from a combination of in-house geological compilation data, a summer trenching program, and the use of Artificial intelligence (“AI”) targeting study by Mira Geoscience (See Press Release December 02nd, 2020).

 

Table 1 includes additional intercepts of interest from the VD zones. A further interpretation is required to understand their significance and decide on potential follow-up drilling. A total of seven drill holes totalling 3,282 metres have been drilled in 2020 in this part of the Simkar sector. Assay results from three drill holes are pending. Now that winter conditions allow access to wetlands the drilling focus has shifted to other areas of the Alpha property. Follow-up drilling on the intercepts reported here will occur during the summer months.

 

Table 1: Drill Hole Intercepts from Simkar sector(only intercepts above 5 g/t Au * m are reported)

Drill Hole From (m) To (m) Interval (m) Au uncut (g/t) Ag (g/t) Zone
O3AL-20-324 75.0 83.3 8.3 0.7 VD-L10
O3AL-20-324 239.0 240.0 1.0 7.2 VD-L17
O3AL-20-325 18.0 28.5 10.5 0.8 VD-L17
O3AL-20-326 174.8 203.0 28.2 1.2 VD-L17
including 175.4 180.5 5.1 2.0 4.2
183.0 183.5 0.5 8.0 4.8
193.6 199.2 2.7 4.4
O3AL-20-326 218.6 223.7 5.1 2.2
including 218.6 219.1 0.5 17.8 1.0
O3AL-20-327 39.0 47.4 8.4 0.9 VD-L17
O3AL-20-327 212.0 215.0 3.0 6.0
O3AL-20-327 332.0 333.0 1.0 5.2
O3AL-20-331 185.6 193.7 8.1 0.7 VD-PN
O3AL-20-333 153.0 153.6 0.6 17.0  2.6

 NOTE: True width determination is currently unknown but is estimated at 65-80% of the reported core length interval for the zones.

 

Table 2: Drill Hole Details

Drill Hole ID Azimuth (˚) Dip (˚) Length (m) UTM E UTM N
O3AL-20-324 358 -60 468 308300 5325675
O3AL-20-325 358 -55 431 308400 5325800
O3AL-20-326 358 -50 395 308650 5325750
O3AL-20-327 358 -60 372 308550 5325825
O3AL-20-331 358 -60 414 308389 5325486
O3AL-20-333 358 -55 666 308395 5325216

 

Hole O3AL-20-326 intersected VD-L17 at approximately 150 metres below channels O3AL-D20-01-015 that returned 9.0 g/t Au over 1.3 metres and O3AL-D20-01-008 cut 7.8 g/t Au over 0.7 metres  (See Press Release August 27th, 2020). Historical shallow drill holes 50 metres underneath the trench returned 1.5 g/t Au over 13.7 metres and 3.4 g/t Au over 4.6 metres. The intercept in hole O3AL-20-326 expanded the VD-L17 zone a further 100 metres vertically. The zone corresponds to a shear zone affecting an iron-rich gabbroic dyke and the surrounding mafic volcanic rocks. The first interval extends from the upper contact to the middle of the dyke and yielded 1.2 g/t Au over 28.2 metres, including three higher-grade intervals. The upper-contact returned 2.0 g/t Au and 4.2 g/t Ag over 5.1 metres where the mafic brecciated volcanic rocks are strongly sheared. Mineralization consists of up to 2% sphalerite stringers, contrary to the gabbro where mineralization consists of the percolation of pyrrhotite and chalcopyrite. The gabbro is further cross-cut by a tourmaline-rich fault-fill vein yielding 8.0 g/t Au and 4.8 g/t Ag over 0.5 metres. Mineralization near the middle of the gabbro consists of fracture filling pyrrhotite, chalcopyrite, and calcite,  yielding 4.4 g/t Au over 2.7 metres. The lower contact with the mafic volcanic rocks returned an interval of 2.2 g/t Au over 5.1 metres. This contact is also strongly sheared and contains up to 5% quartz veinlets locally containing visible gold and returning 17.8 g/t Au over 0.5 m.

