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

 

O3 Mining Outlines 2021 Objectives

Toronto, January 21, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) is pleased to announce its 2021 exploration and development plans focused on unlocking value in the historic Val-d’Or gold region of Québec. It includes a 150,000 metre drilling campaign using up to 12 rigs on the Marban project and Alpha property, and to initiate a Pre-Feasibility Study (“PFS”) on Marban.

2020 was a landmark year for O3 Mining and 2021 is on track to surpass its success, with important catalysts on the horizon,” 

“Having successfully negotiated the partnership of our Garrison project in the Timmins district of Ontario (See press release January 14, 2021), the company has strategically prioritized its attention on its properties in the Abitibi District of Quebec as we continue the largest drill program in company history. Our strategy is two-fold, we aim to build on the momentum of the Marban PEA by defining more resources as we move the project towards a PFS, while on Alpha, continue with the bulk of the drilling as we target resource definition drilling across our land package. Stay tuned for the regular release of drilling results in what promises to be a very busy year for the company.” commented José Vizquerra, President and CEO of O3 Mining.

2021 Outlook

In June 2020, O3 Mining initiated a well-funded 150,000 metre drilling campaign on its projects in Val-d’Or Québec, which will continue through 2021.

MARBAN PROJECTS

Marban is our flagship project and we aim to build on last year’s PEA by initiating the PFS in 2021. We believe there is a lot more gold that we can bring into the existing resources by expanding the existing deposits and drilling other nearby prospective areas with the potential to grow the mining operation we are planning. We are dedicated to advancing Marban as fast as we are able and realizing our vision of becoming a gold producer,” said Mr. Vizquerra.

Figure 1: Malartic property

  • 50,000 metres of drilling.
  • 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, Orion #8, MK, Malartic H, Marban NE, and Camflo deep, include extensions of historical mineralized zones within 3 kilometres of the PEA pit shells, which offer additional potential to increase resources within the Marban mining project area.
  • Initiate Marban PFS in 2021, with a focus on fieldwork, metallurgical test work, and economic trade-off studies, in addition to advancing environmental impact studies. The company will also continue to explore the geological potential of the Marban project.

 

ALPHA PROPERTY

At Alpha, we have a three-pronged strategy on a pipeline of targets from grassroots to deposit delineation and expansion, which we are drilling simultaneously. Alpha is often overshadowed by Marban but it is just as exciting due to the significant land position we have in the heart of the Abitibi district. With a purchase option agreed on the Aurbel mill last year, O3 Mining has the opportunity for a relatively low-cost mining operation, once we have defined and delineated sufficient resources and completed economic studies. For this reason, the bulk of the drilling this year is focused on Alpha to rapidly provide up resources so that we can begin to conceptualise possible mining scenarios. As the recent partnership of our Garrison project shows, the appetite for gold deposits in the principle gold-producing regions is growing, which bodes well for the future advancement of Alpha and is why we are also pursuing discoveries,” said Jose Vizquerra.

 Figure 2: Alpha property

  • 100,000 meters of drilling.
  • Expand known deposits to depth at Orenada, Simkar, Akasaba, and Bulldog and proceed to a resource estimate when we feel there is enough resource to generate an economic scenario.
  • Follow-up on significant drill intercepts to prove up the continuity of grades and widths with the aim of turning into new deposits at Epsilon, Pontiac East, Omega, Valdora, and El Sol.
  • Test targets across the property to make new discoveries on the four mineralization types: Cadillac Fault, Skarn/porphyry, Anamaque Sill, and Sigma–Lamaque corridor. These targets were generated last year from a combination of in-house compilation, summer trenching program, and use of Artificial intelligence (“AI”) targeting study by Mira Geoscience.

 

DRILLING SUMMARY 2021

Q1 Q2 Q3-Q4
Drilling 12 Drill Rigs

(50,000 metres)

6 Drill Rigs

(20,000 metres)

4 Drill Rigs

(30,000 metres)

Details Delineation drilling at Bulldog, resource expansion on most promising deposits, and regional target testing with a focus on frozen humid areas Delineation drilling, resource expansion on most promising deposits, and regional target testing Initiate PFS at Marban

Resource expansion on most promising deposits, and regional target testing

 

CORPORATE RESPONSIBILITY

O3 Mining is dedicated to becoming a premier gold exploration and mine development company by delivering superior return to our shareholders and long-term benefits to our stakeholders. We as an organization believe our core values, Safety, Integrity, Work Ethic, Respect, Unity and Accountability, are a guiding force for us and we are committed to following them with diligence.

  • Health & Safety – Safety being at the core of our values, we continue to reinforce the sanitary measures to preserve the health and safety of our employees, contractors, and our communities, as we navigate the COVID-19 pandemic. Our health and safety management program will continue to be refined and enhanced to protect and promote a health and safety culture in all our activities.
  • Environment – We ensure environmental stewardship by integrating environmental responsibility in our operations. We will continue to implement our environmental procedures and protocols, in addition to our training program on best environmental practices to ensure compliance with applicable laws, permits, and regulations and minimize our impacts. We will continue the environmental baseline studies of our core projects.
  • Community relations – With the aim to partner with and positively contribute to the socio-economic advancement of the communities in which we operate, we will continue to build valuable and trusting relationships with a broad spectrum of stakeholders in our local communities
  • Corporate social responsibility (“CSR”) – We are implementing our CSR procedures in compliance with CSR certifications such as ECOLOGO for Responsible Development of Mineral Exploration

 

2020 Milestones

2020 was a year of achievement at O3 Mining as we achieved many significant milestones. These include the delivery of a PEA on Marban with an after-tax net present value (PNV) of C$423M and a 25.2% internal rate of return (IRR) at a US$1,450/oz gold reference price, the delivery of a PEA on Garrison with an after-tax NPV of C$321M and 33% IRR, the purchase option on the Aurbel mill for Alpha, and the completion of 68,263 meters drilled, surpassing the 50,000 meters we originally planned for the year (See press release January 20, 2020). In addition, O3 Mining raised C$40.2 million via a bought deal (See press release June 19, 2020) and is now listed on the OTCQX Market to help strengthen our US shareholder base.

 

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, 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, 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
Telephone: (416) 363-8653

 

O3 Mining Announces Sale Of Garrison Project and Partnership with Moneta Porcupine to Develop Timmins Gold Camp

Toronto, January 14, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) is pleased to announce that it has entered into a definitive share purchase agreement with Moneta Porcupine Mines Inc. (TSX: ME; OTC: MPUCF) (“Moneta“), pursuant to which it has agreed to sell its wholly-owned subsidiary, Northern Gold Mining Inc. (“Northern Gold“), in exchange for 149,507,273 common shares of Moneta (“Moneta Shares“), representing 30.1% of the outstanding Moneta Shares (the “Transaction“). Northern Gold owns 100% of the Golden Bear assets, including the Garrison gold project (“Garrison Project“), in the Kirkland Lake district of the Timmins gold mining camp in Ontario, Canada. Garrison is located adjacent to the Golden Highway Project where Moneta recently declared a mineral resource estimate of 2,144,200 ounces (oz) of indicated mineral resources and 3,335,300 oz of inferred mineral resources.

View Presentation

The strategic consolidation of the Garrison and Golden Highway Projects under Moneta will create a leading gold development company in the prolific Timmins gold mining camp, allowing for their more systematic exploration and combined development in partnership with O3 Mining. This divestiture is part of O3 Mining’s broader corporate strategy to unlock value for its shareholders and maintain exposure to the development potential of the Garrison Project while allowing the Corporation to focus its resources on advancing its core assets. Its core assets are the Marban and Alpha gold properties situated in Québec, Canada, where it is currently working to expand its gold mineralization through an extensive 150,000-metre drilling campaign with 12 drilling rigs. 

 

O3 Mining is pleased to unlock value for our shareholders through our investment in, and ongoing support of, our new partner, Moneta. This transaction will allow O3 Mining to partner in the future development of a large and long-life gold project situated in one of the world’s most famous gold producing districts through the consolidation of these two projects and their respective land positions. We look forward to partnering with Moneta’s management team, through our board representation and in our role as Moneta’s largest shareholder, and being part of its growth story. O3 Mining aims to be a supportive partner to Moneta as it advances the Garrison and Golden Highway Projects through the formation of a joint technical committee, board representation, and its ability to participate in future financings to maintain its pro-rata ownership position.”

José Vizquerra, President and CEO of O3 Mining

The partnership with O3 Mining through the acquisition of the Golden Bear assets will transform Moneta into one of the largest gold development companies in North America with a significant resource and landholding in Canada’s most prolific gold mining camp. The Golden Bear assets, including the Garrison Gold deposits, are adjacent to our flagship Golden Highway project and provide significant synergies and multiple options for the development of our gold deposits. Moneta will hold approximately 4.0 million ounces of indicated gold resources and 4.4 million ounces of inferred gold resources including both high-grade bulk tonnage underground deposits and near-surface open pit resources, and access to the technical capabilities of O3 Mining team. With the completion of a proposed concurrent equity financing, Moneta will be well funded to test the expansion potential of the integrated project. We are excited about this transaction; it provides excellent value for the shareholders of both companies.”

Gary O’Connor, CEO of Moneta

Transaction Highlights

  • Creation of a leading gold development company with 4.0 million ounces of gold (Au) in the indicated mineral resource category and 4.4 million ounces of Au in the inferred mineral resource category and mineral inventory expansion opportunities on the combined landholdings of over 20,000 hectares in the prolific Timmins gold mining camp in Ontario, Canada
  • Partnership between O3 Mining and Moneta under an investor rights agreement and including the formation of a joint technical committee, the right of O3 to nominate two directors for election to the board of directors of Moneta, and the right to participate in future financings to maintain its pro-rata ownership position
  • Unlocking substantial developmental and operating synergies by consolidating the Garrison and Golden Highway projects
    • Potential starter pit at Garrison with outcropping gold resources at higher grades and a lower strip ratio
    • The overall footprint of the facilities can be reduced as common buildings, process plant area, and tailings storage areas are combined
  • Enhanced capital markets profile and value proposition platform for further district consolidation opportunities
  • Creation of a district-scale mining company under Moneta with enhanced critical mass which can command greater financial support from institutions to facilitate the execution of its business plan.

Transaction Terms

The Transaction is subject to the approval of Moneta’s shareholders at a special meeting expected to be held in April 2021. In addition, the Transaction is subject to the receipt of certain regulatory and stock exchange approvals and other customary closing conditions for a transaction of this nature. The Agreement includes, among other things, customary mutual non-solicitation provisions, a “fiduciary out” provision of Moneta, a right to match superior proposals by O3 Mining and a C$1.42 million termination fee payable by Moneta to O3 Mining under certain circumstances.

Concurrent with closing of the Transaction, O3 Mining and Moneta will enter into an investor rights agreement (the “Investor Rights Agreement“) 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 directors of Moneta, collectively holding approximately 16.5% of the outstanding Moneta Shares, have entered into voting support agreements and have agreed to vote in favour of the Transaction, subject to certain exceptions. Moneta also intends to consolidate its share capital on a 6:1 basis, subject to the receipt of all necessary approvals, on closing of the Transaction.

Moneta Financing

In connection with the Transaction, Moneta will raise approxiamately C$20 million in equity, including the C$17 million Bought Deal Offering, as further described below.

Moneta entered into an agreement with Paradigm Capital Inc. (“Paradigm“) and Dundee Goodman Merchant Partners (“Dundee“), on behalf of a syndicate of underwriters (collectively, with Paradigm and Dundee, the “Underwriters“), in connection with a “bought deal” private placement offering (the

Bought Deal Offering“) for aggregate gross proceeds of approximately C$17 million. The Bought Deal Offering will consist of 30,435,000 common shares of Moneta that will qualify as “flow-through shares”

(within the meaning of subsection 66(15) of the Income Tax Act (Canada)) (the “Flow-Through Shares“) at a price of C$0.46 per Flow-Through Share and 9,375,000 common shares of Moneta (“Hard Dollar Shares“) at a price of C$0.32 per Hard Dollar Share.

In addition, Moneta has granted the Underwriters an option, exercisable in whole or in part up to 48 hours prior to the closing of the Bought Deal Offering, to purchase that number of additional Flow-Through Shares and/or Hard Dollar Shares on the same terms described above for additional aggregate gross proceeds of up to approximately C$2.55 million.

Concurrent with the Bought Deal Offering, Moneta will also undertake a non-brokered private placement (together with the Bought Deal Offering, the “Offerings“) of subscription receipts of Moneta (the “Subscription Receipts“), at a price of C$0.32 per Subscription Receipt, for gross proceeds of up to C$3 million. In conjunction with the closing of the Transaction, each Subscription Receipt will be exchanged for one Moneta Share.

Moneta will use an amount equal to the gross proceeds from the sale of the Flow-Through Shares, pursuant to the provisions in the Income Tax Act (Canada), to incur or be deemed 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“) on future and current properties of Moneta or a subsidiary thereof on or before December 31, 2022, and to renounce all the Qualifying Expenditures in favour of the subscribers of the Flow-Through Shares effective on or before December 31, 2021.  The proceeds from the sale of the Hard Dollar Shares and Subscription Receipts will be used for exploration and development activities on future and current properties of Moneta or a subsidiary thereof and for general corporate purposes.

Completion of the Transaction is not contingent on completion of the Offerings and completion of the Bought Deal Offering is not contingent on completion of the Transaction.

The Offerings are subject to the satisfaction of certain conditions, including receipt of all applicable regulatory approvals including the approval of the Toronto Stock Exchange. The securities to be issued under the Offerings will have a hold period of four months and one day from the applicable closing date in accordance with applicable securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

Advisors

O3 Mining has engaged Sprott Capital Partners LP as its financial advisor and Bennett Jones LLP as its legal counsel. Moneta has engaged Maxit Capital LP as its financial advisor and Stikeman Elliott LLP as its legal counsel.

Conference call

Moneta’s management will host a conference call to discuss the Garrison transaction on Thursday January 14, 2021 at 11:00 a.m. (Eastern time). O3 Mining’s President and CEO, José Vizquerra, and Moneta’s CEO, Gary O’Connor, will participate in this conference call.

Conference call number

Toll Free Dial-In Number: (833) 772-0367
International Dial-In Number: (343) 761-2596

Webcast Link

https://onlinexperiences.com/Launch/QReg/ShowUUID=9233F573-2D68-4C1A-9191-A13B5FABEFEF

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 and Ontario – 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). O3 Mining 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.

About Moneta

Moneta’s land package in the Timmins Gold Camp covers 12,742 hectares (ha) including six gold projects plus a joint venture with Kirkland Lake Gold Corporation (TSX: KL) covering 4,334 ha. Moneta’s flagship project, Golden Highway Gold Project is located 100 km east of Timmins and hosts a total indicated resource of 2,145,000 ounces gold contained within 55.3 Mt @ 1.21 g/t Au and a total of 3,337,000 ounces gold contained within 49.7 Mt @ 2.09 g/t Au in the inferred category at a 2.60 g/t Au at South West, 3.00 g/t Au cut-off for the other underground deposits and 0.30 g/t Au for the open pit deposits. The project includes a total of 1,512,000 ounces of open pit indicated resources contained within 50.5 Mt @ 0.93 g/t Au and 1,207,000 ounces of open pit inferred resources contained within 34.0 Mt @ 1.10 g/t Au. The project also includes 632,000 ounces of indicated underground resources contained within 4.9 Mt @ 4.05 g/t Au and 2,128,000 ounces of inferred underground resources within 15.7 Mt @ 4.21 g/t Au. The open-pit resources and new underground discoveries have not yet been subjected to a preliminary economic assessment study at Golden Highway. The Garrison Project hosts a total indicated resource of 1,822,000  ounces gold contained within 66.3 Mt @ 0.86 g/t Au and a total of 1,062,000 ounces gold contained within 45.3 Mt @ 0.73 g/t Au in the inferred category.

Qualified Person

The scientific and technical content in this news release has been reviewed 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.

 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
Telephone: (416) 363-8653

 

 

 

 

 

 

O3 Mining Announces Ticker Change to “OIIIF” on the OTC Markets

Toronto, January 12, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) is pleased to announce that it has changed its ticker from OQMGF to OIIIF effective January 13, 2021.

No action is required by current shareholders relative to the ticker symbol change.

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 and Ontario – 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) and Ontario (25,000 hectares). O3 Mining 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, 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
Telephone: (416) 363-8653

 

 

O3 Mining Announces Sale Of Blondeau Guillet Property

Toronto, January 08, 2021 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation“) announces that it has entered into a definitive property transfer agreement dated December 15, 2020 with Osisko Mining Inc. (“Osisko Mining“) pursuant to which the O3 Mining, through its wholly-owned subsidiary, NioGold Mining Corporation, will transfer all of its rights, titles and interests in its Blondeau Guillet Property located in Belleterre, Québec to Osisko Mining (the “Transaction“).

The Transaction is considered to be a “related party transaction” of the Corporation for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“) since Osisko Mining holds 10% of the issued and outstanding common shares of the Corporation. The Corporation is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. The Corporation is exempt from the formal valuation requirement in Section 5.4 of MI 61-101 in reliance on Section 5.5(a) of MI 61-101 as the fair market value of the transaction, is not more than the 25% of the Corporation’s market capitalization, as well as the securities of the Corporation not trading on any “specified markets” set forth in MI 61-101. Additionally, the Corporation is exempt from minority shareholder approval requirement in Section 5.6 of MI 61-101 in reliance on section 5.7(b) of MI 61-101 as the fair market value of the transaction is not more than the 25% of the Corporation’s market capitalization.

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 and Ontario – 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) and Ontario (25,000 hectares). O3 Mining 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, 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
Telephone: (416) 363-8653

 

O3 Mining Mobilizes 12 Drill Rigs in Val-d’Or, Québec

Toronto, January 06, 2021 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OQMGF) (“O3 Mining” or the “Corporation”) is pleased to announce it is resuming drilling with 12 drill rigs to continue executing the well-funded 150,000 metre drilling program on its properties in Val-d’Or Québec, Canada. As planned, the increase to 12 rigs will allow the company to take advantage of the freezing winter conditions to test targets located in humid areas. Four rigs are operating on the Malartic property where a total of 45,000 metres of drilling is planned, and eight will focus on the Alpha property for a total of 100,000 metres of planned drilling.

At Malartic, where the Marban gold project is located, the drilling is testing the extensions of the ore deposits included in the PEA (See press release September 8, 2020) to grow the mineral resource base. Drilling will specifically target the Norlartic–Kierens, North-North, Marban, and Gold Hawk deposits. Other targets include extensions of historically mineralized zones located within three kilometres of the PEA pit shells, offering additional potential to increase the resources within the Marban project area. These targets include Gold Hawk, Orion #8, MK, and Marban NE.

The eight drill rigs at Alpha will continue to expand the Bulldog deposit at depth and laterally, explore depth extensions of Orenada #2, Orenada #4 down to 800 metres vertically. Additionally, it will follow-up on the promising intercepts at Simkar (See press release December 17, 2020), explore extensions of the Epsilon zone (Golden Valley option) and the Akasaba deposit, and finally, it will test several targets generated from a combination of in-house data compilation and Artificial intelligence (“AI”) targeting study by Mira (See press release August 6, 2020).

2020 was an incredibly busy and successful year for O3 Mining and 2021 promises to be even more so with extensive drilling programs at both Malartic and Alpha properties,”

“We are aiming to rapidly add to our resource base and extend the mineralized footprint of both properties into new areas to make these projects some of the most attractive, and likely to be developed and exploited in the province.”

said President and CEO Jose Vizquerra.

 

Figure 1: Alpha and Malartic properties location

Figure 2: Alpha property

Figure 3: Malartic property

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, Quebec 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, 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 and Ontario – 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) and Ontario (25,000 hectares). O3 Mining 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, 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
Telephone: (416) 363-8653

 

 

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, including bringing new technologies such as artificial intelligence to our project sites, and expanded our team as we moved into a new office in Val-d’Or, Quebec. We ended 2020 with incredible momentum including PEAs on two projects with an aggregate NPV of C$744M and a 150,000 metre drilling campaign underway which will propel O3 Mining to new heights in 2021.

At the beginning of this year,

I wrote to you that our goal in 2020 was to confirm the potential within the Cadillac-Larder Lake corridor and unlock ounces in under-explored areas of the Val-d’Or camp. Today, I’m proud to communicate that we have not only executed on these aims but have taken the additional steps to transition into a mine developer in the respective gold camps in Quebec and Ontario, and thus follow the tradition of the Osisko Group Companies of which O3 Mining is a part.

We are clearly unlocking new value across our properties and we will end the year with over $60 million in cash and equivalents. We aim to continue this momentum into 2021 and continue delivering from the drill bit as we undertake a very intense drilling campaign during the winter season in Quebec with 12 rigs in operation with a focus on Marban and Alpha. At Marban, we aim to expand mineralization at Nolartic and Kiren’s pit and expand down plunge at different targets along the Marbenite shear zone. At Alpha, we will be drilling the four different sectors (Bulldog-Orenada, Akasaba, Simkar and Omega). Needless, to say, we expect to have very frequent news flow in the new year.

We aim to continue this momentum into 2021 and continue delivering from the drill bit as we undertake a very intense drilling campaign during the winter season in Quebec with 12 rigs in operation with a focus on Marban and Alpha. José Vizquerra, President & CEO

Highlights of 2020 include:

Unlock potential

We know our properties have the potential to become profitable producing mines and we confirmed this potential with excellent results from our Preliminary Economic Assessments at Marban and Garrison.

  • Marban PEA: O3 Mining delivers positive PEA for Marban Project after-tax NPV of C$423M, 25.2% IRR at US$1,450/oz Gold
  • Garrison PEA: O3 Mining Delivers Positive PEA for Garrison Project with an After-Tax NPV of C$321M and 33% IRR at US$1,450 oz/Gold

Strategic portfolio management

We undertook several strategic transactions to adjust our asset portfolio, adding where we saw opportunity and divesting to realize cash.

  • Aurbel Mill acquisition: O3 Mining signed an option agreement for C$250,000 which grants us the right to acquire the Aurbel mill near our Alpha concessions for C$5.0M within the next six years
  • Malartic (Northern Star Claims): Purchased the remaining 50% of Northern Star claims for $150,000 allowing us to drill the Northwest extension of Kierens
  • Divestments: We brought in C$5.3M by divesting the non-core Tortigny, Hemlo, Fancamp and Embry properties, and retained royalties to gain exposure to future upside

Aggressive exploration

This year we set our sights on aggressively exploring to rapidly advance our projects, particularly those in the historic Val-d’Or gold region. Being in a prime gold address we heavily invested in drilling using new technology like artificial intelligence to help with targeting, and the results have not disappointed.

  • 68,000 Metres Drilled in 2020: O3 Mining has an aggresive 150,000 metre drill program to be completed in 2021 on its Val-d’Or properties
  • High-grade gold at Gold Hawk: O3 Mining intersected 383.4 g/t Au Over 2.0 Metres including 1,510 g/t Au over 0.5 metres at Marban Project
  • High-grade Gold at Simkar: O3 Mining Continues To Expand Simkar As It Intersects 413.0 g/t Au Over 1.2 Metres

Financing

Our company continues to be fully financed with over $60 million in cash and equivalents enabling us to rapidly advance our projects. 2020 included significant milestones as the company continued to grow and welcome new investors and partnerships.

  • C$40.2 million bought deal: O3 Mining closes C$40.2 million bought deal private placement of flow-through and hard units
  • CEO Jose Vizquerra invests in O3 Mining: Company leader invests a quarter million in stocks
  • Trading on the OTCQX Market in United States: O3 Mining has qualified to trade under the ticker symbol “OIIIF“. We look forward to strengthening our U.S. and global shareholder base with this exciting milestone

 

Thank you for joining us on this exciting journey and one which is only just beginning! 2021 promises to be another year of achievement and I look forward to sharing more news with you as we advance our programs.

I’m heartened by the news of a COVID-19 vaccine, and hope 2021 will bring new opportunities to connect offline, perhaps even at our new office in Val-d’Or as travel gradually returns to normal. Until then, while I’m eager to accomplish even more in the New Year, I’m looking forward to spending time with my family this holiday season as I hope you are too. On behalf of my family and the team at O3 Mining, we wish you and your loved ones a peaceful holiday season and a happy New Year.

 

Faithfully,

José Vizquerra
O3 Mining
President and CEO

 

 

O3 Mining Begins Trading on the OTCQX Market in United States

Toronto, December 29, 2020 – O3 Mining Inc. (TSX.V: OIII; OTCQX: OQMGF) (“O3 Mining” or the “Corporation”) is pleased to announce that it has qualified to trade on the OTCQX® Best Market, a top-tier public market in the United States, and its common shares are now trading on the OTCQX under the ticker symbol “OQMGF“. The Corporation will continue to trade on the Toronto Stock Exchange Venture (“TSX.V”) in Canada, as its primary listing under the symbol “OIII”.

We are extremely pleased to begin trading on the OTCQX as part of our strategy to make O3 Mining shares more accessible to an even broader range of investors in the US market. This important milestone will enable us to strengthen our U.S. and global shareholder base and increase the liquidity of our common shares to the benefit of all investors,” President and CEO Jose Vizquerra.

The OTCQX® Best Market is for established, investor-focused U.S. and international companies. To qualify for the OTCQX market, companies must meet high financial standards, follow best practice corporate governance, demonstrate compliance with U.S. securities laws, be current in their disclosure, and have a professional third-party sponsor introduction. The companies found on OTCQX are distinguished by the integrity of their operations and diligence with which they convey their qualifications. Investors can find Real-Time Level 2 quotes for the Company on www.otcmarkets.com.

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 and Ontario – 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) and Ontario (25,000 hectares). O3 Mining 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.

About OTC Markets Group Inc.

OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX® Best Market, the OTCQB® Venture Market and the Pink® Open Market for 11,000 U.S. and global securities. Through OTC Link® ATS and OTC Link ECN, we connect a diverse network of broker-dealers that provide liquidity and execution services. We enable investors to easily trade through the broker of their choice and empower companies to improve the quality of information available for investors.

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
Telephone: (416) 363-8653

 

O3 Mining Continues To Expand Simkar As It Intersects 413.0 g/t Au Over 1.2 Metres

Toronto, December 17, 2020 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) is pleased to provide additional encouraging drilling results from the Simkar zone within the Sector 3 of its Alpha property in Val-d’Or, Québec, as part of a fully-funded 150,000 metre drilling program. Currently, the Corporation has seven drill rigs operating, four at Alpha and three at its Malartic properties.

New assay result from one hole drilled in the western extension of the Simkar zone includes:

Drilling Highlights:

  • 413.0 g/t Au over 1.2 metres in hole O3AL-20-321

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

This is a spectacular intercept and one which is associated with a well-developed structure and is flanked by two significant previous drill intercepts 200 metres away on each side. With all of these holes about 600 metres from the historical mine, it strongly suggests the presence of an important ore shoot in the down-plunge extension of the Simkar. Our winter drilling program will continue targeting this area and so we look forward to receiving more results early in the new year,” said President and CEO Jose Vizquerra.

This drill intercept reported today is located in the down rake extension of the Simkar deposit 600 metres west of the historical mining stopes, at a vertical depth of 600 metres (figures 2 and 3). Drilling in the same zone previously returned 8.4 g/t Au over 1.0 metre in hole O3AL-20-311 some 200 metres to the east and at the same elevation (See Press Release December 09th, 2020). Historical drill hole T-86-01, located 200 metres to the west, returned 12.7 g/t Au over 13.2 metres. This was drilled vertically to test the shallow dipping extension veins associated with the steeply dipping Simkar shear. All together these three holes cover a lateral extension of 400 metres.

The drilling program at Simkar is targeting down-plunge extensions of the Simkar A-B-C zones (raking at 30 degrees to the west) as well as potential new ore shoots and stacked zones within the prospective Anamaque sill where gold mineralization is associated with quartz-tourmaline-pyrite vein systems typical of the Val-d’Or district. These new results show that the gold-bearing veins expand well beyond the historical Simkar resource, including potential continuity up to the El Sol and Paramaque zones, which if proven, would represent a 2,000 x 500 metre vein field. Immediate follow-up drilling of the intercept in hole O3AL-20-321 is underway and consists of cutting the structure above and below it at 50 metres spacing to define the width of the ore shoot and continuity of gold mineralization within it. Subsequently, systematic drill fences will be completed to the west and east on a 100-metre spacing along with the projected rake of the zone.

2020 Review and 2021 Outlook

Our goal for 2020 was to confirm the potential within the Cadillac-Larder Lake corridor and unlock ounces in under-explored areas of the Val-d’Or camp. We have successfully advanced on this and with PEAs completed on our Marban and Garrison properties, we are now poised to continue the Osisko tradition and transition into a mine developer. Aggressive exploration has been a key part of our strategy and we are currently progressing through a 150,000 metre drilling program with twelve drill rigs across our properties by January 2021, and successfully using artificial intelligence to identify new targets. With over $60 million in our treasury, we will be able to continue this approach in 2021 and take meaningful steps to rapidly advance our projects. 2021 promises to be another year of achievement and I look forward to sharing more news with you as we advance our work programs,” said Mr. Vizquerra.

Table 1: Drill Hole Intercept (only intercepts above 5 g/t Au * m are reported)

Drill Hole From (m) To (m) Interval (m) Au uncut (g/t) Mineralized Zone
O3AL-20-321 707.1 708.3 1.2 413 Simkar A

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

Dril Hole Azimuth (˚) Dip (˚) Length (m) UTM E UTM N
O3AL-20-321 357 -75 779.6 308200 5326274

Hole O3AL-20-321 intersected the down-rake extension of the Zone A of the Simkar deposit, 600 m west and deeper of the historical mining operation. The mineralization consists of a quartz-carbonate-tourmaline stockwork located at the sheared contact between two gabbroic units. The stockwork includes 2% of disseminated pyrite, veinlets of native tellurium, and a myriad of visible gold points. The intervals yielded an intercept of 413 g/t Au over 1.2 m, flanked by a 2.0 g/t Au over 0.5 m. The mineralised zone is located within a 12 m-thick sheared structure related to Zone A and the pierce point is slightly deeper than the rake given by the historical openings.

