Every tidbit of favourable news is welcome in the stock world, particularly in the small-cap world.
O3 Mining Inc. (TSX-Venture:OIII), which calls Toronto home, came out Monday with news that crews are being mobilized for the resumption of drilling on its East Cadillac property situated in Val D’Or, Quebec.
This is the second rig mobilized following the announcement of the expanded drill program from 50,000 to 150,000 metres. The first drill rig is currently on the Alpha property targeting the Orenada #4 zone at depth. This second drill rig will focus on the North Contact on the East Cadillac property.
The North Contact Zone is located along the northern splay of the Cadillac Larder-Lake Fault (CLLF). The northern splay of the CLLF, traced over six kilometres within the property, has been poorly tested and offers significant exploration potential. In January, three holes were drilled to follow up on the historical intercept of 1.1 g/t Au over 23.5 m including 6.86 g/t Au over two metres.
According to CEO Jose Vizquerra, "Our recent financing allows us to be aggressive in our exploration program as we tripled our drilling capacity from 50,000 to 150,000 metres at our Val D’Or properties.
"We remain focused on strategically investing in our drilling capacities at our properties as they reach different stages of development, resource development and advanced exploration."
Volume in OIII shares topped 50,000 in the early portion of Monday, and the price sparking 13 cents, or 5.8%, to $2.36.