Hole O3AL-20-324 returned 7.2 g/t Au over 1.0 metres located 300 metres west of O3AL-20-326 at 200 metres vertical depth. Even though low grade, this intercept confirms the continuity of the VD-L17 zone.

Figure 1: Alpha Property Map

Figure 2: Simkar Sector Drilling Map

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Louis Gariepy. (OIQ #107538), VP Exploration, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Quality Control and Reporting Protocols

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. 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 QA/QC program. Third-party assays are submitted to other designated laboratories for 5% of all samples. Drill program design, Quality Assurance/Quality Control (“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 ready 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 (137,000 hectares) in Québec. O3 Mining trades on the TSX Venture Exchange (TSX.V: OIII) and OTC Markets (OTCQX: OIIIF). The company 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. The information in this news release about the transaction; and any other information herein that is not a historical fact may be “forward-looking information”. 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. This forward-looking information is based on reasonable assumptions and 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 restart of operations; further steps that might be taken to mitigate the spread of COVID-19; the impact of COVID-19 related disruptions in relation to the Corporation’s business operations including upon its employees, suppliers, facilities and other stakeholders; uncertainties and risk that have arisen and may arise in relation to travel, and other financial market and social impacts from COVID-19 and responses to COVID 19. 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 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.

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.

 

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

 

O3 Mining Completes Previously-Announced Transaction with Moneta Porcupine

Toronto, February 24, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) is pleased to announce the closing of the previously announced transaction (the “Transaction“) involving Moneta Porcupine Mines Inc. (“Moneta“) on January 14, 2021 (see press release January 14, 2021), whereby the Corporation has sold its wholly-owned subsidiary, Northern Gold Mining Inc. (“Northern Gold“), to Moneta in exchange for 149,507,273 common shares of Moneta (“Moneta Shares“), representing approximately 27.0% of the outstanding Moneta Shares.

In connection with the Transaction, O3 Mining entered into an investor rights agreement (the “Investor Rights Agreement“) with Moneta, pursuant to which the board of directors of Moneta will be reconstituted to consist of eight individuals, with O3 Mining entitled to nominate two directors and one newly appointed independent director to be agreed upon by the parties. Additionally, for a period of two years, O3 Mining shall have the right to nominate two nominees for election as directors of Moneta and, thereafter, for so long as O3 Mining holds greater than (x) 25% of the issued and outstanding Moneta Shares, O3 Mining shall have the right to nominate two nominees for election as directors of Moneta, and (y) 10% of the issued and outstanding Moneta Shares, O3 Mining shall have the right to nominate one nominee for election as a director of Moneta. The Investor Rights Agreement includes, among other things, pre-emptive and top-up rights in favour of O3 Mining, a 24-month standstill provision in favour of Moneta, and certain other restrictions in respect of O3 Mining’s dealings in Moneta Shares (including a prohibition from selling the Moneta Shares held by O3 Mining until December 31, 2022).

The Moneta Shares have been acquired by O3 Mining for investment purposes. O3 Mining has no current intention of increasing its ownership of, or control or direction over, additional securities of Moneta. O3 Mining may, from time to time, increase or decrease its ownership of Moneta Shares or other securities of Moneta depending on market and other conditions.

This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated February 24, 2021. The early warning report respecting the Transaction has been filed on System for Electronic Document Analysis and Review (“SEDAR“) at www.sedar.com under Moneta’s issuer profile. To obtain a copy of the early warning report filed by O3 Mining, please contact José Vizquerra Benavides at (416) 363-8653 or refer to SEDAR (www.sedar.com) under Moneta’s issuer profile.

About O3 Mining Inc.

O3 Mining Inc., an Osisko Group company, is a gold explorer and mine developer ready 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 (137,061 hectares) in Québec. O3 Mining trades on the TSX Venture Exchange (TSX.V: OIII) and OTC Markets (OTCQX: OIIIF). The company 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/

O3 Mining’s head office is located at 155 University Avenue, Suite 1440, Toronto, Ontarion, Canada, M5H 3B7.

