O3 consolidates Marban property
Gold explorer and developer O3 Mining has announced it is acquiring Emgold’s East-West property, adjacent to its Marban property, in Val-d’Or Mining Camp, Quebec.
The Osikso Group company reports that Emgold’s East-West property consists of seven mining claims, covering an area of 184 ha.
“We are excited about the acquisition of the East-West property as it presented the opportunity to secure prospective ground near the Marban Engineering project and consolidate O3 Mining's position in the district. Additionally, the boundary of the property is 200 m from the Marban preliminary economic study pit edge,” comments O3 president and CEO José Vizquerra Benavides.
The East-West property covers the auriferous Marbenite structural corridor over a 1.6 km strike length. It contains the Little Long Lac mineral occurrence where 25 000 t at 8.0 g/t gold were extracted during the 1960s and the East zone where drilling intersected 3.6 g/t gold over 16.1 m and 5 495 g/t gold over 2.25 m, among others.
The exploration potential is considered promising as the structure is untested below 250 m.
Pursuant to the letter agreement, O3 Mining has agreed to acquire the East-West property for C$750 000 in cash and 325 000 common shares in the capital of company, as well as a 1% net smelter returns royalty over the East-West property in favour of Emgold. The royalty will be subject to a buy-back right in favour of O3. The buy-back right may be exercised by the corporation until the fifth anniversary from the closing date for a cash payment of C$500 000 until the third anniversary from the closing date and C$1-million until the fifth anniversary from the closing date.
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