O3 Mining Inc. (TSXV: OIII) this morning provided an update on its ongoing drill program at its Marban property. A total of nine holes were released by the company, which were focused on the open-pittable deposits at Marban.
Notably, drill results included holes drilled between the Kierens-Norlartic deposits. Here, results confirmed the potential for expanded mineralization outside of the current pit areas, but more significantly, it indicated the potential to combine the pits into a single, large open-pit. This single pit would carry a potential strike length of over two kilometres.
Drilling highlights included:
- Hole O3MA-21-060 intersected 3.4 g/t gold over 3.1 metres
- Hole O3MA-21-064 intersected 1.0 g/t gold over 29.4 metres
- Hole O3MA-21-065 intersected 2.3 g/t gold over 3.4 metres, and 4.7 g/t gold over 3.8 metres
On September 08, 2020, the company released its Preliminary Economic Assessment in which they outlined estimated production of 115,000 ounces per year for over 15 years, after an initial expenditure of $256 million. A pre-feasibility study is currently slated to be completed in 2022.
O3 Mining Inc. last traded on the TSX Venture at $2.29.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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