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. The information in this news release about the transaction; and any other information herein that is not a historical fact may be “forward-looking information”. 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. This forward-looking information is based on reasonable assumptions and 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 restart of operations; further steps that might be taken to mitigate the spread of COVID-19; the impact of COVID-19 related disruptions in relation to the Corporation’s business operations including upon its employees, suppliers, facilities and other stakeholders; uncertainties and risk that have arisen and may arise in relation to travel, and other financial market and social impacts from COVID-19 and responses to COVID 19. 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 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.

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.

 

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

 

O3 Mining Discovers New Zone At Marban Project and Expands Mineralization Outside of Pit Shell

Toronto, February 4, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) is pleased to provide new drilling results from the Marban project on its Malartic Property in Val-d’Or, Québec, as part of its well-funded 150,000 metre drilling program.

Current drilling on the Marban project focuses on expanding mineralization outside of the proposed pit areas outlined in the Preliminary Economic Assessment (“PEA”) released on September 08, 2020. The 2020-2021 drilling program consists of 50,000 metres to test extensions of the deposits and zones outside of the PEA pit areas. New drilling results from seven drill holes include:

Drilling Highlights:

  • 1.2 g/t Au over 9.7 metres in hole O3MA-20-012 and 2.0 g/t Au over 5.4 metres in hole O3MA-20-015 in a new zone named Golden Bridge Zone
  • 1.5 g/t Au over 6.3 metres in hole O3MA-20-028 near-surface outside of Kierens PEA pit shell
  • 34.8 g/t Au over 1.2 metres in hole O3MA-20-013 near-surface inside the Kierens PEA pit shell
  • 13.5 g/t Au over 1.3 metres and 2.8 g/t Au over 4.3 metres in hole O3MA-20-013 associated with albitized dykes
  • 4.6 g/t Au over 1.2 metres in hole O3MA-20-012, including 9.6 g/t Au over 0.5 metre at Gold Hawk

A 3D-model of the Malartic property and the Marban project is available on the Company’s website at https://o3mining.com/presentations/drill-results.

Late last year, we published a positive PEA on Marban and committed to making it even better through continued exploration. By investing the time and money into our drill program we continue to grow the various Marban deposits and the results will be included with the next resource update, which will underline how the development of Marban is becoming an even more attractive possibility. Drilling has successfully intercepted mineralization in new areas including what we think is a new parallel structure to Marban called Golden Bridge, which after more work, could be brought into the project economics and further add to the benefits of a future production scenario,” President and CEO José Vizquerra.

 

The new Golden Bridge zone discovery is defined by three drill holes covering an area of 175 metres by 100 metres at 175 metres vertical depth and remains open to the west, at depth, and up to the surface. O3 Mining believes that the near surface Golden Bridge zone offers the potential to generate a new open pit resource, just 200 metres from the PEA Norlartic pit. Initial interpretation suggests that the Golden Bridge zones are associated with an east-west trending splay of the Marbenite and Norbenite shears. If proven, this would offer a lateral exploration potential of an additional 650 metres along the Golden Bridge structure. The two intercepts associated with albitized dykes in O3MA-20-013 are 65 meters apart in the hole and are located at a vertical depth of 450 metres on average. The zones remain open laterally and at depth.

The intercept in hole O3MA-20-028 expands the near-surface mineralization 30 metres east of previously reported intercepts in holes O3MA-20-005 and O3MA-20-006 (see press release November 03, 2020).The intercept in hole O3MA-20-013 within the Kierens PEA pit shell shows the high-grade nature of mineralization, which will be beneficial to the project economics. The intercept at Gold Hawk supports the continuity of the zone over 75 metres down dip from the previously reported high-grade intercept in hole O3MA-20-008 (see press release November 24, 2020).

The primary objective of these holes was to cross the Kierens-Norlatic corridor at shallow depth while drilling extensions at depth of the Gold Hawk zone. These new results suggest that the Kierens and Norlartic ore bodies come closer to the surface than previously interpreted and, could potentially connect when properly delineated. Additionally, the discovery of the Golden Bridge zone shows the potential to expand resources associated with splay structures connecting the Norbenite and Marbenite shears. A total of 38 drill holes totalling 20,591 meters have been drilled since the beginning of the campaign in August 2020 at the Marban Project, focusing on the Kierens, Kierens NW, Gold Hawk, Orion, MK, North Shear, North North, and Marban NE zones. Assay results from 27 drill holes are pending.  Now that the winter conditions allow accessing humid lands, the focus will shift over to the Marbenite Deep, Marban East Deep (both adjacent to Marban pit) as well as at North North and North Shear. Follow-up drilling on the intercepts released today will occur during the summer months as the Company prioritizes areas only accessible during winter.

