O3 Mining Inc. is looking to carry out a 250,000-metre drilling program during 2021 and 2022 at its Malartic and Alpha properties in Val-d’Or, Québec, Canada in an effort to convert, expand and discover new gold resources.
The company said its exploration budget for 2021-2022 is about A$50 million with 125,000 metres budgeted for Malartic and 125,000 metres for Alpha.
After the winter season ends in April, O3 Mining said, the Corporation ‘will continue drilling year-round, with six drill rigs’.
During 2019 and 2020, O3 Mining drilled 86,000 metres on its Malartic and Alpha properties to build on its mineral inventory in Québec of 3.9 million ounces of gold.
President and CEO Jose Vizquerra said the completion of the additional 250,000 metres will bring the total program to approximately 350,000 metres on the properties since it started drilling in September 2019.
“We see the market looking for large, economic gold deposits in mining-friendly jurisdictions and that is exactly what O3 Mining is in the process of delivering,” he continued.
“We have secured the financial resources to increase the planned scope of our 2021 and 2022 exploration programs to convert, expand and discover and keep building ounces around our two potential production sites in Val-d’Or.
“2021 will be an exciting year for O3 Mining as this exploration program further advances the production potential of Malartic and Alpha.”