Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
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 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 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.
