O3 Mining Intersects 5.3 g/t Au Over 8.6 Metres Including 29.0 g/t Au Over 1.0 Metre at Alpha

TORONTO, Feb. 12, 2020 - O3 Mining Inc. (TSX.V: OIII) ("O3 Mining" or the "Corporation") is pleased to provide new results from the ongoing 50,000 metre drilling program on it’s Val D’Or, Quebec properties.

The 2020 drilling campaign on the Alpha property continues to focus on the Cadillac Larder Lake Fault corridor, specifically the Bulldog, and the Epsilon zones, with two drill rigs now on the Alpha property and a third rig starting later this month.

Drilling Highlights

• Total of 5 drills: Third drill rig moves to the Alpha property; two drill rigs at East Cadillac property
• Bulldog zone expands 100 m to the East (8.2m @ 4.8 g/t; 8.6m @ 5.3 g/t)
• Epsilon zone continues to show continuity (1.3m @ 6.8 g/t)

New analytical results from the Bulldog zone include 4.8 g/t Au over 8.2 m and 6.7 g/t Au over 2.9 m in hole O3AL-20-284, and 5.3 g/t Au over 8.6 m including 29.0 g/t Au over 1.0 m and 6.0 g/t Au over 2.8 m in hole O3AL-20-285A. Both drill holes are spaced 90 m and are located 100 m to the east of historic drill hole OAX-18-245 and follow up on a historic intercept of 6.2 g/t Au over 10.5 m, including 10.9 g/t Au over 4.5 m (See Press Release December 2018). O3 Mining President and Chief Executive Officer, Jose Vizquerra Benavides, commented: “The Bulldog zone can now be traced over 200 x 100 m and remains open towards the east and at depth. Further drilling will follow up on these significant intercepts at Bulldog as part of the 10,000 m remaining to be completed as part of the 2020 drill program at Alpha.”

Additional significant results in 3 new holes from the Epsilon zone demonstrate the continuity of the zone over a strike length of 1.5 km. This zone consists of quartz veins surrounded by a tourmalinized and sericitized envelope containing disseminated arsenopyrite north of the Cadillac Larder Lake Fault. This geological context relates to the Orenada Zone 4 deposit, 2.5 km East.

Table 1: Drill Hole Intercepts (only intercepts above 5 g/t Au * m are reported)

NOTE: True width determination is currently unknown but is estimated at 65-80% of the reported core length interval for the zones

Table 2: Drill Hole Details

Mineralization in drill holes O3AL-20-284 and O3AL-20-285A is distributed in two intervals 10 metres apart.

The northern interval of hole O3AL-20-284 is restricted to a strongly sheared felsic intrusion altered by strong sericitization and ankeritization. The intrusion contains 2% disseminated pyrite and 10% dismembered quartz veins. In the southern intervals, the gold is associated with a smaller intrusion, but mineralization extends into a larger alteration halo of sericitized and ankeritized wacke.

The northern interval of hole O3AL-20-285A is also restricted to the sericitized and ankeritized felsic intrusion containing 2% disseminated pyrite. The high-grade interval of 29.0 g/t Au over 1.0 m is associated with dismembered quartz veins containing visible gold. The southern interval is associated with a metre-long felsic intrusion and the strongly sericitized and ankeritized surrounding rocks.

Figure 1: Alpha Property Map is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/86530a14-2483-4a5f-8ff0-f9b0211fd1de

Figure 2: Epsilon, Bulldog and Pontiac Sector Map is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9a692256-2c58-452a-ae24-8e11e1bca566

Qualified Person
The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Sebastien Vigneau, P.Geo. (OGQ #993), Exploration Manager, who is a "qualified person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

Quality Control and Reporting Protocols
True width determination is currently unknown but is estimated at 65-80% of the reported core length interval for the zones. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Half-core samples are shipped to Agat laboratory in Val D’Or, Quebec and Mississauga, Ontario for assaying. The core is crushed to 75% passing -2 mm (10 mesh), a 250 g split of this material is pulverized to 85% passing 75 microns (200 mesh) and 50 g is analyzed by Fire Assay (FA) with an Atomic Absorption Spectrometry (AAS) finish. Samples assaying >10.0 g/t Au are re-analyzed with a gravimetric finish using a 50 g charge. Commercial certified standard material and blanks are systematically inserted by O3 Mining’s geologists into the sample chain after every 18 core samples as part of the QA/QC program. Third-party assays are submitted to other designated laboratories for 5% of all samples. Drill program design, Quality Assurance/Quality Control ("QA/QC") and interpretation of results are performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices.

About O3 Mining Inc.
O3 Mining, an Osisko group of companies, is an emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Quebec and Ontario - with a goal of becoming a multi-million ounce, high-growth company. The Corporation's goal is to become one of the premier gold exploration companies in Canada.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Quebec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D'Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Quebec and in the Hemlo district in Ontario.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

For further information on O3 Mining, please contact:
José Vizquerra Benavides
President, CEO and Director
Telephone: (416) 363-8653