O3 Mining Increases to Six Rigs in Val D'Or, Quebec

At Malartic, the two drill rigs are testing the extensions of the mineral deposits included in the recently released PEA (See press release September 8, 2020) in order to grow the mineral resource base. This will target Norlartic–Kierens at shallow depth, North-North, Marban and the Gold Hawk deposits. The other targets include extensions of historical mineralized zones located within 3 kilometres of the PEA pit shells, offering additional potential to increase the resources within the Marban mining project area. These targets include Gold Hawk, Orion #8, MK and Marban NE.

At Alpha, two drill rigs will continue to explore the depth extensions of Orenada #2 and Orenada #4 down to 800 metres vertically, while an additional two rigs will test several targets in the eastern part of the property. These targets were planned using the Artificial intelligence ("AI") targeting study by Mira (See press release August 6, 2020) and the results from the summer stripping program where positive stripping results include 176 g/t Au, 38.0 g/t Ag, 0.1% Cu over 0.6 metres at Valdora Zone 4. The targets in the eastern part of the Alpha property include the extensions of the Simkar and Akasaba deposits, the Valdora, El Sol, Sabourin and Jolin mineralized zones as well as greenfields conceptual targets.

"With exciting recent news in the Val D'Or gold district including the increasing underground potential at the East Gouldie area of the Canadian Malartic mine and Yamana Gold's acquisition of Monarch Gold for its Wasamac deposit, we are accelerating drilling to more rapidly show the very real mine potential of both our Marban and Alpha projects which are in the same neighborhood. Alpha is on strike and on the same structure from Canadian Malartic which is just 25 kilometres away. Marban is even closer, on a parallel structure and where our recent PEA showed very attractive economics. Growing our resource base in Val D'Or above the current approximate 3.9 million ounces will really cement O3 Mining's role in the future development of the district," said president and CEO Jose Vizquerra.

Current exploration will target:

Malartic (45,000 metres)

• Continued drilling between the Kierens-Norlartic corridor.
• Regional exploration with a focus on the historical Gold Hawk and Orion 8 zones at depth.

Alpha (100,000 metres)

• Continued drilling at Orenada #2 and #4 will focus on exploration and extension at depth of these zones.
• Regional exploration targets in the eastern part of the property identified by AI and ground verification will include; Simkar, Akasaba, Valdora, El Sol, Sabourin and Jolin mineralized zones

More drill rigs will be added in the new year to execute the program in areas that require freezing conditions with the aim of delineating the Bulldog and Epsilon zones, depth extensions of the Orenada deposits and testing targets pertaining to the Sigma, Skarn and Cadillac mineralization styles defined earlier this year.

Figure 1: Alpha and Malartic properties location

Figure 2: Alpha property and drill program

Figure 3: Malartic property and drill program

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared, and approved by

Mr. Louis Gariepy. (OIQ #107538), VP Exploration, who is a "qualified person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

Quality Control and Reporting Protocols

True width determination is currently unknown but is estimated at 65-80% of the reported core length interval for the zones. 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, Quebec 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 QA/QC program. Third-party assays are submitted to other designated laboratories for 5% of all samples. Drill program design, Quality Assurance/Quality Control ("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, which forms part of the Osisko Group of companies, is a mine development and emerging consolidator of exploration properties in prospective gold camps in Canada - focused on projects in Québec and Ontario – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in properties in Québec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D'Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Québec.

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. The information in this news release about the transaction; and any other information herein that is not a historical fact may be "forward-looking information". Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the restart of operations; further steps that might be taken to mitigate the spread of COVID-19; the impact of COVID-19 related disruptions in relation to the Corporation's business operations including upon its employees, suppliers, facilities and other stakeholders; uncertainties and risk that have arisen and may arise in relation to travel, and other financial market and social impacts from COVID-19 and responses to COVID 19. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Corporation nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Corporation does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

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SOURCE O3 Mining Inc.



Contact
José Vizquerra Benavides, President, CEO and Director, Telephone: (416) 363-8653