O3 Mining Inc. (TSX-V: OIII) (OTCQX: OIIIF) is pleased to provide an update on its continuing drilling program on its Marban Project in Val-d’Or, Quebec, Canada. The Corporation is reporting new significant results from 27 holes drilled in 2022 over recognized extensions of the Norlartic trend up to two kilometres towards the southeast of the Norlartic deposit and adjacent to the northern wall of the Marban pit. A total of 13,692 metres in 56 holes have been drilled during this program. Assay results from two holes are still pending.

Highlights:

• 27 near surface economic intercepts reported today, including:
• 3.7 g/t Au over 11.0 metres in hole O3MA-22-334 from 166.0 metres, 140 metres to the north-west of one of the possible satellite pits identified in the Pre-feasibility study (“PFS”);
• 7.9 g/t Au over 3.2 metres in hole O3MA-22-423 from 39.1 metres, 400 metres to the east-south-east of one of the possible satellite pits identified in the PFS.

“These new results from our 2022 exploration program at Marban Engineering continue to highlight the potential to increase near-surface resources. In particular, the results published today suggest that with further work it may be possible to demontrate that the three satellite resource pits north of the Marban main pit could provide a basis to justify a single larger pit and show potential to expand eastward.“ O3 Mining’s President and Chief Executive Officer, Mr. Jose Vizquerra commented: ”

The Norlartic Extension trend has now been drilled over two kilometres at 80 metre spacings down to an average of 250 vertical metres. The dyke swarm hosting the gold mineralization at Norlartic Extension is geologically identical to the one hosting the Norlartic and Kierens mineralization. They correspond to mafic and intermediate fine-grained dykes, which have been successfully traced along the trend and serve as a marker to the mineralized corridor. The PFS resource estimate generated three small pits using historical drill results along the Norlartic Extension trend immediately north of the Marban pit. The new drill results obtained in that area returned additional significant intercepts, which suggest the possibility that an updated resource estimate could confirm and expand this inferred resource.

The Marban Dyke mineralization is associated with quartz vein stockwork hosted in felsic dykes. They correspond to a series of zones located in the north-eastern portion of the Marban pit. The three intercepts reported are located along the north-western extension of those zones or along a stacked zone located further north.

Figure 1 – Marban Project Surface Map

Figure 2 – Norlartic Extension Significant Intercepts

Table 1: Near Surface Expension Drill Hole Intercepts (only intercepts above 5.0 g/t Au*m are reported, cut-off 0.3 g/t Au and above 300m from surface)

The drilling campaign on Norlartic Extension comprises 56 drill holes totaling 13,692 metres. The parameters are listed in Table 2 for the entire program. Significant intercepts have been published in the last months (Press Release – July 6, 2022, and December 22, 2022) Those drill holes also contain a significant amount of intercepts with grade-thickness values below 5 m*g/t Au.

Table 2: Technical parameters of holes of the 2022 campaign on Norlartic Extension and Marban Dyke

Qualified Persons

The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Sébastien Vigneau (OGQ #993), Principal Geologist, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

For further information on the Marban project, please see the technical report, entitled “NI 43-101 Pre-feasibility Study of the Marban Engineering Project” and dated October 7, 2022 (with an effective date of September 6, 2022), (the “Marban PFS”). Reference should be made to the full text of the Marban PFS for the assumptions, qualifications and limitations relating to the PFS. The Marban PFS is available on SEDAR (www.sedar.com) under O3 Mining’s issuer profile.

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Quality Control and Reporting Protocols

Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Half-core samples are shipped to Agat laboratory in Val-d’Or, Québec, and Mississauga, Ontario for assaying. The core is crushed to 75% passing -2 mm (10 mesh), a 250 g split of this material is pulverized to 85% passing 75 microns (200 mesh) and 50 g is analyzed by Fire Assay (FA) with an Atomic Absorption Spectrometry (AAS) finish. Samples assaying >10.0 g/t Au are re-analyzed with a gravimetric finish using a 50 g charge. Commercial certified standard material and blanks are systematically inserted by O3 Mining’s geologists into the sample chain after every 18 core samples as part of the quality assurance and quality control (“QA/QC”) program. Third-party assays are submitted to other designated laboratories for 5% of mineralized samples. Drill program design, QA/QC, and interpretation of results are performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices.

About O3 Mining Inc.

O3 Mining Inc., an Osisko Group company, is a gold explorer and mine developer on the road to produce from its highly prospective gold camps in Québec, Canada. O3 Mining benefits from the support, previous mine-building success and expertise of the Osisko team as it grows towards being a gold producer with several multi-million-ounce deposits in Québec.

O3 Mining is well-capitalized and owns a 100% interest in all its properties (66,000 hectares) in Québec. O3 Mining trades on the TSX Venture Exchange and OTC Markets. The Corporation is focused on delivering superior returns to its shareholders and long-term benefits to its stakeholders.

Figure 1: Marban Project Surface Map (CNW Group/O3 Mining Inc.)

Figure 2: Norlartic Extension Significant Intercepts (CNW Group/O3 Mining Inc.)