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

TORONTO, Nov. 30, 2021 (GLOBE NEWSWIRE) -- O2Gold Inc. ("O2Gold" or the "Company") (TSXV: OTGO) is pleased to provide an update on its ongoing drill campaign at the Aurora target.

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 intends to 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 400 meters. Results from the drilling at 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 tonnes per day production plan in the first stage implementation. The Company has secured all the necessary licenses to operate at this level of production and the mine plan can be scaled as the mineralization allows.

As shown in the map in Figure 1, at least two drill holes were, or are expected to be, carried out per section in 50-meter intervals, aiming to reach the mineralized vein at two levels. The results are anticipated to inform a production plan so as to forecast the rock tonnage per day.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/90a3c2f0-09ae-44a1-a350-bd6d88b94f76

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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8ce29cdb-68b5-4ddb-9bba-c9b5b8f191c0

Drilling in Quintanillo and 43-101 Report

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, we project that the extension of the main vein of Aurora would reach 2.1 km.

This first phase of drilling, which is fully funded, began in August 2021. Though the Company expected 8,000 meters of drilling to have been completed by the end of 2021 for the purposes of establishing a mineral resource in a 43-101-compliant report, a heavier than normal rainy season has delayed completion until Q1 2022.

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.

About O2Gold

O2Gold is a mineral exploration company with activities in Colombia. The Company's contiguous 30,000-ha land package includes several brownfields and largely under-explored greenfields.

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

Cautionary Notes

Management is not basing the Company's production decision at the Aurora mine on a feasibility study of mineral reserves demonstrating economic and technical viability; as a result, there may be increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, which include increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that anticipated production costs will be achieved. Failure to achieve the anticipated production costs would have a material adverse impact on the Company's cash flow and future profitability. Readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such production decisions.

The content and grades of any mineral deposits at the Company's properties are conceptual in nature. There has been insufficient exploration to define a mineral resource on the properties and it is uncertain if further exploration will result in any target being delineated as a mineral resource.

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Company's business and operations and its planned work and exploration activities, particularly the forthcoming drill results at Quintanillo and Aparecida and the mine recuperation and projected extension and depth of the gold-mineralized quartz vein at the Company's Aurora property, the Company's ability to commence production at the scale disclosed herein at the Aurora mine, and the Company's ability to complete the drilling necessary to establish a mineral resource in Q1 2022. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that 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 such forward-looking information, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.