O3 Mining (TSX.V:OIII) announced Monday that crews are being mobilized for the resumption of drilling on its East Cadillac gold property in Val D’Or, Quebec.
This is the second rig mobilized following the company’s announcement of the expanded drill program from 50,000 to 150,000 metres.
The first drill rig is currently on the Alpha property targeting the Orenada #4 zone at depth. The second drill rig will focus on the North Contact on the East Cadillac property.
In January of this year, three holes were drilled to follow up on the historical intercept of 1.1 g/t Au over 23.5 m including 6.86 g/t Au over 2.0 m. The three holes were drilled 100 metres apart, testing lateral and depth extensions of the historical hole.
In January of this year, three holes were drilled to follow up on the historical intercept of 1.1 g/t Au over 23.5 m including 6.86 g/t Au over 2.0 m
“The North Contact zone was recognized in all three drill holes with positive results, and thus remains open in all directions, and is the focus of this drilling campaign,” the miner said in a media release.
“Our recent financing allows us to be aggressive in our exploration program as we tripled our drilling capacity from 50,000 to 150,000 metres at our Val D’Or properties,” said CEO Jose Vizquerra.
“We remain focused on strategically investing in our drilling capacities at our properties as they reach different stages of development, resource development and advanced exploration.”
Shares of O3 Mining were up 7.6% midday Monday. The Toronto-based miner has a market capitalization of C$112 million.