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O3 Mining triples size of drilling program in Quebec to 150,000 metres

The first rig was mobilized earlier this week and more drills will be added in the near term, the firm said

O3 Mining Inc -
Drilling will take place at the Malartic, Alpha and East Cadillac properties

O3 Mining Inc (CVE:OIII) has tripled the size of its current drill program in Val D’Or, Quebec, after initial success in the campaign and following its recent C$35 million financing.

The firm has already sunk around 26,000 metres (m) of a 50,000m program announced last September and is now lifting that to 150,000m in a program budgeted at C$24 million to be completed by the end of 2021.

The first rig was mobilized earlier this week and more drills will be added in the near term, the company added.

READ: O3 Mining announces upsized C$35M bought deal private placement with syndicate of underwriters

"We are very pleased to restart our drilling activities in Val D’Or," said O3 CEO Jose Vizquerra in a statement. "Our recent financing will allow us to triple our exploration program for our Val D’Or properties and add value for our shareholders.

"We remain vigilant of the current (coronavirus) COVID situation and are continuously following all government protocols to ensure the safety of our employees and community," he added.

The drilling will focus on the Malartic property, where a preliminary economic assessment (PEA) is expected for Marban in the fourth quarter this year, while new regional drill targets will be explored northwest of Marban.

At the Alpha property, the focus will be on developing the resource, with expansion laterally and down plunge at the three Sectors areas, 1,2 and 3.

There will also be follow-up drilling on previous drilling at Sector 4 (Omega), which lies immediately south from the Sigma-Lamaque mine

At East Cadillac, O3 says it is set for advanced exploration, via the expansion of mineralization at North Contact and Simon West.

The firm describes itself as a "consolidator of exploration properties in prospective gold camps in Canada", namely in Quebec and Ontario. It aims to become a multi-million ounce, high-growth company.

Shares in Toronto ticked up 4.4% to C$2.36.

----Updates for share price---

Contact the author at [email protected] 

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Price: 2.66 CAD

TSX-V:OIII
Market: TSX-V
Market Cap: $160.39 m
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