Figure 1: Alpha Property Map

Figure 2: Simkar Zone Drilling Map

Figure 3: Simkar zone A longitudinal section

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, 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 and Ontario – 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) and Ontario (25,000 hectares). O3 Mining 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, 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

Telephone: (416) 363-8653

 

O3 Mining Delivers Positive PEA for Garrison Project

After-Tax NPV of C$321M, 33.0% IRR at US$1,450/oz Gold

Toronto, December 14, 2020 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) is pleased to announce positive results from the independent Preliminary Economic Assessment (“PEA”) on its 100 percent owned Garrison project in the Kirkland Lake region in Ontario, Canada. The PEA has been prepared by Ausenco Engineering Canada Inc. (“Ausenco”) in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Highlights of the PEA*

(All figures are stated in Canadian dollars unless otherwise stated)

  • Long-term gold price: US$1,450/oz
  • Exchange rate: C$1.00 = US$0.75
  • After-tax net present value (“NPV”) at 5% discount rate: $321 million
  • After-tax internal rate of return (“IRR”): 33.0%
  • After-tax payback period: 2.3 years
  • Initial capital (“CAPEX”): $267 million for a 4.0 million tonne per year processing plant including mine preproduction, infrastructure (roads, power line relocation, tailings facility, ancillary buildings, and water management)
  • Life of mine (“LOM”): 12 years
  • Average LOM strip ratio (waste: mined resource): 2.7
  • Total mill feed of 47.3 million tonnes resulting in LOM gold production of 1.1 Million oz
  • LOM Plan: 82% of total mill feed was sourced from mineral resources classified in the Measured and Indicated category
  • Average annual gold production of 121,000 oz in years 1 to 8 (94,000 oz for LOM)
  • Average mill head grade of 1.04 g/t gold in years 1 to 8 (0.82 g/t for LOM)
  • Average mill recovery: 89.8%
  • Measured and Indicated Mineral Resource of 66.3 Mt at 0.86 g/t Au grade
  • Cash Cost: US$721/oz
  • All-in Sustaining Cost (“AISC”): US$818/oz 

* Cautionary Statement: The reader is advised that the PEA summarized in this news release is intended to provide only an initial, high-level review of the project potential and design options. The PEA mine plan and economic model include numerous assumptions and the use of inferred mineral resources. Inferred mineral resources are considered to be too speculative to be used in an economic analysis except as allowed for by NI 43-101 for PEA studies. There is no guarantee that inferred mineral resources can be converted to indicated or measured mineral resources, and as such, there is no guarantee the project economics described herein will be achieved.

 

O3 Mining is pleased to present the results of a PEA on its Garrison Project for an 11,000 tonnes per day open pit mining and Carbon in Leach processing operation with production spanning 12 years clearly demonstrating the potential for the company to become a major North American gold producer. The PEA delivers robust economics with an after-tax IRR of 33.0% and after-tax NPV of $321M at a US$1,450/oz gold price, with very attractive cash costs and AISC, low CAPEX and low capital intensity. The project will target production in excess of 121,000 ounces gold per year during years 1 to 8, while peaking at more than 155,000 ounces in Year 2.

Garrison has been in the shadow of our Marban and Alpha properties in Québec but as this PEA shows, it is an integral part of the value proposition of O3 Mining. Garrison came from Osisko Mining Inc., which completed first-class exploration work that defined the initial resource. We have worked with Ausenco to produce a high-quality PEA that focuses on capital efficiency and demonstrates the value of Garrison to O3 Mining. Today, Garrison is a 2.9-million-ounce deposit in the heart of one of the most recognised mining districts in Canada. We are thrilled that the PEA has shown a production profile of 121,000 ounces per year during the first eight years at very attractive economics. The Corporation is ready to maximize Garrison’s value by advancing the studies to further de-risk the project,” Jose Vizquerra, President, CEO and Director of O3 Mining.

The Garrison PEA demonstrates an NPV of $321 million which follows hot on the heels of our Marban PEA (See Press Release September 8, 2020) in Québec which also demonstrated compelling project economics with an after-tax NPV of $423 million, an IRR of 25.2% with a 15 year mine life and an average annual gold production of 115,000 oz. Together these PEAs mark the transition of O3 Mining from an explorer to an up-and-coming gold developer with a total NPV of $744 million of fundamental value,” added Mr. Vizquerra.

The Corporation looks forward to working with its partners in the Timmins-Kirkland Lake area including the Matheson municipalities and the Wahgoshig First Nation community (Wahgoshig) as well with the support of the Ontario and federal governments, to advance the Garrison Project.

Overview

Ausenco was appointed as lead consultant on September 16, 2020 to prepare the PEA in accordance with NI 43-101, and was assisted by Moose Mountain Technical Services.

The Garrison Project is located in Timmins-Kirkland Lake area of northeastern Ontario along the Highway 101 corridor, approximately 40 km east of Matheson, 40 km north of town of Kirkland Lake, and 100 km east of the city of Timmins). Geologically, the project is situated along the Porcupine-Destor break in the Abitibi Greenstone Belt (AGB) and contains the Garrcon, JonPol, and 903 Deposits.

Financial Analysis

The economic analysis was performed assuming a 5% discount rate. On a pre-tax basis, the NPV5% is $470 million, the IRR is 41.1% and the payback period is 2.0 years. On an after-tax basis, the NPV5% is $321 million, the IRR is 33.0% and the payback period is 2.3 years. A summary of project economics is listed in (Table 1) and shown graphically in the figures below.

Table 1: Summary of project economics

GENERAL LOM TOTAL / AVG.
Gold Price (US$/oz) $1,450
Exchange Rate ($US:$CAD) 0.75
Mine Life (years) 12.0
Total Waste Tonnes Mined (kt) 128,260
Total Mill Feed Tonnes (kt) 47,343
Strip Ratio 2.7
PRODUCTION LOM TOTAL / AVG.
Mill Head Grade (g/t) (Average gold mill head grade of 1.04 g/t in years 1 to 8) 0.82
Mill Recovery Rate (%) 89.8%
Total Mill Ounces Recovered (koz) 1,126
Total Average Annual Production (koz) 94
OPERATING COSTS LOM TOTAL / AVG.
Mining Cost ($/t Mined) $2.7
Mining Cost ($/t Milled) $9.9
Processing Cost ($/t Milled) $11.2
G&A ($/t Milled) $1.0
Total Operating Costs ($/t Milled) $22.1
Refining & Transport Cost ($/oz) $2.5
Royalty NSR 1.5%
Cash Costs (US$/oz Au) $721
AISC (US$/oz Au) $818
CAPITAL COSTS LOM TOTAL / AVG.
Initial Capital ($M) $267
Sustaining Capital ($M) $126
Closure Costs ($M) $30
Salvage Costs ($M) $11
FINANCIALS – PRE TAX LOM TOTAL / AVG.
NPV (5%) ($M) $470
IRR(%) 41.1%
Payback(years) 2.0
FINANCIALS – POST TAX LOM TOTAL / AVG.
NPV (5%) ($M) $321
IRR (%) 33.0%
Payback (years) 2.3
NPV/ Initial CAPEX 1.2

Notes

* Cash costs consist of mining costs, processing costs, mine-level general & administrative expenses and refining charges and royalties.

** AISC includes cash costs plus sustaining capital, closure cost and salvage value.

Figure 1: Projected Annual and Cumulative LOM Post-Tax Unlevered Free Cash Flow

Sensitivity

A sensitivity analysis was conducted on the base case pre-tax and after-tax NPV and IRR of the project, using the following variables: metal price, total CAPEX (initial + sustaining), total operating cost and exchange rate. The tables below provide a summary of the sensitivity analysis.

Table 2a: Post-Tax NPV(5%) Sensitivity

GOLD PRICE
US$/Oz
BASE CASE INITIAL CAPEX(-25%) INITIAL CAPEX (+25%) OPEX
(-25%)
OPEX (+25%) FX
(-25%)
FX (+25%)
$1,100 $47 $111 ($16) $186 ($112) $333 ($162)
$1,250 $167 $230 $103 $301 $25 $484 ($38)
$1,450 $321 $384 $257 $452 $185 $686 $96
$1,750 $547 $611 $484 $679 $415 $989 $283
$2,000 $737 $801 $673 $868 $605 $1,242 $434

Table 2b: Post-Tax IRR Sensitivity

GOLD PRICE
US$/Oz
BASE CASE INITIAL CAPEX(-25%) INITIAL CAPEX (+25%) OPEX
(-25%)
OPEX (+25%) FX
(-25%)
FX (+25%)
$1,100 10.2% 20.4% 3.5% 22.0% 0.0% 34.0% 0.0%
$1,250 21.2% 33.5% 13.3% 30.8% 8.2% 44.6% 0.1%
$1,450 33.0% 48.3% 23.6% 41.5% 23.5% 58.2% 15.0%
$1,750 49.0% 68.7% 36.9% 56.7% 40.8% 77.2% 30.2%
$2,000 61.5% 84.8% 47.3% 68.7% 53.9% 92.5% 41.1%

Mineral Resource

The Mineral Resource is estimated from a drill hole database containing 1,378 drill holes within the model boundaries, including 257,889 assay intervals for a total assayed length of 258,223 metres.  Interpolations are done using multiple indicator kriging (MIK) within four domains defined by lithology and faulting.  Classification to Indicated is based on the average distance to two drill holes of less than 25-50 metre spacing depending on the domain.

Classification is then adjusted to ensure continuity of blocks with Inferred adjusted to minimize extrapolation of grades. The base case cut-off grade is 0.30 g/t Au based on metallurgical recoveries, Processing + G&A costs of $14.50/tonnes and a US$1,400/oz Au price, with smelter terms as detailed in the notes below. The Measured and Indicated mineral resource is estimated at 66.3 Mt at 0.86 g/t Au for a total of 1.8Moz, and the Inferred Mineral resource is 45.3Mt at 0.73 g/t Au for a total of 1.1Moz. Table 3 summarizes the Resource Estimate at a 0.3g/t cut-off.

Table 3: Mineral Resource Estimate (effective date November 25, 2020)

  CLASS SOURCE TONNAGE (Kt) AU (G/T) AU METAL (kOz)
   Indicated 903

Jonpol

Garrcon

27,558

17,786

20,923

0.843

0.914

0.821

747

523

552

All Indicated 66,268 0.855 1,822
  Inferred 903

Jonpol

Garrcon

30,760

7,521

7,056

0.690

0.756

0.866

682

183

197

All Inferred 45,337 0.729 1,062

Notes: 

  1. The Mineral Resource estimate has been prepared by Sue Bird, P.Eng., an independent Qualified Person, from Moose Mountain Technical Services.
  2. Resources are reported using the 2014 CIM Definition Standards and were estimated in accordance with the CIM 2019 Best Practices Guidelines.  
  3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  4. The open-pit Mineral Resource has been confined by a “reasonable prospects of eventual economic extraction” pit shell generated using the following assumptions: US$1,800/oz. Au at a currency exchange rate of 0.75 US$ per C$; 99.95% payable Au; $4.30/oz Au offsite costs (refining, transport and insurance); a 2% NSR royalty; $14.50/t process and G&A costs; $2.40/t mining costs and pit slopes of 25 degrees in the overburden and 40 degrees below the overburden. Metallurgical recovery is 90.5% at 903, 95.5% at Garrcon, 92.45% at JonPol-non-refractory and 56.2% in JonPol-refractory.
  5. The specific gravity of the deposit has been determined by lithology as being between 2.74 and 3.32.
  6. Numbers may not add due to rounding. 

There are no other known factors or issues that materially affect the Mineral Resource estimate other than normal risks faced by mining projects in the province in terms of environmental, permitting, taxation, socio-economic, marketing, and political factors and additional risk factors as listed in the “Cautionary Note Regarding Forward-Looking Information” section below.

Mining

The mine plan includes 47 Mt of mill feed and 128 Mt of waste over the 12-year mine life coming from three deposits: 903, Jonpol, and Garrcon. Mine planning is based on conventional open-pit methods suited for the project location and local site requirements. Owner-operated and managed open pit operations are anticipated to begin one year prior to mill start-up, run for nine years to pit exhaustion, followed by three years of low-grade stockpile reclamation to the mill. The subset of Mineral Resources contained within the targeted open pit shells, summarized in Table 4 with a 0.30 g/t Au cut-off grade, forms the basis of the PEA mine plan and production schedule.

 

Table 4: PEA Mine Plan Production Summary

CATEGORY VALUE
PEA Mill Feed 47,343 kt
Average Mill Feed Gold Head Grade 0.82 g/t Au
Waste Overburden and Rock 128,260 kt
Strip Ratio 2.7
Mill Feed Gold Grade (Years 1-5) 1.11 g/t Au
PEA Mill Feed 47,343 kt

 Notes:

  1. The PEA Mine Plan and Mill Feed estimates are a subset of the December 10, 2020 Mineral Resource estimate and are based on open-pit mine engineering and technical information developed at a Scoping level for the 903, JonPol, and Garrcon deposits.
  2. PEA Mine Plan and Mill Feed estimates are mined tonnes and grade, the reference point is the primary crusher.
  3. Cut-off grade 0.30 g/t Au assumes US$1,400/oz. Au at a currency exchange rate of 0.75 US$ per C$; 99.95% payable gold; $4.30/oz offsite costs (refining, transport, and insurance); a 2.0% NSR royalty; and a 90% metallurgical recovery.
  4. The cut-off grade covers processing costs of $12.00/t, administrative (G&A) costs of $1.00/t, and low-grade stockpile Rehandle costs of $1.50/t.
  5. Mining dilution of 20% at 0.10 g/t is applied to the in-situ Mineral Resources. Mining Recovery of 96% of diluted tonnages is assumed.
  6. Estimates have been rounded and may result in summation differences.

The economic pit limits are determined using the Pseudoflow algorithm. The 903 deposit is planned as one pit split into three phases or pushbacks. The Jonpol deposit is planned as one pit split into two phases.  The Garrcon deposit is planned as five pits with the largest (western) pit split into 2 phases.  Pit shells are generated with 40-degree overall slope angles in bedrock and 25-degree slope angles in the overburden.

Detailed pit configurations with benching and ramps have not been carried out. Chosen phase shell targets have room for these details to be added in future planning and modifications to pit contents are not expected to be materially altered. General pit sequencing is shown in Table 5 below.

 

Table 5: PEA Mine Plan Pit Sequencing

The mill will be fed with material from the pit at an average rate of 4.0 Mtpa (11ktpd). Cut-off grade optimization is employed, which feeds a low-grade stockpile north of the primary crusher, which is planned for reclamation to the mill in the later years of the mine life. Overburden will be placed in various stockpiles throughout the project. Waste rock will be placed in two main stockpiles adjacent to all pits. The mine plan includes backfill of waste rock into the smaller mined out Garrcon pits.

Mining operations will be based on 365 operating days per year with two 12-hour shifts per day.  An allowance of 10 days of no mine production has been built into the mine schedule to allow for adverse weather conditions. The mining fleet will include diesel-powered down the hole (DTH) drills with 165mm bit size for production drilling, diesel-powered RC (reverse circulation) drills for bench-scale grade control drilling, 12 m3 bucket size diesel hydraulic excavators, and 13 m3 bucket-sized wheel loaders for production loading, and 91 t payload rigid-frame haul trucks and 36 t articulated trucks for production hauling, plus ancillary and service equipment to support the mining operations. In-pit dewatering systems will be established for each pit. All surface water and precipitation in the pits will be handled by submersible pumps.

The mine equipment fleet is planned to be purchased via a lease financing arrangement. Owner-managed maintenance on mine equipment will be performed in the field with major repairs in the shops located near the primary crusher.

Milling

The Garrison Process Plant employs standard Carbon-In-Leach (CIL) technology along with gravity concentration for gold recovery. The plant includes crushing, grinding, gravity concentration, classification, leach and CIL, and detoxification before deposition into a Tailings Storage Facility. The plant will treat 4.0 Mt of ore per year at an average throughput of 11,000 tonnes per day.

The mill design availability is 8,059 hours per year or 92%. The plant has been designed to realize an average recovery of 89.8% (92.3% Au during initial high-grade production) of the gold over the life of the project based on metallurgical test work completed at various laboratories in Canada and the USA between 2011 and 2018. Of this, 24.5% of the gold will be extracted by the gravity circuit and a further 65.3% by the leach/CIL process.

 

Figure 2: Site Plan

Tailings storage capacity has been identified to safely accommodate the life of mine production as described in this PEA. Tailings produced over the first eight years of mine operation will be accommodated in a new tailings storage facility to be constructed south of the open pits The tailings storage facility perimeter containment dams will be constructed with waste rock and overburden from open pit mine development and will utilize the downstream construction method to ensure safe tailings storage over the long-term.

Runoff from the tailings storage facility will be collected in an adjacent water management pond. In order to allow mining of the Garrcon Pit – Phase #3 in Year 4, the adjacent highway will be diverted to the North.

Capital and Operating Costs

The total pre-production capital cost for the Garrison Project is estimated to be $267M including allowances for indirect costs and contingency of $29M and $38M respectively. Sustaining capital costs are estimated at $126M, including closure costs (Table 6). Operating costs are estimated at $22.1 per tonne milled (Table 7).

 

 Table 6: Total Capital and Operating Costs

    COST AREA DESCRIPTION INITIAL CAPITAL COST ($M) SUSTAINING CAPITAL COST ($M) TOTAL CAPITAL COST ($M)
    Mining $40 $113 $153
    Processing $115 $115
    Infrastructure (and       Tailings) $35 $13 $48
    Indirect Costs $29 $29
    Owner’s Project Costs $9 $9
    Contingency $38 $38
    Total $267 $126 $393

 

Table 7: Total Life of Mine Operating Costs

COST AREA LOM ($M) ANNUAL AVG. COST ($M) AVG. LOM ($/T MINED) AVG.LOM ($/T MILLED) AVG. LOM (US$/OZ) OPEX (%)
Total Mine Operating Costs Including Reclaiming Costs $469 $39 $2.7 $9.9 $313 45%
Total Mill Processing Including Water Treatment Costs $532 $44 $3.0 $11.2 $355 51%
Total G&A Costs $45 $4 $0.3 $1.0 $30 4%
Total $1,047 $87 $6.0 $22.1 $698 100%

Gold Production

Projected gold production averages 121,000 ounces per year over years 1 to 8, peaking at 155,000 ounces in year two. The LOM production averages 94,000 ounces per year.

 

Figure 3: Projected LOM Production (koz)

Opportunities to further increase NPV

Database refinement and additional QAQC work along with infill drilling could upgrade the classification from Inferred to Indicated or Measured.  Additional structural and geologic studies as well as step-out drilling along strike of the mineralization could extend the resource both laterally and at depth.

The PEA mine plan does not exploit the entire Mineral Resource. There is project expansion opportunity to be further investigated during the next study phase, which could include more, or all, of the additional Mineral Resource.

Additional metallurgical test work will be targeted at increasing the leach feed grind size, and assessing a wider variability of resource hardness, to in turn reduce mill equipment sizing. Additional testing of JonPol samples to improve recoveries should also be completed.

Next Steps

The results of the PEA indicate that the proposed Project has technical and financial merit using the base case assumptions. It has also identified additional field work, metallurgical test work, trade-off studies and analysis required to support more advanced mining studies.

The Qualified Persons (“QP”) consider the PEA results sufficiently reliable and recommend that the Garrison Project be advanced to the next stage of development through the initiation of a pre-feasibility study and working towards completion of an Environmental Impact Study for the Project while exploring the geological potential of the Garrison project.

PEA Details

The independent PEA was prepared through the collaboration of the following firms: Ausenco, and Moose Mountain Technical Services. These firms provided mineral resource estimates, design parameter and cost estimates for mine operations, process facilities, major equipment selection, waste and tailings storage, reclamation, permitting, and operating and capital expenditures. Table 8 summarizes the contributors and their area of responsibility.

 

Table 8: Consulting Firm and Area of Responsibility

CONSULTING FIRM      AREA OF RESPONSIBILITY
Ausenco Engineering Canada
  • Metallurgical test work development and analysis;
  • Mass balance;
  • Process plant design;
  • Process plant capital costs and operating costs;
  • Electrical and IT infrastructure design and costs;
  • Design and costs of utilities and infrastructure including on-site roads;
  • Material transport and General and administration operating costs;
  • Financial Analysis and overall NI 43-101 integration;
  • Water treatment plant design, capital and operating costs;
  • Tailings, ore and waste rock management facility designs and costs;
  • Surface water management infrastructure design and costs;
  • Site wide water balance;
  • Rock mass characterization and rock mechanics input to pit design;
  • Hydrogeology;
  • Geotechnical input for surface infrastructure design;
  • Waste rock, tailings, and ore geochemical characterization;
  • Groundwater quality input to environmental studies;
  • Environmental studies, permitting and closure costs;
  • Regulatory context, social considerations, and anticipated environmental issues.
Moose Mountain Technical Services
  • Historical data review;
  • Current and historical geology, exploration, drilling;
  • Sample preparation and QAQC, and data verification;
  • Mineral resource estimate (O3 completed geological modelling of ore bodies);
  • Geotechnical input for pit design;
  • Mine and mine infrastructure design;
  • Mine production scheduling; and
  • Mine capital costs and operating costs.

 

Qualified Person

All technical information, not pertaining to the PEA, in this news release has been reviewed and approved by Mr. Louis Gariepy, Eng. (OIQ #107538), VP Exploration, who is a “qualified person” as defined by NI 43-101).

The PEA has been prepared by Ausenco. The contributors to the report are QPs under NI 43-101 and are independent of O3 Mining for the purposes of the NI 43-101. The technical content of the PEA and this press release has been reviewed and approved by:

Tommaso Roberto Raponi, P.Eng, Process and Infrastructure

Scott Elfen, P.E., Tailings and Water Management

Mike Petrina, P.Eng, Mining

Sue Bird, P.Eng, Resource Estimate

Scott Weston, P.Eng, Environment

Quality Control and Reporting Protocols

The primary lab for O3 Mining is SGS in Cochrane, Ontario is an independent accredited laboratory.  The core samples shipped to SGS are 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 30 g is analyzed by Fire Assay (FA) with an inductively coupled plasma atomic emission spectroscopy (ICP-AES) finish. For samples with visible gold or metallic minerals, or initial fire assay values greater than 3g/t, the metallic screen lead fire assay is used. A sample of certified standard material, a duplicate and a blank are inserted by O3 Mining’s geologists into each set of 20 submitted samples as part of the Quality Assurance, Quality Control (“QAQC”) program. Duplicate pulps are submitted to the secondary laboratory, Bureau Veritas, as part of the check assay program.

For drilling in the 2000s, prior to ownership by O3 Mining, the assaying and QAQC program was similar to that employed by the Corporation and has been reviewed. Some samples of historic core have been re-assayed during the modern era assay program. To the extent historic core logs exist for the historic drilling, they have been reviewed. The drill program design, QAQC and interpretation of results are performed by qualified persons employing a QAQC program consistent with NI 43-101 and industry best practices.

Non-IFRS Financial Measures

The Corporation has included certain non-IFRS financial measures in this news release, such as Initial Capital Cost, Cash Operating Costs, Total Cash Cost, All-In Sustaining Cost, Expansion Capital and Capital Intensity, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. As a result, these measures may not be comparable to similar measures reported by other corporations. Each of these measures used are intended to provide additional information to the user and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

Non-IFRS financial measures used in this news release and common to the gold mining industry are defined below.

Total Cash Costs and Total Cash Costs per Ounce

Total Cash Costs are reflective of the cost of production. Total Cash Costs reported in the PEA include mining costs, processing & water treatment costs, general and administrative costs of the mine, off-site costs, refining costs, transportation costs and royalties. Total Cash Costs per Ounce is calculated as Total Cash Costs divided by payable gold ounces.

All-in Sustaining Costs (“AISC”) and AISC per Ounce

AISC is reflective of all of the expenditures that are required to produce an ounce of gold from operations. AISC reported in the PEAS includes total cash costs, sustaining capital, closure costs and salvage, but excludes corporate general and administrative costs. AISC per Ounce is calculated as AISC divided by payable gold ounces.

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 and Ontario – 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) and Ontario (25,000 hectares). O3 Mining 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.

About Ausenco

Ausenco is a global company redefining what’s possible. Our team is based across 26 offices in 14 countries, with projects in over 80 locations worldwide. Combining our deep technical expertise with a 30-year track record, we deliver innovative, value-add consulting studies, project delivery, asset operations and maintenance solutions to the mining & metals, oil & gas and industrial sectors. We find a better way.

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

President, CEO and Director

Telephone: (416) 363-8653

 

O3 Mining Intersects 10.4 g/t Au Over 3.0 Metres, 400 Metres West Of Simkar Deposit At Alpha

Toronto, December 9, 2020 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) is pleased to provide initial drilling results from the Simkar zone, located 400 metres west of the historic deposit, within the Sector 3 of its Alpha property in Val-d’Or, Québec, as part of a fully-funded 150,000 metre drilling program. The Simkar deposit hosts 43,000 oz Au at 5.52 g/t in Measured and Indicated resources and 20,000 oz Au at 6.36 g/t in Inferred category.

The press release is available on the Corporation’s website at https://o3mining.com/news/

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. Current drilling is focused on exploring extensions of the Simkar (historic production of 54,500 oz Au at 5.99 g/t) and El Sol zones in Sector 3 and the Valdora, Sabourin and Jolin zones in Sector 2 as well as testing the extensions at depth of the Orenada mineralized system in Sector 1 (see Figure 1). These are exploration targets generated by our exploration team, tested by a channel sampling program and verified using artificial intelligence (“AI”) (See Press Release December 02nd, 2020).

“At Simkar, we are successfully executing our systematic approach to exploration based on geological analysis and AI, channel sampling and field work, and drilling. It is always exciting when the third step, drilling, achieves what it sets out to do. Today’s results show we are successfully extending the mineralized zones at Simkar and other areas in Sector 3 of Alpha beyond the known resources. We are also identifying new areas with the potential of increasing the mineral resources in this Sector. With a lot more drilling to come at Alpha initial results leave us confident of significantly growing the resources of the project,” President and CEO Jose Vizquerra.

 

New assay results from five holes drilled in the western extensions at the Simkar zone include:

Drilling Highlights:          

  • 10.4 g/t Au over 3.0 metres in hole O3AL-20-310
  • 14.0 g/t Au over 0.8 metres in hole O3AL-20-311
  • 32.4 g/t Au over 0.5 metres in hole O3AL-20-312

Hole O3AL-20-310 cut mineralization at the bedrock interface, 400 meters west of the historical Simkar Zone A (see Figure 2). This discovery is in an area with no historical drilling which opens the potential for the definition of a new ore shoot along the historical Simkar Zone A structure. Hole O3AL-20-311 intersected the extension of the Simkar Zone C, 350 metres to the west, and hole O3AL-20-312 intersected a new zone between zones A and C, some 350 meters to the west.

The drilling program at Simkar is targeting down-plunge extensions of the Simkar A-B-C zones (raking at 30 degrees to the west) as well as potential new ore shoots and stacked zones within the prospective Anamaque sill where gold mineralization is associated with quartz-tourmaline-pyrite vein systems typical of the Val d’Or district. Initial results show that the gold-bearing veins expand well beyond the historical Simkar resource, including potential continuity up to the El Sol and Paramaque zones, which if proven, would represent a 2,000 x 500 metre veins field.

The encouraging results received so far support a decision to continue the exploration program at Simkar to further explore for mineralized extensions of these intercepts, which remain fully open to the west and at depth. Assays are pending for two drill holes drilled 100 m further west to follow up on the high-grade intercepts reported here. More holes are planned to expand the mineralized zone to the west into El Sol and Paramaque areas. NOTE: True width determination is currently unknown but is estimated at 65-80% of the reported core length interval for the zones.

 

Table 1: Drill Hole Intercepts (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) Cu
(%)
Mineralized Zone
O3AL-20-310 18.0 21.0 3.0 10.4 Simkar A
O3AL-20-310 28.5 31.5 3.0 2.3 Simkar A
O3AL-20-311 39.2 40.0 0.8 14.0 5.6 0.3 Simkar C
O3AL-20-311 671.0 672.0 1.0 8.4 0.8 Simkar A
O3AL-20-312 169.9 170.4 0.5 32.4 3.2 0.4 Between Simkar A and C
O3AL-20-315 35.0 38.5 3.5 1.5 0.9 Between Simkar A and B

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 Azimuth (˚) Dip (˚) Length (m) UTM E UTM N
O3AL-20-310 357 -50 501 308300 5326500
O3AL-20-311 357 -75 672 308400 5326340
O3AL-20-312 357 -50 521 308400 5326340
O3AL-20-313 357 -50 537 308400 5326655
O3AL-20-315 359 -72 206 308850 5326631

 

Hole O3AL-20-310 intersected a few quartz veinlets, one of them with visible gold, within a monzonite intrusion in the first samples of the hole, at the bedrock interface. It returned 10.4 g/t Au over 3.0 m. Ten metres deeper in the same monzonite, a fractured zone yielded 2.3 g/t Au over 3.0 m. Hole O3-AL-20-310 is located 400 meters west of and on strike with the historical Simkar Zone A. The monzonite is in contact with the iron-rich gabbro of the Anamaque sill which is the main host of the Simkar zones.

Hole O3AL-20-311 intersected a 12 cm quartz vein with 10% pyrite in a brecciated basalt, 350 m west of the Zone C. The quartz vein yielded 14.0 g/t Au, 5.6 g/t Ag and 0.3 % Cu over 0.8 m. The hole was stopped in the iron-rich gabbro of the Anamaque sill. The last sample of the hole shows a weak alteration and yielded 8.4 g/t Au over 1.0 m which corresponds to the beginning of the Zone A. The hole will be deepened in December.

