o3 Mining (TSXV: OIII) (OTCQX: OTCQX: OIIIF) announced the continual advancement of its property in Marban property in Val-d’Or Quebec, Canada, with exploration targets focused on expanding the mine’s life.
Marban Engineering is a standalone project with the capabilities to add more value to its present total of CAD$463 million by finding new ounces to extend the life of the mine, according to Jose Vizquerra, o3 Mining president and CEO. The overall impact for every additional production year will bring an extra $80-$100 million.
“2023 will be an ambitious year for O3 Mining as we work towards completing the Marban Engineering Feasibility Study (“FS”), as well as engage in exploration activities to unveil Marban’s growth potential over our 8,500 hectares property across the railroad from a world class deposit such as the Canadian Malartic Mine,” said Jose Vizquerra, O3 Mining president and CEO.
Marban Project could add considerable value within ten years
Specifically, Marban Engineering expects its near-pit expansion in the Norlartic and North resources to add value within the next decade. The company has already drilled 8,800 metres and converted 50,000 ounces of gold from the inferred to indicated category.
- 22.7 g/t Au over 3.4 metres starting at 76.9 metres in hole O3MA-22-368 including 84.8 g/t Au over 0.7 metres within the North pit
- 4.0 g/t Au over 11.7 metres starting at 334.7 metres in hole O3MA-22-347A including 24.8 g/t Au over 0.9 metres within the Norlartic pit
The company added drill holes at the Kierens pit to fill a gap and connect the main and satellite pits.
The company anticipates its Marban Engineering Resource Growth to add value in over ten years.
The Malartic H section could add near surface reserve to the mine. It’s located four kilometers away from the future plant. Secondarily, the significant intercepts found earlier this year are enough to suggest the company take a second look.
These intercepts include:
- 5.7 g/t Au over 7.6 metres in hole O3MA-22-341, including 30.9 g/t Au over 1.2 metres, within highly biotized ultramafic intrusion, with mineralization related to quartz veining containing visible gold
- 20.5 g/t Au over 2.2 metres in hole O3MA-22-351, including 73.5 g/t Au over 0.6 metres, within a sheared komatiitite, related to a felsic dike, with quartz veining and visible gold
Also, the company’s North North Extension is a low magnetic anomaly over the deposit with extends for 1.5 kilometres to the northwest from the north-north pit. Two drill holes intersected the mineralized zone successfully, but the assay results are pending. The corridor is largely untested.
Meanwhile, 11,000 metres have been drilled in 2022 over extensions in the Norlartic trend of up to two kilometers towards the southeast and next to the north wall of the Marban pit. Half of the assay results from this drilling are still pending.
There’s also substantial opportunities for underground potential, including the North region, where lateral and depth extensions of 5.1 g/t Au over 5.1 metres intercept starting at 580.2 metres associated with a wide quartz vein remain untested. Secondarily, the Marban Extension where a wide basalt unit hosts the Marban deposit is partially untested under 500 metres vertical before researching the eastern property limit. The Marban Footwall includes a prospective basalt unit 200 metres south of the Marban mine. High-grade values have been found here and its partially open both laterally and at depth.
- 1,045.0 g/t Au over 0.5 metres starting at 689.6 metres in hole O3MA-22-432
o3 Mining completed its drone magnetic survey
The company has also provided updates on its testing goal and VMS targets. Specifically, the company completed its high resolution drone magnetic survey Q1, 2022, with soil sampling campaign, compilation of historic results, mapping and channel sampling of historic strippings.
The total for the soil sampling program includes 4,411 samples, with 3,496 assay results. Also, significant historical drill intercepts by Niogold Mining at Ludovick mineral occurence along the Parfouru fault and within the Cadillac and Timiskaming sediments, next to the Marlartic property.
- 23.40 g/t Au over 1.0m in hole CW-12-083 at a vertical depth of 115m.
- 9.55 g/t Au over 1. m in hole CW-12-090 at a vertical depth of 22m, 350 metres to the south of the Ludovick trend, within a lower grade interval of 0.58 g/t Au over 49.1m
- 9.06 g/t Au over 2.0m in hole CW-12-075 at a vertical depth of 115 m.