O3 Mining (TSXV: OIII) (OTC: OIIIF) has updated the resource estimate for its 100% owned Marban project located in Val-d'Or, Québec, showing a total of 67.2 million tonnes in open pit measured and indicated (M&I) resources at an average gold grade of 1.07 g/t, for 2.3 million oz. of contained gold.
This represents an over 29% increase (520,000 oz.) in the open pit indicated resources, with an average gold grade improvement of 2%. There is also 2.1 million tonnes of inferred resources in the open pit grading 1.20 g/t gold, for 81,000 oz. gold.
The updated mineral resource encompasses 507,238 metres of drilling in 2,205 holes, including 39,208 metres in 209 holes drilled from March to December 2021.
Most of the drilling was dedicated to infill drilling to convert inferred resources from the preliminary economic assessment (PEA) to indicated resources, which together with the recently completed and reported metallurgical testwork results will be used as a resource base for the upcoming pre-feasibility study (PFS).
The completed drilling converted inferred resources from the PEA to indicated resources, with a conversion rate greater than 100%. In particular, the Kierens-Norlartic open pit M&I resources more than doubled from the 2020 estimate. Those in the M&I category now account for 91% of the Marban resource estimate.
"We are very pleased with the Marban resource update, which successfully converted our inferred resources into indicated, with a conversion rate greater than 100%, which positions us well for the PFS to be completed later this year. Together with the recent metallurgical test work results and higher indicated resources, we are expecting to see robust economics in the Marban PFS and to move quickly towards initiating a feasibility study," O3 Mining's president and CEO Jose Vizquerra commented.
The company also has 20,000 metres of drilling planned for brownfield exploration to increase the near-surface resources at Marban.
The aim of its current drill campaign is to expand the mineralization at Marban along strike to potentially generate future resources. The lateral extension of pits of the current resource estimates will be targeted, in particular, the two new pits generated north of the Marban main pit.
For more information, please visit www.o3mining.ca.
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