The Launay property is located near the villages of Taschereau and Launay in southern Abitibi, 55 km NNE of Rouyn Noranda. It consists of 203 claims covering an area of 12,187 hectares. Access to the property is via an old trail connected to Highway 111, which crosses the property from west to east. The main trail leads to the top of the hill that formed Zone 75.

The property has been explored and mapped since the 1930’s. However, most of the exploration work (including trenching, stripping, drilling and geophysical surveys) were done in the 1980’s and 1990’s by Messeguay Mines. More than 200 holes were drilled systematically through the whole property, focussing mainly on Zone 75, Zone Principale and Zone 53. In 1988 Messeguay published a mineral resource for Zone 75 containing 29,500 oz Au at 3.6 g/t Au in indicated category and 33,246 oz Au at 3.3 g/t Au in the inferred category. Furthermore, Melkior conducted exploration work from 2012 to January 2014 included 28 diamond drill holes, metallurgical testing and surface work such as channeling and grab sampling. The property was subsequently acquired by Beaufield, which was then acquired by Osisko Mining and spun off into O3 Mining. A total of 37,410 metres of diamond drilling distributed over approximately 227 DDHs has been conducted on the Launay property.

The bedrock of the Launay property consists of felsic intrusive rocks of the Launay Pluton and Taschereau Batholith, mainly granodiorite and granite with various alteration. The main alteration includes epidote, potassic (biotite and potassic feldspar), albite, hematite, carbonate and sericite. Gold is associated with disseminated pyrite mineralization within albite-rich and/or potassic altered granite. Gold values are typically between 1.0 and 5.0 g/t Au in these zones. Locally, fracturing is developed within the albite-rich altered zones and gold seems to be more concentrated, typically above 5.00 g/t. Gold is also associated with quartz veins, especially on Zone Principale. Quartz and feldspar porphyry intrusions as well as mafic breccia-dykes occur which represent local marker horizons through the property.

At the property scale, gold mineralization seems to be concentrated at the intersection of NNE to NE structures with a crescent shape magnetic high extending over more than 5 km. Outside of the main mineralized area, several-showings located in similar intersections remain to be fully explored.

O3 Mining initiated compilation work in preparation for an initial summer field season aiming at understanding the mineralization context and assessing the potential to grow the mineral resources of the property.

No planned work in short term.