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O3 Mining reports 'spectacular' drill assay from Simkar zone at its Alpha property in Québec

Published: 08:28 17 Dec 2020 EST

O3 Mining Inc -
O3 has embarked on its fully-funded 150,000m drilling program, with seven drill rigs turning at Alpha and three at its Malartic properties

O3 Mining Inc (CVE:OIII) (OTCMKTS:OQMGF) reported Thursday a "spectacular" drill intercept from its Simkar zone within the Sector 3 of its Alpha property in Québec. 

The hole was sunk at the western extension of the Simkar zone and included an assay of 413 grams per ton (g/t) gold over 1.2 metres (m). Immediate follow-up drilling of this intercept is underway.

READ: O3 Mining set to further advance Garrison project as it delivers positive preliminary economic assessment

"This is a spectacular intercept and one which is associated with a well-developed structure and is flanked by two significant previous drill intercepts 200 metres away on each side," noted chief executive of O3 Jose Vizquerra.

"With all of these holes about 600 metres from the historical mine, it strongly suggests the presence of an important ore shoot in the down-plunge extension of the Simkar. Our winter drilling program will continue targeting this area and so we look forward to receiving more results early in the new year."

The Simkar area of the property in Val-d'Or has historically produced 54,500 ounces of yellow metal at a grade of 5.99 g/t and O3 has been drilling 400m away and west from the historic deposit.

The above intercept was found in the down rake extension of the Simkar deposit, 600m west of the historical mining stopes, at a vertical depth of 600m, said the company.

Drilling in the same zone previously returned 8.4 g/t gold over 1m in a hole located some 200m to the east and at the same elevation.

O3 has embarked on its fully-funded 150,000m drilling program, with seven drill rigs turning at Alpha and three at its Malartic properties.

At Alpha, the latest results show that the gold-bearing veins expand well beyond the historical Simkar resource, including potential continuity up to the El Sol and Paramaque zones, which if proven, would represent a 2,000 x 500m vein field.

"Our goal for 2020 was to confirm the potential within the Cadillac-Larder Lake corridor and unlock ounces in under-explored areas of the Val-d'Or camp. We have successfully advanced on this and with PEAs completed on our Marban and Garrison properties, we are now poised to continue the Osisko tradition and transition into a mine developer," added Vizquerra.

"Aggressive exploration has been a key part of our strategy and we are currently progressing through a 150,000 metre drilling program with 12 drill rigs across our properties by January 2021, and successfully using artificial intelligence to identify new targets.

"With over $60 million in our treasury, we will be able to continue this approach in 2021 and take meaningful steps to rapidly advance our projects. 2021 promises to be another year of achievement and I look forward to sharing more news with you as we advance our work programs."

Contact the author at giles@proactiveinvestors.com

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