Two drill rigs have been mobilized to begin an 8,000-metre
drill program in the Cameron and Florence sectors of the Kinebik
Project
TSXV:OIII | OTCQX:OIIIF – O3 Mining
TORONTO, Nov. 20,
2024 /CNW/ - O3 Mining Inc. (TSXV: OIII)
(OTCQX: OIIIF) ("O3 Mining" or the "Corporation") is
pleased to announce the start of an 8,000-metre drill campaign at
the Cameron and Florence sectors of the Kinebik Project, which
straddles over 55 km of strike along the prolific auriferous Casa
Berardi trend. The Corporation mobilized two drill rigs to initiate
the drill campaign.
O3 Mining's President and Chief Executive Officer, Mr. José
Vizquerra commented: "This exploration program represents
the first drilling campaign that O3 Mining will begin on the
Kinebik Project. Our team has worked hard over the past year to
consolidate the Kinebik Project into a district scale property with
excellent exploration potential. After completing compilation of
data, field work, and identification of exploration targets, we
have now mobilized two drill rigs and begun our first campaign on
Kinebik. This project will play an important role in our
exploration strategy as development continues at Marban
Alliance."
The Kinebik Project straddles over 55 km of strike along the
prolific auriferous Casa Berardi trend, which extends over 400 km
in the northern part of the Abitibi Greenstone Belt. Along its
length, there are five mining districts including
the +5.0M oz Au world-class Casa Berardi deposit, the
Douay deposit (3.0M oz Au at 1.1 g/t Au), and the Vezza
deposit (0.3M oz Au at 5.6 g/t Au). The Kinebik Project is
easily accessible all year round through the main roads
to Matagami and Chibougamau cities. As a result
of an ongoing consolidation process, the current project now covers
a total of 47,510 hectares.
The Kinebik sector, acquired from NewOrigin Gold Corp.
in May 2023, comprises 14,636 hectares and covers over 30 km
of strike along the Casa Berardi trend and its host iron
formations, 150 km east of the Casa Berardi mine. The Cameron
sector, acquired in December 2023 from Globex Mining
Enterprises Inc. totals 8,220 hectares and covers several
prospective structures. One of them, the Cameron
Lake deformation zone, is a structural zone up to 2.0 km wide
and forms part of the wider Casa Berardi break corridor.
The Cameron Main mineral occurrence returned historical
intercepts of 2.2 g/t Au over 13.8 m
and 5.3 g/t Au over 5.5 m associated
with quartz veins in sheared graywackes and cherts. The upcoming
drilling program is being conducted to validate those intercepts,
test their lateral extensions and drill targets along the 10 km
segment of the Cameron deformation zone on the property. These
targets were designed based on the 2024 summer mapping program,
magnetic features and soil geochemical anomalies from the summer
2024 survey.
The Desjardins property acquired from SOQUEM Inc. in
September 2024 covers a total area of
2,186 hectares. Several drill intercepts associated with iron
formations were obtained on that property, namely 6.6 g/t Au over
4.7 m and 13.7 g/t Au over
5.0 m, and remain open laterally and
at depth, offering immediate drilling targets.
Finally, the 16,094 hectares Lac Esther property was acquired
from Midland Exploration Inc. in October
2024. It covers the eastern extension of the rocks sequences
and structural break found in the Florence sector.
The Corporation believes that the Kinebik Project offers
promising discovery potential based on its strategic geological
location, confirmed gold occurrences, and limited historical
drilling.
Figure 1: Kinebik Property and Drilling Areas
Qualified Person
The scientific and technical content of this news release has
been reviewed and approved by Mr. Louis Gariépy, P.Eng (OIQ
#107538), VP Exploration of O3 Mining, who is a "qualified person"
within the meaning of National Instrument 43-101 – Standards of
Disclosure for Mineral Projects.
About O3 Mining Inc.
O3 Mining Inc. is a gold explorer
and mine developer on the road to produce from its highly
prospective gold camps in Québec, Canada. O3 Mining benefits from the support
and expertise of a team of industry leaders as it grows towards
becoming 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 (127,100 hectares) in Québec. O3 Mining trades on
the TSX Venture Exchange (TSXV: OIII) and OTC Markets (OTCQX:
OIIIF). The Corporation 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.
Forward-looking statements including, but are not limited to,
statements with respect to planned and ongoing drilling, the
significance of drill results, the ability to continue drilling,
the impact of drilling on the definition of any resource, the
ability to incorporate new drilling in an updated technical report,
resource modelling, the prospectivity of the Kinebik Project, the
Corporation growing toward becoming a gold producer with several
multi-million-ounce deposits in Québec, and the Corporation
delivering superior returns to its shareholders and long-term
benefits to its stakeholders. 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. Except for statements of historical
fact relating to the Corporation, certain information contained
herein constitutes forward-looking statements Forward-looking
information is based on 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 drill results
at the Kinebik Project; the significance of drill results; the
ability of drill results to accurately predict mineralization; the
ability of any material to be mined in a matter that is economic;
and the future price of metals. 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 believes that this
forward-looking information is based on reasonable assumptions, but
no assurance can be given that these expectations will prove to be
correct and such forward-looking statements included in this news
release should not be unduly relied upon. 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. These statements speak only as of the date of this
news release.
Industry Data
This news release includes industry data and data related to
other issuers that has been obtained from public sources. Although
management of O3 Mining has no reason to believe such information
to be unreliable or inaccurate, none of such information has been
independently verified by O3 Mining.
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.
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SOURCE O3 Mining Inc.
