O3 MINING, DRILL COMMENCES 2020-08-17

08/17/2020 (MT Newswires) -- O3 Mining Inc. (OIII.V) at last look rose 5.4% on Monday after saying that it has started drilling on its Malartic property in Quebec.

One drill has been mobilized to the project to expand existing zones along strike and at depth and to explore regional targets. Drilling will focus on the extensions of the Orion 8, Gold Hawk, Malartic H, North Shear and North-North zones located near the Marban deposit, where a preliminary economic assessment is ongoing. Additionally, regional targets around Marban will be tested.

About 30,000 meters of O3's 150,000-meter drill campaign has been allocated for the Malartic property.

Meanwhile, Osisko Mining Inc. (OSK.TO), which also gained 5.6% on Monday, agreed to dispose of 500,000 shares in O3 at $2.30 apiece or $1.2 million in total. As a result, Osisko's stake in O3 was reduced to 30.3% from 31.1%.