- 03 Mining (TSXV:OIII) is significantly increasing the drill program at its Quebec properties
- Specifically, the company is expanding the programs and The Malarctic, Alpha, and East Cadillac properties in Val D’Or by 200 per cent
- Initally the company planned a 50,000-metre program to focus on newly discovered targets and hopefully expand the known resource at the sites
- However, early success from that program, along with a recently completed C$35 million fundraise, has allowed the company to expand the program to 150,000 metres
- 03 Mining (OIII) is up 3.1 per cent and is trading at $2.33 per share
03 Mining (TSXV:OIII) is significantly increasing the drill program at its Quebec properties.
Specifically, the company is expanding the programs and The Malarctic, Alpha, and East Cadillac properties in Val D’Or by 200 per cent.
The drilling will focus on newly discovered targets in the north west section of the Malartic property and hopefully expand the known resource at Alpha.
At East Cadillac, the work will focus on expanding mineralization at two targets, named North Contact and Simon West.
03 has already drilled 26,000 metres on the sites, as part of its 50,000-metre program announced back in September, 2019.
Early success from that program, along with a recently completed C$35 million fundraise, has allowed the company to expand the program to 150,000 metres.
The first drill for the new program was mobilised this week, with the company expecting three to five more drills arriving soon.
The company expects the new program to cost $24 million and to be completed by the end of 2021.
03 Mining’s CEO and President, Jose Vizquerra is pleased the company has been able to expand the program, despite the ongoing pandemic.
“Our recent financing will allow us to triple our exploration program for our Val D’Or properties and add value for our shareholders.
“We remain vigilant of the current COVID situation and are continuously following all government protocols to ensure the safety of our employees and community,” he said.
03 Mining (OIII) is up 3.1 per cent and is trading at $2.33 at 10:30 pm EDT.