On the same section, hole O3AL-20-312 intersected a small quartz veinlet with visible gold within     a gabbro, 85 m south of the Zone A. The veinlet yielded an intercept of 32.4 g/t Au, 3.2 g/t Ag and 0.4 % Cu over 0.5 m.

In the area of the historical mine, the hole O3AL-20-315 intersected few centimetric quartz tourmaline veins within the iron-rich gabbro, between Zone A and B. It yielded 1.5 g/t Au over 3.5 m.

 

Figure 1: Alpha Property Map

 

Figure 2: Simkar zone 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, 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 and Ontario – 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) and Ontario (25,000 hectares). O3 Mining controls 66,064 hectares in Val-d’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. 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, 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

Telephone: (416) 363-8653

 

 

 

 

O3 Mining Identifies New Targets Confirming Validity of Artificial Intelligence Targeting

Toronto, December 02, 2020 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) is pleased to provide results from its completed summer channel sampling program at its Alpha property, located 15 kilometres southeast of Val-d’Or, Québec. The targets were generated by our exploration team and verified using artificial intelligence (“AI”). The collaborative AI work with Mira Geoscience Ltd. (“Mira”), has allowed O3 Mining’s exploration team to leverage many years of multidisciplinary exploration data, including a compilation of historical work, field observations as well as mineral prospectivity indices (MPI) produced by Mira (See Press Release August 6th, 2020), and is playing a significant role in the current exploration targeting process at Alpha.

Highlights

  • El Sol: 128 g/t Au over 0.7 metres

  • Valdora: 70.9 g/t Au over 1.5 metres

  • Paramaque : 16.3 g/t Au over 0.7 metres

  • Simkar: 7.8 g/t Au over 1.2 metres

The East Alpha area, sectors 2 and 3 (see Figure 1), was first selected with the goal of better understanding the structural context and mineralization controls while taking advantage of the sub-cropping nature of that area. The summer work program comprised 31 outcrops and 4,650 channel samples within this sub-outcropping area. The zones tested include Simkar, El Sol, and Goldora zones (Sector 3) along the Anamaque corridor and the Valdora, Sabourin, and Jolin zones (Sector 2) along the Skarn corridor. Significant assay results are presented below and include 23 channel sample intercepts (see Table 1). Among those, El Sol and Simkar zones were part of the main priority targets recommended by Mira, and both zones delivered the best results of the campaign. Moreover, at least 20 untested AI targets distributed in covered areas have been identified across the entire property. Now that the AI methodology has been verified, the Company is eager to drill test those greenfield targets as we believe they offer significant potential for discovery.

We are really excited to be able to identify four strong targets in sectors 2 and 3 at East Alpha with our summer fieldwork. The geological knowledge-based targets were confirmed by the artificial intelligence methodology carried out before. The channel sampling program allowed key geological observations to be made which significantly improved our understanding of the gold mineralization controls in the eastern part of Alpha. The updated geological model is now more accurate and as a result, we have growing confidence in the robustness of the drilling targets it is helping us define,President and CEO Jose Vizquerra.

 

O3 Mining’s in-depth knowledge of the property geology combined with the Mira modelling and the results of this summer channel sampling campaign confirm the Corporation has a strong targeting base for the current 100,000 metre drilling campaign which began in September 2020 and is expected to be completed by April 2021. Over the winter, the company plans to drill at Omega (Sector 4) near the Triangle deposit on targets supported by AI and will continue to drill at Pontiac West, Pontiac East, Bulldog, Orenada 4, and Orenada 2 (Sector 1).

 

Figure 1: Alpha Property Map – Highlights Channel Sampling Program

 

Table 1: Channel sampling results

Channel

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

O3AL-D20-19-001

4.2

6.1

1.9

5.6

El Sol

O3AL-D20-19-001

21.2

22.5

1.3

4.4

El Sol

O3AL-D20-19-003

4.4

5.2

0.8

7.4

El Sol

O3AL-D20-19-005

0.0

0.8

0.8

2.7

El Sol

O3AL-D20-19-009

4.5

5.5

1.0

3.8

El Sol

O3AL-D20-19-017

0.0

1.2

1.2

2.8

El Sol

O3AL-D20-19-020

0.0

1.0

1.0

3.6

El Sol

O3AL-D20-19-022

0.9

1.9

1.0

5.3

El Sol

O3AL-D20-19-025

0.0

1.5

1.5

6.0

El Sol

O3AL-D20-19-027

0.0

0.7

0.7

128

El Sol

O3AL-D20-19-028

0.0

0.6

0.6

4.7

El Sol

O3AL-D20-17-014

0.0

0.8

0.8

3.9

Simkar

O3AL-D20-17-030

0.0

1.2

1.2

7.8

Simkar

O3AL-D20-17-041

8.2

9.0

0.8

3.6

Simkar

O3AL-D20-17-052

0.0

0.8

0.8

4.5

Simkar

O3AL-D20-18-003

9.9

10.7

0.8

5.2

Simkar

O3AL-D20-31-003

0.0

0.7

0.7

16.3

Paramaque

O3AL-D20-22-001

23.8

25.2

1.5

70.9

Valdora 1A

O3AL-D20-22-002

51.9

52.7

0.7

3.7

Valdora 1A

O3AL-D20-22-014

16.4

16.9

0.5

5.0

Valdora 1A

O3AL-D20-22-027

1.1

1.8

0.7

9.0

Valdora 1A

O3AL-D20-22-038

1.6

2.6

1.0

2.7

Valdora 1A

O3AL-D20-20-042

0.0

0.7

0.7

2.8

Valdora 1G

 

The El Sol zone is located 700 metres west of the Simkar deposit along the same strike. Gold mineralization at Simkar is mainly hosted in an iron-rich gabbro associated with the Anamaque sill. The best channel sample results of the summer campaign come from the El Sol zone. Channel O3AL-D20-19-027 yielded 128 g/t Au over 0.7 metres at the intersection between an east-west trending shear zone and a north-south shallow dipping quartz-tourmaline-pyrite vein with free gold. The same quartz-tourmaline vein returned interesting results over the entire length of the outcrop, such as channel O3AL-D20-19-001 that yielded 5.6 g/t Au over 1.9 metres. At Simkar, eight (8) drill holes have been completed as part of the current drilling program; assay results are pending.

The Valdora Zone 1 returned high-grade results including 70.9 g/t Au over 1.5 metres in channel O3AL-D20-22-001. This sample is located at the junction of north-east trending and east-west trending shear zones at the contact of an iron-rich gabbro. The same outcrop delivered other significant results including 9.0 g/t Au over 0.7 metres in channel O3AL-D20-22-027, which is associated with an east-west trending shear zone within the gabbroic intrusion.

The channel at Simkar was undertaken at the south-western end of the zone. Channel O3AL-D20-17-030 intersected 7.8 g/t Au over 1.2 metres and is related to an east-north-east shear zone with quartz-calcite veinlets crosscutting an iron-rich gabbro of the Anamaque sill.

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, 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 and Ontario – 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) and Ontario (25,000 hectares). O3 Mining controls 66,064 hectares in Val-d’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. 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, 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

Telephone: (416) 363-8653

 

 

 

 

O3 Mining Intersects 383.4 g/t Au Over 2.0 Metres Including 1,510 g/t Au over 0.5 Metres at Marban Project

Toronto, November 24, 2020 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) is pleased to provide new drilling results from the Marban Project in Val-d’Or, Québec, as part of its well-funded 150,000 metre drilling program.

Current drilling on the Malartic property is focused on expanding mineralization outside of the proposed pit areas (outlined in the Marban Preliminary Economic Assessment “PEA” released September 8th, 2020) and identifying high-grade oreshoots. The 2020-2021 drilling program includes 45,000 metres for the Malartic property to test extensions along strike and down plunge of the deposits and zones outside of these areas.

Gold Hawk is shaping up to be a very promising potential high-grade satellite deposit for the Marban mine development project, just 2 kilometres away. The high-grade intercepts confirm the exceptional high-grade characteristic of the gold deposits along the prolific Marbenite shear corridor giving us the confidence to continue the drill program to more quickly unlock its potential and build resources there,” president and CEO Jose Vizquerra.

New assay results from seven drill holes drilled down plunge at the Gold Hawk zone include:

Drilling Highlights:

  • 383.4 g/t Au over 2.0 metres in hole O3MA-20-008, including 1,510 g/t Au over 0.5 metres

  • 1.8 g/t Au over 5.0 metres in hole O3MA-20-002

  • 16.8 g/t Au over 0.5 metres in hole O3MA-20-003

A 3D-model of the Marban deposit and the Gold Hawk zone is available on the Company’s website at https://o3mining.com/presentations/drill-results

These drill holes targeted extensions down plunge of the Gold Hawk zone. The zone is emplaced along the Marbenite shear, one of the main structures in the district which hosts the Marban and Orion #8 deposits as well as Wesdome’s Kiena deposit. The drill holes hit the Gold Hawk zone between 390 metres and 570 metres below surface at a 50 to 100 metre spacing. There are pending results from three follow-up drill holes around O3MA-20-008. The encouraging results received so far from Gold Hawk support a decision to continue the exploration program to further explore the mineralization extensions of hole O3MA-20-008, which remain open to the west and at depth.

 

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

Drill Hole ID

From

(m)

To

(m)

Interval

(m)

Au uncut (g/t)

Mineralized Zone

O3MA-20-001

143.5

145.0

1.5

4.4

O3MA-20-002

489.8

494.8

5.0

1.8

Gold Hawk

O3MA-20-003

588.0

588.5

0.5

16.8

Gold Hawk

O3MA-20-008

552.8

554.8

2.0

383.4

Gold Hawk

Including

553.8

554.3

0.5

1,510.0

O3MA-20-008

558.4

559.5

1.1

5.3

Gold Hawk

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-20-001

211

-60

657

276422

5337890

O3MA-20-002

210

-49

558

276551

5337820

O3MA-20-003

204

-61

714

276874

5337639

O3MA-20-004

201

-69

780

276874

5337639

O3MA-20-005

186

-65

789

276874

5337639

O3MA-20-006

186

-58

771

276874

5337639

O3MA-20-008

209

-66

659

276522

5337866

Drill hole O3MA-20-008 intersected two mineralized intervals within the Gold Hawk zone. The first interval returned 383.4 g/t Au over 2.0 metres including 1,510 g/t Au over 0.5 metres. Mineralization is associated with visible gold and traces of pyrrhotite and chalcopyrite within quartz veinlets in basalt at the contact with a komatiite. The second interval, four metres deeper, returned 5.3 g/t Au over 1.1 metres. Mineralization is associated with quartz-carbonate veinlets within a komatiite. Drill hole O3MA-20-002 intersected 1.8 g/t Au over 5.0 metres along the same basalt-komatiite contact as O3MA-20-008. Mineralization is associated with visible gold within quartz-carbonate veinlets in a komatiite.

Drill hole O3MA-20-003 intersected 16.8 g/t Au over 0.5 metres. Mineralization is associated with talc-calcite veinlets cross-cutting komatiite. Drill hole O3MA-20-001 intersected 4.4 g/t Au over 1.5 metres. Mineralization consists of up to 1% disseminated pyrite and dismembered quartz-carbonate veinlets within a granodiorite.

Figure 1: Malartic Property Map

Figure 2: Malartic Property 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, 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 and Ontario – 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) and Ontario (25,000 hectares). O3 Mining controls 66,064 hectares in Val-d’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. 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, 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

Telephone: (416) 363-8653

 

 

 

O3 Mining Consolidates Malartic Property with Purchase of Remaining 50% Northern Star Claims

Toronto, November 09, 2020 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation“) is pleased to announce it has completed the purchase of the remaining 50% Northern Star claims (also known as the Virginia claims) for $150,000 USD pursuant to the terms of the purchase agreement between Niogold Mining Corporation, a corporation owned and controlled by O3 Mining, and 9265-991 Québec inc., the corporation who acquired the mining interests of Northern Star Mining Corporation in 2013, (the “Purchase Agreement”). With this purchase O3 Mining now holds 100% ownership of three claims, totaling 106.5 hectares, consolidating the Malartic property.

Pursuant to the Purchase Agreement, 9265-9911 Québec inc. sells and transfers to O3 Mining, all of its rights, titles and interests in the claims.

The recent purchase of the Northern Star claims finalizes the consolidation of the Malartic property and allows us to drill the Northwest extension of the Kierens deposit. Our exploration team is looking forward to integrating these new claims as we move forward with our 45,000 metre drill program at Malartic” Jose Vizquerra, President and CEO.

Figure 1: Location of Claims

About O3 Mining Inc.

O3 Mining, an Osisko Group company, is a mine development and emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec and Ontario – 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 (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 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 James Bay and Chibougamau regions 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, 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

Telephone: (416) 363-8653

 

O3 Mining Intersects 2.9 g/t Au Over 14.2 Metres Near Surface and 145 metres Outside of Pit Shell at Marban Project

Toronto, November 03, 2020 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) is pleased to provide new drilling results from the Malartic Property in Val D’Or, Quebec, as part of its fully-funded 150,000 metre drilling program.

Current drilling on the Malartic property is focused on expanding mineralization outside of the proposed pit areas outlined in the Preliminary Economic Assessment (PEA) released on September 8th, 2020. The 2020-2021 drilling program considers 45,000 metres on the Malartic property to test extensions of the deposits and zones outside of the PEA pit areas. New analytical results from four drill holes cutting the Kierens deposit extensions at 25 meters below surface include:

Drilling Highlights:

  • 2.9 g/t Au over 14.2 metres in hole O3MA-20-006, including 18.5 g/t Au over 1.0 metre

  • 2.1 g/t Au over 10.5 metres in hole O3MA-20-005

These drill holes have been drilled from the same collar located between the Kierens and Norlartic deposits, 145 meters SE of the Kierens pit shell limit and 325 meters from the NW limit of the Norlartic pit shell. The primary objective of these holes was to cross the Kierens-Norlartic corridor at shallow depth while drilling the extensions at depth of the Gold Hawk zone. These new results suggest that the Kierens ore body comes closer to the surface than previously interpreted and, when properly delineated, could favorably impact a future update of the in-pit resource.

We are pleased with these latest drill results as they show that drilling can continue to expand the mineral footprint at the various deposits on our Malartic property, which bodes well for growing the resource base and making the Marban project development even more attractive. We also received the pleasant surprise of intercepting mineralization just below the surface, which could have a meaningful positive impact in a future production scenario.” President and CEO José Vizquerra

 

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

Drill Hole ID

From

(m)

To

(m)

Interval

(m)

Au uncut (g/t)

Mineralized Zone

O3MA-20-003

28.7

38.0

9.3

2.0

Kierens

O3MA-20-004

35.5

47.0

11.5

1.6

Kierens

O3MA-20-005

30.0

40.5

10.5

2.1

Kierens

O3MA-20-006

28.3

42.5

14.2

2.9

Kierens

Including

29.4

30.5

1.1

18.5

Kierens

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-20-003

204

-61

714

276874

5337639

O3MA-20-004

201

-69

780

276874

5337639

O3MA-20-005

186

-65

789

276874

5337639

O3MA-20-006

186

-58

771

276874

5337639

The high-grade gold veins at Gold Hawk have been outlined by many different drilling programs since the 1980s. Drilling at 30-metre spacing and to a vertical depth of 400 metres identified three veins or vein systems named Vein #1, #2, and #3, remains open at depth. Non 43-101 compliant resource suggests 254,000t grading 8.6g/t Au at Gold Hawk (Sigeom).

Drill holes O3MA-20-003 to O3MA-20-006 all intersected the Kierens-Norlartic mineralized zone at shallow depth at approximately 6 metres apart. The mineralized zone is associated with up to 5% disseminated pyrite within a brecciated gabbroic dyke with 15% quartz-carbonate-chlorite veining. The dyke is located at the contact with a sheared ultramafic unit and corresponds to the geological context described by previous operators of the Kierens horizon.

Figure 1: Malartic Property Map

View Map

Figure 2: Marban Project Drilling Map

View 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, Quebec 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, 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 and Ontario – 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 (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions 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, 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

Telephone: (416) 363-8653

O3 Mining Files PEA Technical Report For Marban Project

Toronto, October 26, 2020 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) is pleased to announce the filing of an independent Preliminary Economic Assessment (PEA) for its 100% owned Marban project at the Malartic property, in the world-class mining region of Val D’Or in Québec, Canada.

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 Marban Project” and dated October 23, 2020 (effective date of September 3, 2020), has been prepared for O3 Mining by Ausenco Engineering Canada Inc. with the assistance of Moose Mountain Technical Services, Golder Associates Inc. and WSP Canada (the “Marban PEA”). The Marban PEA is available on SEDAR (www.sedar.com) under O3 Mining’s issuer profile.

O3 Mining’s news release dated September 8, 2020 (entitled “O3 Mining Delivers Positive PEA for Marban Project“) summarizes key results, assumptions and estimates contained in the Marban PEA. The Corporation is please to report there are no material differences between the key results, assumptions and estimates contained in the Marban PEA and O3 Mining’s news release dated September 8, 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 and Ontario – 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 (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Québec.

Cautionary Statement Regarding Technical Information

Readers are cautioned that the Marban 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 Marban 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 Marban PEA 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:
Jose Vizquerra
President, CEO and Director
Telephone: (416) 363-8653

View Technical Report

O3 Mining Delivers Positive PEA For Marban Project

O3 MINING PEA WEBINAR TO BE HELD SEPTEMBER 8, 2020 @9:00 AM EST. To join the webinar, register here.

Toronto, September 8, 2020 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) is pleased to announce positive results from the independent preliminary economic assessment (“PEA”), prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), for its 100% owned Marban project at the Malartic property, in the world-class mining region of Val D’Or in Québec, Canada.

With the PEA now complete, O3 Mining will begin working on a pre-feasibility study to advance the Marban project towards production as part of a staged development strategy while continuing its aggressive drilling programs aimed to maximize value creation for shareholders.

PEA Highlights*

  • Long-term Gold Price of US$1,450/oz

  • Exchange rate of C$1.00 = US$0.74

  • After-tax net present value (“NPV”) (discount rate 5%) of $423 million

  • After-tax internal rate of return (“IRR”) of 25.2%

  • After-tax payback period 4.0 years

  • Initial capital of (“CAPEX”) of $256 million including mine preproduction, processing, infrastructure (roads, power line relocation, tailings facility, ancillary buildings, and water management)

  • Life of mine (“LOM”) of 15.2 years

  • Average LOM strip ratio (W:O) of 5.9:1

  • Total production of 60,356 kt of mill feed yielding 1.8 Moz Au

  • Average annual gold production of 115,000 oz

  • Average gold mill head grade of 1.13 g/t in years 1 to 10 (0.97 g/t for LOM)

  • Average recovery of 93.7%

  • Measured and indicated mineral resource of 54,151 kt at a 1.10 g/t Au grade

  • Cash cost of US$741/oz

  • All-in sustaining cost (“AISC”) of US$822/oz

Notes

* All figures are stated in Canadian dollars unless otherwise stated.

** Cautionary Statement: The reader is advised that the PEA summarized in this news release is intended to provide only an initial, high-level review of the project potential and design options. The PEA mine plan and economic model include numerous assumptions and the use of inferred mineral resources. Inferred mineral resources are considered to be too speculative to be used in an economic analysis except as allowed for by NI 43-101 for PEA studies. There is no guarantee that inferred mineral resources can be converted to indicated or measured mineral resources, and as such, there is no guarantee the project economics described herein will be achieved. 

The O3 Mining team is pleased to present the results of a PEA on its Marban Project, which unequivocally demonstrates the potential of O3 Mining to become a major North American gold producer, with a positive after-tax IRR of 25.2% and an after-tax NPV of C$423 million. The PEA supports an 11,000 tonnes per day open pit project with production spanning 15.2 years with robust economics at a US$1,450/oz gold price, with very attractive cash costs and AISC, low CAPEX and low capital intensity. The first 12 years will target production in excess of 130,000 ounces gold per year peaking at more than 161,000 ounces in Year 9.

“Marban has shown potential to become a highly profitable gold mine in one of the most prolific producing regions in Canada, supported with a PEA produced by the Ausenco team, one of the most experienced and reputable engineering firms working on gold projects in Canada. The Marban Geological team has demonstrated the ability to identify an abundance of gold resources over a very short period. The ongoing drill program will continue to add to and upgrade resources as we seek to move the project forward towards production,” commented Jose Vizquerra, President, CEO and Director of O3 Mining.

O3 Mining believes the Marban property has the geological potential to extend the LOM beyond the initial 15.2 years presented in the PEA as well as the opportunity to expand the scale of production by increasing the mineral resource through ongoing exploration and drilling. The Corporation’s goal is for Marban to be a cornerstone mine for its future growth in a mining-friendly jurisdiction. With a strong treasury to support its next steps, the Corporation plans to commence pre-feasibility and environmental impact studies, while continuing to explore the geological potential of its Marban property.

“O3 Mining was born out of a series of successful mining ventures on properties in the same Val D’Or region in Québec – ranked as the fourth best mining jurisdiction in the world and has produced over 30 million ounces of gold. O3 Mining is ready to maximize Marban’s value by advancing the studies to further refine and de-risk the project, which the Osisko Group has successfully done with other deposits in the past, such as Canadian Malartic,” added Mr. Vizquerra.

O3 Mining looks forward to working with its partners in the Abitibi region including the Malartic and Val D’Or municipalities and the Abitibiwinni, Lac Simon, Long Point, and Kitcisakik Anishinabeg First Nations as well with the support of the Québec and federal governments, to advance the Marban Project.

Overview

Ausenco Engineering Canada Inc. (“Ausenco”) was appointed as lead consultant on May 7, 2020, to prepare the PEA in accordance with NI 43-101, and was assisted by Moose Mountain Technical Services, Golder Associates Inc., and WSP Canada.

The Marban project is located on the Malartic property in the Abitibi gold district of Québec,

Canada. The Project area contains three past-producing mines (Marban, Norlartic and Kierens), which collectively produced 585,000 ounces of gold between 1959 and 1992. The land package owned by O3 Mining, in the heart of the Malartic, and Val D’Or gold mining camps, covers 125 square kilometres and is located 12 kilometres from the Canadian Malartic Mine and along the same shear structure as Wesdome’s Kiena deposit.

Financial Analysis

The economic analysis was performed assuming a 5% discount rate. On a pre-tax basis, the NPV is $715 million, the IRR is 31.5% and the payback period is 3.7 years. On an after-tax basis, the NPV is $423 million, the IRR is 25.2% and the payback period is 4.0 years. A summary of project economics is listed in (Table 1) and shown graphically in the figures below.

Table 1: Summary of project economics

GENERAL LOM TOTAL / AVG.
Gold Price (US$/oz) $1,450
Exchange Rate ($US:$CAD) 0.74
Mine Life (years) 15.2
Total Waste Tonnes Mined (kt) 355,627
Total Mill Feed Tonnes (kt) 60,356
Strip Ratio 5.89
PRODUCTION LOM TOTAL / AVG.
Mill Head Grade (g/t) (Average gold mill head grade of 1.13 g/t in years 1 to 10) 0.97
Mill Recovery Rate (%) 93.7%
Total Mill Ounces Recovered (koz) 1,757
Total Average Annual Production (koz) 115
OPERATING COSTS LOM TOTAL / AVG.
Mining Cost (CAD$/t Mined) $2.7
Mining Cost (CAD$/t Milled) $17.9
Processing Cost (CAD$/t Milled) $9.6
G&A (CAD$/t Milled) $0.7
Total Operating Costs (CAD$/t Milled) $28.2
Refining & Transport Cost (CAD$/oz) $2.5
Royalty NSR 1.5%
Cash Costs (US$/oz Au) $741
AISC (US$/oz Au) $822
CAPITAL COSTS LOM TOTAL / AVG.
Initial Capital (CAD$M) $256
Sustaining Capital (CAD$M) $189
Closure Costs (CAD$M) $10
Salvage Costs (CAD$M) $7
FINANCIALS – PRE TAX LOM TOTAL / AVG.
NPV (5%) (CAD$M) $715
IRR(%) 31.5%
Payback(years) 3.7
FINANCIALS – POST TAX LOM TOTAL / AVG.
NPV (5%) (CAD$M) $423
IRR (%) 25.2%
Payback (years) 4.0

Notes

* Cash costs consist of mining costs, processing costs, mine-level general & administrative expenses and refining charges and royalties.
** AISC includes cash costs plus sustaining capital, closure cost and salvage value.

Figure 1: Projected Annual and Cumulative LOM Post-Tax Unlevered Free Cash Flow

Sensitivity

A sensitivity analysis was conducted on the base case pre-tax and after-tax NPV and IRR of the Marban project, using the following variables: metal price, total capex (initial + sustaining), total operating cost and exchange rate. The tables below provide a summary of the sensitivity analysis.

Table 2a: Post-Tax NPV(5%) Sensitivity

GOLD PRICE
US$/Oz
BASE CASE TOTAL CAPEX(-10%) TOTAL CAPEX (+10%) OPEX
(-10%)
OPEX (+10%) FX
(-10%)
FX (+10%)
$1,200 $174 $214 $135 $253 $93 $44 $297
$1,350 $327 $366 $287 $398 $252 $190 $456
$1,450 $423 $462 $383 $494 $351 $283 $561
$1,750 $707 $746 $667 $775 $637 $542 $869
$1,950 $892 $932 $853 $959 $825 $711 $1,072

Table 2b: Post-Tax IRR Sensitivity

GOLD PRICE
US$/Oz
BASE CASE TOTAL CAPEX(-10%) TOTAL CAPEX (+10%) OPEX
(-10%)
OPEX (+10%) FX
(-10%)
FX (+10%)
$1,200 13.1% 15.8% 10.8% 17.1% 9.1% 7.0% 19.1%
$1,350 20.5% 24.2% 17.5% 24.2% 16.7% 13.8% 26.8%
$1,450 25.2% 29.4% 21.7% 28.8% 21.5% 18.3% 31.7%
$1,750 38.5% 44.6% 33.7% 42.1% 35.0% 30.8% 46.2%
$1,950 47.2% 54.4% 41.5% 50.6% 43.8% 38.7% 55.5%

Mineral Resource

The mineral resource is estimated from a drill hole database containing 5,808 drill holes consisting of 271,599 metres of drilling and 288,345 assay intervals. Data prior to 1984 was not used in the interpolation. The Marban deposit consists of 27 domains and the Kierens-Norlatic consists of 16 domains with gold grades capped at values between 10g/t Au and 100g/t Au and outlier restriction of gold grades during interpolation at values of 1.5g/t to 50 g/t Au depending on the domain. Blocks were assigned a classification based on the variography and drill hole spacing by domain, with measured blocks requiring three drill holes within 10 metres and indicated blocks requiring two drill holes within 30 metres.

The base case cut-off grade is 0.30 g/t Au based on a cut-off grade mill recovery of 87%, processing + general & administrative costs of CDN$15/tonne and a US$1,400/oz Au price, with smelter terms as detailed below. The underground resource is within a 3.5 g/t gradeshell. At these cut-offs, the total measured and indicated mineral resource is estimated at 54.1Mt at 1.10 g/t Au for a total of 1.9Moz (Table 3). Of the total resource 76% is considered measured and indicated mineral resources.

Table 3: Mineral Resource Estimate (effective date August 12, 2020)

CLASS SOURCE TONNAGE (Kt) AU (G/T) AU METAL Oz
Measured Marban – Pit 65 1.32 2,762
Kierens-Norlartic – Pit 450 1.03 14,900
Indicated Marban – Pit 46,260 1.03 1,536,671
KN-Pit 6,646 1.15 246,430
Marban – UG 220 7.77 54,982
Kierens-Norlartic – UG 510 3.57 58,504
Meas. + Ind. All 54,151 1.10 1,914,249
Inferred Marban – Pit 6,465 1.09 227,226
Kierens-Norlartic – Pit 6,299 1.42 286,724
Marban – UG 304 8.73 85,317
Kierens-Norlartic – UG 119 3.02 11,560
All 13,187 1.44 610,827

Notes

  1. The Mineral Resource estimate has been prepared by Sue Bird, P.Eng., an independent “qualified person” (within the meaning if NI 43-101).

  2. Resources are reported using the 2014 CIM Definition Standards and were estimated in accordance with the CIM 2019 Best Practices Guidelines.

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

  4. The open pit mineral resource has been confined by a “reasonable prospects of eventual economic extraction” pit shell generated using the following assumptions: US$1,800/oz. Au at a currency exchange rate of 0.75 US$ per CDN$; 99.95% payable Au; CDN$4.30/oz Au offsite costs (refining, transport and insurance); a 3% NSR royalty; $16/t process and G&A costs; $2.60/t mining costs; grade dependent mill process recoveries; and pit slopes varying from 25 to 50 degree overall depending on geotechnical characteristics.

  5. The underground mineral resource reports all material within a continuous 3.5g/t Au gradeshell

  6. Metallurgical recovery is based on the formula: ln(Au)*0.0372+0.9017, maximum 96.7%

  7. The specific gravity of the deposit has been determined by lithology as being between 2.67 and 2.81.

  8. Numbers may not add due to rounding.

There are no other known factors or issues that materially affect the mineral resource estimate other than normal risks faced by mining projects in the province in terms of environmental, permitting, taxation, socio-economic, marketing, and political factors and additional risk factors as listed in the “Cautionary Note Regarding Forward-Looking Information” section below.

Mining

The mine plan includes 60Mt of mill feed and 356Mt of waste over the 15.2-year LOM. Mine planning is based on conventional open pit methods suited for the project location and local site requirements. Owner operated and managed open pit operations are anticipated to begin 9–12 months prior to mill start up, running for 13 years to pit exhaustion, then followed by 2.2 years of low-grade stockpile reclamation to the mill. The subset of mineral resources contained within the designed open pits, summarized in Table 4 with a 0.35g/t gold cut-off, forms the basis of the mine plan and production schedule.