 Table 1: Drill Hole Intercepts (only intercepts above 5 g/t Au * m are reported, cut-off 0.3 g/t Au above 200 m and 1.0 g\t Au below 200 m)

Drill Hole From To Interval Au (g/t) Zone
O3MA-20-011 42.0 55.5 13.5 1.4 Kierens
O3MA-20-011 63.0 64.5 1.5 5.9 Kierens
O3MA-20-013 36.2 37.4 1.2 34.8 Kierens
O3MA-20-013 43.6 46.6 3.0 2.3 Kierens
O3MA-20-018 19.0 20.0 1.0 9.4 Kierens
O3MA-20-028 49.8 56.1 6.3 1.5 Kierens (outside of pits)
O3MA-20-012 589.8 591.0 1.2 4.6 Gold Hawk
Incl. 589.8 590.3 0.5 9.6 Gold Hawk
O3MA-20-012 185.8 195.5 9.7 1.2 Golden Bridge
O3MA-20-015 205.8 211.2 5.4 2.0 Golden Bridge
O3MA-20-013 460.0 461.3 1.3 13.5 Albitized dyke
O3MA-20-013 524.4 528.7 4.3 2.8 Albitized dyke

NOTE: True width determination is currently unknown but is estimated at 65-80% of the reported core length interval for the zones.

Table 2: Drill Hole Details

Drill Hole ID Azimuth (˚) Dip (˚) Length (m) UTM E UTM N
O3MA-20-007 211 -71 744 276523 5337866
O3MA-20-011 209 -72 66 276544 5337900
O3MA-20-012 211 -71 744 276523 5337866
O3MA-20-013 206 -73 912 276480 5337934
O3MA-20-015 187 -68 658 276337 5337961
O3MA-20-018 210 -67 729 276372 5337985
O3MA-20-028 210 -43 162 276915 5337649

The Kierens zone has been intersected at shallow depth in four drill holes. Holes O3MA-20-011 and O3MA-20-013 hit the Kierens zone in the middle of the proposed Kierens pit and confirmed the continuity of the mineralization. Hole O3MA-20-028 is located 175 m SE of the Kierens proposed pit limit and returned 1.5 g/t Au over 6.5 m expanding the open-pit potential further east. The three holes intersected quartz-calcite stockwork associated with up to 5% disseminated pyrite in a basaltic unit crosscut by gabbroic dykes. The Kierens zone is within the hanging wall of the Norbenite shear located at the contact with the ultramafic rocks. Hole O3MA-20-018 intersected the Kierens zone at the western extremity of the proposed pit. It intersected a stockwork of quartz-calcite veins related to gabbroic dykes hosted in sheared komatiite that returned 9.4 g/t Au over 1.0 m.

The Marbenite shear is separated from the Norbenite shear by a 150 m thick tabular granodiorite intrusion. During the fall, O3MA-20-001 intersected stockwork quartz calcite veins in a weakly sericitized and pyritized portion of the granodiorite that yielded 4.4 g/t Au over 1.5 m (see press release November 24, 2020). Holes O3MA-20-012 and O3MA-20-015 show that the previously observed stockwork forms a continuous structure within the granodiorite now recognized as the Golden Bridge zone. Both holes intersected a stockwork consisting of 15% quartz-calcite veins associated with disseminated pyrite as well as molybdenite stringers. Hole O3MA-20-012 intersected 1.2 g/t Au over 9.7 m and hole O3MA-20-015 returned values of 2.0 g/t Au and 2.0 g/t Ag over 5.4 m. The new mineralized zone remains open at depth, up-dip, and 650 m to the west. Follow-up holes will be drilled next summer on the up-dip and westward extensions.

