O3 Mining targets gold at Alpha and Marban projects
O3 Mining will progress its 2022 drilling program with 73,000 metres planned at its Alpha and Marban projects.
The winter drilling season at Marban will focus on the Camflo deposit extension at depth, and at Alpha, the focus will be on the expansion of the Kappa and Bulldog deposits and exploration in the Omega sector.
The Corporation has drilled 118,951 metres in 2021 on its Val-d'Or properties testing for Potential Economic Material ("PEM") with 100-metre step-outs aiming to expand current resources of 2.4mn oz measured and indicated (62.0 Mt @ 1.22 g/t Au)1 and 1.3 million ounces inferred (19 Mt @ 2.13 g/t Au)1 and make new discoveries.
The Marban project, located in the heart of the Malartic gold mining camp, covers 7,525 hectares and is located 12kms from the Canadian Malartic Mine. The Marban PEA outlined production of an average of 115,000 oz of gold per year over the 15.2-year mine life.
Activity at Marban this year will focus on Marban Engineering, the completion of the Marban PFS and future economic studies, and Marban Regional, a greenfield exploration program over the entire Marban project with 40,000 metres of drilling planned. In 2021, 63,756 metres were drilled with up to eight drill rigs testing for PEM, as well as aiming to convert resources from Inferred to Measured and Indicated, to ultimately become part of Marban's maiden mineral reserve.
A PEA was completed on the project in 2020, and a PFS is currently underway and due to be completed in 2022 as the next step to advance the project to production. Additionally, the Corporation has advanced baseline studies on the Marban project, held meetings with key stakeholders, and hosted its first community information meeting for nearby residents.
O3 Mining aims to become a leading gold producer and put the Marban project into production by 2026.
The Alpha property, located 8kms east of Val-d'Or, Québec, and 3kms south of the Eldorado Lamaque Mine, covers more than 7,754 hectares and includes 20 kilometres of the prolific Cadillac Break. O3 Mining has an option agreement that grants the right to acquire 100 percent interest in the Aurbel Mill located only 10kms from the Alpha property for C$5.0mn within the next five years.
In 2022, the 33,000 metres of drilling at Alpha will be focused on expanding the known deposits at Kappa and Bulldog, following up on Sigma-type veins in the Omega sector and resource conversion of the Akasaba deposit. A 54,121 metres program was executed in 2021, which included grassroots exploration, deposit delineation, and resource expansion.
O3 Mining's President and CEO Jose Vizquerra said the drilling results reported from the 2021 infill drilling program have confirmed the significance of the Marban, Kierens, Norlartic, North and North North Preliminary Economic Assessment pits.
“The infill drilling program at Marban has continuously demonstrated structural continuity and expansion of mineralization in both open pit and underground mine scenarios.” he said.
“The drill holes reported today reconfirm our expectations of expanding the gold resource in the open pits at Marban and allow us to focus on providing a resource update in the coming months. Throughout 2022, activity at Marban will be focused on Marban Engineering, undertaking the completion of the Marban Pre-Feasibility Study and future economic studies, as well as focusing on the Marban Regional greenfield exploration program."