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O3 Mining Announces Sale Of Garrison Project and Partnership with Moneta Porcupine to Develop Timmins Gold Camp
O3 Mining Announces Sale Of Garrison Project and Partnership with Moneta Porcupine to Dev...
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[{"type":"text","content":"\n \n \n \n O3 Mining Announces Sale Of Garrison Project and Partnership with Moneta Porcupine to Develop Timmins Gold Camp\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TSXV:OIII | OTCQX:OIIIF - O3 Mining\n \n \n \n \n TORONTO\n \n ,\n \n Jan. 14, 2021\n \n /CNW/ -\n \n O3 Mining Inc.\n \n (TSX.V: OIII) (OTCQX: OIIIF) (\"O3 Mining\" or the \"Corporation\") is pleased to announce that it has entered into a definitive share purchase agreement with Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) (\"\n \n Moneta\n \n \"), pursuant to which it has agreed to sell its wholly-owned subsidiary, Northern Gold Mining Inc. (\"\n \n Northern Gold\n \n \"), in exchange for 149,507,273 common shares of Moneta (\"\n \n Moneta Shares\n \n \"), representing 30.1% of the outstanding Moneta Shares (the \"\n \n Transaction\n \n \"). Northern Gold owns 100% of the Golden Bear assets, including the Garrison gold project (\"\n \n Garrison Project\n \n \"), in the\n \n Kirkland Lake\n \n district of the\n \n Timmins\n \n gold mining camp in\n \n Ontario, Canada\n \n . Garrison is located adjacent to the Golden Highway Project where Moneta recently declared a mineral resource estimate of 2,144,200 ounces (oz) of indicated mineral resources and 3,335,300 oz of inferred mineral resources.\n \n \n The strategic consolidation of the Garrison and Golden Highway Projects under Moneta will create a leading gold development company in the prolific\n \n Timmins\n \n gold mining camp, allowing for their more systematic exploration and combined development in partnership with O3 Mining. This divestiture is part of O3 Mining's broader corporate strategy to unlock value for its shareholders and maintain exposure to the development potential of the Garrison Project while allowing the Corporation to focus its resources on advancing its core assets. Its core assets are the Marban and Alpha gold properties situated in Québec,\n \n Canada\n \n , where it is currently working to expand its gold mineralization through an extensive 150,000-metre drilling ca...