Table 4: PEA Mine Plan Production Summary

PEA Mill Feed 60,356 kt
Average gold mill head grade (LOM) 0.97g/t
Waste Overburden and Rock 355,627 kt
Strip Ratio (LOM) 5.9
Mill Feed Gold Grade (Years 1-10) 1.13 g/t
Strip Ratio (Years 1-10) 6.5

Notes:

  1. The PEA Mine Plan and Mill Feed estimates are a subset of the August 12, 2020 mineral resource estimates and are based on open pit mine engineering and technical information developed at a scoping level for the Marban and Kierens-Norlartic deposit.

  2. The PEA Mine Plan and Mill Feed estimates are mined tonnes and grade, the reference point is the primary crusher.

  3. Waste/ore contact edge dilution of 20% at 0.15 g/t is applied to the insitu Mineral Resources. Mining Recovery of 100% of diluted tonnages is assumed.

  4. Cutoff grade of 0.35 g/t assumes US$1,400/oz. Au at a currency exchange rate of 0.75 US$ per C$; 99.95% payable gold; $4.30/oz offsite costs (refining, transport and insurance); a 3.0% NSR royalty; and a variable metallurgical recovery for gold that is anticipated to be 88% at cutoff.

  5. The cut-off grade covers processing costs of $14.00/t, administrative (G&A) costs of $2.00/t, and low grade stockpile Rehandle costs of $1.50/t.

  6. Estimates have been rounded and may result in summation differences.

The economic pit limits are determined using the Pseudoflow algorithm. The Marban deposit is planned as one pit split into four phases or pushbacks, and the Kierens-Norlartic deposit is split into six phases, two for Kierens, two for Norlartic, one for North North-Zone, and one for Gold Hawk. Pit designs are configured on 5 metre bench heights, with 6 to 9 metre wide berms placed every four benches, or quadruple benching. Benchface angles and subsequent inter-ramp angles are varied based on prescribed geotechnical zones. General pit sequencing is shown in Table 5 below.

Table 5: PEA Mine Plan Pit Sequencing

PHASES MINED Y-1 Y01 Y02 Y03 Y04 Y05 Y06 Y07 Y08 Y09 Y10 Y11 Y12 Y13
MARBAN Marban Phase 1
Marban Phase 2
Marban Phase 3
Marban Phase 4
KIERENS-NORLARTIC Norlartic Phase 1
Norlartic Phase 2
Kierens Phase 1
Kierens Phase 2
North North-Zone
Gold Hawk

The mill will be fed with material from the pit at an average rate of 4.0 Mtpa (11ktpd). Cut-off grade optimization is employed, which feeds a low-grade stockpile south of the Marban deposit, which is planned for reclamation to the mill in the later years of the mine life. Overburden will be placed in a stockpile directly north of the Marban pit. Waste rock will be placed in stockpiles adjacent to all pits. Waste rock will also be used for construction of the tailings and water management pond northwest of the deposits.

Mining operations will be based on 365 operating days per year with two 12-hour shifts per day. An allowance of 10 days of no mine production has been built into the mine schedule to allow for adverse weather conditions.

The mining fleet will include diesel powered down the hole (DTH) drills with 165mm bit size for production drilling, diesel-powered RC drills for bench-scale grade control drilling, 12 cubed meter bucket size diesel hydraulic excavators and 13 cubed meter bucket sized wheel loaders for production loading, and 91 t payload rigid-frame haul trucks and 36 t articulated trucks for production hauling, plus ancillary and service equipment to support the mining operations. In-pit dewatering systems will be established for each pit. All surface water and precipitation in the pits will be handled by submersible pumps.

The mine equipment fleet is planned to be purchased via a lease financing arrangement. Maintenance on mine equipment will be performed in the field with major repairs to mobile equipment in the shops located near the plant facilities.

Milling

The Marban Process Plant employs standard Carbon-In-Leach (CIL) technology along with gravity concentration for gold recovery. The plant includes crushing, grinding, gravity concentration, classification, thickening, leach and CIL and detoxification before deposition into a Tailings Storage Facility.

The plant will treat 4.0 Mt of ore per year at an average throughput of 496 tonnes per hour. The mill design availability is 8,059 hours per year or 92%. The plant has been designed to realize an average recovery of 93.7% of the gold over the life of the project based on metallurgical testwork completed by SGS Lakefield in years 2012-2016. Of this, 30.4% of the gold will be extracted by the gravity circuit and a further 63.3% by the leach/CIL process.

Tailings storage capacity has been identified to safely accommodate the life of mine production as described in this PEA. Tailings produced over the first eight years of mine operation will be accommodated in a new tailings storage facility to be constructed northwest of the Kierens-Norlartic open pits The tailings storage facility perimeter containment dams will be constructed with waste rock and overburden from open pit mine development and will utilize the downstream construction method to ensure safe tailings storage over the long-term. Runoff from the tailings storage facility will be collected in an adjacent water management pond. Tailings production after Year 8 will be placed in the mined out Kierens-Norlartic Pit #4. Water will be reclaimed for reuse at the mill from the Water Management Pond and from the Kierens-Norlartic Pit #4 after Year 8. Tailings will be dewatered to approximately 60% solids by weight with a thickener located at the mill to reduce the volume of water being pumped between the mill and tailings storage facilities.

In order to allow mining of the Kierens-Norlartic pits, Kierens Creek will be diverted to the North. The 120kV power line crossing through the Marban property will be re-aligned along the south edge of the property boundary to free up room for the waste rock stockpile.

Capital and Operating Costs

The total pre-production capital cost for the Marban project is estimated to be $256 million including allowances for indirect costs and contingency of $24.5 million and $30.6 million, respectively. Sustaining capital costs are estimated at $199 million, including closure costs (Table 6). Operating costs are estimated at $28.2 per tonne milled (Table 7).

Table 6: Total Capital and Operating Costs

COST AREA DESCRIPTION INITIAL CAPITAL COST
(CAD$M)
SUSTAINING CAPITAL COST (CAD$M) TOTAL CAPITAL COST (CAD$M)
Mining 48.8 153.9 202.74
Processing 105.3 105.25
Infrastructure (and Tailings) 36.2 35.0 71.22
Indirect Costs 24.5 10.2 34.67
Owner’s Project Costs 10.6 10.61
Contingency 30.6 30.60
Total 256.0 199.0 455.09

Table 7: Total Life of Mine Operating Costs

COST AREA LOM (CAD$M) ANNUAL AVG. COST (CAD$M) AVG. LOM
(CAD$/T MINED)
AVG.LOM
(CAD$/T MILLED)
AVG. LOM (US$/OZ) OPEX (%)
Total Mine Operating Costs Inc. Reclaiming Costs 1,083 71 2.7 17.9 456 64
Total Mill Processing Inc. Water Treatment Costs 577 38 1.4 9.6 243 34
Total G&A Costs 43 3 0.1 0.7 18 3
Total 1,702 112 4.2 28.2 719 100

Gold Production

Projected gold production averages 115,000oz per year over the LOM, peaking at 161,000oz in year nine.

Figure 2: Projected LOM Production (koz)

Exploration potential

The present PEA considers production from the Marban, Norlartic (South and North), Kierens, North-North and Gold Hawk deposits. The extensions of theses ore deposits offer significant opportunity to grow the mineral resource base, where many significant historical intercepts remain open and warrant follow-up drilling. For example, the high-grade gold veins at Gold Hawk have been outlined by many different drilling programs since the 1980s. Drilling at 30-metre spacing and to a vertical depth of 400 metres identified three veins or vein systems named Vein #1, #2, and #3, remains open at depth. Non 43-101 compliant resource suggests 254,000t grading 8.6g/t Au at Gold Hawk (Sigeom).

Additionally, the Marbenite and Norbenite shears host several mineralized zones geologically similar to the typical Malartic District vein type, namely Orion 8, MK, Malartic Hygrade, Malartic H and Malartic NE. Past production (U/G) at Malartic Hygrade was 28,000t at 19.6g/t Au (Sigeom). There is a non 43-101 compliant resource at Orion 8 of 205,000t at 8.4g/t Au (Sigeom). Geophysical data suggests a 1.1 kilometre stretch of the Norbenite shear, which hosts the North Zone mineralization, exists at Marban NE. Many significant historical intercepts in these zones, including high-grade, remain open and warrant follow up drilling. All of these zones are located within 3 kilometres of the open pits considered in the present PEA.

Finally, the Malartic property covers approximately 8 kilometres of the interpreted Camflo mine prospective horizon, mostly covered by overburden. The small footprint of the deposit (80 metres x 80 metres) makes it a difficult to find, but valuable target. The Camflo mine produced 1.5Moz Au at 5.9 g/t Au (1965–1986). The ore deposit is contained in a single intrusive plug lodged in the hinge of a fold axis. It was renowned for having one of the lowest production costs in all North America. The ore body crosses into the current O3 Mining property at 800 metres below surface and mining continued down to 1,240 metres below surface, the lowest level in the mine. Drilling from the last production level shows the ore body continues at depth.

The 2020-21 drilling program considers 40,000 metres for the Malartic property to test extensions of the deposits and zones listed above, test greenfield targets along the Camflo horizon and move resources from the inferred to indicated category.

Next Steps

The results of the PEA indicate that the proposed project has technical and financial merit using the base case assumptions. It has also identified additional field work, metallurgical testwork, trade-off studies and analysis required to support more advanced mining studies. The qualified persons consider the PEA results sufficiently reliable and recommend that the project be advanced to the next stage of development through the initiation of a pre-feasibility study and working towards completion of an environmental impact study for the project, while continuing to explore the geological potential of the Marban property.

PEA Details

The independent PEA was prepared through the collaboration of the following firms:

Ausenco, Moose Mountain Technical Services, WSP Canada, and Golder Associates. These firms provided mineral resource estimates, design parameter and cost estimates for mine operations, process facilities, major equipment selection, waste and tailings storage, reclamation, permitting, and operating and capital expenditures. Table 8 summarizes the contributors and their area of responsibility.

Table 8: Consulting Firm and Area of Responsibility

CONSULTING FIRM AREA OF RESPONSIBILITY
Ausenco Engineering Canada (Ausenco)
  • Metallurgical test work development and analysis;
  • Mass balance;
  • Process plant design;
  • Process plant capital costs and operating costs;
  • Electrical and IT infrastructure design and costs;
  • Design and costs of utilities and infrastructure including on-site roads;
  • Material transport and General and administration operating costs;
  • Financial Analysis and overall NI 43-101 integration;
  • Water treatment plant design, capital and operating costs;
  • Tailings, ore and waste rock management facility designs and costs;
  • Surface water management infrastructure design and costs;
  • Site wide water balance;
  • Rock mass characterization and rock mechanics input to pit design;
  • Hydrogeology; and
  • Geotechnical input for pit and surface infrastructure design.
Moose Mountain Technical Services (MMTS)
  • Historical data review;
  • Current and historical geology, exploration, drilling;
  • Sample preparation and QA/QC, and data verification;
  • Geological modelling and mineral resource estimate;
  • Mine and mine infrastructure design;
  • Mine production scheduling; and
  • Mine capital costs and operating costs.
  • Mineral resource estimate. (O3 completed the geological modelling of the ore bodies)
WSP
  • Waste rock, tailings, and ore a geochemical characterization;
  • Groundwater quality input to environmental studies
  • Environmental studies, permitting and closure costs;
  • Regulatory context, social considerations, and anticipated environmental issues;

PEA Review and Webinar

O3 Mining will conduct a webinar to discuss the positive PEA results for Marban Project.

Date and Time: Tuesday, September 8, 2020 from 9:00 – 10:00 a.m. EST

Registration: https://us02web.zoom.us/webinar/register/WN_cfuFebbQSDmUm6RoemJuRg

Details: Participants will be able to submit questions. A recording of the webinar will be made available on o3mining.ca following. If you have any technical difficulties, please email info@o3mining.ca

Qualified Person

The scientific and technical information contained in this news release, other than any information pertaining to the PEA, has been reviewed and approved by Mr. Louis Gariépy, P.Geo (OIQ #107538), Vice President Exploration of O3 Mining, who is a “qualified person” within the meaning of NI 43-101.

The PEA has been prepared by Ausenco. Each of the contributors to the PEA is a “qualified person” within the meaning of NI 43-101 and are independent of O3 Mining for purposes of NI 43-101. The scientific and technical information contained in this news release pertaining to the PEA has been reviewed and approved by each of:

  • Robert Raponi, P.Eng, Process and Infrastructure

  • Scott Elfen, P.Eng, Tailings and Water Management

  • Mike Petrina, P.Eng, Mining

  • Sue Bird, P.Eng, Resource Estimate

  • Sylvie Baillargeon, biologist, M.E.I., Environment

Quality Control and Reporting Protocols

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, Quality Control (“QA/QC”) program. Third-party assays are submitted to other designated laboratories for 5% of all samples.

Historic assays have been validated through extensive validation procedures and analyses. Re-assaying of historic drilling is ongoing with re-assayed values included in the resource estimate.

Data prior to 1984 that has not been re-assayed has not been included in the resource estimate due to lack of QA/QC. The 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.

Non-IFRS Financial Measures

The Corporation has included certain non-IFRS financial measures in this news release, such as initial capital cost, sustaining capital cost, total capital cost, AISC, and capital intensity, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. As a result, these measures may not be comparable to similar measures reported by other corporations. Each of these measures used are intended to provide additional information to the user and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

Non-IFRS financial measures used in this news release and common to the gold mining industry are defined below.

Total Cash Costs and Total Cash Costs per Ounce

Total cash costs are reflective of the cost of production. Total cash costs reported in the PEA include mining costs, processing and water treatment costs, general and administrative costs of the mine, off-site costs, refining costs, transportation costs and royalties. Total cash costs per ounce is calculated as total cash costs divided by payable gold ounces.

AISC and AISC per Ounce

AISC is reflective of all of the expenditures that are required to produce an ounce of gold from operations. AISC reported in the PEA includes total cash costs, sustaining capital, closure costs and salvage, but excludes corporate general and administrative costs. AISC per ounce is calculated as AISC divided by payable gold ounces.

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 and Ontario – 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 (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Québec.

About Ausenco

Ausenco is a global company redefining what’s possible. Our team is based across 26 offices in 14 countries, with projects in over 80 locations worldwide. Combining our deep technical expertise with a 30-year track record, we deliver innovative, value-add consulting studies, project delivery, asset operations and maintenance solutions to the mining & metals, oil & gas and industrial sectors. We find a better way.

Cautionary Note Regarding Estimates of Mineral Resources

This news release uses the terms measured, indicated and inferred mineral resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The mineral resource estimate disclosed in this news release may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. The mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards on Mineral Resources and Mineral Reserves” incorporated by reference into NI 43-101. 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.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. 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 statements.

In this news release, forward-looking statements relate, among other things: the PEA for the Marban project; the numerous assumptions underlying the PEA, including the mine plan and economic model; the after-tax and before-tax IRR and NPV modeling of the Marban project; the capex, LOM and production modeling of the Marban project; the potential for brownfield value creation; grade estimates; the speculative geology of inferred mineral resources; gold prices; project scope, including mining methodology and infrastructure; processing methodology; the ability, if any, to achieve the project economics described in this news release; the mining and processing strategy; the projected infrastructure; the ability, if any, to construct the required infrastructure; the ability, if any, to obtain the required economic and restoration approvals and permits; the current drill program on the Marban project and the significance of new drill results; potential mineralization; the ability to realize upon any mineralization in a manner that is economic; the ability to complete any proposed exploration activities and the results of such activities, including the continuity or extension of any mineralization; and any other information herein that is not a historical fact may be “forward-looking information”.

This “forward-looking information” involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of O3 Mining 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 drill results) to accurately predict mineralization; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in international, national and local government, legislation, taxation, controls, regulations and political or economic developments; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); access to capital; errors in management’s geological modelling; the ability of O3 Mining to complete further exploration activities, including drilling; property interests in the Marban project; the ability of O3 Mining to obtain required approvals and complete transactions on terms announced; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; exchange rates; dilution; environmental risks; 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, O3 Mining cannot assure shareholders and prospective purchasers of securities of O3 Mining 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 O3 Mining nor any other person assumes responsibility for the accuracy and completeness of any such “forward-looking information”.

O3 Mining does not undertake, and assumes no obligation, to update or revise any such “forward-looking information” contained herein to reflect new events or circumstances, except as may be required by law. Risks and uncertainties about O3 Mining’s business are more fully discussed in the disclosure materials filed with the securities regulatory authorities in Canada, which are available on SEDAR (www.sedar.com) under O3 Mining’s issuer profile. Readers are urged to read these materials and should not place undue reliance on any forward‐looking statement and information contained in 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.

For further information on O3 Mining, please contact:

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

O3 Mining Intersects 176 g/t Au Over 0.6 Metres from Initial Stripping Campaign at Alpha

Toronto, August 27, 2020 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) “) is pleased to provide initial results from its summer outcrop stripping and channel sampling program on its Alpha property located 15 kilometres southeast of Val D’Or, Quebec.

Highlights: 

  • 176 g/t Au, 38.0 g/t Ag, 0.1% Cu over 0.6 metres at Valdora Zone 4

  • 9.0 g/t Au over 1.3 metres at Valdora Zone L17

Outcrop stripping and channel sampling began in July and to date twenty-two (22) stripping’s have been completed on the eastern part of the Alpha property, which includes the Valdora, Sabourin and Jolin zones (Sector 2) along the Skarn corridor and the Simkar zone (Sector 3) along the Anamaque corridor (Figure 1). Six (6) of the strippings were channel-sampled, with initial results from two strippings at Valdora returning 176 g/t Au, 38.0 g/t Ag, 0.1% Cu over 0.6 metres in channel O3AL-D20-03A-019 at Valdora Zone 4 and 9.0 g/t Au over 1.3 metres in channel O3AL-D20-01-015 at Valdora Zone L17 (Figure 2).

 “These initial results are very encouraging as they confirm that Valdora Zone 4 can deliver high-grade gold related to well-constrained deformation zones”, says O3 Mining President and CEO, Jose Vizquerra.  “We are always strategically thinking of ways to maximize value for our shareholders and minimize our environmental footprint. By combing the Mira artificial intelligence (AI) technology with our field exploration program, we are able to conduct more focused exploration and seize the potential our Alpha property has to offer”.   

The company strategically used the Mira Geoscience Ltd. innovative AI methodology and machine learning to focus their stripping and channel sampling efforts to the best possible targets for the summer stripping program. The program consists of approximately thirty (30) strippings, which are to be completed by the end of August and full assay results are expected by the beginning of October. These large outcrop exposures will greatly improve the understanding of the gold mineralization styles and controls within the Skarn and Anamaque corridors of the Alpha property, which will translate into a more accurate geological model and more robust drilling targets.

The drilling program in Sectors 2 and 3 is set to begin this fall with a planned meterage of approximately 40,000 metres to be completed before the end of March 2021. 

Drill Holes

The gold mineralization at Valdora Zone 4 is associated with a 15-metre-wide, E-W trending deformation zone. The zone is characterized by sheared and carbonatized gabbro and a coarse-grained felsic dyke with locally up to 30% narrow quartz-pyrite-chalcopyrite shear veins.  Scattered shallow historical drill holes traced this structure over 700 meters.  It remains open in all directions.

The gold mineralization at Valdora Zone L17 is associated with sheared and carbonatized mafic volcanics containing up to 1% pyrite-pyrrhotite stringers with narrow quartz-tourmaline-pyrite tension veins.  Channels cut every five meters traced the gold-bearing structure over the entire 40-metre-long exposed outcrop.  Valdora Zone L17 is located approximately 200 meters north of Valdora Zone 4, strikes E-W, and was the object of limited shallow historical drill holes.

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Gariepy, Eng. (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, Quebec 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, 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 and Ontario – 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 (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions 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, 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

Telephone: (416) 363-8653

O3 Mining Starts Drilling On Malartic Property

Toronto, August 17, 2020 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) “) is pleased to announce the commencement of drilling on its Malartic property situated midway between the towns of Val D’Or and Malartic, Quebec, and 12 kilometres from the Canadian Malartic Mine.

Following the completion of the summer drill program at East Cadillac, one drill has been mobilized to the Malartic property to expand existing zones along strike and at depth and to explore regional targets. The drilling will focus on the extensions of the Orion 8 (historic production of 22,252 oz Au at 5.82 g/t), Gold Hawk, Malartic H, North Shear and North-North zones located near the Marban deposit, where the company is currently conducting a Preliminary Economic Assessment (PEA).  Additionally, regional targets around Marban will be tested.  Approximately 30,000 metres out of the 150,000-metre drilling program has been allocated for the Malartic property.

The Marban project is a very important asset in our multimillion-ounce portfoliosays President and CEO, Jose Vizquerra. “To begin drilling the extension of Marban at Gold Hawk is a very important milestone, because we will be able to test the high-grade potential at depth and along strike. The positive results at Gold Hawk will positively impact our Marban project”

The Malartic property is located approximately 3 kilometres north of the Cadillac Larder-Lake break and contains the Marbenite, Norbenite and North shears that run west-northwest across the property over more than 10 kilometres (Figure 1). The mineralization is mainly distributed along those shears and consists of quartz veining with disseminated pyrite hosted in iron-rich basalt and intermediate to felsic dykes within ultramafic flows. The Marbenite shear is related to the Marban deposit, the Gold Hawk zones and the Orion 8 zone. The Norbenite shear is related to the Norlartic and the Kierens deposits and the North shear to the North zone. The property also hosts the down-plunge extension of the mineralization related to the former Camflo mine. The mine infrastructure crosses the border of the Malartic property around level 2400, 800 metres below the surface and it has been mined out to a depth of 1,200 metres inside the property.  The Camflo mine operated from 1965 to 1992 and produced 1.65Moz Au at 5.8 g/t (Quebec Ministry of Energy and Resources).  Historic intervals on the property have the potential to deliver high-grade results distributed in many mineralized zones.

Drill Holes

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Gariepy, Eng. (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, 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 and Ontario – 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 (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions 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, 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

Telephone: (416) 363-8653

O3 Mining Identifies Over 25 Targets Using Artificial intelligence On Alpha Property

Toronto, August 6, 2020 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) “)”) is pleased to announce it has engaged Mira Geoscience Ltd. (“Mira”) to conduct modelling and exploration targeting over its Alpha property in Val D’Or, Québec, using artificial intelligence (“AI”). O3 Mining seeks to actively minimize exploration risks and mitigate costs by using proven cutting-edge technology.

Mira used drilling and mapping databases, geochemical samples, Induced Polarization (IP), Electromagnetic (EM), magnetic and gravity datasets and other public data, to provide a regional scale targeting model of the Alpha Property to assist with resource expansion and regional exploration. A total of 661,760 metres in 2,400 drill holes, over 2,000 surface assays, 160,000 assays for gold and base metals plus 25,000 multi element assays, 400 line kilometres of IP, 5,500 line kilometres of Mag and over 700 line kilometres of EM were used.

“The Alpha property is an 80 square kilometre property located in the heart of the Val D’Or district hosting approximately 40 historical gold and copper-gold zones in numerous geological environments. Therefore, prioritization of drilling targets is key to maximize probabilities to rapidly discover significant mineral deposits on the propertysays Jose Vizquerra, President and CEO of O3 Mining. “The application of the Mira innovative AI methodology is part of an integrated strategy to accomplish this task and come up with the best targets, which in turn will produce the best results and bring the most value to our shareholders.”

The deliverables produced for O3 Mining include the following:

  1. Regional scale interpretation including surfaces from structural and stratigraphic modelling from the SKUA platform in the Gocad Mining Suite© software (“GMS”);

  2. Intrusion surfaces from unconstrained and geometry inversion of magnetic data;

  3. Leapfrog dynamic model; and

  4. Targeting voxet with constrained inversion results, geochemistry interpolation, feature engineered variables and prospectivity score results

Using the data populated into a 3D voxet comprising cells of 25m x 25m x 25m, Mira conducted different targeting exercises combining knowledge-driven and data-driven (supervised machine learning) methods. The knowledge-driven exercise combined the experience of O3 Mining’s geologists using an index overlay approach to generate mineralization probabilities throughout the model. The drilling information was used to construct predictive models using a random forest classification approach. Once the predictive model was deemed strong enough in making an accurate prediction on known mineralization, it was applied to the voxet to estimate the likelihood of each cells to be mineralized. By combining the different prospectivity scores produced by the targeting exercises, Mira produced a set of mineral prospectivity indices (MPI) for the different types of mineralization observed on the Alpha Property (Figure 1).

In parallel with the collaborative work with Mira, O3 Mining is currently executing a stripping campaign on selected mineralized areas to improve understanding of the geology and mineralization controls within the four sectors on the property.  The results are fed back into the Mira modelling to ensure that the AI process is supported with verified field observations.

This work started in June 2020 and will extend into September 2020.  The results will be made public once the program is completed and full assay results are processed.  O3 Mining believes that the combined Mira modelling, the in-depth knowledge of the property geology and the results of the stripping campaign will provide a strong base to the upcoming aggressive 150,000 metre drilling campaign slated to be executed between September 2020 and April 2021.

About the Alpha Property

The Alpha property is located 5 kilometres (km) southeast of Val D’Or, Quebec, in the prolific,    gold endowed  Abitibi Subprovince of Canada. The property has been explored by various operators since the 1930’s with more than 2,400 drill holes completed since that time. The property is comprised of 8,325 hectares of contiguous of claims owned 100% by O3 Mining and 91 hectares   in 6 claims under option from Golden Valley Mines Ltd., of which O3 has the option to acquire 80% interest.

 Geologically, the Alpha property encompasses four major mineralized structures. The dominant feature underlying the property is the Cadillac Larder-Lake Break; a regional fault zone that separates metasedimentary rocks of the Pontiac Group on the south side from predominantly volcanic rocks on the north. Within the volcanic rocks, the property hosts atypical skarn mineralization related to brecciated structures surrounding the East Sullivan pluton and the

Callahan intrusion. It also contains the southeastern end of the Sigma-Lamaque corridor where gold mineralization is related to quartz tourmaline veins in small intrusion bodies. The fourth structure is the Anamaque gabbroic sill, which hosts the former Simkar mine. This large property package hosts a variety of geological environments favourable for gold mineralization, including those, which are known elsewhere to host large gold deposits.

About Mira Geoscience Ltd.

Mira Geoscience stands for technology and solutions for the best geoscience-based business decisions. Since 1999, Mira has pioneered the application of advanced geological modelling, 3D-GIS technology, and 4D multi-disciplinary data management in the mining industry through the integrated “Common Earth Model”. Mira supplies the mining industry with practical and cost-effective multi-disciplinary 3D and 4D modelling and data management solutions for mineral exploration and geotechnical hazard assessment. Mira believes in the power of knowledge, data, and technology integration to address clients’ geoscience-based challenges. An approach based on the strength of committed commercial, technology, and R&D partnerships. Mira’s team deploys best-in-class technology for the integrated interpretation of geological, geophysical, geochemical, and geotechnical data.Qualified Person

The scientific and technical content of this news release has been reviewed, prepared, and approved byMr. Sébastien Vigneau. (OGQ #993), Exploration Manager, 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, 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 and Ontario – 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 (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions 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, 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

Telephone: (416) 363-8653

O3 Mining Intersects 17.8 g/t Au Over 1.1 Metres And Expands The North Contact Structure At East Cadillac

Toronto, July 30, 2020 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) “) is pleased to provide new drilling results from the East Cadillac Property in Val D’Or, Quebec, as part of its well-funded 150,000 metres drilling program.

Current drilling on the East Cadillac property is focused on the North Contact zone, which continues to show continuity laterally and at depth. The North Contact zone is located along the northern splay of the Cadillac Larder-Lake Fault (CLLF) which can be traced over 6 kilometres within the property. It consists of stacked mineralized lenses located at or near the sheared contact of small units of mafic volcanic rocks with the surrounding wacke. The summer campaign consists of follow-up holes at 100 metre spacing to expand the known mineralization at the North Contact. The company has completed 6,300 metres of drilling in fifteen drill holes on the North Contact, and three more holes remain to be completed.

Drilling Highlights:

  • 17.8 g/t Au over 1.1 metres in hole O3EC-20-032

  • 1.7 g/t Au over 10.3 metres in hole O3EC-20-030

These drill holes have been drilled 100 metres below and east of drill hole O3EC-20-007, which returned 3.1 g/t Au over 7.0 metres including 4.6 g/t Au over 2.9 metres, and including 5.3 g/t Au over 1.5 metres from the winter campaign this year (See Press Release April 9th, 2020). Assay results from eight drill holes are pending. All drill holes intersected the North Contact structure thus demonstrating its continuity over 700 meters laterally and 500 meters vertically. The zone remains open in all directions.

“The most recent drilling along the North Contact zone has exceeded our expectations and provide a solid foundation for our next winter campaign. Results from the North Contact demonstrate the strength and thickness of the mineralized envelope and potential for growth along with the 6 kilometre wide structure on our East Cadillac Property,” said Jose Vizquerra, President and CEO, O3 Mining. The company remains focused on strategically investing in its drilling capabilities at its properties as they reach different stages of development such as mine development, resource development, and advanced exploration.

Drilling at the North Contact will resume in the winter following freezing conditions. The winter campaign will focus on the eastern extension of the North Contact zone with higher gold grades expected as a major NNW-SSE structure is approached to the east. The winter campaign will also target the extensions of the high-grade zones intersected during the winter 2020 campaign in holes O3EC-20-020 and O3EC-20-023 (See Press Release July 7th, 2020).

Drill Holes

O3EC-20-032 intersected three mineralized lenses. The northernmost lens returned 17.8 g/t Au over 1.1 metres associated with an interval consisting of 30% quartz-tourmaline-calcite veinlets and disseminated arsenopyrite and pyrite, related to a graphitic fault within andesite.

