O3 Mining triples Quebec drill program, stock up
O3 Mining (TSXV:OIII) announced Thursday it has expanded its current drill program in Val d’Or, Québec, by 200%, which include the Malartic, Alpha and East Cadillac properties.
So far, the company has drilled approximately 26,000 metres as part of a 50,000-metre program originally announced in September 2019.
The gold miner said that the initial exploration success, as well as the recently completed C$35 million financing, provided it confidence to triple the drilling program to 150,000 metres, targeted for completion by December 2021.
The first drill was mobilized earlier this week, and three to five more are expected this summer to continue drilling year-round.
O3 Mining, part of the Osisko Group of companies, currently holds a number of properties across Québec and Ontario spanning 460,000 hectares. Its projects host over two million ounces of measured and indicated resources at an average grade of 1.40 g/t gold.
Shares of O3 Mining were up 4% midday Thursday. The Toronto-based miner has a market capitalization of C$110.2 million.