O3 Mining 2020 Exploration Outlook

TORONTO, Jan. 20, 2020 (GLOBE NEWSWIRE) -- O3 Mining Inc. (TSX.V: OIII) ("O3 Mining" or the "Corporation") provides a recap of 2019 highlights and announces 2020 exploration program in Val D’Or with 50,000 metres of drilling planned, focusing on the Alpha, East Cadillac and Malartic properties.

President and Chief Executive Officer, Jose Vizquerra Benavides, commented: “2019 was an exciting year as we started operations after successfully integrating four companies and built a team to enhance and execute our vision. We have spent the last six months identifying the best targets for our 2020 campaign from our extensive land package. Creating value for our shareholders is our main motivation. Our strategy is simple: minimize the downside by adding value to our 3.7 Moz Au M&I and 1.5 Moz Au Inferred resource base¹; and maximize the upside with an aggressive exploration program at Alpha and East Cadillac, where both properties produced exciting results in 2019. Our goal in 2020 is to confirm the potential within the Cadillac-Larder Lake corridor and unlock ounces in under-explored areas of the Val D’Or camp. Val D’Or produced four world-class deposits and over 30 million ounces of gold. O3 Mining is well-positioned to execute this plan with over C$25M in cash and investments at year-end.”

2019 Highlights
Acquisitions:
- Consolidated a remarkable property portfolio in the Val D’Or area straddling 60 kilometres along the prolific Cadillac-Larder Lake break. By acquiring Alexandria Minerals Corporation, Chalice Gold Mines and Harricana River Corporation at a transaction cost of approximately C$51M.

Management Team:
- Appointed a new VP Exploration, Mr. Louis Gariepy, strengthening our management team.

Well-funded:
- Raised over C$28.7M through bought-deal financings.

Fall Drilling Campaign:
- Completed 44 drill holes totaling 17,676 meters of drilling on the Alpha property, focusing on the Cadillac Fault Corridor and specifically on Bulldog, Pontiac East, and Epsilon zones.

Exploration Strategy:
-Listed and ranked approximately 40 historical Au and Au-Cu zones on the Alpha, Malartic and East Cadillac properties, offering significant potential to generate new targets in the medium term.

2019 Drill Results
Selected intercepts from the Fall drill program that highlight the exploration potential at Alpha:
- Bulldog: 18.8 g/t Au over 1.3 metres in O3-C-19-011; 5.30 g/t Au over 1.9 metres in O3-C-19-010 and 3.65 g/t Au over 2.25 metres in O3-C-19-008 (See Press Release October 21, 2019). Additionally, 12.2 g/t Au over 1.0 metre in O3AL-19-271, and 3.1 g/t Au over 2.1 metres and 1.6 g/t Au over 10.4 metres including 9.2 g/t Au over 0.5 metre in O3AL-19-273 (See Press Release January 7, 2020)