O2Gold Increases Proven Extension of the Main Aurora Vein to 450 Meters, Begins Drilling in Quintanillo, and Provides Update on 43-101

Toronto, Ontario – November 30, 2021 – O2Gold Inc. (“O2Gold” or the “Company”) (TSXV: OTGO) is pleased to announce an update of its ongoing drill campaign in Aurora.

Highlights

  • All holes drilled to date have crossed a continuous mineralized zone more than 450 meters in strike, where a quartz vein with sulfides shows a downdip extension of more than 150 meters. The vein’s projected extension is 900 meters.
  • So far, the results obtained in the mineralized quartz vein show an average apparent thickness of 0.71 meters and a weighted average grade of 6.27 g/t Au, with values in enrichment zones up to 20.11 g/t Au.
  • The recuperation of the Aurora mine is ongoing, and the tunnels are expected to be drained within 45 days, following which the Company will begin preparing for production.
  • Drilling at the Aparecida brownfield has twice intercepted gold mineralization at the Fortaleza vein,which has a projected extension of at least 400m. Results from Aparecida are expected in the coming weeks.
  • Drilling in Quintanillo may extend the length of the main Aurora vein to more than 2 km.
  • The Company’s second phase of ground geophysics is underway, with an additional 8,400 meters expected to substantially expand the projected extensions of observed and proven gold mineralization in Aparecida and Botella.

Aurora Mine, Drilling and Production

Drilling within the Aurora mine title aims to define the extension and depth of the gold-mineralized quartz vein, which was prospected for artisanal mining years ago, to support a 50 tpd production plan in the first stage implementation given that the Company has all the necessary licenses to operate at this level of production. The mine plan can be scaled as the mineralization allows.

As shown in the map in Figure 1, at least two drill holes are carried out per section and in 50-meter intervals, aiming to reach the mineralized vein at two levels. This will inform a production plan so as to forecast the rock tonnage per day.

The sections in Figure 2 show the mineralized quartz vein with values of Au and Ag obtained (g/t). The table details each interval that crosses the mineralized quartz vein.

Drilling in Quintanillo and 43-101

The projected extension of the main Aurora vein is 900 meters, with 450 meters already proven. Ground geophysics indicate that it may be continuous with mineralization in Quintanillo, the brownfield south of the Aurora title; if these structures are continuous, the projected extension of the main vein of Aurora would reach 2.1 km. This first phase of drilling, which is fully funded, began in August. Though the Company expected 8,000 meters to be completed for the purposes of a 43-101, a heavier than normal rainy season has delayed completion until Q1.