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O3 Mining poised for follow-up work at Nordeau East and West at East Cadillac property after latest drill assays

The project sits on the Cadillac Larder Lake Fault (CLLF) and surrounds the past producing Chimo gold mine

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Highlight drill assays included 46.4 g/t gold over 1.3 metres in a hole to the north of Nordeau East zone, which lies 1.7 kilometres east of the Nordeau West zone

O3 Mining Inc (CVE:OIII) (OTCMKTS:OQMGF) told investors that the latest drill results from its East Cadillac property in Val D’Or, Quebec, underline the exploration potential at the project.

The property sits on the Cadillac Larder Lake Fault (CLLF) and surrounds the past-producing Chimo gold mine, which generated 379,000 ounces of the precious metal with an average grade of 4 grams per ton (g/t).

READ: O3 Mining closes bought deal private placing, raising C$40.2M

The group's latest highlight drill assays included 46.4 g/t gold over 1.3 metres in a hole to the north of Nordeau East zone, which lies 1.7 kilometres east of the Nordeau West zone. Nordeau East is open in all directions and warrants follow up work, O3 said.

Another hole hit 16.6 g/t of gold over 1.5 metres at around 250 meters north of the Nordeau West zone. This zone also requires follow up drilling in the winter months, the firm added.

"The presence of the stacked zones and their high-grade quality within the prospective package at East Cadillac further enhance the strength of the gold-bearing system and opens up additional exploration potential," said Jose Vizquerra,  the CEO of O3 Mining in Tuesday's statement.

"These results display additional exploration potential at our East Cadillac property. O3 Mining’s robust investment in its drilling capacity and recent financing allow the company to expand its exploration capacity across its properties."

On June 19, O3 Mining said it had closed a previously-announced "bought deal" brokered private placing, raising around C$40.2 million.

The firm is part of the Osisko group of companies and describes itself as an emerging 'consolidator' of exploration properties in prospective gold camps in Canada, specifically in Québec and Ontario. It wants to become a multi-million-ounce company.

Shares added 0.76% in Toronto to C$2.64.

Contact the author at [email protected]

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Price: 2.42 CAD

TSX-V:OIII
Market: TSX-V
Market Cap: $145.92 m
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