O3 Mining (TSXV: OIII; US-OTC: OIIIF) has released its first resource estimate for its 100%-owned Malartic gold deposit at Marban, between Val d’Or and Malartic, Que. The inferred resource, recoverable by open pit methods, is 10.2 million tonnes grading 1.04 grams gold per tonne containing 342,000 oz. of gold.
The estimate is based on about 29,000 metres of drilling in 103 holes. This work traced the mineralization along a strike length of 950 metres, a width of 300 metres, and to a vertical depth of 500 metres. A cut-off grade of 0.3 gram gold per tonne was used.
The Malartic H property is located between the northwest extension of the Marbenite and Norbenite shears, which host most of the mineral resources that went into the Marban prefeasibility study released in September. The deposit remains partially open laterally and completely open at depth.
The Malartic H deposit is considered a separate asset from the Marban Engineering project. These resources will not be included in the Marban technical reports, although the deposit is located within 5 km of the proposed Marban processing plant.
The Marban study outlined a $435-million initial capex for a 10-year open pit project that would produce 161,000 oz. gold annually at an all-in sustaining cost of $882 per oz.
Be the first to comment on "O3 Mining delivers first resource for Malartic H gold deposit"