O3 Mining Intersects 102.0 g/t Au over 1.5 Metres at Malartic H, Marban Alliance

TSXV:OIII | OTCQX:OIIIF – O3 Mining

TORONTO, July 18, 2024 /CNW/ – O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) (“O3 Mining” or the “Corporation“) is pleased to announce that it has received the second set of assay results from its 24,505 metre drilling campaign completed between January 2024 and March 2024 on the Malartic H deposit “Malartic H“) within the Marban Alliance project, in Val-d’Or, Québec, Canada (the “Marban Alliance Project“).

Highlights:

  • 35.1 g/t Au over 4.5 metres in hole O3MA-24-678 at a vertical depth of 72.9 metres, including 102.0 g/t Au over 1.5 metres on Malartic H
  • 3.0 g/t Au over 15.4 metres in hole O3MA-24-655 at a vertical depth of 52.7 metres on Malartic H
  • 2.1 g/t Au over 19.3 metres in hole O3MA-24-678 at a vertical depth of 212.4 metres, including 31.7 g/t Au over 0.7 metre on Malartic H

O3 Mining’s President and Chief Executive Officer, Mr. José Vizquerra commented: “The results from our exploration program at Malartic H continue to yield excellent intercepts. These intercepts represent the second set of assay results following the announcement of our initial positive assay results on April 17, 2024. Malartic H is consistently showing attractive results that increase the potential for growth laterally and at depth. Our team is currently completing additional drilling at Malartic H and we remain hopeful that this additional drilling could help support the quality and potential growth of the deposit. We are proud of the work completed to date at Malartic H which supports our belief in the robustness of the Marban Alliance Project and the Malartic H’s role in the project.”

The objective of the 2024 drilling campaign on the Malartic H deposit is the conversion of mineral resources that are currently classified as inferred mineral resources in the Corporation’s current mineral resource estimate to the indicated mineral resource category (see news release of O3 Mining dated June 20, 2023 and entitled O3 Mining Delivers Maiden Mineral Resource Estimate for Malartic H). The winter portion of the 2024 drilling campaign totaled 121 drill holes of which assay results for 42 drill holes are being reported today (including eight holes with partial results), the results for 56 drill holes were previously reported (see news release of O3 Mining dated April 17, 2024 and entitled O3 Mining Intersects 119.1 g/t Au over 2.5 Metres at Malartic H, Marban Alliance), and the results for 23 holes are still pending. After a pause during the spring breakup period, the drilling campaign has resumed with a short drilling program of 5,700 metres needed to complete the drill spacing of 40 metres necessary for the category conversion. The Corporation will report the outstanding assay results as they become available.

Malartic H Deposit

The Malartic H deposit has a recognized strike length of 950 metres, 300 metres wide and down to a vertical depth of 500 metres. It is located within five kilometres of the proposed processing plant described in the pre-feasibility study published on Marban Alliance in 2022 and approximately one kilometre to the north of the Malartic Hygrade former mine, near the hinge of a regional Z-shaped fold. The mineralized system is partially open laterally and completely open at depth. Notably, the Malartic H deposit is positioned between the northwestern extensions of the Marbenite and Norbenite shears, which host most of the resources of the Marban Alliance Project. At Malartic H, the two shears are northwest-trending and dipping around 70 degrees to the northeast. The deposit is hosted by an alternance of mafic and ultramafic volcanic sequence of the Jacola formation. Similar to the Hygrade area, numerous intermediate to felsic dyke systems are injected in the volcanic sequence. The mineralization occurs as disseminated pyrite with local visible gold in quartz veins and veinlets and disseminated in the host rock. Zones are spatially correlated shears within mafic volcanic units or with the intermediate to felsic dykes. All zones are roughly subparallel.

Figure 1: Photo of visible gold at 104.5 metres in hole O3MA-24-678 at Malartic H

Figure 1: Photo of visible gold at 104.5 metres in hole O3MA-24-678 at Malartic H (CNW Group/O3 Mining Inc.)

Table 1: Drill Hole Intercepts at Malartic H. Only intercepts with metal factor above 5.0 (g/t Au x metres) are reported, cut-off 0.3 g/t Au and above 200 metres from surface. See Table 2 below for full technical parameters.

