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Home > News > O3 Mining Increases M&I...

O3 Mining Increases M&I Open-Pit Resource by 29% for Marban Engineering near Val D'or

Mar 1, 2022


O3 Mining Inc. is providing an updated Mineral Resource Estimate ("MRE") for its 100 percent ("%") owned Marban Project located in Val-d'Or. This MRE includes the results of 39,208 metres of infill and expansion drilling in and around the 2020 Marban Preliminary Economic Assessment ("PEA") pits.

Highlights 

  • Total Measured & Indicated ("M&I)" Open-Pit Mineral Resource of 2.3 million ounces of gold at an average grade of 1.07 g/t Au
  • Increase in Open-Pit resources of 520,000 ounces (+29%) in the Indicated category, with an average gold grade increased by 2%. 
  • Conversion rate from Inferred to Indicated category is greater than 100%
  • Kierens-Norlartic Open Pit M&I resources more than doubled from 2020 MRE
  • Total M&I represents 91% of Total MRE
  • 20,000 metres planned for Brownfield exploration to increase near surface resources at Marban Engineering

The updated mineral resource is estimated from 507,238 metres of drilling in 2,205 holes including 39,208 metres in 209 holes drilled by O3 Mining from March to December 2021. Most of the drilling was dedicated to infill drilling to convert inferred resources from the PEA to indicated resources, which will be used as a resource base for the upcoming Pre-Feasibility Study ("PFS") together with recently completed and reported metallurgical testwork results. The completed drilling succeeded to convert Inferred resources from the PEA to Indicated resources.

O3 Mining's President and Chief Executive Officer, Mr. Jose Vizquerra commented, "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. In parallel, initiating our 20,000 metres brownfield exploration program to increase near-surface resources and ounces at Marban Engineering."

The current drilling campaign on Marban Engineering will aim to expand the mineralization 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. Other zones not included in the current estimate will also be targeted such as Orion, Malartic Hygrade and Malartic H prospects.



Tags: Quebec / Exploration / Gold / All Articles