O2Gold Begins Drilling New Brownfield and Continues Recuperation of the Aurora Mine

Toronto, Ontario – October 26, 2021 (GlobeNewswire) – O2Gold Inc. (“O2Gold” or the “Company”) (TSXV: OTGO) is pleased to announce that it has begun drilling at its Aparecida brownfield area. Approximately 5 km from the Aurora tunnels, the Aparecida brownfield has been the site of artisanal production going back more than a century.

The systematic exploration of the Aparecida area has indicated an anastomosed pattern, with vein mineralization in close proximity. The Company has documented five gold veins in the area and three veinlets at surface. The Fortaleza Vein, the Company’s first target, has a projected extension of at least 400 meters, and rock channel samples have returned maximum values of 42.3 g/t Au and 49.6 g/t Ag. Figure 1 shows the drill targets for the planned 2,000 meters of drilling. Additional geophysics will further detail projected vein extensions.

Figure 1: La Aparecida brownfield area, with observed veins and drill collars.

In the Aurora area, the Company continues to drill the main Aurora vein to prove its extension along dip and strike; there are indications that its continuity reaches into the Quintanillo brownfield to the south, where an additional 2,000 meters of scout drilling is planned to delineate the vein system. 

Preparing the Aurora Tunnels for Production

Throughout Q3 and continuing into Q4 2021, the Company has been recuperating the formerly productive Aurora mining tunnels, and its two mine entrances. Figure 2 below shows a cross section of the tunnels, which have a maximum depth of 150 meters, and the results of the extensive rock sampling done inside the mine. Note that there are several samples collected from the tunnels showing grades equal to or greater than 30 g/t Au, which indicates a variability to the mineralization seen in the Company’s drill results.

Figure 2: The Aurora tunnels with rock channel sampling data.

The Company has reinforced both adits and tunnels of the Aurora mine, with electricity and ventilation in place for when the tunnels reopen. The Company’s aim is to begin draining the tunnels in Q4 2021 and management expects the mine to be fully accessible in Q1 of 2022. O2Gold has a thirty-year exploitation license at the Aurora mine and must meet minimum production requirements in 2022. For more information, please see the Company’s press release dated July 15, 2021, which is available on O2Gold’s SEDAR profile at www.sedar.com.

Qualified Person

The scientific and technical information contained herein has been reviewed and approved by Marcelo Albuquerque, MAIG, a “qualified person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.