O3EC-20-030 intersected three mineralized lenses. The first northernmost lens returned 3.1 g/t Au over 3.6 metres associated with a strong tourmaline altered andesite consisting of 30% quartz veins and veinlets with 3% disseminated arsenopyrite. The southernmost lens yielded 1.7 g/t Au over 10.3 metres. This interval contains 30% quartz veins and veinlets with tourmalinized selvages associated with disseminated arsenopyrite, pyrite, and pyrrhotite within a basalt. The whole interval has been cross-cut by late ankerite veinlets associated with the brecciation of the quartz veins and veinlets.  Visible gold is associated with the quartz veining.

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared, and approved byMr. Sébastien Vigneau. (OGQ #993), Exploration Manager, 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, Quebec 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, 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 and Ontario – 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 (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions 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, 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

Telephone: (416) 363-8653

O3 Mining Intersects 46.4 g/t Au Over 1.3 Metres In New Zone At East Cadillac

Toronto, July 7, 2020 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) “) is pleased to provide new drill results from its East Cadillac property located in Val D’Or, Quebec.

Drilling Highlights:

  • 46.4 g/t Au over 1.3 metres in drill hole O3EC-20-023, located to the north of Nordeau East

  • 16.6 g/t Au over 1.5 metres in drill hole O3EC-20-020, located northeast of Nordeau West

The Nordeau East zone is located 1.7 km east of the Nordeau West zone, within the wacke north of the mafic volcanic package related to the Simon West and Nordeau West zones. The mineralization is related to altered iron formation bands and surrounding wacke. During the winter campaign, six holes were drilled on the Nordeau East zone approximately 200 m apart, to test the down-dip extension of mineralization found near the surface. Drill hole O3EC-20-023 intersected this new high-grade mineralized zone towards the beginning of the hole at approximately 250 meters north of the Nordeau East zone. Short historical drill holes 300 meters to the east reported significant intercepts at a similar stratigraphic level. The zone is open in all directions and warrants follow up.

The Nordeau West zone is located just east of the former Chimo mine and covers the same prospective stratigraphy. While targeting the Nordeau West zone at depth, hole O3EC-20-020 intersected this new zone at the beginning of the hole at about 250 meters north of the Nordeau West zone.  It is open in all directions and warrants follow up.  Several historical drill holes located between 500 and 1,500 meters to the west intersected narrow high-grade zones at a similar stratigraphic level, suggesting potential connection and requires verification. Both areas will require to follow up drilling in the winter months.

“The presence of the stacked zones and their high-grade quality within the prospective package at East Cadillac further enhance the strength of the gold-bearing system and opens up additional exploration potential,” says Jose Vizquerra, president and CEO, O3 Mining. “These results display additional exploration potential at our East Cadillac property. O3 Mining’s robust investment in its drilling capacity and recent financing allow the company to expand its exploration capacity across its properties.”

O3EC-20-020 intersected 16.6 g/t Au over 1.5 metres. Mineralization consists of 1% pyrite, pyrrhotite, and arsenopyrite associated with 10% smokey-quartz veinlets in wacke. The interval does not display a distinctive alteration assemblage or deformation zone.

O3EC-20-023 intersected 46.4 g/t Au over 1.3 metres. Mineralization consists of 1% disseminated pyrite, pyrrhotite, and arsenopyrite, associated with 30% smokey quart – calcite – chlorite – biotite veinlets in the graywacke wall rock.  There is no clear alteration assemblage.

About the East Cadillac Property

The East Cadillac property covers approximately 20 km of a prolific segment of the easternmost part of the Cadillac Larder Lake Fault (CLLF) corridor and surrounding the Chimo gold mine, with a historic production of 379,000 oz Au with an average grade of 4.0 g/t Au. Significant intercepts have been obtained by previous explorers on the East Cadillac property, associated with mineralization styles similar to the ore zones present at the Chimo mine.

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, Quebec 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, 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 and Ontario – with a goal of becoming a multi-million ounce, high-growth company.

 O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Québec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions 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 Partners with VRIFY to Offer Investors 3D Experience of Val D’Or Properties

Toronto, June 25, 2020 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) “) is pleased to announce it has partnered with VRIFY Technology Inc. (“VRIFY”) to develop an interactive presentation of its properties in Val D’Or, Quebec, including virtual tours and 3D models of the Marban and Orenada deposits. Investors can access O3 Mining’s content from any web browser, anywhere in the world: https://o3mining.com/investors/vrify-presentation/

The interactive content enhances simple, readily accessible, and digestible information on its project sites by increasing transparency and allowing investors to see firsthand the potential value of projects, learn about the Val D’Or community, visit exploration sites, enter underground workings and review 3D renderings of deposits from wherever they may find themselves.

Investors can expect to see the Company’s interactive content updated regularly alongside drill results and other exciting catalysts in the coming months to provide additional context to the value O3 Mining continues to create for its shareholders.

“We are excited to partner with VRIFY as we were looking for options to bring investors closer to our operations amidst current COVID-19 restrictions. Through VRIFY, we’re bringing anyone who is interested directly into our properties where they can now visualize our innovative work in 3D and understand its potential value even better than before”, said Jose Vizquerra, President and CEO, O3 Mining. “As many of us continue to work remotely, it’s exciting to safely showcase our properties and display the progress we’ve made alongside our proposed developments.”

O3 Mining’s CEO, Jose Vizquerra, discusses the company’s partnership with VRIFY to develop an interactive presentation of its properties in Quebec, including virtual tours and interactive 3D models.

O3 Mining’s partnership with VRIFY follows the company’s recent C$40.2 million “Bought-Deal” and 150,000 metres drilling program announcements, which highlight the company’s momentum. The Corporation is forward-looking and determined to innovate mining for the twenty-first century.

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 and Ontario – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Québec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Québec. 

About VRIFY Technology Inc.

VRIFY’s technology communicates a company’s value with presentation tools that simplify information and translate tough to digest data into compelling content. The platform allows companies to showcase project data with interactive 3D models, host global site visits of remote assets using virtual tours, and present content to devices, anytime, anywhere in the world

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

Telephone: (416) 363-8653

O3 Mining Inc. Closes C$40.2 Million “Bought Deal” Private Placement of Flow-Through and Hard Units

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

Toronto, Ontario, June 19, 2020 – O3 Mining Inc. (TSXV: OIII) (“O3 Mining” or the “Company”) is pleased to announce that it has closed its previously-announced “bought deal” brokered private placement of (i) an aggregate of 4,651,200 flow-through units of the Company (the “FT Units”) at a price of C$4.30 per FT Unit for aggregate gross proceeds of approximately C$20 million, and (ii) an aggregate 8,599,810 units of the Company (the “Units”) at a price of C$2.35 per Unit for aggregate gross proceeds of approximately C$20.2 million, including the exercise in full of the underwriters’ option and additional subscribers on the Company’s President’s List (the “Offering”). The gross proceeds of the Offering are approximately C$40.2 million.

Each FT Unit under the Offering consists of one common share and one-half of one common shares purchase warrant (each whole common share purchase warrant a “Warrant”) of the Company, which will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)). Each Unit consists of one common share of the Company and one-half of one Warrant. Each Warrant will entitle the holder thereof to purchase one common share of the Company (a “Warrant Share”) at an exercise price of C$3.25 for a period of 24 months following the closing of the Offering.

The Warrants shall be callable by the Company should the daily volume-weighted average trading price of the common shares of the Company on the TSX Venture Exchange exceed C$3.85 for a period of ten (10) consecutive trading days, at any time during the period (i) beginning on the date that is four months and one day from the closing date of the Offering, and (ii) ending on the date the Warrants expire (“Call Trigger”). Following a Call Trigger, the Company may give notice in writing (“Call Notice”) to the holders of Warrants that any Warrant that remains unexercised by the holder thereof shall expire thirty (30) days following the date on which the Call Notice is given.

The gross proceeds from the sale of the FT Units will be used by the Company 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 Company’s projects in Québec. The Qualifying Expenditures will be renounced in favour of the subscribers of the FT Units with an effective date no later than December 31, 2020, and in the aggregate amount not less than the total amount of the gross proceeds raised from the issuance of the FT Units. The net proceeds from the sale of the Units will be used by the Company for working capital and general corporate purposes.

The Offering was led by Cormark Securities Inc., Sprott Capital Partners LP, and Canaccord Genuity Corp., as co-lead underwriters and joint bookrunners, on behalf of a syndicate of underwriters (collectively, the “Underwriters”). In consideration for their services, the Company paid the Underwriters a cash commission equal to 5.0% of the gross proceeds of the Offering, excluding certain President’s List subscribers.

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. 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.

The following “insiders” of the Company have subscribed for Units under the Offering:

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 and Ontario – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Québec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions 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, 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 completion of the transactions described herein. 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 party nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Neither party undertakes, 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 Mobilizes Second Drill as Part of 150,000 metre Drill Program

Toronto, June 8, 2020 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) is pleased to announce crews are being mobilized for the resumption of drilling on its East Cadillac property situated in Val D’Or, Quebec. This is the second rig mobilized following the announcement of the expanded drill program from 50,000 to 150,000 metres. The first drill rig is currently on the Alpha property targeting the Orenada #4 zone at depth. This second drill rig will focus on the North Contact on the East Cadillac property.

The North Contact Zone is located along the northern splay of the Cadillac Larder-Lake Fault (CLLF). The northern splay of the CLLF, traced over 6 km within the property, has been poorly tested and offers significant exploration potential. In January of this year, three holes were drilled to follow up on the historical intercept of 1.1 g/t Au over 23.5 m including 6.86 g/t Au over 2.0 m (See Press Release May 31, 2018). These three holes were drilled 100 metres apart, testing lateral and depth extensions of the historical hole. The North Contact zone was recognized in all three drill holes with positive results, and thus remains open in all directions, and is the focus of this drilling campaign..

Highlights from last campaign at North Contact

  • Best intercepts include 3.1 g/t Au over 7.0 metres including 4.6 g/t Au over 2.9 metres  and including 5.3 g/t Au over 1.5 metres, in drill hole O3EC-20-007.

“Our recent financing allows us to be aggressive in our exploration program as we tripled our drilling capacity from 50,000 to 150,000 metres at our Val D’Or properties,” said Jose Vizquerra, president and CEO, O3 Mining. “We remain focused on strategically investing in our drilling capacities at our properties as they reach different stages of development, resources development and advanced exploration.”

Figure 1: East Cadillac Property Drilling Map

VIEW MAP

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared and approved by  Mr. Louis Gariepy, Eng. (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, 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 and Ontario – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Québec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions 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, 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

Telephone: (416) 363-8653

O3 Mining Increases Drill Program by 100,000 metres

Toronto, June 4, 2020 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”)is pleased to announce that it has significantly expanded its current drill program in Val D’Or, Quebec, by 200%, which include the Malartic, Alpha and East Cadillac properties.

O3 Mining has drilled approximately 26,000 metres as part of an originally announced 50,000 metres program in September 2019. Exploration success in the initial campaign as well as the recently completed CDN $35 million financing, provides the confidence to triple the drilling program to 150,000 metres. The first drill was mobilized earlier this week and more drills will continue to be mobilized in the near term.

Highlights

  • 100,000 metres will be added to the current 50,000 metre drill program for a total of 150,000 metres to be completed by December 2021

  • The exploration budget for the expanded drill program is CDN $24 million

  • Drilling will continue year-round, with 3 to 5 drill rigs expected this summer

  • Drilling will focus on:

    • MalarticDevelopment and Advanced Exploration: Marban PEA results in Q4 2020; New regional drill targets to be explored on the Malartic property northwest of Marban.

    • AlphaResource Development: Expansion laterally and down plunge at Sector 1 (Orenada Zone #4, #2, Bulldog, Epsilon, and Pontiac Zones), Sector 2 (Akasaba, Sabourin, and Valdora) and Sector 3 (Simkar)

    • Alpha – Advanced Exploration: Follow-up on the previous drilling at Sector 4 (Omega), located immediately south from the Sigma-Lamaque mine

    • East Cadillac – Advanced Exploration: Expansion of mineralization at North Contact and Simon West

O3 Mining President and CEO Jose Vizquerra commented: “We are very pleased to restart our drilling activities in  Val D’Or. Our recent financing will allow us to triple our exploration program for our Val D’Or properties and add value for our shareholders. We remain vigilant of the current COVID situation and are continuously following all government protocols to ensure the safety of our employees and community.”

O3 Mining’s CEO Jose Vizquerra joined Steve Darling from Proactive Vancouver to bring news the company has decided to increase its drilling program by 100 thousand meters.

Figure 1: Malartic Property Map

VIEW MAP

 

Figure 2: Alpha Property Map

VIEW MAP

 

Figure 3: East Cadillac Property Map

VIEW MAP

 

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Gariepy, Eng. (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, 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 and Ontario – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Québec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions 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, 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

Telephone: (416) 363-8653

O3 Mining Announces Upsized Bought Deal Private Placement of Flow-Through and Hard Units to C$35 million

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

Toronto, Ontario, May 28, 2020 – O3 Mining Inc. (TSXV: OIII) (“O3” or the “Company”) is pleased to announce that in connection with its previously announced bought deal private placement financing, the Company and a syndicate of underwerwriters led by Cormark Securities Inc., Sprott Capital Partners LP and Canaccord Genuity Corp. (collectively, the “Underwriters”), have agreed to increase the size of the previously announced financing. The underwriters have agreed to purchase, on a “bought deal” private placement basis: (i) 4,651,200 flow-through units of the Company (the “FT Units”) at a price of C$4.30 per FT Unit, and (ii) 6,383,000 units of the Company (the “Units”) at a price of C$2.35 per Unit, for aggregate gross proceeds of C$35 million (the “Offering”).

Each FT Unit shall consist of one common share of the Company, which will qualify as a “flow-through share” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)) and one-half of one transferable common share purchase warrant to be issued on a non-flow-through basis (each whole common share purchase warrant, a “Warrant”). Each Unit will consist of one common share of the Company and one-half of one Warrant. Each Warrant will entitle the holder thereof to purchase one common share of the Company (a “Warrant Share”) at an exercise price of C$3.25 for a period of 24 months following the closing of the Offering.

The Warrants shall be callable by the Company should the daily volume-weighted average trading price of the common shares of the Company on the TSX Venture Exchange exceeds C$3.85 for a period of ten (10) consecutive trading days, at any time during the period (i) beginning on the date that is four months and one day from the closing date of the Offering, and (ii) ending on the date the Warrants expire (“Call Trigger”). Following a Call Trigger, the Company may give notice in writing (“Call Notice”) to the holders of Warrants that any Warrant that remains unexercised by the holder thereof shall expire thirty (30) days following the date on which the Call Notice is given.

The Company has also granted the Underwriters an option to sell up to an additional 638,310 Units, which option may be exercised by the Underwriters up to 48 hours prior to the closing date of the Offering.

The gross proceeds from the sale of the FT Units will be used by the Company 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 Company’s projects in Québec. The Qualifying Expenditures will be renounced in favour of the subscribers of the FT Units with an effective date no later than December 31, 2020 and in the aggregate amount not less than the total amount of the gross proceeds raised from the issuance of the FT Units. The net proceeds from the sale of the Units will be used by the Company for working capital and general corporate purposes.

The Offering is scheduled to close on or about June 18, 2020 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 and Ontario – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Québec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Québec.

For further information on O3 Mining, please contact:
Jose Vizquerra
President, CEO and Director
Telephone: (416) 363-8653

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 completion of the transactions described herein. 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 party nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Neither party undertakes, 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.

O3 Mining Announces C$30 Million Bought Deal Private Placement of Flow-Through and Hard Units

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

Toronto, Ontario, May 28, 2020 – O3 Mining Inc. (TSXV: OIII) (“O3 Mining” or the “Company”) is pleased to announce that it has entered into an agreement pursuant to which Cormark Securities Inc., Sprott Capital Partners LP and Canaccord Genuity Corp., as co-lead underwriters and joint bookrunners, on behalf of a syndicate of underwriters (collectively, the “Underwriters”) have agreed to purchase, on a “bought deal” private placement basis: (i) 4,651,200 flow-through units of the Company (the “FT Units”) at a price of C$4.30 per FT Unit, and (ii) 4,255,400 units of the Company (the “Units”) at a price of C$2.35 per Unit, for aggregate gross proceeds of C$30 million (the “Offering”).

Each FT Unit shall consist of one common share of the Company, which will qualify as a “flow-through share” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)) and one-half of one transferable common share purchase warrant to be issued on a non-flow-through basis (each whole common share purchase warrant, a “Warrant”). Each Unit will consist of one common share of the Company and one-half of one Warrant. Each Warrant will entitle the holder thereof to purchase one common share of the Company (a “Warrant Share”) at an exercise price of C$3.25 for a period of 24 months following the closing of the Offering.

The Warrants shall be callable by the Company should the daily volume-weighted average trading price of the common shares of the Company on the TSX Venture Exchange exceed C$3.85 for a period of ten (10) consecutive trading days, at any time during the period (i) beginning on the date that is four months and one day from the closing date of the Offering, and (ii) ending on the date the Warrants expire (“Call Trigger”). Following a Call Trigger, the Company may give notice in writing (“Call Notice”) to the holders of Warrants that any Warrant that remains unexercised by the holder thereof shall expire thirty (30) days following the date on which the Call Notice is given.

The Company has also granted the Underwriters an option to sell up to an additional 638,310 Units, which option may be exercised by the Underwriters up to 48 hours prior to the closing date of the Offering. In addition to the Offering, the Company may issue up to $2 million of Units or FT Units to purchasers on a President’s List to be identified by the Company.

The gross proceeds from the sale of the FT Units will be used by the Company 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 Company’s projects in Québec. The Qualifying Expenditures will be renounced in favour of the subscribers of the FT Units with an effective date no later than December 31, 2020 and in the aggregate amount not less than the total amount of the gross proceeds raised from the issuance of the FT Units. The net proceeds from the sale of the Units will be used by the Company for working capital and general corporate purposes.

The Offering is scheduled to close on or about June 18, 2020 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.

O3 Mining CEO Jose Vizquerra joined Steve Darling from Proactive Vancouver with news the company has completed a 30-million-dollar financing. Vizquerra discusses how the financing is broken up and why that is so important.

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 and Ontario – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Québec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions 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, 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 completion of the transactions described herein. 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 party nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Neither party undertakes, 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 Signs Option Agreement to Acquire QMX’s Aurbel Mill, 10 km From Alpha Property

Toronto, May 14, 2020 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) is pleased to announce that it has signed an option agreement with QMX Gold Corporation (“QMX”) to acquire a 100% interest in the Aurbel Mill (a fully-permitted mining facility), located 10 kilometres from O3 Mining’s Alpha property (the “Mill Option”). The Mill Option grants O3 Mining the right to acquire the Aurbel Mill, the tailings and all associated permits and liabilities, for a purchase price of CDN $5 million (subject to adjustment in certain circumstances) at any time during a six-year term. The Corporation has paid a deposit of CDN $250,000 for the Mill Option and must contribute $87,500 per annum for maintenance costs associated with the Aurbel Mill in order to maintain the Mill Option during the six-year term of the Mill Option.

O3 Mining President and CEO Jose Vizquerra commented: “We are thrilled to have entered into this option agreement with QMX for the Aurbel Mill. Identifying this potential mill site for our Alpha property is a major milestone for the Corporation as we continue with our exploration initiatives in the near-term. The Mill Option allows us to secure existing infrastructure without additional environmental impact, secures the potential to expand the mill capacity as required, and strengthens our strategy of bringing the Alpha property into production in less than six years. We look forward to getting back to work!”

O3 Mining’s CEO, Jose Vizquerra, discusses entering into an option agreement to purchase QMX’s Aurbel Mill

The Aurbel Mill is strategically located 10 kilometres from the Corporation’s flagship Alpha property housing the Bulldog, Pontiac East and Epsilon zones, as well as the Orenada 2&4, Akasaba and Simkar deposits. The Aurbel Mill is also a potential site for the Malartic and East Cadillac properties. O3 Mining is committed to increasing shareholder value through a three-pillar strategy:

  • advancing the Marban project closer to development by publishing a Preliminary Economic Assessment and exploring the Malartic property (10,000 metre program);

  • expanding the mineral resources at the Alpha property with a 25,000 metre drill program; and

  • expanding mineralization at the East Cadillac property (15,000 metre program).

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 and Ontario – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Québec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions 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 Begins Exploration and Plans to Continue with Two Drill Rigs

Toronto, May 13, 2020 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) is pleased to announce it will resume exploration activities on it’s Val D’Or properties following an announcement from the Government of Quebec, which eases restrictions previously in place due to COVID-19.

Consistent with past practice, the Company’s priority in this resumption will be the health and safety of its employees and contractors, their families, and communities in which we operate.  The company is applying the recommendations that the National Institute of Public Health of Quebec (INSPQ) and the CNESST have published for preventive measures as well as a guide to sanitary standards for the mining sector. Personnel will be subject to heightened health and safety standards in accordance with precautions put in place by the Government of Quebec and the Corporation. Teleworking will continue for all staff and management not required at site. The Val D’Or office has the full suite of safety protocols in place, including active monitoring to ensure that all the work is performed respecting physical distancing protocols and the use of personal protective equipment. Additionally, the facilities have been thoroughly disinfected, with additional hygiene and sanitation stations and controls in place. Two drill rigs will be mobilized after spring break up in June to continue the planned 50,000 metres drilling program. One drill rig will be on the Alpha property focused on Bulldog and Orenada Zone 4 and the second will be on the East Cadillac property targeting the North Contact zone.

O3 Mining President and CEO Jose Vizquerra commented: “The health and safety of our employees and contractors, their families, and the entire Val D’Or community is our main priority. We have been diligent in temporarily closing, deep cleaning and establishing health and safety measures to ensure the safe and easy transition of our personnel back to the workplace. With the safety protocols in place, we are confident that we can adapt our business and continue to provide a safe and healthy workplace and create long-term value for our shareholders as we resume our drilling program”

O3 Mining’s CEO, Jose Vizquerra, discusses preparing the company’s back to work plan as they deal with the COVID-19 pandemic

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 and Ontario – with a goal of becoming a multi-million ounce, high-growth company. 

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Québec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions 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, 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

Telephone: (416) 363-8653

O3 Mining Sells Its Hemlo Properties to Canadian Orebodies; Files Early Warning Report

Toronto, May 8, 2020 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) is pleased to announce that it has sold its Hemlo properties located in the Hemlo mining district of Ontario to Canadian Orebodies Inc. (“Orebodies”) in exchange for (i) 2,550,000 common shares of Orebodies (collectively, the “Consideration Shares”), and (ii) a discovery bonus of CDN $1,000,000, payable in cash or shares at Orebodies’ option, if ever, if in the future Orebodies publishes a feasibility study in respect of the Hemlo properties containing at least 2,000,000 ounces of gold categorized as Probable Mineral Reserves, Proven Mineral Reserves or a combination thereof (the “Hemlo Transaction”).

After giving effect to the issuance of the Consideration Shares, O3 Mining now holds an aggregate of 10,211,500 common shares of Orebodies (“Orebodies Shares”), representing approximately 15.4% of the issued and outstanding Orebodies Shares on a basic basis.

O3 Mining President and CEO Jose Vizquerra commented: “We are pleased to announce that we are continuing to maximize value for our shareholders by finding strategic partners for our non-core exploration assets. The structure of this all-stock deal, together with a discovery bonus on the Hemlo properties, will enable us to gain exposure to a much larger property package in what is a quickly becoming an emerging gold district in Ontario, as well as benefit from Orebodies’ success as we are a significant shareholder.”

 

Early Warning Report

As a result of its acquisition of the Consideration Shares, O3 Mining has filed an early warning report in respect of its holdings in Orebodies.

Prior to the Hemlo Transaction, O3 Mining, through its wholly-owned subsidiary, O3 Markets Inc. (“O3 Markets”), beneficially owned or controlled 7,661,500 Orebodies Shares, representing approximately 12.0% of the issued and outstanding Orebodies Shares. After giving effect to the Hemlo Transaction, and the acquisition of the Consideration Shares, O3 Mining, through O3 Markets, now beneficially owns or controls 10,211,500 Orebodies Shares, representing approximately 15.4% of the issued and outstanding Orebodies Shares (on the basis of there being 66,218,450 Orebodies Shares issued and outstanding as of the date hereof).

Pursuant to the Hemlo Transaction, O3 Mining transferred to Orebodies its entire interest in the Hemlo properties located in the Hemlo mining district of Ontario in exchange for the Consideration Shares, based on each Consideration Share having a deemed value of $0.09 per share based on the closing price of Orebodies Shares on the TSX Venture Exchange as of May 7, 2020 (being the date immediately preceding the closing of the Hemlo Transaction).

The Consideration Shares acquired pursuant to the Hemlo Transaction are held for investment purposes. O3 Mining has no current intention of increasing or decreasing its ownership of, or control or direction over, additional securities of Orebodies. However, depending on market conditions, general economic and industry conditions, the Orebodies’ business and financial condition and/or other relevant factors, O3 Mining may increase or decrease its beneficial ownership of securities of Orebodies through market transactions, private agreements or otherwise, in the future.

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 May 8, 2020. The early warning report respecting this transaction has been filed on SEDAR (www.sedar.com) under Orebodies’ issuer profile. To obtain a copy of the early warning report filed by the Corporation, please contact José Vizquerra Benavides at (416) 363-8653 or refer to SEDAR (www.sedar.com) under Orebodies’ issuer profile. 

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 and Ontario – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Québec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions 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

The Corporation’s address is 155 University Avenue, Toronto, Ontario, M5H 3B7.

O3 Mining Initiates Preliminary Economic Assessment on Marban Project

Toronto, May 7, 2020 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) is pleased to announce the appointment of Ausenco Engineering Canada Inc. (“Ausenco”), as the lead consultant, to prepare a Preliminary Economic Assessment (“PEA”) in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) on its 100% owned Marban Project in Val D’Or, Québec.

The Marban Project is located in the Malartic mining camp in the Abitibi gold district of Québec, Canada. The Marban Project contains three past-producing mines (Marban, Norlartic and Kierens), which collectively produced 585,000 ounces of gold between 1959 and 1992. The land package owned by O3 Mining in the heart of the Cadillac, Malartic, and Val D’Or gold mining camps covers 125 square kilometres and is located 15 kilometres from the Canadian Malartic Mine, and lies along the same shear structure as Wesdome’s Kiena deposit. To date, there has been a total of 4,577 holes drilled on the Malartic Property for a total of 600,369 metres. The current mineral resource estimate on the Marban, Norlartic and Kierens deposits is 38.2Mt at a grade of 1.29 g/t Au for 1.59 Moz in the measured and indicated mineral resource categories and 4.1 Mt at a grade of 1.47 g/t Au for 195,000 oz in the inferred mineral resource category (see “Updated Mineral Resource Technical Report, Marban Block property, Québec, Canada”, dated July 28, 2016 (effective date of June 13, 2016) and filed on SEDAR (www.sedar.com) under the issuer profile of Osisko Mining Inc).

Ausenco has been engaged to support O3 Mining on cost-effective process plant and infrastructure design concepts, as well as managing the overall PEA in accordance with NI 43-101. Ausenco will be assisted by Moose Mountain Technical Services and Golder Associates Inc. The results of the PEA are expected to be available in the third quarter of 2020.

O3 Mining President and CEO Jose Vizquerra commented: “We are very pleased with the pace at which we were able to maximize the value of our projects and move closer to our goal of bringing the Marban Project into production as part of our staged development strategy. We are looking forward to partnering with Ausenco on the PEA to develop the best overall configuration for subsequent studies. The positive track record of the Ausenco team and their experience with other gold projects similar to ours inspires confidence in our collaboration efforts with them going forward.”

O3 Mining’s CEO, Jose Vizquerra announces the appointment of Ausenco as a lead consultant to conduct the PEA expected for Q3 2020.

Qualified Person

The scientific and technical content in this news release has been reviewed and approved by Mr. Louis Gariepy, Eng. (OIQ #107538), VP Exploration of the Corporation, who is a “qualified person” (as defined in NI 43-101).

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 and Ontario – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Québec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions 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 potential mineralization; the initiation of a PEA; the results of the PEA; the timing and ability of the Corporation to release the results of the PEA (if at all); the potential of the Marban Project; the ability of Marban to become a mine, if at all; the ability to realize upon any mineralization in a manner that is economic; the ability to complete any proposed exploration activities and the results of such activities; 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 O3 Mining, 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 O3 Mining 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 delays and closures on account of covid-19; delays outside the control of the Corporation; cost over-runs; property interests; the ability of O3 Mining to complete further exploration activities, including drilling; the results of exploration activities; the ability of exploration (including drill results) to accurately predict mineralization; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; 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, O3 Mining cannot assure its shareholders or prospective purchasers of its 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. Neither O3 Mining nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. O3 Mining 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 Sells 24 Tortigny Claims For CDN $900,000 to Kenorland Minerals Ltd.

Toronto, April 29, 2020 – O3 Mining Inc. (TSX.V: OIII) (“O3 Mining” or the “Corporation”) is pleased to announce that it has sold its remaining 24 Tortigny claims, located approximately 125 kilometres North of Chibougamau, Québec, to Kenorland Minerals Ltd. (“Kenorland”) in exchange for cash consideration of CDN $900,00 payable to O3 Mining in four payments over three years, and a 2% net smelter returns royalty over the claims sold to Kenorland (subject to a 1% buy-back in favour of Kenorland for CDN $1 million).

The Corporation has now sold its entire interest in the Tortigny Property in three transactions for aggregate consideration valued at approximately CDN $2.6 million (comprised of CDN $900,000 in cash and 2,000,000 common shares of Troilus Gold Corp. valued at CDN $0.86 per share based on the closing share price of Troilus Gold Corp. on the Toronto Stock Exchange as of April 28, 2019). See the news release of O3 Mining disseminated on April 28, 2020 entitled “O3 Mining Sells 627 Tortigny Claims for 1.7 Million Shares of Troilus Gold.”