Hole

From

(m)

To

(m)

Vertical

Depth

(m)

Grade

(g/t Au)

Core Length

(m)

Metal Factor

(g/t Au x m)

O3MA-24-578

5.4

19.1

7.6

1.7

13.7

23.1

O3MA-24-588

75.6

78.3

53.2

3.3

2.7

8.9

O3MA-24-611

51.3

58.1

37.3

1.3

6.8

8.6

O3MA-24-611

74.0

78.5

52.1

2.4

4.5

11.0

O3MA-24-620

59.0

69.4

55.8

0.9

10.4

9.4

O3MA-24-622A

211.0

220.9

206.1

0.6

9.9

6.1

O3MA-24-634

61.8

63.0

61.9

5.8

1.2

7.0

O3MA-24-645

127.9

133.2

92.2

1.1

5.3

5.9

O3MA-24-651

54.8

62.0

40.4

0.7

7.2

5.1

O3MA-24-654

185.3

190.5

130.8

1.1

5.2

5.5

O3MA-24-655

69.2

84.6

52.7

3.0

15.4

45.5

O3MA-24-661

43.5

47.0

31.8

3.5

3.5

12.2

O3MA-24-666

98.1

107.2

77.3

0.8

9.1

7.6

O3MA-24-666

111.3

115.1

85.1

7.6

3.8

28.8

Including

112.3

112.9

84.6

33.2

0.6

19.9

O3MA-24-668

31.9

34.6

22.6

2.5

2.7

6.7

O3MA-24-672

88.6

92.6

67.9

3.8

4.0

15.1

O3MA-24-674

152.6

153.4

131.3

7.4

0.8

6.0

O3MA-24-674

192.4

192.9

165.1

58.4

0.5

29.2

O3MA-24-675

78.4

94.4

87.5

1.7

16.0

26.5

Including

78.4

79.2

79.9

12.3

0.8

9.8

O3MA-24-678

103.0

107.5

72.9

35.1

4.5

158.1

Including

104.5

106.0

72.9

102.0

1.5

153.0

O3MA-24-678

207.4

215.3

145.9

1.4

7.9

11.1

O3MA-24-678

279.5

295.2

197.7

2.1

15.7

33.3

O3MA-24-678

299.5

318.8

212.4

2.1

19.3

40.9

Including

310.1

310.8

213.3

31.7

0.7

22.2

O3MA-24-678

335.5

352.3

235.8

1.4

16.8

24.4

O3MA-24-678

388.7

396.1

268.3

3.3

7.4

24.1

O3MA-24-679

16.8

20.3

14.1

2.6

3.5

9.0

O3MA-24-682

12.8

21.0

11.5

0.9

8.2

7.7

O3MA-24-682

34.3

48.1

29.1

1.3

13.8

17.8

O3MA-24-682

101.0

107.5

73.9

1.0

6.5

6.5

O3MA-24-685

138.5

145.0

100.5

2.3

6.5

14.8

True width determination is currently unknown but is estimated at 65-80% of the reported core length interval for the zones. Assays are uncut except where indicated.

Figure 2: Marban Alliance Project Map 

Figure 2: Marban Alliance Project Map (CNW Group/O3 Mining Inc.)

Figure 3: Malartic H – Significant Intercepts Map

Figure 3: Malartic H - Significant Intercepts Map (CNW Group/O3 Mining Inc.)

Table 2: Technical parameters of holes of the 2024 campaign at Malartic H that have received assay results

Hole

Azimuth (°)

Dip (°)

Start Depth (m)

End depth

 (m)

Length

UTM

Zone 18

Easting

(m)

UTM

Zone 18 

Northing

(m)