Hole O3MA-20-013 crosscut a series of albitized dykes that resulted in strong biotization of the surrounding ultramafic rocks. Gold is found associated with the biotized ultramafic rocks with few quartz-calcite veinlets as well as within the dykes. The first intercept returned 13.5 g/t Au over 1.3 m where mineralization is restricted to the biotite zone, while the second intercept of 2.8 g/t Au over 4.3 m is related to the dyke and its altered walls.

Hole O3MA-20-012 intersected the Gold Hawk zone 75 m below the high-grade intercept of hole O3MA-20-008 that returned a spectacular grade of 383 g/t over 2.0 m (see press release November 24, 2020). The mineralization in hole O3MA-20-012 related to the Gold Hawk zone yielded an intercept of 4.6 g/t Au over 1.2 m consisting of a 15 cm quartz-calcite-chlorite vein within an iron-rich basalt in contact with a mafic dyke in the hanging wall of the Marbenite shear. The vein is related to a high-grade interval of 9.6 g/t Au over 0.5 m. The geological context is the same as in hole O3MA-20-008 and shows the Gold Hawk zone’s depth potential depth potential of the Gold Hawk zone. 

Figure 1: Malartic Property Drilling Map

Figure 2: Marban Project Drilling Map

Figure 3: Longitudinal Section – NE

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Louis Gariepy. (OIQ #107538), VP Exploration, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). 

Quality Control and Reporting Protocols

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. 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 QA/QC program. Third-party assays are submitted to other designated laboratories for 5% of all samples. Drill program design, Quality Assurance/Quality Control (“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 ready 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 (133,557 hectares) in Québec. O3 Mining trades on the TSX Venture Exchange (TSX.V: OIII) and OTC Markets (OTCQX: OIIIF). The company 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. The information in this news release about the transaction; and any other information herein that is not a historical fact may be “forward-looking information”. 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. This forward-looking information is based on reasonable assumptions and 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 restart of operations; further steps that might be taken to mitigate the spread of COVID-19; the impact of COVID-19 related disruptions in relation to the Corporation’s business operations including upon its employees, suppliers, facilities and other stakeholders; uncertainties and risk that have arisen and may arise in relation to travel, and other financial market and social impacts from COVID-19 and responses to COVID 19. 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 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. 

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.

 

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

 

O3 Mining Files PEA Technical Report For Garrison Project

Toronto, January 27, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) is pleased to announce the filing of an independent Preliminary Economic Assessment (PEA) for the Garrison project.

The report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The technical report, entitled “NI 43-101 Technical Report and Preliminary Economic Assessment of the Garrison Project” and dated January 27, 2021 (effective date of November 25, 2020), has been prepared for O3 Mining by Ausenco Engineering Canada Inc. with the assistance of Moose Mountain Technical Services (the “Garrison PEA”). The Garrison PEA is available on SEDAR (www.sedar.com) under O3 Mining’s issuer profile.

O3 Mining’s news release dated December 14, 2020 (entitled “O3 Mining Delivers Positive PEA for Garrison Project“) summarizes key results, assumptions and estimates contained in the Garrison PEA. The Corporation is please to report there are no material differences between the key results, assumptions and estimates contained in the Garrison PEA and O3 Mining’s news release dated December 14, 2020.

About O3 Mining Inc.

O3 Mining, which forms part of the Osisko Group of companies, is a mine development and emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in properties in Québec (133,557 hectares). The Corporation controls 66,064 hectares in Val-d’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Fault. O3 Mining also has a portfolio of assets in the Chibougamau region of Québec.

Cautionary Note Regarding Forward-Looking Information

Readers are cautioned that the Garrison PEA is preliminary in nature and includes inferred mineral resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorize as mineral reserves. The mineral resource estimate disclosed in the Garrison PEA may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. Under NI 43-101, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for preliminary economic assessments. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically. There is no certainty that the results, assumptions or estimates in the Garrison will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

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.