O3 Mining President and CEO, José Vizquerra Benavides commented: “The completion of this transaction with Kenorland represents the culmination of our efforts that began in November 2019 to sell the entire Tortigny Property. We received, in return for the Tortigny Property, a great balance of cash and stock to strenghen our balance sheet, while retaining upside potential through the retention of net smelter returns royalties on the Tortigny Property. We will continue to work towards creating value for our shareholders as we focus on our other development and exploration assets.”

O3 Mining’s CEO, Jose Vizquerra joined Steve Darling from Proactive Investors to discuss Tortigny’s transactions.

About O3 Mining Inc.

O3 Mining, an Osisko group of companies, is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Quebec and Ontario  – with a goal of becoming a multi-million ounce, high-growth company. The Corporation’s goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Quebec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Quebec and in the Hemlo district in Ontario.

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 Sells 627 Tortigny Claims for 1.7 Million Shares of Troilus Gold

Toronto, April 28, 2020 – O3 Mining Inc. (TSX.V: OIII) (“O3 Mining” or the “Corporation”) is pleased to announce that it has sold a package of 627 claims forming part of the Tortigny property located approximately 125 kilometres North of Chibougamau, Québec to Troilus Gold Corp. (“Troilus”) in exchange for (i) 1,700,000 common shares of Troilus (collectively, the “Consideration Shares”), and (ii) a 2% net smelter returns royalty over the package of claims sold to Troilus (subject to a 1% buy-back in favour of Troilus for CDN $1 million).

The Consideration Shares are subject to a contractual lock-up period ending, in each case as to one-third of the Consideration Shares, on the date that is 12-months, 24-months and 36-months following the date hereof. In addition, the Corporation has agreed, for an 18-month period following the date hereof, to either (i) vote the Consideration Shares as recommended by management on any ordinary matters, or (ii) abstain from voting the Consideration Shares on such matters, and to not seek to affect other corporate action with respect to Troilus during such 18-month period.

After giving effect to the issuance of the Consideration Shares, O3 Mining now holds an aggregate of 2,000,000 common shares of Troilus, representing approximately 2.2% of the issued and outstanding common shares of Troilus on a basic basis.

O3 Mining President and CEO, José Vizquerra Benavides commented: “We are pleased to announce that we are continuing to maximize value for our shareholders through our go-forward strategy of finding strategic partners for our non-core exploration assets. The structure of this all-stock deal together with a royalty on the Tortigny property will enable us to benefit from Troilus’ success while continuing to develop our projects in Val D’Or, as well as our projects in Ontario.”

About O3 Mining Inc.

O3 Mining, an Osisko group of companies, is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Quebec and Ontario – with a goal of becoming a multi-million ounce, high-growth company. The Corporation’s goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Quebec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 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 James Bay and Chibougamau regions of Quebec and in the Hemlo district in Ontario.

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 Agrees to Sell Its Fancamp and Embry Properties to Blue Thunder Mining

Toronto, April 20, 2020 – O3 Mining Inc. (TSX.V: OIII) (“O3 Mining” or the “Corporation”) is pleased to announce that it has entered into an asset purchase agreement with Blue Thunder Mining Inc. (“Blue Thunder”) to sell its Fancamp and Embry properties located in the Chibougamau mining district of Quebec to Blue Thunder in exchange for (i) 4,514,436 common shares of Blue Thunder, and (ii) a 2% net smelter returns royalty over the Fancamp and Embry properties (subject to a 1% buy-back in favour of Blue Thunder for CDN $750,000). The transaction remains subject to the satisfaction or waiver of customary closing conditions, including the approval of the TSX Venture Exchange to permit Blue Thunder to issue common shares to O3 Mining.

O3 Mining President and CEO, Jose Vizquerra Benavides commented: “We are very pleased to have entered into this agreement with Blue Thunder, which furthers our strategy of deriving value from our non-core exploration assets while retaining exposure to upside through the retention of a 2% net smelter returns royalty. This divestment is part of our go-forward strategy of finding strategic buyers for our non-core assets, who have strong management teams and are well-capitalized and technically strong operationally. This strategy will allow O3 Mining to focus on our core projects in Val D’Or, Quebec. We look forward to completing this transaction with Blue Thunder in the coming weeks.”

About O3 Mining Inc.

O3 Mining, an Osisko group of companies, is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Quebec and Ontario – with a goal of becoming a multi-million ounce, high-growth company. The Corporation’s goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Quebec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Quebec and in the Hemlo district in Ontario.

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 closing the transaction; the timing and ability (if at all) of O3 Mining and Blue Thunder to close the transaction; the go-forward strategy of O3 Mining; the focus of O3 Mining on its core projects in Val-d’Or, Québec; 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. 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 party nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Neither party undertakes, 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 Intersects 9.7 g/t Au Over 1.8 Metres At East Cadillac, And Provides Drilling Update

Toronto, April 09, 2020 – O3 Mining Inc. (TSX.V: OIII) (“O3 Mining” or the “Corporation”) is pleased to provide an update on Phase 1 drilling at its East Cadillac property, located 40 km East of Val D’Or, Quebec. The drilling is part of the companies 50,000 m drilling program on it’s Val D’Or properties.

Drilling commenced on January 7th 2020, and to date 12,260 m (including 6,427 m within the Globex option) out of 15,000 m have been completed in 25 drill holes. Before the suspension due to COVID-19, two drill rigs were targeting the Simon West, Nordeau West, Nordeau East and North Contact targets on the East Cadillac Property. The focus of this first phase of drilling was to expand known mineralization at the different zones as well as fence drilling on both sides of the historic Chimo Mine, to gain a better understanding of the mineralization and underlying stratigraphy of the units.

The East Cadillac property covers approximately 20 km of a prolific segment of the easternmost part of the Cadillac Larder Lake Fault (CLLF) corridor and surrounding the Chimo gold mine, with a historic production of 379,000 oz Au with an average grade of 4.0 g/t Au. Significant intercepts have been obtained by previous explorers on the East Cadillac property, associated with mineralization styles similar to the ore zones present at the Chimo mine. Two mineralized corridors (Figure 1) have been identified on the East Cadillac property. Both are splays of the CLLF. The northern corridor contains the North Contact zone, and the southern corridor contains the Simon West, the Nordeau West and the Nordeau East zones.

Drilling Highlights

  • North Contact:  Located along the northern splay of the CLLF. Three holes were drilled to follow up on the historical intercept of 1.1 g/t Au over 23.5 m including 6.86 g/t Au over 2.0 m (See Press Release May 31, 2018). Best intercepts include 3.1 g/t Au over 7.0 metres including 4.6 g/t Au over 2.9 metres and including 5.3 g/t Au over 1.5 metres, in drill hole O3EC-20-007. These three holes were drilled 100 meters apart, testing lateral and depth extensions of the historical hole.  The North Contact zone was recognized in all three drill holes and thus remains open in all directions.

  • Simon West: Located west of the former Chimo mine. One fence was drilled to target several stacked mineralized zones. Best intercepts include 9.7 g/t Au over 1.8 metres in hole O3EC-20-002 and 8.9 g/t Au over 2.0 metres including 18.9 g/t Au over 0.5 metres in drill hole O3EC-20-003. These intercepts warrant follow up as they are at least 100 meters from any previous hole, are partially open laterally and fully open at depth. The Simon west intercepts are shallow, 200-300 metres depth, respectively.

  • Nordeau West: Located east of the former Chimo mine. One fence was drilled to target the same volcanic package found at Simon West and five holes were targeting down-dip and lateral extensions of the Nordeau West zone. Best intercepts include 10.2 g/t Au over 0.5 metres in O3EC-20-008 and 10.1 g/t Au over 0.6 metres in hole O3EC-20-012.

  • Nordeau East: Located 1.7 km east of Nordeau West. Six holes were drilled approximately 200 m apart to test the down-dip extension of mineralization near surface. Best intercepts include 29.7 g/t Au over 0.5 metres in drill hole O3EC-20-018, and 8.3 g/t Au over 1.3 metres in drill hole O3EC-20-016.

 

O3 Mining President and CEO, Jose Vizquerra commented: “The drill intercepts at the North Contact and Simon West expanded the historic intercepts with superior grade intervals and remained open laterally and at depth. These results demonstrate a significant potential to build economic zones in terms of size, grade and at shallow depth. Once the Quebec government lifts the suspension, we will complete what is remaining of the 15,000 meters program. These positive results increase our confidence in the potential for gold mineralization in East Cadillac and will help focus our drilling for Phase 2.”

The North Contact zone is within the northern splay of the CLLF, at or near the contact of a small unit of mafic volcanic rocks with the surrounding wacke. Holes O3EC-20-007 and O3EC-20-009 were drilled 100 m apart. In hole O3EC-20-007, the mineralized zone consists of up to 1% arsenopyrite within quartz-tourmaline-sericite veining at the contact between wacke and mafic volcanics and returned 3.1 g/t Au over 7.0 metres including 4.6 g/t Au over 2.9 metres and including 5.3 g/t Au over 1.5 metres.  Hole O3EC-20-009 intersected 1.8 g/t Au over 4.3 metres and the mineralization appears as 1% disseminated arsenopyrite, locally up to 5%, associated with quartz-tourmaline veining in a unit of mafic volcanic close to the contact with the sediments. The same horizon was also intersected in hole O3EC-20-001, located 5 km west of hole O3EC-20-007 and 300 m north of the Simon West zones. In hole O3EC-20-001 the mineralization consists of 1% arsenopyrite as clusters and disseminated associated with quartz veining within wacke occurring at the contact with the volcanic unit and return 2.1 g/t Au over 3.9 metres.

The Simon West area is located just west of the former Chimo mine and consists of a stacking of several mineralized zones within or near a 600 m-thick mafic volcanic unit. The current drilling intersected Simon West zone 2 and 6 which are located inside the volcanic package near respectively the northern and southern contact with the surrounding wacke. Hole O3EC-20-002 intersected two intervals within the Simon West Zone 2, the first interval intersected 9.7 g/t Au over 1.8 metres and consists of visible gold and up to 1% pyrrhotite within a smoky quartz-chlorite vein hosted in wacke. The second interval intersected traces of finely disseminated arsenopyrite within wacke, returning 5.4 g/t Au over 1.0 metres.

The Simon West Zone 6 was intersected in hole O3EC-20-003 and O3EC-20-004, located 150 m apart. In hole O3EC-20-003, the mineralization appears as up to 3% pyrite, up to 2% arsenopyrite and up to 1% pyrrhotite, and visible gold as clusters and disseminated within an albitized basalt, containing up to 20% millimetric smoky quartz-tourmaline-fuschite veinlets and returned 8.2 g/t Au over 2.0 metres including 17.1 g/t Au over 0.5 metres. Hole O3EC-20-004 intersected 1.0 g/t Au over 13.5 metres including 2.4 g/t Au over 3.5 metres. Mineralization consists of finely disseminated pyrite and arsenopyrite associated with quartz-chlorite veinlets within a strongly to moderately albitized basalt.

The Nordeau West zone is located just east of the former Chimo mine. The mineralization is located near the northern contact of the same mafic volcanic package found at Simon West, in line with the Simon West Zone 2. In hole O3EC-20-008, the mineralization is associated with a decimetric wide smoky quartz-tourmaline vein hosted in a mafic volcanic unit, with traces of disseminated arsenopyrite and pyrrhotite and returned 10.2 g/t Au over 0.5 metres. Hole O3EC-20-012 intersected  10.1 g/t Au over 0.6 metres and the mineralization consists of visible gold occurring within a quartz-tourmaline veinlet and traces of arsenopyrite hosted at the sheared contact between a basalt and mudrock with a weak sericite and biotite alteration.

The Nordeau East zone is located 1.7 km east of the Nordeau West zone, within the wacke north of the mafic volcanic package related to the Simon West and Nordeau West zones. The mineralization is related to altered iron formation bands and surrounding wacke. Six holes were drilled on the Nordeau East zone approximately 200 m apart, to test the down-dip extension of mineralization found near the surface. Hole O3EC-20-016 intersected two main intervals. The first interval intersected 9.7 g/t Au over 0.7 metres and consists of 5% pyrite stringers with a decimetric wide quartz vein hosted in an iron formation. The second interval intersected 8.2 g/t Au over 1.3 metres. The mineralization is associated with a 50 cm wide quartz vein containing up to 10% disseminated pyrite within its selvage, crosscutting an iron formation. Hole O3EC-20-018 intersected 29.7 g/t Au over 0.5 metres with the mineralization appearing as up to 3% pyrite and pyrrhotite clusters along the selvage of smoky-quartz veins hosted in an iron formation. The mineralization in hole O3EC-20-019 consists of up to 3% pyrite and arsenopyrite stringers at the contact between an iron formation and wacke and it returned 3.6 g/t Au over 1.4 metres.

Figure 1: East Cadillac Property Map

Figure 2: East Cadillac Drilling

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Sébastien Vigneau. (OGQ #993), Exploration Manager, 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, Quebec 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, an Osisko group of companies, is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Quebec and Ontario – with a goal of becoming a multi-million ounce, high-growth company. The Corporation’s goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Quebec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Quebec and in the Hemlo district in Ontario.

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 Intersects 13.4 g/t Au Over 1.5 Metres at Alpha

Toronto, April 07, 2020 – O3 Mining Inc. (TSX.V: OIII) (“O3 Mining” or the “Corporation”) is pleased to provide new drill results from its Alpha property located in Val D’Or Quebec. The area includes the claims under option from Golden Valley Mines Ltd. (Centremaque), of which O3 Mining has the option to acquire 80% interest.

New analytical results include 13.4 g/t Au over 1.5 metres and 6.6 g/t Au over 2.0 metres in drill hole CAX-19-15EXT in the Pontiac East Zone located 1.5 km west of Bulldog, about 100 meters south of the Cadillac Larder Lake Fault within the Pontiac sediments. Intercept in hole CAX-19-15EXT is at -550 meters vertical, approximately 300 meters downdip from the nearest significant intercept of 5.3 g/t Au over 3.6 metres in hole CAX-18-006 (See Press Release February 12, 2019). The Pontiac zone corresponds to felsic albitized dykes with quartz veinlets associated with pytite, arsenopyrite and locally visible gold.

O3 Mining President and CEO commented: “The new results from the Pontiac East zone supports mineralization for over 2 km in strike length. While the Government of Quebec has issued the temporary closing of non-essential businesses, O3 Mining would like to reassure our shareholders that we have adapted to the current situation. Our exploration team is working remotely on advancing the project and generating new targets for once the suspension is lifted. We continue to receive results from the lab and will publish those as they become available.”

CAX-19-15EXT intersected two intervals. The first interval consists of 3% finely disseminated pyrite and arsenopyrite with visible gold, within a strongly albitized and silicified dyke, returning 13.4 g/t Au over 1.5 metres. The second interval consists of 1% finely disseminated pyrite and arsenopyrite and visible gold, within a strongly albitized and silicified dyke, returning 6.6 g/t Au over 2.0 metres.

O3AL-20-301 intersected 2.5 g/t Au over 5.5 metres. Mineralization consists of up to 2% disseminated arsenopyrite in matrix, as well as trace disseminated pyrite, pyrrhotite and visible gold within and at vein selvages, within a strongly albitized dyke. The visible gold interval returned assays of 5.3 g/t Au over 2.0 metres.

O3AL-20-306 intersected 2.4 g/t Au over 2.7 metres. Mineralization consists of up to 2% finely disseminated pyrite and up to 0.5% finely disseminated arsenopyrite, within a strongly albitized dyke.

Figure 1: Alpha Property Map

Figure 2: Alpha Property Drilling

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Sébastien Vigneau. (OGQ #993), Exploration Manager, 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, Quebec 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, an Osisko group of companies, is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Quebec and Ontario – with a goal of becoming a multi-million ounce, high-growth company. The Corporation’s goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Quebec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Quebec and in the Hemlo district in Ontario.

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 Temporarily Suspends Operations

In Accordance with Quebec Government Province-Wide COVID-19 Shutdown

Toronto, March 23, 2020 – O3 Mining Inc. (TSX.V: OIII) (“O3 Mining” or the “Corporation”) announced today that in response to the order of the Government of Quebec to close all non-essential businesses until April 13, 2020, it has suspended operations in Quebec.

To date, O3 Mining has had no suspected or confirmed cases of COVID-19, and has put in place a COVID-19 protocol to protect its workforce. The health and safety of O3 Mining’s workforce, their families and the communities in which we operate remains the number one concern for O3 Mining. O3 Mining is committed to fully supporting safety measures for our workforce, families and communities. O3 Mining thanks our workforce, partners and all stakeholders for their understanding and support, and looks forward to resuming operations as soon as possible.

About O3 Mining Inc.

O3 Mining, an Osisko group of companies, is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Quebec and Ontario – with a goal of becoming a multi-million ounce, high-growth company. The Corporation’s goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Quebec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Quebec and in the Hemlo district in Ontario.

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 scope and duration of the government ordered shutdown described herein, 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 party nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Neither party undertakes, 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 Acquires Interests In The Regcourt And Louvem Properties From Monarch Gold

Toronto, March 17, 2020 – O3 Mining Inc. (TSX.V: OIII) (“O3 Mining” or the “Corporation”) is pleased to announce that it has completed the purchase of the Regcourt gold property (the “Regcourt Property“) and the Louvem property (the “Louvem Property“) from Monarch Gold Corporation (“Monarch“) pursuant to an asset purchase agreement dated March 16, 2020 (the “Asset Purchase Agreement“). The Regcourt Property is located at the eastern end of the Val-d’Or gold mining camp, approximately 30 kilometres east of Val-d’Or, Québec, and consists of 88 mining claims near the centre of the western border of Vauquelin Township of Québec. The Louvem Property consists of 12 mining claims and is located five kilometres east of Malartic, Québec.

In accordance with the Asset Purchase Agreement, the Corporation: (i) acquired the Regcourt Property in exchange for the issuance of 113,637 common shares of the Corporation; (ii) acquired a 50% interest in the Louvem Property in exchange for the issuance of 4,546 common shares of the Corporation, subject to a 1% NSR royalty granted to Monarch on the Louvem Property with a 0.5% NSR royalty buy-back for CDN $300,000; and (iii) will acquire the remaining 50% interest in the Louvem Property for cash consideration of CDN $10,000 within two days of the receipt by Monarch of a declaratory judgment in respect of the Louvem Property. All common shares issued to Monarch are subject to a four month and one day hold period.

 The transaction remains subject to the final approval of the TSX Venture Exchange.

About O3 Mining Inc.

O3 Mining, an Osisko group of companies, is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Quebec and Ontario – with a goal of becoming a multi-million ounce, high-growth company. The Corporation’s goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Quebec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Quebec and in the Hemlo district in Ontario.

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 completion of the transactions described herein. 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 party nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Neither party undertakes, 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 Intersects 6.4 G/T Au Over 7.5 Metres At Alpha

Bulldog Extends Up To 500 M at Depth

Toronto, March 12, 2020 – O3 Mining Inc. (TSX.V: OIII) (“O3 Mining” or the “Corporation”) is pleased to provide new results from the ongoing 50,000 metre drilling program on it’s Val D’Or, Quebec properties.

Current drilling on the Alpha property continues to show the continuity of the Bulldog zone at depth. New analytical results from the Bulldog zone include 6.4 g/t Au over 7.5 m in hole O3AL-20-290B. This drill hole intersected the Bulldog zone at a vertical depth of 500 m and approximately 200 m east of the previously reported drill hole O3AL-20-287 (See Press Release February 28, 2020).

The Bulldog zone can now be traced over 500 metres vertically and between 100 and 200 metres laterally. The zone remains open at depth. Mineralization at the Bulldog zone is associated with sheared, carbonatized, and sericitized wackes and intermediate to felsic dykes containing 1–3% fine disseminated pyrite and 10% dismembered quartz veins. Three drill rigs continue to follow up on significant intercepts on the Alpha property, including one at Bulldog and two at Epsilon.

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

Drill Hole ID From (m) To (m) Length (m) Au uncut (g/t) Mineralized Zone
O3AL-20-286B

including
521.1 526.2 5.1 2.9 Bulldog
521.1 521.9 0.8 13.0
O3AL-20-290B

including
including
including
589.9 622.7 32.8 1.9 Bulldog
589.9 597.4 7.5 6.4
599.9 602.4 2.5 3.2
619.8 620.8 1.0 5.7
O3AL-20-299C 43.6 44.1 0.5 14.9 Unassigned
O3AL-20-300 311.5 313.3 1.8 2.1 Bulldog

NOTE: True width determination is currently unknown but is estimated at 65-80% of the reported core length interval for the zones. Results from holes 286B and 299C are partial, Bulldog zone assays results pending.

Table 2: Drill Hole Details

Drill Hole ID Azimuth (°) Dip (°) Length (m) UTM E UTM N
O3AL-20-286B 195 -57 637 297421 5326041
O3AL-20-290B 198 -62 764 297541 5326017
O3AL-20-299C 196 -66 881 297236 5326119
O3AL-20-300 196 -50 516 297577 5325876

O3AL-20-286B intersected 2.9 g/t Au over 5.1 m associated to the Bulldog zone. The mineralization is related to alternating, sheared and carbonatized wacke, intermediate sericitized dykes and albitized felsic dykes containing 1% disseminated pyrite.

O3AL-20-290B intersected 1.9 g/t Au over 32.8 m associated to the Bulldog zone. The mineralization is related to altered wacke crosscut by an intermediate dyke and three albitized felsic dykes. The intermediate intrusion is strongly sheared and sericitized and contains 5% dismembered quartz veins with 2 to 5% pyrite and returned 6.4 g/t Au over 7.5 m. The three felsic dykes have anomalous gold values while the wacke surrounding those intrusions returned 3.2 g/t Au over 2.5 m and 5.7 g/t Au over 1.0 m..

O3AL-20-299C intersected 14.9 g/t Au over 0.5 m associated with a currently unassigned zone. Mineralization is within a granodiorite dyke containing up to 1% coarse grained pyrite.

O3AL-20-300 intersected 2.1 g/t Au over 1.8 m associated with the Bulldog zone. The mineralization consists of 1-2% fine to medium grained disseminated pyrite with traces of chalcopyrite and pyrrhotite within a moderately sericitized and carbonated wacke.

Figure 1: Alpha Property Map

Figure 2: Alpha Property Drilling

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Gariepy, Eng. (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, Quebec 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 reanalyzed 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, an Osisko group of companies, is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Quebec and Ontario – with a goal of becoming a multi-million ounce, high-growth company. The Corporation’s goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Quebec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Quebec and in the Hemlo district in Ontario.

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 Intersects 2.4 G/T Au Over 13.5 Metres Including 6.9 G/T Au Over 1.5 Metres At Alpha

Intersects 67.3 g/t Au over 0.9 metres at the New Skarn Zone

Toronto, February 28, 2020 – O3 Mining Inc. (TSX.V: OIII) (“O3 Mining” or the “Corporation”) is pleased to provide new results from the ongoing 50,000 metre drilling program on it’s Val D’Or, Quebec properties.

Current drilling on the Alpha property continues to grow the Bulldog zone to the east and at depth, as well as grow the Skarn corridor. Two drill rigs continue to follow up on significant intercepts as part of the 25,000 m drilling program at Alpha.

New analytical results from the Bulldog zone include 2.4 g/t Au over 13.5 m including 6.9 g/t Au over 1.5 m in hole O3AL-20-287, 1.6 g/t Au over 7.0 m including 7.6 g/t Au over 0.5 m in hole O3AL-20-288, and 5.7 g/t Au over 2.0 m in hole O3AL-20-289B. Intercepts in holes O3AL-20-288 and O3AL-20-289B are located 100 m to the east of those in holes O3AL-20-284 and O3AL-20-285A, reported on February 12 (See Press Release February 12, 2020) while the intercept in hole O3AL-20-287 is located 150 m below O3AL-20-285A. These new results support the eastward and depth extensions of the Bulldog zone.

Additionally, drill hole O3AL-20-287 intersected 67.3 g/t Au over 0.9 m at the same stratigraphic position as the New Skarn zone approximately 130 m below the previously reported 3.1 g/t Au over 7.8 m intercepts in hole O3AL-19-273 (See Press Release December 20, 2019).

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

Drill Hole ID From (m) To (m) Length (m) Au uncut (g/t) Mineralized Zone
O3AL-20-287

and
including
324.5 325.4 0.9 67.3 New skarn
536.7 538.3 1.6 7.2 Bulldog
536.7 537.2 0.5 14.6
O3AL-20-287

including
550.5 564.0 13.5 2.4 Bulldog
550.5 552.0 1.5 6.9
O3AL-20-288

including
445.0 452.0 7.0 1.6 Bulldog
450.4 450.9 0.5 7.6
O3AL-20-288

and
482.0 487.5 5.5 1.9 Bulldog
549.0 551.8 2.8 3.4
O3AL-20-289B 309.0 311.0 2.0 5.7 Bulldog
O3AL-20-298 338.0 338.6 0.6 11.4 Veins in Cadillac sediments

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-20-287 196 -50 576 297321 5326059
O3AL-20-288 195 -60 579 297492 5325937
O3AL-20-289B 195 -57 434 297464 5325852
O3AL-20-298 196 -55 604 297208 5326034

Gold mineralization in these recent drill holes display the geological features typical of the Bulldog zone, which is a strongly sheared felsic intrusion altered by strong sericitization, ankeritization and minor albitization. The intrusion contains 2% disseminated pyrite and 10% dismembered quartz veins.

O3AL-20-287 intersected 67.3 g/t Au over 0.9 m within the New Skarn zone, and 2.4 g/t Au over 13.5 m within the Bulldog zone. The first interval consists of 1-2% pyrite-pyrrhotite and visible gold within a weakly ankerite altered and sheared greywacke. The second interval is within the Bulldog zone and consists of up to 2% finely disseminated pyrite within a moderately sericitized and ankeritised felsic dyke. This larger interval includes a strong pervasive sericite and moderate albiteankerite altered interval associated with 1-3% disseminated pyrite returning 6.9 g/t Au over 1.5 m.

O3AL-20-288 intersected 1.6 g/t Au over 7.0 m including 7.6 g/t Au over 0.5 m within the Bulldog zone. Mineralization consists of strong pervasive sericite and moderate albite-ankerite alteration associated with 1-3% disseminated pyrite within a strongly sheared felsic porphyritic intrusion containing dismembered quartz veinlets.

O3AL-20-289B intersected 5.7 g/t Au over 2.0 m within the Bulldog zone. Mineralization consists of 2-6% disseminated pyrite and trace visible gold within a sheared and strongly sericite and albiteankerite altered felsic porphyritic intrusion.

O3AL-20-298 intersected 11.4 g/t Au over 0.6 m. Mineralization consists of 1-2% millimetric pyrite and pyrrhotite veinlets within a sheared, moderately albite-ankerite and weak sericite altered greywacke.

Figure 1: Alpha Property Map

Figure 2: Alpha Property Drilling

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Gariepy, Eng. (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, Quebec 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 reanalyzed 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, an Osisko group of companies, is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Quebec and Ontario – with a goal of becoming a multi-million ounce, high-growth company. The Corporation’s goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Quebec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Quebec and in the Hemlo district in Ontario.

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, February 14, 2020 – O3 Mining Inc. (TSX.V: OIII) (“O3 Mining” or the “Corporation”) announces that today it has granted to certain officers, directors, employees and/or consultants of the Corporation (i) an aggregate of 1,370,000 options to acquire common shares of the Corporation (“Options“), and (ii) an aggregate of 150,000 restricted share units of the Corporation (“RSUs“). The Options have an exercise price of $2.50 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 is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec and Ontario – with a goal of becoming a multi-million ounce, high-growth company. The Corporation’s goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Québec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val d’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Québec and in the Hemlo district in Ontario.

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 Intersects 5.3 G/T Au Over 8.6 Metres Including 29.0 G/T Au Over 1.0 Metre At Alpha

Toronto, February 12, 2020 – O3 Mining Inc. (TSX.V: OIII) (“O3 Mining” or the “Corporation”) is pleased to provide new results from the ongoing 50,000 metre drilling program on it’s Val D’Or, Quebec properties. The 2020 drilling campaign on the Alpha property continues to focus on the Cadillac Larder Lake Fault corridor, specifically the Bulldog, and the Epsilon zones, with two drill rigs now on the Alpha property and a third rig starting later this month.

Drilling Highlights

• Total of 5 drills: Third drill rig moves to the Alpha property; two drill rigs at East Cadillac property

• Bulldog zone expands 100 m to the East (8.2m @ 4.8 g/t; 8.6m @ 5.3 g/t)

• Epsilon zone continues to show continuity (1.3m @ 6.8 g/t)

New analytical results from the Bulldog zone include 4.8 g/t Au over 8.2 m and 6.7 g/t Au over 2.9 m in hole O3AL-20-284, and 5.3 g/t Au over 8.6 m including 29.0 g/t Au over 1.0 m and 6.0 g/t Au over 2.8 m in hole O3AL-20-285A. Both drill holes are spaced 90 m and are located 100 m to the east of historic drill hole OAX-18-245 and follow up on a historic intercept of 6.2 g/t Au over 10.5 m, including 10.9 g/t Au over 4.5 m (See Press Release December 2018). O3 Mining President and Chief Executive Officer, Jose Vizquerra Benavides, commented: “The Bulldog zone can now be traced over 200 x 100 m and remains open towards the east and at depth. Further drilling will follow up on these significant intercepts at Bulldog as part of the 10,000 m remaining to be completed as part of the 2020 drill program at Alpha.” Additional significant results in 3 new holes from the Epsilon zone demonstrate the continuity of the zone over a strike length of 1.5 km. This zone consists of quartz veins surrounded by a tourmalinized and sericitized envelope containing disseminated arsenopyrite north of the Cadillac Larder Lake Fault. This geological context relates to the Orenada Zone 4 deposit, 2.5 km East.