Assays

Status

O3MA-24-549

224

-45

0

141.3

141.3

275488

5339570

All Received

O3MA-24-550A

224

-49

0

182.7

182.7

275596

5339618

All Received

O3MA-24-551A

215

-81

0

129.2

129.2

275488

5339570

All Received

O3MA-24-552

226

-50

0

183.1

183.1

275484

5339510

All Received

O3MA-24-553

224

-50

0

158.6

158.6

275625

5339582

All Received

O3MA-24-554A

224

-48

0

213

213

275521

5339495

All Received

O3MA-24-555

224

-45

0

126

126

275453

5339528

All Received

O3MA-24-556

224

-45

0

153

153

275410

5339496

All Received

O3MA-24-557

224

-50

0

189

189

275558

5339526

All Received

O3MA-24-558

224

-45

0

96

96

274904

5339951

All Received

O3MA-24-559

224

-55

0

225

225

275372

5339515

All Received

O3MA-24-560

224

-46

0

168

168

275593

5339450

All Received

O3MA-24-561

224

-45

0

96

96

274939

5339929

All Received

O3MA-24-562

224

-45

0

162

162

275565

5339478

All Received

O3MA-24-563

63

-85

0

108

108

275373

5339515

All Received

O3MA-24-564

225

-45

0

105

105

274985

5339922

All Received

O3MA-24-565

224

-55

0

180

180

275383

5339432

All Received

O3MA-24-566A

225

-60

0

107.9

107.9

275605

5339351

All Received

O3MA-24-567

224

-45

0

106

106

275028

5339904

All Received

O3MA-24-569

224

-45

0

189.1

189.1

275374

5339457

All Received

O3MA-24-570

224

-46

0

180.1

180.1

275570

5339372

All Received

O3MA-24-571

224

-45

0

105

105

275060

5339878

All Received

O3MA-24-572

225

-55

0

108

108

275553

5339412

All Received

O3MA-24-573

224

-45

0

141.1

141.1

275329

5339417

All Received

O3MA-24-574

224

-45

0

105

105

275562

5339317

All Received

O3MA-24-575

224

-45

0

147

147

275101

5339918

All Received

O3MA-24-576

224

-45

0

143.6

143.6

275531

5339336

All Received

O3MA-24-578

224

-45

0

168

168

275120

5339880

Partial

O3MA-24-579

224

-50

0

170.6

170.6

275307

5339451

All Received

O3MA-24-580

224

-45

0

144

144

275514

5339371

All Received

O3MA-24-581

224

-45

0

137.9

137.9

275079

5339843

All Received

O3MA-24-583

224

-45

0

147

147

275492

5339396

All Received

O3MA-24-584A

224

-45

0

123

123

275285

5339487

All Received

O3MA-24-585

224

-45

0

93

93

275017

5339842

Partial

O3MA-24-587

224

-45

0

90

90

275289

5339382

All Received

O3MA-24-588

224

-45

0

96

96

274987

5339864

All Received

O3MA-24-589

224

-50

0

174

174

275481

5339457

All Received

O3MA-24-590

224

-50

0

99

99

275270

5339416

All Received

O3MA-24-591

224

-45

0

96

96

274948

5339878

All Received

O3MA-24-592

224

-45

0

108

108

275184

5339503

All Received

O3MA-24-593

224

-45

0

216

216

275187

5339776

Partial

O3MA-24-594

224

-45

0

105

105

275222

5339483

All Received

O3MA-24-595

252

-45

0

188

188

275590

5339613

Partial

O3MA-24-597

224

-45

0

94.6

94.6

275243

5339449

All Received

O3MA-24-598

214

-63

0

231

231

275190

5339965

All Received

O3MA-24-599

225

-66

0

156

156

275020

5340267

All Received

O3MA-24-600

224

-45

0

102

102

275039

5339803

All Received

O3MA-24-602

224

-45

0

138.2

138.2

275081

5339786

All Received

O3MA-24-603

224

-45

0

213.2

213.2

275201

5339958

All Received

O3MA-24-604

224

-45

0

171.1

171.1

274987

5340286

All Received

O3MA-24-606

234

-55

0

198.1

198.1

275099

5340231

Partial

O3MA-24-607

197

-65

0

261

261

275201

5339958

All Received

O3MA-24-609

210

-52

0

162.2

162.2

275071

5340220

All Received

O3MA-24-611

224

-45

0

189

189

275160

5339920

Partial

O3MA-24-612

224

-45

0

221.9

221.9

275207

5339749

All Received

O3MA-24-613

239

-65

0

186

186

275154

5339953

All Received

O3MA-24-614

224

-45

0

110.8

110.8

274989

5340199

All Received

O3MA-24-615

206

-45

0

291.2

291.2

275172

5340092

All Received

O3MA-24-617

239

-80

0

207

207

275154

5339953

All Received

O3MA-24-618

238

-59

0

369

369

275512

5339760

All Received

O3MA-24-619

224

-45

0

201

201

275141

5339956

All Received

O3MA-24-620

224

-56

0

165

165

275095

5340185

All Received

O3MA-24-621

223

-46

0

162

162

275326

5339526

All Received

O3MA-24-622A

216

-72

0

225

225

275119

5339999

All Received

O3MA-24-623

228

-46

0

216

216

275115

5340141

All Received