 

For further information on O3 Mining, please contact:

José Vizquerra Benavides
President, CEO and Director
Telephone: (416) 363-8653

 

O3 Mining Grants Stock Options and Restricted Securities

Toronto, January 25, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) Toronto, January 25, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) announces that it has granted to certain officers, directors, employees and/or consultants of the Corporation (i) an aggregate of 890,000 options to acquire common shares of the Corporation (“Options”), and (ii) an aggregate of 90,000 restricted share units of the Corporation (“RSUs”). The Options have an exercise price of $3.26 per share, have a five-year term from the date of grant, and vest annually in equal thirds beginning on the first anniversary of the date of grant. The RSUs are subject to a three-year cliff vesting period from  the date of grant.

About O3 Mining Inc.

O3 Mining, which forms part of the Osisko Group of companies, is a mine development and emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in properties in Québec (133,557 hectares). The Corporation controls 66,064 hectares in Val-d’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Fault. O3 Mining also has a portfolio of assets in the Chibougamau region of Québec. 

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.

 

For further information on O3 Mining, please contact:

José Vizquerra Benavides
President, CEO and Director
Telephone: (416) 363-8653

O3 Mining Upsizes Previously-Announced Private Placement of Flow-Through Shares to C$30.4 Million

This News Release is not for distribution to U.S. Newswire Services or for dissemination in the United States

Toronto, January 21, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) is pleased to announce, further to our news release of earlier this morning, that the private placement of flow-through common shares of the Corporation (“FT Shares”) has been upsized by an additional C$10.4 million, for a total offering of approximately C$30.4 million (exclusive of the Underwriters’ Option (as defined below)) (the “Offering”). In furtherance of the foregoing, O3 Mining has entered into an amendment to the engagement letter pursuant to which Sprott Capital Partners LP and Canaccord Genuity Corp., as co-lead underwriters, on behalf of a syndicate of underwriters (collectively, the “Underwriters”), have agreed to purchase, on a “bought deal” private placement basis, 6,703,739 FT Shares at a price of C$4.54 per FT Share for aggregate gross proceeds of approximately $30.4 million.

The Corporation has also granted the Underwriters an option to sell up to an additional 1,005,561 FT Shares at a price of C$4.54 per FT Share, which option may be exercised up to 48 hours prior to the closing of the Offering (the “Underwriters’ Option”)  If the Underwriters’ Option is exercised in full, the gross proceeds from the Offering would be approximately  C$35 million.

Each FT Share issued under the Offering will qualify as a “flow-through share” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and, in respect of eligible Québec resident subscribers, section 359.1 of the Taxation Act (Québec). The gross proceeds from the sale of the FT Shares will be used by the Corporation to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”) related to the Corporation’s projects in Québec. The Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares with an effective date no later than December 31, 2021 and in the aggregate amount not less than the total amount of the gross proceeds raised from the issuance of the FT Shares.

The Offering is scheduled to close on or about February 25, 2021 (as opposed to February 17, 2021, as previously announced) and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the conditional approval of the TSX Venture Exchange. Other than as described in this news release, the other terms of the Offering as described in the news release of O3 Mining of earlier this morning remain unchanged.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About O3 Mining Inc.

O3 Mining, which forms part of the Osisko Group of companies, is a mine development and emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in properties in Québec (133,557 hectares). The Corporation controls 66,064 hectares in Val-d’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Fault. O3 Mining also has a portfolio of assets in the Chibougamau region of Québec.

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 and projections as at the date of this news release. The information in this news release about the Offering; the use of the proceeds from the Offering; the jurisdictions in which the FT Shares will be offered or sold; the number of FT Shares offered or sold; the size of the Offering; the timing and ability of the Corporation to close the Offering, if at all; the timing and ability of the Corporation to satisfy the customary listing conditions of the TSX Venture Exchange, if at all; the timing and ability of the Corporation to obtain all necessary approvals; the tax treatment of the securities issued under the Offering under the Income Tax Act (Canada) and Taxation Act (Québec); the timing to renounce all Qualifying Expenditures in favour of the subscribers, if at all; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “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. This forward-looking information is based on reasonable assumptions and estimates of management of Osisko, 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 Osisko 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 Offering; volatility in the trading price of common shares of the Corporation; risks relating to the ability of the Corporation to obtain required approvals, complete definitive documentation and complete the Offering; the ability of Osisko to complete further exploration activities, including drilling; property interests; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; changes in the tax and regulatory regime; and community and non-governmental actions. 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, Osisko cannot assure shareholders and prospective purchasers 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 Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko 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.

