Resolute Mining says it will pay Mali $160 million in tax dispute
The company’s shares in Sydney were suspended on Thursday, after tumbling 40% since news of the detention of CEO Terry Holohan.
O3 Mining is adding drill rigs across its Alpha and Malartic properties in Val d’Or, Quebec – the explorer now has a total of six rigs turning at the two projects. Two drills are operating at the Malartic property, scheduled to drill 45,000 metres, and four are at Alpha, where they are to complete 100,000 metres.
According to Jose Vizquerra, O3’s president and CEO, the exploration-stage company is looking to grow its resources.
“Growing our resource base in Val D’Or above the current approximate 3.9 million ounces will really cement O3 Mining’s role in the future development of the district,” Vizquerra said in a release.
O3 Mining holds 4,350 sq. km of ground in Quebec and 250 sq. km in Ontario
At Malartic, where, in September, the company released a preliminary economic assessment on the development of the Marban project in the south-east, the two rigs are testing extensions of the deposits scheduled in the PEA, targeting Norlartic-Kierens, North-North, Marban and Gold Hawk. Additional targets include extensions of historical zones, within 3 km of the PEA pit shells.
Two rigs at Alpha will target the depth extensions of the Orenada #2 and Orenada #4 deposits, with the other two rigs testing targets in the eastern part of the project.
The company plans to add more drills in the new year, targeting areas that require frozen ground for drilling.
Vizquerra also added that Alpha is on strike with, and on the same structure, as the Canadian Malartic open pit mine, Canada’s largest gold mine, situated 25 km away. The Marban project area is also on a parallel structure.
Earlier this week, the company also announced that it had completed the purchase of three claims, covering a total of 1.1 sq. km, for $150,000, consolidating the Malartic property.
The claims were originally held by Northern Star Mining, and with their purchase, O3 can now drill the northwest extension of the Kierens deposit. In early November, the company hit near-surface gold when drilling around this deposit.
O3 Mining holds 4,350 sq. km of ground in Quebec and 250 sq. km in Ontario. The junior controls over 50 km of strike along the Cadillac-Larder lake fault.
(This article first appeared in the Canadian Mining Journal)