O3MA-24-624

224

-56

0

291

291

275512

5339760

All Received

O3MA-24-626

238

-67

0

237

237

275115

5340141

All Received

O3MA-24-627

202

-51

0

226

226

275471

5339696

All Received

O3MA-24-628

224

-45

0

183

183

275110

5339983

All Received

O3MA-24-630

224

-45

0

198

198

275073

5340113

All Received

O3MA-24-634

228

-85

0

204

204

275326

5339526

All Received

O3MA-24-637

212

-64

0

312

312

275419

5339755

All Received

O3MA-24-641

224

-45

0

159.1

159.1

275028

5340011

All Received

O3MA-24-645

224

-45

0

200.7

200.7

275069

5340051

All Received

O3MA-24-647

225

-70

0

165

165

275216

5339862

All Received

O3MA-24-651

224

-45

0

247.5

247.5

275275

5339698

All Received

O3MA-24-652

224

-45

0

174

174

274979

5340083

All Received

O3MA-24-654

224

-45

0

346

346

275298

5339941

All Received

O3MA-24-655

224

-45

0

178.1

178.1

275167

5339707

All Received

O3MA-24-659

224

-45

0

144.1

144.1

275221

5339538

All Received

O3MA-24-661

224

-45

0

144

144

275263

5339525

All Received

O3MA-24-666

224

-50

0

348

348

275368

5339727

Partial

O3MA-24-668

224

-45

0

126

126

275184

5339558

All Received

O3MA-24-670

224

-45

0

96

96

275144

5339517

All Received

O3MA-24-671

224

-46

0

168

168

275481

5339614

All Received

O3MA-24-672

224

-45

0

180

180

275725

5339392

All Received

O3MA-24-673

224

-45

0

114

114

275150

5339580

All Received

O3MA-24-674

224

-60

0

273

273

275327

5339635

All Received

O3MA-24-675

224

-77

0

177

177

275481

5339614

All received

O3MA-24-676

252

-47

0

246

246

275460

5339589

All Received

O3MA-24-677

224

-50

0

129

129

275113

5339603

All Received

O3MA-24-678

224

-45

0

405

405

275382

5339908

All Received

O3MA-24-679

226

-47

0

222

222

275460

5339589

All Received

O3MA-24-680

202

-50

0

235

235

275327

5339635

All Received

O3MA-24-681

245

-47

0

231

231

275598

5339669

All Received

O3MA-24-682

224

-45

0

201

201

275233

5339658

All Received

O3MA-24-684

224

-45

0

150

150

275670

5339384

All Received

O3MA-24-685

224

-50

0

240.1

240.1

275280

5339648

Partial

Qualified Person

The scientific and technical content of this news release has been prepared, reviewed, and approved by Mrs. Élise Bourgault, Geo (OGQ #894), Exploration Manager of O3 Mining, who is a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“).

Quality Assurance/Quality Control

Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Half-core samples are shipped to Agat Laboratory located in Val-d’Or, Québec, and Mississauga, Ontario, for assaying. The core is crushed to 75% passing -2 mm (10 mesh), a 250 g split of this material is pulverized to 85% passing 75 microns (200 mesh) and 50 g is analyzed by Fire Assay (FA) with an Atomic Absorption Spectrometry (AAS) finish. Samples assaying >10.0 g/t Au are re-analyzed with a gravimetric finish using a 50 g charge.

Commercial certified standard material and blanks are systematically inserted by O3 Mining’s geologists into the sample chain after every 18 core samples as part of the quality assurance and quality control (“QA/QC”) program. Third-party assays are submitted to other designated laboratories for 5% of mineralized samples. Drill program design, QA/QC, and interpretation of results are performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices.

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 (107,000 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 and resource modelling, the Corporation’s ability to grow the Malartic H deposit and the ability to convert inferred mineral resources to indicated mineral resources. 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 Malartic H; 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. 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 press 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.

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. For further information on O3 Mining, please contact:

José Vizquerra | CEO, President & Director

[email protected]

Alex Rodriguez | Vice President, Corporate Development

[email protected]

Telephone: +1 (647) 391-7724

Toll Free: +1 (833) 979-3516

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SOURCE O3 Mining Inc.

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