04:36 PM EDT, 05/23/2024 (MT Newswires) -- O3 Mining ( OIIIF ) after trade Thursday said it received all assay results from its 3,053 metre winter drill campaign at the Ludovick sector of the Horizon Project in northern Quebec, saying the assays were "encouraging" and highlighted "signficant exploration potential.

The company said it used one drill rig to complete the 11 drill holes comprising the campaign. Highlights included: 0.8 grams per tonne of gold (Au) over 9.1 meters in hole O3HR-24-016 at a vertical depth of 233.0 meters, including 5.3 g/t over 0.5 meters on SW-1 sector; and 4.6 g/t Au over 1.5 meters in hole O3HR-24-010 at a vertical depth of 71.0 meters, in the Ludovick zone; and 4.5 g/t Au over 1.2 meters in hole O3HR-24-013 at a vertical depth of 131.0 meters, on SW-2 sector.

O3 Mining's ( OIIIF ) chief executive, Jose Vizquerra, in a statement said: "The winter drill campaign at the Ludovick Sector was an opportunity for us to follow up on historic auriferous drill intercepts along a five kilometers long segment of the Parfouru Fault corridor. The results from the drill campaign are encouraging and highlight the significant exploration potential of the Ludovick Sector."

O3 closed down $0.03 to $1.36 on the Toronto Stock Exchange.