O3 Mining drilling on Globex’s Florence and Cameron Royalty claims, Quebec
Globex Mining Enterprises Inc. [TSX: GMX; OTCQX; GLBXF] reported that O3 Mining Inc. [TSXV; OIII; OTCQX: OIIIF] has initiated a two drill, 8,000-metre exploration program on the Cameron and Florence sections of their Kinebik Project which straddles over 55 km strike of the auriferous Casa Berardi trend in Quebec, northwest of Lebel-sur-Quevillon. The Casa Berardi trend is the location of several large gold deposits including the +5-million-ounce Casa Berardi gold deposit.
O3 Mining, in yesterday’s press release, reported that the current drill program will focus principally on the Cameron and Florence areas which in large part were purchased from Globex. Globex sold 156 claims to O3 Mining for $2,000,000 payable, $150,000 in cash and 1,185,897 O3 Mining common shares. Globex retains a 2.5% Gross Metal Royalty on 104 claims and 1% Gross Metal Royalty on 52 claims. O3 Mining assumed responsibility for a pre-existing underlying 2% Net Smelter Royalty on the 52 claims purchased from Globex.
The eight claim blocks that Globex sold to O3 Mining include numerous gold intersections in drill holes as well as surface showings. Previous geophysics, geologic mapping and prospecting and follow-up drilling demonstrated the yet to be adequately defined potential of the areas. Globex has full confidence in O3 Mining’s team of first-class explorationists to carry the projects forward.
The Cameron area, designated for initial exploration in this drill program, straddles the east extension of the gold bearing horizon of the Flordin Gold Mine (per Abcourt Mines, May 2023 NI 43-101 Report by Oliver Vadnais-Leblanc P.Geo., Carl Pelletier P.Geo., Eric Lecomte P.Eng., and Simon Boudreau P.Eng. from InnovExplo Inc., 1,530,000 tonnes grading 2.18 g/t Au measured and indicated and 244,000 tonnes grading 2.38 g/t Au Inferred) and the Cartright Gold Zone (recent channel sampling up to 10.4 g/t gold over 12m) close to the Cameron claim blocks west boundary.
The Florence claim block straddles a parallel series of gold bearing geological rock units and is east-northeast of the Discovery Gold Zone (Measured and Indicated Resource 1,186,000 tonnes grading 4.66 g/t gold and Inferred Resource 1,970,000 tonnes grading 4.80 g/t gold, March 28, 2023, NI 43-101, by Olivier Vadnais-Leblanc, P.Geo., Simon Boudreau, P.Eng., and Eric Lecomte, P.Eng. of InnovExplo Inc. per Abcourt Mines).