08:39 AM EDT, 04/17/2024 (MT Newswires) -- O3 Mining ( OIIIF ) on Wednesday said exploration drilling at its Marban Alliance project in northern Quebec showed some high-grade gold mineralization.

The company said best results from drilling into the Malarctic H deposit at the project included 119.1 grams per tonne of gold over 2.5 meters of core and 80.6 grams per tonne of gold over 3.1 meters.

"These high-grade intercepts from our 2024 infill drilling program at Malartic H represent the first set of assay results since our maiden mineral resource estimate in June 2023," chief executive Jose Vizquerra said in a release. "Malartic H continues to show potential to grow both laterally and at depth and we remain hopeful that additional infill drilling could allow us to grow the deposit."

O3 has released assays on 56 of 121 holes totaling 24,505 meters in its January to March exploration program at the site. It expects to release additional assays when available.

The company's shares closed down $0.03 to $1.45 Tuesday on the TSX Venture Exchange.