O2Gold identifies 2,000m of drill targets in Colombia

O2Gold Inc. \[OTGO-TSXV\] announced its initial drill targets on the Colombian properties, acquired from Grupo de Bullet earlier this year, and further details of its ongoing exploration campaign. The total cost of acquiring the Grupo de Bullet land was $ 9 million, payable in cash and in corporate securities, of which $ 1 million was in cash and $ 3 million in issuance of 18,807 .206 units of the company have been paid for at an assumed price per unit of 20 cents. Last week the company began approximately 15,000 linear meters of spontaneous potential testing in the veins and their projections to define continuity along strike and dip on the Aurora-Quintanillo target. In addition, geophysical exploration of the fallow land of the project will continue. The results of this campaign are expected in the late 2nd to early 3rd quarter of 2021. The company has defined the first 2,000 meters of targets for its upcoming drilling campaign. Drilling at the Aurora Mine is expected to begin in Q2 2021; the first planned wells will be used to evaluate results previously obtained in the production tunnels and which will be reported in the company's technical report dated October 28, 2020. These initial wells are expected to be followed by approximately 8,000 meters of drilling in the brown fields of the project, primarily at Aparecida and Quintanillo, in the third quarter of 2021. Located in the Colombian Mining Title 4638 area, the Aurora Mine is licensed for exploitation (mining) - with all environmental permits and studies - for 10 years. The company, which also holds a permit to build a processing facility within Title 4638, has applied for conversion to a concession title, extending the exploitation permits for 30 years. The company expects this to be granted in the 3rd quarter of 2021.