## O3 Mining Strengthens Position in Casa Berardi Trend with Lac Esther Acquisition
TORONTO, October 31, 2024
– O3 Mining Inc. (TSXV:OIII, OTCQX:OIIIF) continues to expand its footprint in Quebec’s gold-rich Casa Berardi trend with the acquisition of the Lac Esther property from Midland Exploration Inc. This strategic move builds upon O3 Mining’s existing Kinebik Project, creating a consolidated presence in a highly prospective area.The Lac Esther property, spanning 16,094 hectares, is strategically located just 45 kilometers northeast of Lebel-sur-Quévillon, Quebec. The area boasts three major deformation corridors: Casa Berardi, Maicasagi, and Lamark-Wedding, all of which are known to host gold mineralization. Historical drilling and surface sampling have identified significant gold intercepts within the Lac Esther property, including values of 81.4 g/t Au, 5.46 g/t Au over 0.34 meters, and 2.35 g/t Au over 0.65 meters. Notably, the nearby Ratte zone yielded historical assays up to 61.0 g/t Au, and a low magnetic anomaly suggests that this zone could extend onto the Lac Esther property.
O3 Mining’s President and Chief Executive Officer, José Vizquerra, expressed enthusiasm for the acquisition:
“We are pleased to further consolidate our presence on the Casa Berardi trend through the acquisition of Midland’s Lac Esther Property. The Lac Esther Property fits well within our current property holdings at the Kinebik Project and will enable our team to conduct additional exploration drilling at Casa Berardi. This aligns well with our core exploration strategy and is an extension of our mission to explore and develop the major geologic faults in Quebec. Our exploration success on the Cadillac Break continues a baseline of expertise to continue our strategy along the prolific Casa Berardi trend.”Transaction Details
The acquisition was finalized through an asset purchase agreement dated October 30, 2024. O3 Mining acquired 100% of Midland Exploration’s rights, titles, and interests in the Lac Esther Property in exchange for a cash consideration of C$75,000. As part of the agreement, Midland Exploration retains a 2.0% net smelter return royalty (Lac Esther NSR) on all concentrate, doré, metal, and products derived from ore mined from the Lac Esther Property. O3 Mining has been granted the right to repurchase 50% of the Lac Esther NSR from Midland at any time for a cash consideration of C$500,000. O3 Mining also holds a right of first refusal on any sale of the Lac Esther NSR.
Kinebik Project Expansion
The Lac Esther Property will be incorporated into O3 Mining’s existing Kinebik Project, further enhancing the project’s potential. The Kinebik Project now covers a vast 47,510 hectares along the Casa Berardi trend, encompassing numerous prospective structures and known gold occurrences. The project’s strategic geological location, confirmed gold occurrences, and limited historical drilling make it a highly compelling target for further exploration.
Next Steps
O3 Mining is planning a geophysical survey (mag-drone) to be executed in Q1-2025, with the aim of better defining deformation corridors, faults, and intrusions, ultimately leading to a better understanding of potential gold-bearing structures within the Lac Esther property. This acquisition strengthens O3 Mining’s commitment to exploring and developing the Casa Berardi trend, a promising area with a rich history of gold production, and positions the company for potential future discoveries and growth.
About O3 Mining Inc.
O3 Mining Inc. is a gold explorer and mine developer focused on developing its highly prospective gold camps in Quebec, Canada. The company is driven by a team of industry leaders and is well-capitalized, owning 100% of its properties (127,100 hectares) in Quebec. O3 Mining trades on the TSX Venture Exchange (OIII) and OTC Markets (OIIIF). The Corporation is committed to delivering superior returns to its shareholders and long-term benefits to its stakeholders.
