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

 

 

 

 

 

 

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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