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.

 

For further information on O3 Mining, please contact:

José Vizquerra Benavides
President, CEO and Director
Telephone: (416) 363-8653

 

O3 Mining Announces C$20 Million Bought Deal Private Placement of Flow-Through Shares

This News Release is not for distribution to U.S. Newswire Services or for dissemination in the United States

Toronto, January 21, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) is pleased to announce that it has entered into an agreement pursuant to which Sprott Capital Partners LP and Canaccord Genuity Corp., as co-lead underwriters, on behalf of a syndicate of underwriters (collectively, the “Underwriters“), have agreed to purchase, on a “bought deal” private placement basis, 4,405,287 flow-through common shares of the Corporation (“FT Shares“) at a price of C$4.54 per FT Share for gross proceeds of C$20 million (the “Offering“). Each FT Share will qualify as a “flow-through share” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and, in respect of eligible Québec resident subscribers, section 359.1 of the Taxation Act (Québec).

The Corporation has also granted the Underwriters an option to sell up to an additional 660,793 FT Shares, which option may be exercised up to 48 hours prior to the closing of the Offering.

The gross proceeds from the sale of the FT Shares will be used by the Corporation to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures“) related to the Corporation’s projects in Québec. The Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares with an effective date no later than December 31, 2021 and in the aggregate amount not less than the total amount of the gross proceeds raised from the issuance of the FT Shares.

The Offering is scheduled to close on or about February 17, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the conditional approval of the TSX Venture Exchange.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About O3 Mining Inc.

O3 Mining, which forms part of the Osisko Group of companies, is a mine development and emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in properties in Québec (133,557 hectares). The Corporation controls 66,064 hectares in Val-d’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Fault. O3 Mining also has a portfolio of assets in the Chibougamau region of Québec.

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 and projections as at the date of this news release. The information in this news release about the Offering; the use of the proceeds from the Offering; the jurisdictions in which the FT Shares will be offered or sold; the number of FT Shares offered or sold; the size of the Offering; the timing and ability of the Corporation to close the Offering, if at all; the timing and ability of the Corporation to satisfy the customary listing conditions of the TSX Venture Exchange, if at all; the timing and ability of the Corporation to obtain all necessary approvals; the tax treatment of the securities issued under the Offering under the Income Tax Act (Canada) and Taxation Act (Québec); the timing to renounce all Qualifying Expenditures in favour of the subscribers, if at all; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “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. This forward-looking information is based on reasonable assumptions and estimates of management of Osisko, 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 Osisko 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 Offering; volatility in the trading price of common shares of the Corporation; risks relating to the ability of the Corporation to obtain required approvals, complete definitive documentation and complete the Offering; the ability of Osisko to complete further exploration activities, including drilling; property interests; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; changes in the tax and regulatory regime; and community and non-governmental actions. 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, Osisko cannot assure shareholders and prospective purchasers 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 Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko 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.

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.

 

For further information on O3 Mining, please contact:

José Vizquerra Benavides
President, CEO and Director
Telephone: (416) 363-8653

 

Sign Up for Our Mailing List

To receive the latest news and updates regarding O3 Mining.

Thank you for subscribing! Subscribe Now

By entering your information, you consent to receive emails from O3 Mining and agree to our Privacy Policy.

2020
A Year
in Review

To Our
O3 Mining
Investors

What a year it has been! I want to personally thank you for supporting O3 Mining throughout this unprecedented time. At O3 Mining we experienced a year of tremendous growth as our exploration campaigns surpassed all expectations and we invested significant capital into our projects.

Our Year In Review

2020
A Year
in Review

What a year it has been! I want to personally thank you for supporting O3 Mining throughout this unprecedented time. At O3 Mining we experienced a year of tremendous growth as our exploration campaigns surpassed all expectations and we invested significant capital into our projects.

Our Year In Review