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

Drill Hole ID From (m) To (m) Length (m) Au uncut (g/t) Mineralized Zone
O3AL-19-274 132.5 133.8 1.3 6.8 Epsilon HW
237.2 238.0 0.8 6.5 Epsilon
273.5 274.8 1.3 7.2 Epsilon FW
343.5 345.0 1.5 3.5 Epsilon FW
O3AL-19-281 180.5 181.1 0.6 9.1 Epsilon
O3AL-19-282 294.7 297.2 2.5 3.4 Epsilon
O3AL-20-284

and
267.9 276.1 8.2 4.8 Bulldog
279.1 282.0 2.9 6.7
O3AL-20-285A

including
376.2 384.8 8.6 5.3 Bulldog
383.8 384.8 1.0 29.0
O3AL-20-285A 393.2 396.0 2.8 6.0 Bulldog

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-19-274 196 -50 375 294964 5326733
O3AL-19-276A 196 -50 435 294839 5326353
O3AL-19-277 196 -50 312 295123 5326577
O3AL-19-278 196 -50 447 294806 5325973
O3AL-19-279 196 -50 390 294706 5325673
O3AL-19-280 196 -48 498 294595 5325385
O3AL-19-281 196 -67 207 295127 5326587
O3AL-19-282 196 -50 594 295230 5326537
O3AL-19-296 196 -50 496 296002 5325858
O3AL-19-297 196 -50 588 295978 5325786
O3AL-20-284 196 -55 378 297364 5325870
O3AL-20-285A 196 -60 483 297392 5325955

Mineralization in drill holes O3AL-20-284 and O3AL-20-285A is distributed in two intervals 10 metres apart.

The northern interval of hole O3AL-20-284 is restricted to a strongly sheared felsic intrusion altered by strong sericitization and ankeritization. The intrusion contains 2% disseminated pyrite and 10% dismembered quartz veins. In the southern intervals, the gold is associated with a smaller intrusion, but mineralization extends into a larger alteration halo of sericitized and ankeritized wacke.

The northern interval of hole O3AL-20-285A is also restricted to the sericitized and ankeritized felsic intrusion containing 2% disseminated pyrite. The high-grade interval of 29.0 g/t Au over 1.0 m is associated with dismembered quartz veins containing visible gold. The southern interval is associated with a metre-long felsic intrusion and the strongly sericitized and ankeritized surrounding rocks.

Figure 1: Alpha Property Map

Figure 2: Epsilon, Bulldog and Pontiac Sector Map

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Sebastien Vigneau, P.Geo. (OGQ #993), Exploration Manager, 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, Quebec 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, an Osisko group of companies, is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Quebec and Ontario – with a goal of becoming a multi-million ounce, high-growth company. The Corporation’s goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Quebec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Quebec and in the Hemlo district in Ontario.

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 2020 Exploration Outlook

Toronto, January 20, 2020 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) provides a recap of 2019 highlights and announces 2020 exploration program in Val D’Or with 50,000 metres of drilling planned, focusing on the Alpha, East Cadillac and Malartic properties.

President and Chief Executive Officer, Jose Vizquerra Benavides, commented: “2019 was an exciting year as we started operations after successfully integrating four companies and built a team to enhance and execute our vision. We have spent the last six months identifying the best targets for our 2020 campaign from our extensive land package. Creating value for our shareholders is our main motivation. Our strategy is simple: minimize the downside by adding value to our 3.7 Moz Au M&I and 1.5 Moz Au Inferred resource base[1]; and maximize the upside with an aggressive exploration program at Alpha and East Cadillac, where both properties produced exciting results in 2019. Our goal in 2020 is to confirm the potential within the Cadillac-Larder Lake corridor and unlock ounces in under-explored areas of the Val D’Or camp. Val D’Or produced four world-class deposits and over 30 million ounces of gold. O3 Mining is well-positioned to execute this plan with over C$25M in cash and investments at year-end.”

2019 Highlights

Acquisitions:

  • Consolidated a remarkable property portfolio in the Val D’Or area straddling 60 kilometres -along the prolific Cadillac-Larder Lake break. By acquiring Alexandria Minerals Corporation, Chalice Gold Mines and Harricana River Corporation at a transaction cost of approximately C$51M.

Management Team:

  • Appointed a new VP Exploration, Mr. Louis Gariepy, strengthening our management team.

Well-funded:

  • Raised over C$28.7M through bought-deal financings.

Fall Drilling Campaign:

  • Completed 44 drill holes totaling 17,676 meters of drilling on the Alpha property, focusing on the Cadillac Fault Corridor and specifically on Bulldog, Pontiac East, and Epsilon zones.

Exploration Strategy:

  • Listed and ranked approximately 40 historical Au and Au-Cu zones on the Alpha, Malartic and East Cadillac properties, offering significant potential to generate new targets in the medium term.

2019 Drill Results

Selected intercepts from the Fall drill program that highlight the exploration potential at Alpha:

  • Bulldog: 18.8 g/t Au over 1.3 metres in O3-C-19-011; 5.30 g/t Au over 1.9 metres in O3-C-19-010 and 3.65 g/t Au over 2.25 metres in O3-C-19-008 (See Press Release October 21, 2019). Additionally, 12.2 g/t Au over 1.0 metre in O3AL-19-271, and 3.1 g/t Au over 2.1 metres and 1.6 g/t Au over 10.4 metres including 9.2 g/t Au over 0.5 metre in O3AL-19-273 (See Press Release January 7, 2020)

  • Epsilon: 9.3 g/t Au over 6.0 metres, including 25.7 g/t Au over 1.9 metres in CAX-19-016 (See Press Release December 12, 2019)

  • Skarn zone: New gold zone intersected between Bulldog and Mid-Canada returned 3.1 g/t Au over 7.8 metres in O3AL-19-273 (See Press Release December 20, 2019)

2020 Outlook

Drilling Plan: Four rigs currently active to drill a minimum of 50,000 metres

  • Alpha Property (budget ~25,000 metres): The Bulldog Zone remains a priority with approximately 10,000 meters planned to test the gold-bearing corridor at 100 metres spacing over an 800 metres strike length and down to 500 meters depth. Best historical intercepts include 4.5 g/t Au over 9.8 metres in OAX-18-241 at 100 m depth and 10.9 g/t Au over 4.5 metres in OAX-18-245 at 300 m depth (See Press Release December 11, 2018). Mineralization at the Bulldog zone is associated with sheared, carbonatized, and sericitized wackes and porphyric dykes containing 1–3% fine disseminated pyrite. The 2020 campaign aims to test the mineralization potential at the Orenada 2 and 4 zones at depth. Historically, the Orenada deposits have only been drilled down to 400 meters. The drill program will also follow up on significant intercepts obtained in 2019 at Pontiac East and Epsilon zones. Finally, exploration and fence drilling will be completed in the eastern part of the property mostly looking for skarn type deposits east of the Akasaba deposit, around the Sabourin intrusion and in the Valdora zone.

Figure 1: Alpha Property

  • East Cadillac Property (budget ~15,000 metres): This property straddles 6 km of strike length along the prospective Chimo mine horizon containing multiple “staked” gold zones associated with smoky-quartz-arsenopyrite-pyrite veining within sheared, basaltic flows as part of a wide structural corridor related to the Cadillac Larder Lake fault zone. Our campaign will follow-up on historical intercepts by Chalice Gold Mines and previous operators reported historical resources on the Simon West, Nordeau West, Nordeau East, and North Contact zones.

Figure 2: East Cadillac Property

  • Malartic (budget ~10,000 metres): Drilling at Malartic will follow up on selected historical intercepts at Marban NE (31.2 g/t Au over 1.3 m in hole MB-10-101), Malartic H (10.9 g/t Au over 2.3 m in hole MH-10-078) and Gold Hawk zones. Mineralization on the property is associated with narrow high-grade quartz veins emplaced in structural traps, such as faulted fold hinges, within mafic volcanics and, near hematized and albitized dykes within mafic volcanics. The Marban NE zone is located within the same structural corridor hosting the Kiena gold mine about 4 km to the south-east.

Figure 3: Malartic Property

Resources update: Remodel ore bodies at Orenada 4 and 2, Marban and Akasaba deposits. Update will allow the design of a sound delineation drilling program to increase resource base.

Proactive targeting: Generation of new drill targets on the best-ranked zones outside of the current drill program in preparation for a second round of drilling during the second half. On the Alpha property, some targets include: Hogg skarn, where a coincident magnetic and IP anomalies covering an area of 800 x 500 meters, have been only tested with isolated shallow drill holes. The Ducros target, with Cu-Au-Mo porphyry-style mineralization has been recognized over 2 km along the southern margin of the East Sullivan intrusion. The Pontiac West target located within the gold-bearing Pontiac sediments three km west of Bulldog. The Omega target located 400 m from the Triangle deposit where historical shallow drilling cut a 1.7 m wide quartz tourmaline vein within the Sigma – Lamaque corridor. The Oramaque target, consisting of orogenic gold in the Cadillac Larder Lake corridor, and the Goldora target (gold veins in gabbro sill) and Goldora South (skarn related to Callahan intrusion), where prominent IP anomalies remain untested. These zones have been drilled at shallow depth and remain open in all directions. On the Malartic project, the possible existence of another Camflo-style intrusion along the sediment – volcanic contact will be assessed.

Non-Core Assets: Actively looking to partner or divest properties outside of the Val D’Or Camp. O3 Mining holds properties in the James Bay and Chibougamau regions of Quebec as well as the Hemlo district in Ontario.

1/ O3 Mining’s Mineral inventory is available at SEDAR (www.sedar.com): Marban Technical Report July 2016, Orenada Technical Report July 2018, Akasaba Technical Report March 2013, East Cadillac Technical Report March 2019, Garrison Technical Report April 2019, Tortigny Technical Report July 2014, Sleepy Technical Report November 2014, Simkar Gold Technical Report January 2015

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Gariépy, P.Geo. (OIQ #107538), Vice President 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, Quebec 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 is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices.

About O3 Mining Inc.

O3 Mining, an Osisko group of companies, is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Quebec and Ontario – with a goal of becoming a multi-million ounce, high-growth company. The Corporation’s goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Quebec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Quebec and in the Hemlo district in Ontario.

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) 363-8563

O3 Mining Intersects 12.2 g/t Au Over 1.0 Metre at Alpha Property

Toronto, January 7, 2020 – O3 Mining Inc. (TSX.V: OIII) (“O3 Mining” or the “Corporation“) is pleased to provide new results from the ongoing drilling program on the Alpha property, located 5 kilometres (km) southeast of Val D’Or, Quebec.

Drilling on the Alpha property continues to focus on the Cadillac Larder Lake Fault corridor, specifically the Bulldog, Epsilon and Pontiac East zones (Figure 1).

New analytical results at Bulldog include 12.2 g/t Au over 1.0 metre in O3AL-19-271, and 3.1 g/t Au over 2.1 metres and 1.6 g/t Au over 10.4 metres including 9.2 g/t Au over 0.5 metre in O3AL-19-273. These two holes intersected the Bulldog zone respectively about 100 metres below and west of the historical intersect of 10.9 g/t Au over 4.5 metres in OAX-18-245 (See Press Release December 11, 2018). O3AL-19-273 cut the zone at about 300 metres vertical depth and represents the deepest hole to date on this zone. These initial drill holes around OAX-18-245 suggest continuity within the Bulldog zone, which remains open laterally and at depth (Figure 2). The 2020 drilling program consist of a minimum of 10,000 metres to explore extensions of the Bulldog zone laterally and to 500 metres depth.

O3 Mining President and Chief Executive Officer, Jose Vizquerra Benavides, commented: “Our drilling campaign continues to demonstrate gold mineralization at the Alpha property. With the continued potential to expand the Cadillac corridor our focus remains on this exciting property.”

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

Drill Hole ID From (m) To (m) Length (m) Au uncut (g/t) Mineralized Zone
O3AL-19-271 288.0 289.0 1.0 12.2 Bulldog
O3AL-19-273 348.9 351.0 2.1 3.1 Bulldog
and 366.0 376.4 10.4 1.6
including 375.9 376.4 0.5 9.2

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-19-271 196 -60 408 297162 5325894
O3AL-19-272 196 -50 315 297247 5325835
O3AL-19-273 196 -58 465 297278 5325922

Mineralization of the Bulldog zone in drill hole O3AL-19-271 is located within a strongly sericitized and carbonatized wacke containing 2% disseminated pyrite at the contact with a felsic intrusion.

Mineralization of the Bulldog zone in drill hole O3AL-19-273 is related to a 27m-long strongly sericitized and carbonatized felsic intrusion with 3% disseminated pyrite. The two intersections in this hole are located near each contact with the surrounding wacke.

O3AL-19-273 intersected other strongly sericitized and carbonatized felsic intrusions ranging from 1 to 32 meters wide higher up in the hole, between Bulldog and New Skarn zone (See Press Release December 20, 2019). Those intrusions returned anomalous gold content and suggest the potential presence of a well developed stacked mineralized zone north of Bulldog presenting similar geological characteristics.

Figure 1: Alpha Property Map

Figure 2: Epsilon, Bulldog and Pontiac Sector Map

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Sebastien Vigneau, P.Geo. (OGQ #993), Exploration Manager, 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, Quebec 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 is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices.

About O3 Mining Inc.

O3 Mining is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Quebec and Ontario – with a goal of becoming a multi-million ounce, high-growth company. The Corporation’s goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Quebec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac Larder Lake Faut. The Corporation’s projects host resources of 2,066,154 gold ounces of measured and indicated resources at 1.40 g/t Au and 1,059,057 gold ounces of inferred resources at 2.95 g/t Au in Val D’Or area, and also holds the Garrison project in Ontario with over 1,570,000 gold ounces of measured and indicated resources at 1.12 g/t Au. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Quebec and in the Hemlo district in Ontario.

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

416 848 9504

O3 Mining Intersects 3.1 G/T Au Over 7.8 Metres and Identifies a New Zone Within The Skarn Corridor on the Alpha Property

Toronto, December 20, 2019 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) is pleased to provide new results from the ongoing drilling program on the Alpha property, located 5 kilometres (km) southeast of Val D’Or, Quebec.

Current drilling on the Alpha property has identified a new mineralized zone within the Skarn Corridor approximately 400 metres north of the Cadillac Larder Lake Fault. The Alpha property comprises up to four different corridors of mineralization, namely Cadillac, Skarn, Anamaque and Sigma-Lamaque (Figure 1).

These corridors group mineral occurrences showing comparable mineralization styles that are spatially located along specific structural corridors. New analytical results include 3.1 g/t Au over 7.8 metres in O3AL-19-273, within the new skarn-type zone (Figure 2). O3 Mining President and Chief Executive Officer, Jose Vizquerra Benavides, commented: “This result supports the concept of the skarn corridor and opens the potential for a new zone to the north of the Cadillac Corridor. O3 Mining will continue to demonstrate the continuity of this new zone.” details.

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

Drill Hole ID From (m) To (m) Length (m) Au (g/t) uncut Mineralized Zone
CAX-19-020 312.0 312.9 0.9 8.5 Pontiac
and 375.8 376.7 0.9 13.5
OAX-19-263 298.1 299.1 1.0 6.3 Orenada Zone 4
O3AL-19-273 125.7 133.5 7.8 3.1 New Skarn
O3AL-19-295 175.6 177.4 1.8 3.2 Pontiac

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
CAX-19-017 196 -50 450 295536 5326008
CAX-19-018 196 -50 444 295737 5326046
O3AL-19-270 196 -50 201 296928 5325824
O3AL-19-273 196 -58 465 297278 5325922
O3AL-19-295 196 -48 498 296270 5325908
O3CE-19-020 196 -50 429 295160 5326347
O3CE-19-021 196 -50 288 295090 5326157
OAX-19-263 196 -50 330 297921 5325628
OAX-19-264 196 -50 558 298150 5325767
OAX-19-265 16 -60 428 298150 5325767
OAX-19-267 360 -55 486 298306 5325701
OAX-19-268 360 -50 516 297814 5325797

Drill hole O3AL-19-273 features strongly chloritized graywacke and porphyritic dyke containing 1% pyrrhotite, sphalerite and chalcopyrite veinlets.  The Skarn Corridor, which extends over 15 km across the Alpha property, contains the Akasaba and Mid Canada Au-Cu deposits as well as several other Au-Cu mineral occurrences, all related to mafic volcanic and intrusive rocks. The alteration assemblage at these occurrences includes garnet, chlorite, epidote, magnetite and pyrrhotite, typical of skarn deposits.

Figure 1: Alpha property map

Figure 2: Epsilon, Bulldog and Pontiac Sector map

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Sebastien Vigneau, P.Geo. (OGQ #993), Exploration Manager, 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, Quebec 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 is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices.

 

About O3 Mining Inc.

O3 Mining is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Quebec and Ontario – with a goal of becoming a multi-million ounce, high-growth company. The Corporation’s goal is to become one of the premier gold exploration companies in Canada..

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Quebec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Quebec and in the Hemlo district in Ontario.

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) 363-8563

O3 Mining Completes Acquisition of Mining Claims from Kinross Gold

Toronto, December 18, 2019 – O3 Mining Inc. (TSX.V:OIII)(“O3 Mining” or the “Corporation“) is pleased to announce that it has completed the purchase of four mining claims located in the township of Bourlamaque in the Province of Quebec, Canada (collectively, the “Acquired Claims“) from Kinross Gold Corporation (“Kinross Gold“) pursuant to an asset purchase agreement with Kinross Gold dated December 18, 2019 (the “Asset Purchase Agreement“).

Pursuant to the Asset Purchase Agreement, the Corporation purchased the Acquired Claims in exchange for (i) C$100,000 cash, (ii) 42,017 common shares of the Corporation, and (iii) a 2.0% net smelter returns royalty on any minerals produced from the Acquired Claims. Under the terms of the Asset Purchase Agreement, the Corporation has the exclusive right to buy back 50% of the net smelter returns royalty upon making a cash payment of $1,000,000 to Kinross Gold.

José Vizquerra Benavides, President and Chief Executive Officer of O3 Mining, commented: “The recent acquisition of the Simkar Gold project and the Acquired Claims finalizes the consolidation of the strategic land position to the north east of the Alpha property. Our exploration team is looking forward to integrating and furthering their knowledge on these new claims as we move forward with our 50,000 meter winter campaign in the Val D’Or camp.”

The transaction remains subject to the final approval of the TSX Venture Exchange.

About O3 Mining Inc.

O3 Mining is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec and Ontario – with a goal of becoming a multi-million ounce, high-growth company. The Corporation’s goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Québec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac Larder break. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Québec and in the Hemlo district in Ontario.

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 completion of the transactions described herein. 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 party nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Neither party undertakes, 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 Acquires Simkar Property from Monarch Gold

Toronto, December 13, 2019 – O3 Mining Inc. (TSX.V: OIII) (“O3 Mining” or the “Corporation“) is pleased to announce that it has completed the purchase of the Simkar property from Monarch Gold Corporation (“Monarch“) pursuant to an asset purchase agreement dated December 12, 2019 (the “Asset Purchase Agreement“). The Simkar property is located 20 kilometres east of Val-d’Or and includes two mining concessions and 15 claims covering an area of 5 square kilometres.

Pursuant to the Asset Purchase Agreement, the Corporation acquired the Simkar property in exchange for (i) C$140,000 in cash, (ii) 435,000 common shares of the Corporation, and (iii) 435,000 common share purchase warrants of the Corporation, with each warrant entitling Monarch to purchase one additional common share of the Corporation at a price of $4.20 per share for a three-year period.

The transaction remains subject to the final approval of the TSX Venture Exchange.

About O3 Mining Inc.

O3 Mining is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec and Ontario – with a goal of becoming a multi-million ounce, high-growth company. The Corporation’s goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Québec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val d’Or and over 50 kilometres of strike length of the Cadillac Larder break. The Corporation’s projects host resources of 2,066,154 gold ounces of measured and indicated resources at 1.40 g/t Au and 1,059,057 gold ounces of inferred resources at 2.95 g/t Au in Val d’Or area, and also holds the Garrison project in Ontario with over 1,570,000 gold ounces of measured and indicated resources at 1.12 g/t Au. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Québec and in the Hemlo district in Ontario.

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 completion of the transactions described herein. 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 party nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Neither party undertakes, 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 Intersects 9.3 g/t Au Over 6.0 m, Including 25.7 g/t Au Over 1.9 m at Epsilon

Toronto, December 12, 2019 – O3 Mining Inc. (TSX.V: OIII) (“O3 Mining” or the “Corporation”) is pleased to provide new results from the ongoing drilling program on the Alpha property, located 5 kilometres (km) southeast of Val D’Or, Quebec. The area includes the claims under option from Golden Valley Mines Ltd. (Centremaque), of which O3 Mining has the option to acquire 80% interest.

Current drilling is focused on the Cadillac Larder Lake Fault corridor, specifically Epsilon and Pontiac East zones, (Bulldog West Extension zone (Press Release October 21, 2019) is renamed Pontiac East zone) within the Alpha property. The Epsilon and Pontiac East zones are on each side of the sheared ultramafic volcanics of the Piche Group. Follow up drilling at Bulldog, located 1.5 km east, is pending freeze-up conditions to allow access.

New analytical results include 9.3 g/t Au over 6.0 metres, including 25.7 g/t Au over 1.9 metres in

CAX-19-016. O3 Mining President and Chief Executive Officer, Jose Vizquerra Benavides, commented: “The drilling campaign on the Alpha property has significantly expanded the Epsilon zone, now being traced over a 1.5 km strike and opened laterally, as well as continue to confirm mineralized intercepts within the Pontiac sediments. This new zone opens a possibility to a mineralized envelope of significant width.”

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

Drill Hole ID From (m) To (m) Length (m) Au uncut (g/t) Mineralized Zone
CAX-19-012 126.5 128.2 1.7 3.4 Epsilon
CAX-19-013 148.0 154.0 6.0 1.4 Epsilon
CAX-19-014 258.5 261.0 2.5 2.6 Pontiac East
CAX-19-015 147.0 148.5 1.5 3.4 Pontiac East
CAX-19-016 137.0 143.0 6.0 9.3 Epsilon
including 141.1 143.0 1.9 25.7
CAX-19-266 552.5 561.5 9.0 1.0 Bulldog

Table 2: Drill Hole Details

Drill Hole ID Azimuth (°) Dip (°) Length (m) UTM E UTM N
CAX-19-012 196 -50 402 295319 5326493
CAX-19-013 215 -50 450 295319 5326493
CAX-19-014 196 -60 345 295559 5326304
CAX-19-015 196 -79 435 295559 5326304
CAX-19-016 16 -64 300 295497 5326325
OAX-19-260 196 -50 312 297783 5325716
OAX-19-261 196 -50 417 297814 5235797
OAX-19-266 196 -50 576 298318 5325728
OAX-19-269 196 -50 405 296967 5325943

Mineralization in CAX-19-016, in the Epsilon zone, is hosted within sheared sericitized and carbonatized graywackes and tuffs with quartz tourmaline carbonate veins. There is 2% arsenopyrite and trace pyrite within veins or disseminated in the tourmalinized host-rock. Within this larger altered zone, there are smokey-quartz veins associated with visible gold and arsenopyrite. These low angle smokey-quartz veins are typical of the Orenada Zone 4 type mineralization, located 1.5 km to the east.

The Pontiac East zone is characterized by albitized, carbonatized and silicified sediments of the Pontiac Group, containing quartz-carbonate veinlets, disseminated pyrite – arsenopyrite mineralization and visible gold locally.

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Sebastien Vigneau, P.Geo. (OGQ #993), Exploration Manager, 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, Quebec 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 is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices.

About O3 Mining Inc.

O3 Mining is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Quebec and Ontario – with a goal of becoming a multi-million ounce, high-growth company. The Corporation’s goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Quebec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac Larder Lake Faut. The Corporation’s projects host resources of 2,066,154 gold ounces of measured and indicated resources at 1.40 g/t Au and 1,059,057 gold ounces of inferred resources at 2.95 g/t Au in Val D’Or area, and also holds the Garrison project in Ontario with over 1,570,000 gold ounces of measured and indicated resources at 1.12 g/t Au. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Quebec and in the Hemlo district in Ontario.

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

416 848 9504

O3 Mining Completes Acquisition of Option to Acquire Garrison Claims

Toronto, November 21, 2019 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) is pleased to announce that it has completed the purchase of an option to acquire 10 patented mineral claims in the Garrison township (the “Option”) pursuant to an asset purchase agreement with Metals Creek Resources Corp. (“Metals Creek“) dated November 14, 2019 (“Asset Purchase Agreement“).

Pursuant to the Asset Purchase Agreement, the Corporation acquired the Option in exchange for (i) C$250,000 (“Purchase Price“) which will be satisfied by the issuance of such number of common shares of the Corporation that is equal to the Purchase Price divided by the issue price of $3.88 (collectively, the “Consideration Shares“), for total shares consideration of 64,433 Consideration Shares, and (ii) a 0.5% net smelter return royalty over the claims the subject of the option and a cash payment.

In accordance with the restrictions under Canadian securities laws and subject to certain exceptions, Metals Creek will be restricted from trading the Consideration Shares for a period of four months and one day from the date of issuance.

About O3 Mining Inc.

O3 Mining is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec and Ontario – with a goal of becoming a multi-million ounce, high-growth company. The Corporation’s goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Québec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac Larder break. The Corporation’s projects host resources of 2,066,154 gold ounces of measured and indicated resources at 1.40 g/t Au and 1,059,057 gold ounces of inferred resources at 2.95 g/t Au in Val D’Or area, and also holds the Garrison project in Ontario with over 1,570,000 gold ounces of measured and indicated resources at 1.12 g/t Au. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Québec and in the Hemlo district in Ontario.

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

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 completion of the transactions described herein. 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 party nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Neither party undertakes, 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.

O3 Mining Announces Corporate Updates

Toronto, November 11, 2019 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) is pleased to announce the following corporate updates:

Appointment of Louis Gariepy as VP, Exploration

O3 Mining is pleased to announce that it has strengthened its management team with the appointment of Mr. Louis Gariepy (OIQ) as Vice President, Exploration.

Mr. Gariepy is a geological engineer with over 30 years of international mining experience, including substantial experience in Québec and Latin America. Mr. Gariepy most recently served as Exploration Manager of Anglo American plc in Peru, during which time he was instrumental in the delineation of their exploration programs. Prior to his role at Anglo American plc, Mr. Gariepy served as Exploration Manager of IAMGOLD Corporation in Peru from 2005 to 2012, working on a wide array of projects in Latin America. Mr. Gariepy has also worked for Compañia Minera Milpo from 1999 to 2005, where he contributed in making of the Cerro Lindo VMS deposit a world-class mining asset. Mr. Gariepy began his career as a mining explorationist with Noranda Inc. in Québec from 1986 to 1997.

Jose Vizquerra Benavides, President and CEO of O3 Mining, stated: “We are very excited to have Mr. Gariepy join the O3 Mining team. Mr. Gariepy brings with him unique geological expertise, having worked on a wide range of projects in the Americas from grassroots to construction. He has a proven record of discoveries as a multidisciplinary project leader with significant experience in Latin America and Québec working with various styles of deposits. Mr. Gariepy will be tremendous assets for our team as we undertake to become one of the premier gold exploration companies in Canada.”

Issuances of Stock Options

The Corporation also announces that it granted an aggregate of 225,000 options to acquire common shares of the Corporation (“Options”) on November 8, 2019 to certain officers, employees and/or consultants of the Corporation. The Options have an exercise price of $2.44 per share, have a five-year term from the date of grant, and vest annually in equal thirds beginning on the first anniversary from the date of grant.

About O3 Mining Inc.

O3 Mining is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec and Ontario – with a goal of becoming a multi-million ounce, high-growth company. The Corporation’s goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Québec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac Larder break. The Corporation’s projects host resources of 2,066,154 gold ounces of measured and indicated resources at 1.40 g/t Au and 1,059,057 gold ounces of inferred resources at 2.95 g/t Au in Val D’Or area, and also holds the Garrison project in Ontario with over 1,570,000 gold ounces of measured and indicated resources at 1.12 g/t Au. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Québec and in the Hemlo district in Ontario.

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 Completes Shares for Debt Transactions

Toronto, Ontario (October 31, 2019) – O3 Mining Inc. (“O3 Mining” or the “Corporation”) (TSXV:OIII) announces that it has entered into agreements with various arm’s length creditors to settle $820,279.48 of indebtedness through the issuance of 211,643 common shares of the Corporation in order to preserve cash for its operations. The shares are subject to a four month hold period expiring on March 1, 2020.

About O3 Mining Inc.

O3 Mining is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec and Ontario – with a goal of becoming a multi-million ounce, high-growth company. The Corporation’s goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Québec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac Larder break. The Corporation’s projects host resources of 2,066,154 gold ounces of measured and indicated resources at 1.40 g/t Au and 1,059,057 gold ounces of inferred resources at 2.95 g/t Au in Val D’Or area, and also holds the Garrison project in Ontario with over 1,570,000 gold ounces of measured and indicated resources at 1.12 g/t Au. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Québec and in the Hemlo district in Ontario.

For further information on O3 Mining, please contact:

José Vizquerra Benavides
President, CEO and Director
416 848 9504

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 completion of the transactions described herein. 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 party nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Neither party undertakes, 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.

O3 Mining Intersects 18.8 G/T Au Over 1.3 Metres 1,500m West Of Bulldog

Toronto, October 21, 2019 – O3 Mining Inc. (TSXV:OIII) (“O3 Mining” or the “Corporation”) is pleased to provide new results from the ongoing drilling program on the Central Cadillac Group of properties, located east of Val D’Or, Québec. Current drilling is focused on claims under option from Golden Valley Mines Ltd. (Centremaque), of which O3 Mining has the option to acquire an 80% interest.

The new drill intercepts confirm the extension of the Bulldog mineralized structure located 1,500 metres to the east and importantly, demonstrate the potential for gold-bearing structures in the Pontiac sediments. The Bulldog gold-bearing mineralized structure discovered in December 2018, demonstrates good continuity in gold grades over several metres and is over 500 metres in strike length (See Press Release December 2018).

