The sizeable prospective belt within the Horizon Project and
the multiple geophysical anomalies identified by O3 Mining have
provided the fundamental elements to allow for the discovery of
significant VMS deposits.
TSXV:OIII | OTCQX:OIIIF - O3
Mining
TORONTO, Nov. 13,
2023 /CNW/ - O3 Mining Inc. (TSXV: OIII)
(OTCQX: OIIIF) ("O3 Mining" or the "Corporation") is
pleased to announce that it has received the results of the two
inaugural drill holes completed over the prospective Volcanogenic
Massive Sulphide ("VMS") belt within the Horizon Project, in
Val-d'Or, Québec, Canada ("Horizon" or the "Horizon
Project").
Highlights
- Hole O3HR-23-001 intercepted a laminated sulphide-rich
siliceous tuff containing highly anomalous base and precious metal
values of up to 0.24% Cu, 0.15% Zn, 0.1 g/t Au, and 1.4 g/t Ag over
1.4 metres from 356.0 metres.
- These anomalous values are well within the range of values
encountered in VMS related exhalative horizons in other
prolific belts of Abitibi like the C Contact at Noranda and the Key
Tuffite at Matagami.
- The exhalative horizon in O3HR-23-001 is located along a
2.5 kilometres long chargeability induced polarization ("IP") and
magnetic anomaly contained within a bimodal (mafic-felsic) volcanic
sequence reaching 14 kilometres in length and interpreted to be
equivalent to the Louvicourt Group, which hosts the Louvicourt VMS
deposit in the Val-d'Or district
(14Mt at 3.5% Cu, 1.5% Zn, 25.9 g/t Ag and 0.9 g/t Au).
- Eight other IP anomalies have been obtained within the 14
km long volcanic sequence, all of which remain to be tested.
O3 Mining's President and Chief Executive Officer, Mr.
José Vizquerra commented: "We are very excited
about the initial results at the Horizon Project that confirm the
discovery of a fertile environment supporting a highly prospective
VMS deposit. VMS deposits represent some of the richest sources
globally of a diverse group of strategic metals including copper,
zinc, and lead. VMS deposits can also produce significant amounts
of gold and silver as byproducts. The sizeable prospective belt
within the Horizon Project and the multiple geophysical anomalies
identified by O3 Mining have provided the fundamental elements that
allow for the discovery of VMS deposits. These meaningful results
create a new focus of interest on the project that warrants
subsequent drilling."
Base and precious metal anomalous exhalites in VMS deposit
environments have been widely documented. They represent a
hiatus in volcanism where localized hydrothermal venting produced
VMS deposits. They normally extend at the district scale and thus
become a fundamental marker horizon that guides the explorationist
in search of VMS deposits. Also, the presence of felsic
volcanic rocks is another characteristic of the VMS belts, and such
rocks have been mapped by government geologists at the Horizon VMS
target.
Limited historical work has been done in that part of the
Horizon Project. Nevertheless, the historical drill hole 5071-04,
drilled by Breakwater Resources in 1996 (Perchat, 1996, GM54030),
under the Cauldon showing returned 4.6% Zn and 29.1 g/t Ag over 5.8
metres in what is reported as silicified ultramafic rocks about 1.5
km southeast of O3HR-23-001. Field review of the Cauldron showing
by O3 Mining geologists shows that the zinc mineralization is
associated with a metamorphosed cherty and laminated horizon,
interpreted as an exhalite horizon. Historical drilling along that
trend cut zinc – silver mineralization over 600 metres strike
length and remains open in all directions. O3 Mining completed a
high-resolution drone mag survey in March
2022 over the entire Horizon Project with flight lines
spaced at 50 metres for a total of 712 linear-kilometres. The
discovery by prospecting in summer 2022 of a sulphide-rich
laminated horizon (named GP-2) sparked the interest of O3 Mining's
geologists. The decimetric horizon contains 15% finely laminated
pyrite and pyrrhotite, and a grab sample returned 0.7 % Cu, 0.5 g/t
Au and 9.4 g/t Ag. Claims have been staked to cover the prospective
belt to the northwest, up to Malartic Lake, to join O3 Mining's
Heva project. The latter has since been amalgamated into the
Horizon Project. A VTEM® electromagnetic ("EM")
survey (370 linear-km, 100 m spacing)
was completed in December 2022, and
IP surveys (pole-dipole and gradient) were completed during winter
2023. The IP surveys identified weak to moderate anomalies, one of
which is 2.5 kilometre long and coincident with the GP-2 showing.
