O3 Mining triples Quebec drill program, stock up

O3 owns 435,000 hectares of ground in Qu?(C)bec, including 61,000 hectares in Val d'Or. (Image by Tobie Charette, Wikimedia Commons)

O3 Mining (TSXV:OIII) announced Thursday it has expanded its current drill program in Val d'Or, Qu?(C)bec, 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 company has drilled approximately 26,000 metres as part of a 50,000-metre program originally announced in September 2019

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 Qu?(C)bec 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.