O3 Mining expands Marban gold mineralization

O3 Mining (TSXV: OIII; US-OTC: OIIIF) is in the midst of a 250,000-metre drill program at its Marban gold property near Val […]
Mineralization at the Marban project is recoverable using open pit methods. Credit: O3 Mining.

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Mineralization at the Marban project is recoverable using open pit methods. Credit: O3 Mining.

O3 Mining (TSXV: OIII; US-OTC: OIIIF) is in the midst of a 250,000-metre drill program at its Marban gold property near Val d’Or, Que. Its efforts are paying off as the company announced it has expanded gold mineralization  beyond the proposed Marban open pit area.

Details of the plans at Marban were made available in the September 2020 preliminary economic assessment.

Highlights of the latest drilling include these holes above a depth of 200 vertical metres:

  • O3MA-20-021: 1.5 metres of 20.2 g/t gold (25 metres below the proposed open pit);
  • O3MA-20-046: 13.4 metres grading 4.1 g/t including 1.2 metres of 23.0 g/t (inside the pit shell);
  • O3MA-21-045: 3.3 metres grading 2.7 g/t (expansion of the Marban zone); and
  • O3MA-21-039: 0.8 metre of 7.3 g/t gold.

The current measured and indicated resource stands at  62.0 million tonnes averaging 1.22 g/t gold (2.4 million contained oz.). The inferred resource is 20.2 million tonnes at 2.27 g/t gold (1.5 million contained oz.).

“We believe there is more gold we can bring into the resources at our flagship Marban property which will be extremely valuable to our planned mining operation, giving us the possibility to both extend the mine life and increase production,” said O3 Mining's president and CEO Jose Vizquerra.

The PEA put the initial Marban project capital investment at $256 million for a mine that would produce 1.78 million oz. over a 15.2-year life. The post-tax net present value (5% discount rate) is $4.2 million and the post-tax internal rate of return would be 25.2%.

The Marban project covers 7.53 sq. km about 12 km from the Canadian Malartic gold mine. The pre-feasibility study is due to be completed in 2022, and production could follow in 2026. Visit O3’s website at www.O3Mining.com.

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