TORONTO – August 17, 2021 (Investorideas.com Newswire) O2Gold Inc. (“O2Gold” or the “Company”) (TSXV: OTGO) is pleased to announce that it has started drilling on targets at the Aurora mine on site of a 2000 meter drill. The Company also received the results of additional geophysical surveys in the Aurora project area.

Highlights

• The ground geophysical survey made it possible to interpret the vein structure of the 1.2 km Quintanillo mine, which had already been identified in surface mapping but the extent of which was unknown.
• In addition to showing the continuity of this vein, the survey also indicated the possibility of two other associated orthogonal vein structures and two structures that could be extensions of the Aurora vein system.
• The integration of the Aurora-Quintanillo target shows a projected vein system nearly 4 km in length laterally.

Methodology

The geoelectric survey methodology was chosen because it is known to successfully identify vein structures in the same geological setting. The methods are as follows:

• Spontaneous potential (SP): measures the spontaneous polarization due to the electrochemical reactions existing at the interface of the vein of the host rock.
• Electrical resistivity profile (ERP): measures lateral resistivity variations, trying to delineate the subvertical veins in contrast to the host rocks.
• Vertical Electrical Sounding (VES): Measures the behavior of the resistivity distribution with depth, defining the thickness of weathered rock and adjusting the frequency used in electrical resistivity tomography.
• Electrical resistivity tomography (ERT): measures lateral and vertical variations in contacts related to the venous system due to its low resistivity characteristics.

The grids used were perpendicular to the vein structures, with a variable spacing between 100 and 200 meters and with measurement points every 20 meters.

Results

Geological mapping and sampling at the Quintanillo target identified occurrences beyond those known from artisanal production work at the Quintanillo mine. Due to the cover by colluvial materials and weathered rocks, these occurrences could not be followed in the field, hence the choice of geophysical methods to verify their continuity.

As shown in Figure 1A, the interpretation of spontaneous potential anomalies (areas of low resistivity, shown in blue) allows lines to be drawn interpreted as veins, previously known only as points with gold occurrences. It was not possible to identify their continuity and extension in the field (Figure 1B).

Figure 1: (A) Map of spontaneous potential anomalies and associated vein projections and (B) Map of gold results in veins collected during mapping and their possible projections.

For the Quintanillo target area, 1,000 meters of reconnaissance drilling is planned to verify the extension, depth, thickness and gold grade of the vein system.

Geoelectric results from the Aparecida target area, which is also scheduled for drilling in 2021, are expected in the coming weeks.

Quality assurance and quality control

All samples were shipped to SGS Colombia SAS (“SGS”) laboratory in Medellin, Colombia, where they were prepared and analyzed. They were analyzed using the SGS FAA515 gold procedure (pyrotechnic test on a 50 gram sample with AAS finish) and AAS12C silver (multi-acid digestion with AAS finish). Above the limit, gold was determined by the SGS FAG505 procedure (using standard fire assay on a 50 gram sample with a gravimetric finish).

In accordance with QAQC best practices, approximately 10% of a batch of 78 samples are control samples (three Au-Ag standards: high / medium / low levels, two fine blanks, one project blank and two field duplicates) .

SGS is independent from O2Gold. The Company is not aware of any other factor likely to materially affect the accuracy or reliability of the data referred to in this document.

Qualified person

The scientific and technical information contained in this document has been reviewed and approved by Marcelo Albuquerque, MAIG, a “Qualified Person” as defined in National Instrument 43-101 – Disclosure Standards for Mining Projects.

Grant of stock options

Subject to regulatory approval, the Company granted 400,000 Company stock options to Mr. Alimohamed in accordance with the Company’s stock option plan. The options vest immediately and may be exercised at a price of $ 0.24 per option for a period of five years from the date of grant. The options and the underlying common shares of the Company are subject to a four month hold period in accordance with the policies of the TSX Venture Exchange.

About O2Gold

O2Gold is a mining exploration company with operations in Colombia.

For more information, please contact:

Jaime Lalinde, President and CEO
Telephone: (57) 312 350 5864
Email: [email protected]

Caution regarding forward-looking information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements regarding the election and appointment of directors, the two potential new vein structures in Aurora State and the exploration work and activities planned by the Company on its properties, in particular the geological mapping and sampling of the Aurora, Quintanillo and Aparecida sites. In general, forward-looking information can be identified by the use of forward-looking terms such as “plans”, “expects” or “does not expect”, “is planned”, “budget”, “planned”, “Estimates”, “foresees”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or declares that certain actions, events or results ” could ”,“ could ”,“ could ”,“ could ”or“ will be taken ”,“ occur ”or“ be reached ”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors which may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially. different from those expressed or implied by this forward-looking information. Although the Company has attempted to identify important factors which could cause actual results to differ materially from those contained in forward-looking information, other factors may cause results not to be as anticipated, estimated or planned. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Therefore, readers should not place undue reliance on forward-looking information. The Company does not undertake to update forward-looking information, except in accordance with applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICES PROVIDER (AS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS COMMUNICATION.

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