Funds for expansion Canadian miner O3 Mining Inc has announced plans to carry out a 250,000-metre drilling program during 2021 and 2022 at its Malartic and Alpha properties in Québec as the company seeks to convert, expand and discover new gold resources.
“The exploration success to date, as well as a recently completed C$35.0 million bought deal financing, which brought its total cash and investments to C$145.9 million, gives O3 Mining the confidence to expand the drilling program as it executes its triple exploration strategy to convert, expand and discover resource through the second-largest drilling program in Québec behind its sister company Osisko Mining,” the company said in a statement.
O3 Mining’s exploration budget for the years 2021 to 2022 is some C$49.3 million (US$39.1 million), according to data released by the business.