Conceptually, the IP anomalies could represent volcanogenic
horizons, which in return could lead to the discovery of VMS
deposits below the VTEM penetration limit (approximately
250 m). During the summer 2023,
O3 Mining's staff completed stripping of the GP-2 showing, more
mapping and prospecting as well as a systematic soil sampling
survey (assays pending). The two inaugural drill holes completed
last summer were targeting the IP anomaly coincident with the GP2
showing. In-hole Pulse EM surveys conducted in both holes, revealed
an in-hole anomaly in O3HR-23-001. The two inaugural drill holes
were spaced by 1.4 kilometres and cut the prospective horizons at
some 300 metres vertical.
The next steps at the Horizon Project will consist
of fence drilling to identify the prospective horizons in terms of
VMS deposition or emplacement. Each prospective horizon will be
characterized by its IP and soil response. The best targets will be
drill tested at a 400-metre spacing at a vertical depth of 300
metres and pulse EM surveys will be completed in each hole to be
able to rapidly cover the horizons and discover significant VMS
mineralization.
About the Horizon
Project
The Horizon Project is located directly to the northwest of
Marban Alliance. It consists of 192
claims covering 8,778 hectares, contiguous with Marban Alliance. The exploration stage at
Horizon is less advanced than Marban
Alliance, even though it covers the traces of the prolific
Marbenite and Norbenite shears. The southwestern portion of the
Horizon Project also covers the eastern end of the Blake River
Group and a portion of the Temiskaming Group, where the auriferous
Parfouru fault has been recognized. Also, the northern portion
covers the Louvicourt Group described in the current press
release.
Figure 1: Horizon and Marban Alliance Projects Map
Figure 2: Horizon Project geological map
Table 1: Drill Hole Parameters from 2023 Horizon VMS
drill holes
Hole
|
Azimuth
|
Dip
|
Start
Depth
|
End
Depth
|
Length
(m)
|
Target Zone
|
UTM
Easting
|
UTM
Northing
|
O3HR-23-001
|
206
|
-45
|
0
|
540
|
540
|
VMS
|
275083
|
5343219
|
O3HR-23-002
|
206
|
-45
|
0
|
540
|
540
|
GP-2
|
273791
|
5343864
|
Qualified Persons
The scientific and technical content of this news release has
been prepared, reviewed and approved by Mr. Louis Gariepy (OIQ #107538), VP Exploration 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 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 (73,000 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. In this news
release, such forward-looking information includes, but is not
limited to, the following statements: the discovery of a VMS
deposit in the Horizon Project; the Corporation's plan to conduct
further drilling on the property; the potential discovery of VMS
deposits below the VTEM penetration limit; the Corporation's
intended next steps at the Horizon VMS target; the Corporation's
ability to demonstrate the footprint of any such deposit with
further drilling; the ability of exploration (including drilling)
to accurately predict mineralization; the significance of the
intercepts reported in this news release; the prospectivity of the
Horizon Project; production being achieved at any of the
Corporation's properties; the Corporation becoming a gold producer
with several multi-million-ounce deposits in Québec; and the
Corporation's ability to deliver superior returns to its
shareholders and long-term benefits to its stakeholders. 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
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"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 ability of
exploration activities (including drilling) to accurately predict
mineralization; errors in management's modelling; the ability of
any material to be mined in a matter that is economic; the
Corporation's ability to obtain any necessary permits, consents or
authorizations required for its planned activities; the
Corporation's ability to raise the necessary capital or to be fully
able to implement its business strategies; and the price of gold.
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
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Corporation believes that this forward-looking information is based
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statements included in this news 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
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statements speak only as of the date of this news release.
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SOURCE O3 Mining Inc.