O3 Mining Achieves 94.5% and 92.0% Recoverable Gold from the Bulldog and Kappa Deposits at Alpha

TORONTO, April 12, 2023

TORONTO, April 12, 2023 /PRNewswire/ - O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) ("O3 Mining" or the "Corporation") is pleased to report the results of gold recovery test work conducted on drill core and coarse reject samples from its 100%-owned Alpha Project located in Val-d'Or, Québec, Canada. The results were produced from the recent metallurgical testing program completed by Base Metallurgical Laboratories Ltd.

• Overall gold extraction at the Bulldog and Kappa deposits reached 94.5% and 92.0% recovery after 24 hours of cyanide leaching.
• Bulldog gold recovery reaches 93.3% after only six hours of leaching time.
• Average Bond ball mill work index for Bulldog and Kappa at 14.4 and 15.0 kWh/t.

O3 Mining's President and Chief Executive Officer, Mr. Jose Vizquerra commented: "We are very pleased with the results of the metallurgical testwork, which indicate excellent gold recoveries from the Kappa and Bulldog deposits at the Alpha project. Our assay results, if proven, would confirm and improve upon our assumptions concerning leach times, recoveries, and process, and would show a simple flowsheet comparable to metallurgical processes found in the active surrounding gold mines of the Abitibi region."

Table 1: Comminution Test Results

Deposit	P80	WiBM ARIVA.DE Börsen-Geflüster Kurse O3 Mining 0,975 € 0,00%
	µm	kWh/t
Bulldog	76	14.4
Kappa	77	15.0

Table 2: Whole Ore Leaching Results

Table 3: Gravity and Leaching Results

The metallurgical testwork was conducted to assess the initial potential gold recoveries for the two deposits. The program included chemical and mineralogical characterization, comminution testing, gravity, flotation, and cyanide leach testing. Cyanide destruction and solid-liquid separation testing are still ongoing and are expected to be completed in 2023. Comminution results showed average hardness for both areas at 14.4 and 15.0 respectively. Gold recovery tests were performed on material grinded at 80% passing 85µm. Cyanide leaching test used a 48-hour bottle roll test at a pulp density of 40% solids, pH level of 10.5 (modified using lime), sodium cyanide concentration of 1,000ppm (maintained), and oxygen sparged. Solutions were sampled and assayed at two (2), six (6), 24, and 48 hours for gold.

The QEMSCAN analysis performed on the material sent for metallurgical testing showed that the most abundant sulphide phase is pyrite with minor chalcopyrite and gypsum or anhydrite for Kappa and confirm the absence of arsenopyrite for both deposits. It also shows that carbonate minerals such as calcite and dolomite are more abundant than sulfide minerals.

Figure 1 – Alpha Project Surface Map

The Bulldog deposit is hosted in the Cadillac sediments and forms a 75 metre thick corridor located 55 to 130 metres north of the Cadillac-Larder Lake Fault Zone. The deposit is subdivided into three subparallel zones dipping steeply to the north-northeast at around 85° with a thickness between two to 10 metres and spatially associated with tonalitic to dioritic planar intrusions. The zones are characterized by strong shearing, intense sericite - ankerite alteration and 1 to 5% fine disseminated pyrite.

The Kappa deposit is a skarn-related deposit hosted primarily within a porphyritic diorite intrusion, emplaced into the greywacke-argillite sequence of the Cadillac sediments approximately 200 metres to the north of the Cadillac-Larder Lake Fault Zone. Gold mineralisation is present in both the dyke and in the surrounding sediments, both dipping steeply to the north-northeast at around 80°. The intrusion is strongly altered by biotite, calcite, and epidote. Biotite alteration extends into the surrounding sediments, and a strong alteration halo is observed for tens of metres outside of the principal zone. Albitization of the sediments at the contacts is also observed and is associated with an increase in sulphide stringers. The mineralization is characterized by quartz-calcite-epidote-chlorite-pyrite-chalcopyrite folded veins.

The Alpha property is located eight kilometres east of Val-d'Or, Québec, south of Eldorado Gold's Lamaque Project and surrounding Agnico Eagle's Akasaba West property. The property contains five deposits known as the Bulldog, Kappa, Akasaba, Orenada and Simkar deposits, and covers over 7,754 hectares, including 20 kilometres along the prolific Cadillac-Larder Lake Break. The Alpha property hosts (i) inferred mineral resources of 0.32 million ounces of gold (3.1 Mt @ 3.2 g/t Au) on Bulldog and Kappa deposits (see below under the heading "Technical Report"), and (ii) historical mineral resources (see below under the heading "Caution Regarding Historical Mineral Resources") on Akasaba, Simkar and Orenada, which are summarized in the table below.

Current Mineral Resource Resource Estimate (Included in Alpha Technical Report)
Deposit	Scenario	Cut-off	Category	Tonnes (000 t)(1)	Grade (g/t)	Ounces Au (000 oz)(1)
Bulldog	Underground	1.8	Inferred	2,649	3.2	270
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