O3 Mining President and Chief Executive Officer, Jose Vizquerra Benavides, commented: “It is very encouraging that our first drilling program has turned up significant new results. These results confirm our theory and increases our confidence in the potential for gold mineralization in the Pontiac sediments south of the Cadillac Break. These excellent results will help focus our expansion drilling to the west of the Bulldog discovery”.

New analytical results include: 18.8 g/t Au over 1.3 metres in O3-C-19-011; 5.30 g/t Au over 1.9 metres in O3-C-19-010 and 3.65 g/t Au over 2.25 metres in O3-C-19-008, see tables 1 and 2 for details.

Table 1: Analytical results

Drill Hole ID From (m) To (m) Length (m) Au (g/t) uncut Mineralized Zone
O3-C-19-008 173.0 175.3 2.3 3.65 Bulldog West Extension
Including 174.0 175.3 1.3 5.09
O3-C-19-010 63.0 64.9 1.9 5.30 Bulldog West Extension
Including 63.0 63.7 0.7 9.70
O3-C-19-011 295.7 297.0 1.3 18.8 Bulldog West Extension
Including 295.7 296.4 0.7 24.2

Table 2: Drill hole locations

Drill Hole ID Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation (m)
O3-C-19-008 16.0 -50 300 295536 5326014 330
O3-C-19-010 196.0 -50 400 295496 5326329 330
O3-C-19-011 16.0 -50 300 295347 5326087 330

O3-C-19-008 intersected 3.65 g/t Au over 2.3 metres. Mineralization consists of 1-2% disseminated pyrite and arsenopyrite associated with quartz-veins, within sheared sericite and biotite altered Pontiac sediments. These new gold-bearing shears are subsidiary structures of the Cadillac Break.

O3-C-19-010 intersected 5.30 g/t Au over 1.9 metres. Mineralization consists of 2% disseminated pyrite within a strongly sericitized and carbonatized interval, located at the contact between ultramafic volcanics and the Pontiac sediments.

O3-C-19-011 intersected 18.8 g/t Au over 1.3 metres. Mineralization is associated with strong shearing hosted within sericite and biotite altered Pontiac sediments, consisting of up to 2% disseminated pyrite and arsenopyrite and quartz veining.

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Philippe Berthelot, P.Geo. (OGQ #241), Senior Geologist, 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 zone. 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, Quebec 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 17 core samples as part of the QA/QC program. Duplicate pulp samples are systematically analyzed by the laboratory after every 17 core samples. 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 is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab.

About O3 Mining Inc.

O3 Mining Inc. is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Quebec and Ontario – with a goal of becoming a multi-million ounce, high-growth company.  The Company’s goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Quebec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac Larder break.  The Company’s projects host resources of 2,066,154 gold ounces of measured and indicated resources at 1.40 g/t Au and 1,059,057 gold ounces of inferred resources at 2.95 g/t Au in Val D’Or area, and also holds the Garrison project in Ontario with over 1,570,000 gold ounces of measured and indicated resources at 1.12 g/t Au. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Quebec and in the Hemlo district in Ontario.

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 completion of the transactions described herein. 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 party nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Neither party undertakes 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 please contact:

Jose Vizquerra Benavides

President and Chief Executive Officer

Telephone: 416 363 8653

O3 Mining Closes $10,080,000 “Bought Deal” Private Placement of Flow-Through Shares

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Toronto, Ontario (September 26, 2019) – O3 Mining Inc. (“O3 Mining”) (TSXV:OIII) is pleased to announce that, further to its announcement dated September 4, 2019, it has completed a “bought deal” brokered private placement of 2,400,000 common shares of the Corporation that will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)) (“Flow-Through Shares“) at a price of C$4.20 per Flow-Through Share for aggregate gross proceeds of approximately C$10,080,000.

The Offering was led by Canaccord Genuity Corp. on behalf of a syndicate of underwriters that included National Bank Financial Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Cormark Securities Inc., Desjardins Securities Inc., Echelon Wealth Partners Inc., Haywood Securities Inc., and Sprott Capital Partners L.P. (together, the “Underwriters“). In consideration for their services, the Corporation paid the Underwriters a cash commission equal to 5.0% of the gross proceeds of the Offering.

The gross proceeds from the sale of Flow-Through Shares will be used by the Corporation to incur “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 Flow-Through Shares with an effective date no later than December 31, 2019 and in the aggregate amount of not less than the total amount of the gross proceeds raised from the issuance of Flow-Through Shares.

All securities issued under the Offering will be subject to a hold period expiring four months and one day which will expire January 26, 2019. The Offering is subject to final acceptance of the TSX Venture Exchange. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About O3 Mining Inc.

O3 Mining’s mission is to become a premier gold exploration company in Canada and an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Ontario and Québec – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in the Marban Block Project and the Garrison Project. The Marban Block Project is located in the heart of Québec’s prolific Abitibi gold mining district and comprised of four contiguous claim groups in the Malartic mining camp – Norlartic, First Canadian, Marban and Gold Hawk – and currently consists of 30 mining claims and three mining concessions that cover 1,023 hectares. The Garrison Project is located in the Larder Lake Mining Division in Northern Ontario and comprised of three main deposits – the Garrcon, Jonpol and 903 deposits – as well as the past-producing Buffonta mine and the Gold Pike mine property.

For further information on O3 Mining, please contact:

José Vizquerra Benavides
President, CEO and Director
416 363 8653

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 information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the use of proceeds of the Offering; the timing and ability of the Corporation, if at all, to obtain final approval of the Offering from the TSX Venture Exchange; the tax treatment of the Flow-Through Shares; the timing of the tax renunciation to the subscribers, objectives, goals or future plans; statements regarding exploration results and exploration plans. 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 completion of the transactions described herein. 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 party nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Neither party undertakes, 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.

O3 Mining Announces C$10,080,000 “Bought Deal” Offering

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Toronto, Ontario (September 4, 2019) – O3 Mining Inc. (TSXV:OIII, “O3 Mining” or the “Corporation”) is pleased to announce it has entered into an agreement with Canaccord Genuity Corp. on behalf of a syndicate of underwriters (collectively, the “Underwriters“) pursuant to which the Underwriters have agreed to purchase, on a “bought deal” private placement basis, 2,400,000 common shares of the Corporation that will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)) (“Flow-Through Shares“). The 2,400,000 Flow-Through Shares will be issued at a price of C$4.20 per Flow-Through Share for aggregate gross proceeds of C$10,080,000 (the “Offering“), representing an approximate 61.5% premium to the closing price of the Corporation’s common shares on the TSX Venture Exchange on September 3, 2019.

In addition, the Corporation has agreed to grant the Underwriters an option (the “Underwriters’ Option“) to sell up to an additional 360,000 Flow-Through Shares, at a price of C$4.20 per share, for additional gross proceeds to the Corporation of up to C$1,512,000. The Underwriters’ Option is exercisable up to 48 hours prior to the Closing Date (as defined herein) of the Offering.

The gross proceeds from the sale of Flow-Through Shares will be used by the Corporation to incur “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 Flow-Through Shares with an effective date no later than December 31, 2019 and in the aggregate amount of not less than the total amount of the gross proceeds raised from the issuance of Flow-Through Shares.

The Offering is being made by way of private placement in Canada. The Flow-Through Shares will be subject to a four month hold period under applicable securities laws in Canada. The offering is expected to close on or about September 26, 2019 (the “Closing Date“), subject to the satisfaction or waiver of the customary closing conditions and the conditional listing approval of the TSX Venture Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act.

About O3 Mining Inc.

O3 Mining’s mission is to become a premier gold exploration company in Canada and an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec and Ontario – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in various properties in Québec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val- d’Or and over 50 kilometres of strike length of the Cadillac Larder break. It comprises a global resource of 3,125,211 gold ounces in Val-d’Or (2,066,154 gold ounces of measured and indicated resources at 1.40 g/t Au and 1,059,057 gold ounces of inferred resources at 2.95 g/t Au). The Corporation also holds 12,000 hectares in Ontario at its Garrison project with over 1,570,000 gold ounces of measured and indicated resources at 1.12 g/t Au. The Corporation also has assets in the James Bay and Chibougamau regions of Québec and in the Hemlo district in Ontario.

For further information on O3 Mining, please contact:

José Vizquerra Benavides
President, CEO & Director
416 363 8653

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 completion of the transactions described herein. 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 party nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Neither party undertakes, 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.

O3 Mining Announces 50,000 Meter Drill Program Work Commences on Val D’Or Properties

Toronto, Ontario (September 4, 2019) – O3 Mining Inc. (TSXV:OIII, “O3 Mining” or the “Corporation”) is pleased to announce that it has initiated a 50,000-meter drill program on its Val d’Or properties.

José Vizquerra Benavides, President and CEO, commented: “The financings represent an important milestone. We are initiating work on the Bulldog/Centremaque properties in the Val d’ Or area of the prolific Abitibi gold district. Our plan is to commence an aggressive exploration program to confirm, upgrade and expand the current resources with a 50,000-meter drill program. O3 Mining is excited to initiate work in a World Class district that has historically produced over 30 million ounces of gold.”

Drilling has commenced in the Centremaque area with the objectives of extending the current mineralization. Two additional drill rigs will be mobilized in the coming weeks on the recently discovered Bulldog zone which has recently returned important gold values including 10.87 g/t Au over 4.5 meters in hole OAX-18-245 (see Alexandria Minerals press release dated December 11, 2018). The Bulldog zone was discovered at the end of 2018 and has seen no follow-up. Mineralisation at Bulldog is hosted in strongly sheared and altered porphyry intrusions potentially analogous to Canadian Malartic. The Bulldog zone is open in all directions.

About O3 Mining Inc.

O3 Mining is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec and Ontario – with a goal of becoming a multi-million ounce, high-growth company. The Company’s goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Québec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val-d’Or and over 50 kilometres of strike length of the Cadillac Larder break. The Company’s projects host resources of 2,066,154 gold ounces of measured and indicated resources at 1.40 g/t Au and 1,059,057 gold ounces of inferred resources at 2.95 g/t Au in Val d’Or area, and also holds the Garrison project in Ontario with over 1,570,000 gold ounces of measured and indicated resources at 1.12 g/t Au. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Québec and in the Hemlo district in Ontario.

Technical Information

The scientific and technical content of this press release has been reviewed and approved by Mr. Pascal Simard, Eng, B.Sc. Exploration Manager, Northern Quebec for Osisko Mining Inc, who is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Details regarding the Marban deposit may be found in the technical report prepared pursuant to National Instrument 43-101 entitled “Updated Mineral Resource Technical Report, Marban Block Property, Quebec, Canada” dated July 28, 2016 (effective date: June 13, 2016), which is filed on www.sedar.com under the profile of NioGold Mining Corporation.

Details regarding the Orenada, Akasaba and Sleepy deposits may be found in the reports prepared pursuant to National Instrument 43-101 entitled “NI 43-101 technical report and updated mineral resource estimate for the Orenada Zone 2 and 4 project, Orenada group properties” dated July 20, 2018 (effective date: July 6, 2018), “NI 43-101 technical report on the Akasaba project” dated March 1, 2013” and “NI 43-101 technical report on the Sleepy Lake property”, dated November 25, 2014, which are filed on www.sedar.com under the profile of Alexandria Minerals Corporation

Details regarding the Garrison deposit may be found in the report prepared pursuant to National Instrument 43-101 entitled “A Mineral Resource Estimate for the Garrcon, Jonpol, and 903 Zones at the Garrison Project, Garrison Township, Black River Matheson Area, Northereastern Ontario” dated April 4, 2019 (effective February 19, 2019), which is filed on www.sedar.com under the issuer profile of Osisko Mining Inc.

Details regarding the East Cadillac Gold deposit may be found in the report prepared pursuant to National Instrument 43-101 entitled “2019 technical report and mineral resource estimate, East Cadillac Gold Project, Val d’Or, Quebec”, dated June 7, 2019 (effective date: April 30, 2019), which is filed on www.sedar.com under the profile of Chalice Gold Mines Limited.

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 completion of the transactions described herein. 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 party nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Neither party undertakes, 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
416 363 8653

O3 Mining Completes Acquisition of Harricana River Mining Corporation

Toronto, Ontario (August 23, 2019) – O3 Mining Inc. (“O3 Mining”) (TSXV:OIII) is pleased to announce that it has acquired Harricana River Mining Corporation Inc. (“Harricana Mining“) pursuant to an amalgamation agreement dated July 19, 2019 among Harricana Mining, O3 Mining and 9401-3513 Québec Inc. (“O3 Subco“), a wholly owned subsidiary of O3 Mining (the “Amalgamation Agreement“). Pursuant to the Amalgamation Agreement, Harricana Mining and O3 Subco amalgamated under the provisions of the Business Corporations Act (Québec), with the resulting company being a wholly-owned subsidiary of O3 Mining (the “Amalgamation“).

Under the terms of the Amalgamation Agreement, shareholders of Harricana Mining are entitled to receive, a pro-rata basis, an aggregate of 773,196 common shares of O3 Mining in exchange for all of the issued and outstanding shares of Harricana Mining.

With this acquisition, O3 Mining has acquired Harricana Mining’s gold project located within the city limits of Val d’Or, Quebec and extending 5.6 km to the northeast of the city centre (“Harricana Mine Project“). The Harricana Mine Project consists of three contiguous claim blocks known as the “Aur Area A” and “Aur Area B” located in Bourlamaque Township and “Area C” located in Bourlamaque and Dubuisson Townships. The total area of the property is approximately 1,338.4 ha (3,307.2 acres) consisting of 82 mining claims. The Harricana Mine Property contains at least 4 areas of gold mineralization, namely, the original Harricana Mine, north-northwest of the mine known as the Hydro Zone, north of the mine known as the High Voltage Zone and the Aur Area ‘A’ Option zone.

José Vizquerra Benavides, President and Chief Executive Officer of O3 Mining, stated: “This additional transaction is complementary to our current land package while providing an excellent opportunity for the shareholders of Harricana Mining to join our emerging exploration and development company”. Mr. Vizquerra Benavides further commented: “The acquisition will advance O3 Mining’s strategy of being a premier gold exploration company in Canada and an emerging consolidator of exploration properties in the highly-prospective gold camps in Canada – our focus is on areas we are very familiar with in Ontario and Québec. Our goal is to rapidly become a multi-million ounce, high-growth exploration company”.

 The Amalgamation is subject to the final approval of the TSX Venture Exchange.

About O3 Mining Inc.

O3 Mining’s mission is to become a premier gold exploration company in Canada and an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Ontario and Québec – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in the Marban Block Project and the Garrison Project. The Marban Block Project is located in the heart of Québec’s prolific Abitibi gold mining district and comprised of four contiguous claim groups in the Malartic mining camp – Norlartic, First Canadian, Marban and Gold Hawk – and currently consists of 30 mining claims and three mining concessions that cover 1,023 hectares. The Garrison Project is located in the Larder Lake Mining Division in Northern Ontario and comprised of three main deposits – the Garrcon, Jonpol and 903 deposits – as well as the past-producing Buffonta mine and the Gold Pike mine property.

For further information on O3 Mining, please contact:

José Vizquerra Benavides
President, CEO and Director
416 363-8653

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 completion of the transactions described herein. 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 party nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Neither party undertakes, 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.

O3 Mining Grants Stock Options and Restricted Securities

Toronto, Ontario (August 13, 2019) – O3 Mining Inc. (“O3 Mining” or the “Corporation”) (TSXV: OIII) announces that today it has granted to certain officers, directors, employees and/or consultants of the Corporation (i) an aggregate of 2,280,000 options to acquire common shares of the Corporation (“Options“), and (ii) an aggregate of 390,000 restricted share units of the Corporation (“RSUs“). The Options have an exercise price of $3.07 per share, have a five-year term from the date of grant, and vest annually in equal thirds beginning on the date of grant. The RSUs are subject to a three-year cliff vesting period from the date of grant

Any common shares issuable upon exercises of Options will, in accordance with applicable securities laws, be subject to a hold period expiring four months and one day from the date of grant.

About O3 Mining Inc.

O3 Mining’s mission is to become a premier gold exploration company in Canada and an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Ontario and Québec – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in the Marban Block Project and the Garrison Project. The Marban Block Project is located in the heart of Québec’s prolific Abitibi gold mining district and comprised of four contiguous claim groups in the Malartic mining camp – Norlartic, First Canadian, Marban and Gold Hawk – and currently consists of 30 mining claims and three mining concessions that cover 1,023 hectares. The Garrison Project is located in the Larder Lake Mining Division in Northern Ontario and comprised of three main deposits – the Garrcon, Jonpol and 903 deposits – as well as the past-producing Buffonta mine and the Gold Pike mine property.

For further information on O3 Mining, please contact:

José Vizquerra Benavides
President and Chief Executive Officer
416 363 8653

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 press release.

O3 Mining Completes Acquisition of Alexandria Minerals

Toronto, Ontario (August 1, 2019) – O3 Mining Inc. (TSXV:OIII) (“O3 Mining”) and Alexandria Minerals Corporation (TSXV:AZX; OTCQB:ALXDF; Frankfurt:A9D) are pleased to announce the successful completion of their previously-announced business combination, pursuant to which O3 Mining acquired Alexandria by way of a court-approved plan of arrangement under the Canada Business Corporations Act (the “Arrangement“). Alexandria is now a wholly-owned subsidiary of O3 Mining.

Under the Arrangement, holders of common shares of Alexandria (“Alexandria Shares“) are entitled to receive 0.018041 of a common share of O3 Mining in exchange for each Alexandria Share held immediately prior to the effective time of the Arrangement. An aggregate of 9,557,956 common shares of O3 Mining are expected to be issued to former shareholders of Alexandria. Further, under the Arrangement, holders of options and warrants to acquire Alexandria Shares outstanding immediately prior to the effective time of the Arrangement received replacement options and warrants, as the case may be, entitling the holders thereof to acquire common shares of O3 Mining, as adjusted based on the same exchange ratio of 0.018041. An aggregate of approximately 1,627,709 common shares of O3 Mining (subject to rounding) have been reserved for issuance upon exercises of options and warrants held by such former holders of options and warrants, as the case may be, of Alexandria

José Vizquerra Benavides, President and Chief Executive Officer of O3 Mining, stated: “We are moving quickly out of the starting gates with our new company, and are very pleased to add the large Cadillac Break property located in the world-class mining district of Val d’Or, Quebec to our current portfolio while providing an excellent opportunity for the shareholders of Alexandria to join our emerging exploration and development company. We have a focused and experienced management team with a track record of building successful mining companies, and we are dedicated to creating value for our shareholders”. Mr. Vizquerra Benavides further commented: “The acquisition will advance O3 Mining’s strategy of being a premier gold exploration company in Canada and an emerging consolidator of exploration properties in the highly prospective gold camps in Canada – our focus is on areas we are very familiar with in Ontario and Québec. Our goal is to rapidly become a multi-million ounce, high-growth exploration company”.

Walter Henry, Acting President and Chief Executive Officer of Alexandria, stated: “O3 Mining has both the access to capital and the management to move Alexandria’s projects forward. We are very pleased that shareholders will have the opportunity to capitalize on the success of these efforts, as well as the longer-range goals of O3 Mining”.

With the Arrangement now complete, O3 Mining will cause (i) the Alexandria Shares to be delisted from the TSX Venture Exchange, and (ii) Alexandria to submit an application to the securities regulators to cease to be a reporting issuer and to terminate its public reporting obligations.

Each of the directors and officers of Alexandria tendered their resignation effective upon the completion of the Arrangement. The directors and officers of Alexandria have been replaced by John F. Burzynski (Director), José Vizquerra Benavides (Director, President and Chief Executive Officer) and Blair Zaritsky (Director, Chief Financial Officer and Secretary).

Registered shareholders of Alexandria are reminded to complete, sign and return the Letter of Transmittal that was mailed to them in order to receive the common shares of O3 Mining which they are entitled to receive under the Arrangement.

Further details regarding the Arrangement are set out in the management information circular of Alexandria dated May 27, 2019, as amended by the material change report of Alexandria dated June 27, 2019, which are available on SEDAR (www.sedar.com) under Alexandria’s issuer profile.

About O3 Mining Inc.

O3 Mining’s mission is to become a premier gold exploration company in Canada and an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec and Ontario.– with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in the Marban Block Project and the Garrison Project. The Marban Block Project is located in the heart of Québec’s prolific Abitibi gold mining district and comprised of four contiguous claim groups in the Malartic mining camp – Norlartic, First Canadian, Marban and Gold Hawk. The Garrison Project is located in the Larder Lake Mining Division in Northern Ontario and comprised of three main deposits – the Garrcon, Jonpol and 903 deposits – as well as the past-producing Buffonta mine and the Gold Pike mine property.

For further information on O3 Mining, please contact:

José Vizquerra Benavides
President, CEO and Director
416 363 8653

About Alexandria Minerals Corporation

Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with its strategic property located in the world-class mining district of Val d’Or, Quebec. Alexandria’s focus is on its flagship property, the large Cadillac Break Property package in Val d’Or, which hosts important, near-surface, gold resources along the prolific, gold-producing Cadillac Break, all of which have significant growth potential.

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 completion of the transactions described herein. 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 party nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Neither party undertakes, 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.

O3 Mining Completes Acquisition of Chalice Québec Properties

Toronto, Ontario (July 25, 2019) – O3 Mining Inc. (“O3 Mining” or the “Corporation”) (TSXV: OIII) is pleased to announce that it has completed its previously-announced acquisition of Chalice Gold Mines (Québec) Inc. pursuant to the terms of a share purchase agreement dated July 2, 2019 between O3 Mining and Chalice Gold Mines (Ontario) Inc. (the “Purchase Agreement“).

Pursuant to the Purchase Agreement, the Corporation acquired Chalice Gold Mines (Québec) Inc. in exchange for (i) 3,092,784 common shares of the Corporation (collectively, “Consideration Shares “), which were issued at a deemed value of C$3.88 per common share, for total share consideration of C$12 million, and (ii) a 1% net smelter returns royalty on all of the acquired claims that were not subject to a pre-existing royalty (the “Transaction“).

Chalice Gold Mines (Québec) Inc. is the registered holder of the East Cadillac and Kinebik Gold Projects in Québec, Canada, and also holds the underlying option agreements on the East Cadillac Gold Project with Globex Mining Enterprises Inc. and Renforth Resources Inc. As a result of the completion of the Transaction, Chalice Gold Mines (Québec) Inc. has become a wholly-owned subsidiary of O3 Mining.

In accordance with the restrictions under Canadian securities laws and subject to certain exceptions, Chalice Gold Mines (Ontario) Inc. will be restricted from trading the Consideration Shares for a period of four months from the date hereof.

About O3 Mining Inc.

O3 Mining’s mission is to become a premier gold exploration company in Canada and an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Ontario and Québec – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in the Marban Block Project and the Garrison Project. The Marban Block Project is located in the heart of Québec’s prolific Abitibi gold mining district and comprised of four contiguous claim groups in the Malartic mining camp – Norlartic, First Canadian, Marban and Gold Hawk – and currently consists of 30 mining claims and three mining concessions that cover 1,023 hectares. The Garrison Project is located in the Larder Lake Mining Division in Northern Ontario and comprised of three main deposits – the Garrcon, Jonpol and 903 deposits – as well as the past-producing Buffonta mine and the Gold Pike mine property.

For further information on O3 Mining, please contact:

José Vizquerra Benavides
President and Chief Executive Officer
416 363 8653

Cautionary Statement 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 completion of the Share Purchase Agreement and other forward-looking information includes but is not limited to information concerning: the intentions, plans and future actions of O3 Mining and other information that is not historical facts.

Any statements that involve 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 O3 Mining, 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 O3 Mining 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 completion of the transactions described herein. 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, O3 Mining 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 O3 Mining nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. O3 Mining 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 press release.

Osisko Mining Completes Reverse Takeover of Chantrell Ventures – Creating O3 Mining Inc.

O3 Mining Inc. (TSXV:OIII) is well-capitalized and uniquely positioned as a premier gold exploration company in Canada as an emerging consolidator of exploration properties in prospective gold camps in Canada

Toronto, Ontario (July 5, 2019) – Osisko Mining Inc. (“Osisko Mining”) (TSX:OSK) and O3 Mining Inc. (“O3 Mining”) (TSXV:OIII) formerly Chantrell Ventures Corp. (“Chantrell”), are pleased to announce the successful completion of their previously-announced spinout transaction, which resulted in, among other things, Osisko Mining transferring certain of its non-core assets to Chantrell in exchange for common shares of Chantrell by way of a plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement“). Under the Arrangement, Osisko Mining transferred to O3 Mining the Marban project, the Garrison project, exploration properties and a portfolio of selected securities, in exchange for 24,977,898 post-consolidation common shares of O3 Mining, representing approximately 82.2% of the issued and outstanding common shares of O3 Mining.

In addition, under the Arrangement, (i) the common shares of Chantrell were consolidated on a forty-to-one (40:1) basis, (ii) the name of “Chantrell Ventures Corp.” was changed to “O3 Mining Inc.”, and (iii) the board of directors of O3 Mining was reconstituted to comprise the following individuals: Mr. John Burzynski (Chairman), Mr. Bernardo Alvarez Calderon, Mr. Patrick Anderson, Mr. Murray John, Mr. Keith McKay, Ms. Amy Satov, Mr. Elijah Tyshynski and Mr. José Vizquerra Benavides.

Management of O3 Mining consists of Mr. José Vizquerra Benavides (President and Chief Executive Officer), Mr. Blair Zaritsky (Chief Financial Officer) and Ms. Lili Mance (Corporate Secretary).

Concurrent with the closing of the Arrangement, the previously-issued subscription receipts of Chantrell Ventures converted into post-consolidation common shares and warrants of O3 Mining, and the escrowed proceeds were released to O3 Mining.

With the Arrangement now complete, the common shares of O3 Mining are expected to be listed on the TSX Venture Exchange and begin trading under the symbol “OIII” on the second business day following the completion of the Arrangement (i.e., on or about July 9, 2019).

For additional information concerning the Arrangement, please refer to the management information circular of Chantrell dated May 27, 2019, which is available on SEDAR (www.sedar.com) under O3 Mining’s issuer profile.

About O3 Mining Inc.

O3 Mining’s mission is to enhance shareholder value through the acquisition and development of mining properties, with a bias towards gold projects in Ontario and Québec.

For further information on O3 Mining, please contact:

José Vizquerra Benavides
President, CEO and Director
416 363 8653

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall Lake gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding the Urban Barry area and nearby Quévillon area (over 2,700 square kilometres).

For further information on Osisko Mining Inc., please contact:

John Burzynski
President, CEO and Director
416 363 8653

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 completion of the transactions described herein. 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 party nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Neither party undertakes, 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.

O3 Mining Inc. Files Early Warning Report In Respect of Canadian Orebodies Inc.

Toronto, Ontario (July 5, 2019) – O3 Mining Inc. (TSXV:OIII) (the “Corporation“) announces that it has filed an early warning report in respect of its holdings in Canadian Orebodies Inc. (“Orebodies“). Earlier today, pursuant to a statutory plan of arrangement under the provisions of Section 182 of the Business Corporations Act (Ontario) (the “Arrangement“), the Corporation acquired certain non-core assets of Osisko Mining Inc. (“Osisko“) – including all of the issued and outstanding shares of its wholly-owned subsidiary, O3 Markets Inc. (“O3 Markets“) – which holds 6,461,500 common shares of Orebodies (“Orebodies Shares“).

Prior to the Arrangement, Osisko, through O3 Markets, beneficially owned or controlled 6,461,500 Orebodies Shares, representing approximately 12.0% of the issued and outstanding Orebodies Shares. As a result of the Arrangement, the Corporation, through O3 Markets, now beneficially owns or controls, 6,461,500 Orebodies Shares, representing approximately 12.0% of the issued and outstanding Orebodies Shares (on the basis of there being 53,898,450 Orebodies Shares issued and outstanding as of the date hereof). The Corporation did not own or control, directly or indirectly, any Orebodies Shares prior to the Arrangement.

Pursuant to the Arrangement, Osisko transferred to the Corporation its entire legal and beneficial right, title and interest in certain non-core assets – including all of the issued and outstanding shares of its wholly-owned subsidiary, O3 Markets Inc., which holds 6,461,500 Orebodies Shares – in exchange for aggregate consideration of 24,977,898 common shares of the Corporation (collectively, the “Consideration Shares“) and the assumption by the Corporation of certain liabilities of Osisko relating to such assets. The 24,977,898 Consideration Shares were valued at $96,914,246 based on each Consideration Share having a deemed value of $3.88 per share. The 6,461,500 Orebodies Shares that were transferred to the Corporation pursuant to the Arrangement were valued at $1,615,375.00 (or $0.25 per share) based on the closing price of Orebodies Shares on the TSX Venture Exchange as of May 13, 2019 (being the date immediately preceding the announcement of the Arrangement).

The Orebodies Shares were acquired indirectly through the acquisition of O3 Markets pursuant to the Arrangement and are being held for investment purposes. The Corporation has no current intention of increasing or decreasing its ownership of, or control or direction over, additional securities of Orebodies. Depending on market conditions, general economic and industry conditions, Orebodies’ business and financial condition and/or other relevant factors, the Corporation may increase or decrease its beneficial ownership of securities of the Corporation through market transactions, private agreements or otherwise, in the future.

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 July 5, 2019. The early warning report respecting this transaction has been filed on SEDAR (www.sedar.com) under Orebodies’ issuer profile. To obtain a copy of the early warning report filed by the Corporation, please contact José Vizquerra Benavides at (416) 363-8653 or refer to SEDAR (www.sedar.com) under Orebodies’ issuer profile.

For further information on the Corporation please contact:

José Vizquerra Benavides
President, Chief Executive Officer & Director
Telephone: 416 363 8653

The Corporation’s head office is located at 155 University Avenue, Suite 1440, Toronto, Ontario M5H 3B7.

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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