Omai Gold drills 12.0 metres of 5.89 g/t gold at Omai gold project, Guyana

Omai Gold Mines Corp. [TSXV-OMG; OTCQB-OMGGF] announces further strong drill results from the company’s Omai gold project in Guyana. These new assays for diamond drill holes 23ODD-066, -067 and -068, combined with the recent drill results further extend the multiple gold-zones of the Wenot deposit, and are expected to positively impact the upcoming Mineral Resource update.

Highlights from these recent drill holes include 5.89 g/t gold over 12.0 metres; 8.70 g/t Au over 4.6 metres; 2.45 g/t Au over 8.6 metres; 1.99 g/t Au over 8.1 metres and 1.33 g/t Au over 8.5 metres.

Elaine Ellingham, President & CEO, commented: “These results from the Wenot drilling, together with the string of recent strong results, give an indication of the scope of untapped potential of the Omai gold project. The grades and widths are very favourable for developing an open pit operation, particularly considering the benefits of a brownfields project such as Omai. We have commenced our updated Mineral Resource Estimate, expected before year end. This will be the third NI 43-101 Mineral Resource Estimate in less than two years. Once completed, we will advance towards a Preliminary Economic Assessment (PEA), with certain supporting studies already completed or underway.

“The 2023 drilling in addition to expanding the main gold zones at Wenot, has also outlined a wide zone of gold mineralization within the southern sedimentary rock sequence. It appears to be continuous from surface to a depth of at least 300m. Drilling suggests the gold zone increases in width and grade with depth and may merge at depth with the gold zone at the Central Contact Shear. This discovery is expected to have a positive impact on the upcoming resource estimate and bolsters management’s belief that the West Wenot target area is well suited to open pit mining.

“Based on our work completed over the past two and a half years, we believe that the Omai project is likely to be the next large-scale gold mine to open in Guyana. Brownfields projects can generally expect accelerated timelines and lower capital costs, and Omai will benefit from existing road access (soon to be fully paved), an existing tailings facility (that can be refurbished) and known metallurgy and recoveries from past production. A mine at Omai would attract employees from the local work force who have years of mining experience. The town of Linden, just 55 km from the Omai property is a community with deep roots in mining, both from its origins in bauxite mining and as the home to many of the former Omai gold mine employees. This community of almost 40,000 people has the relevant skills for the many jobs that a large scale gold mine offers.”

Diamond drill holes 23ODD-066 and -067 further test the extent of the West Wenot target area that lies west of the past-producing pit. Hole 23ODD-068 was drilled in the mid-pit area but did not reach the planned depth; nonetheless, intersected a few gold zones on the north flank of Wenot. Results are detailed in Table 1. The Wenot shear corridor is 300-400 metres wide along most of the 2.5 km strike extension and typically hosts five main zones hosting gold mineralization.

The most recent NI 43-101 Mineral Resource Estimate for the Omai property, dated December 2, 2022 includes a Wenot resource of 756,600 indicated oz gold grading 1.34 g/t Au and 1,112,600 inferred oz gold grading 1.72 g/t Au. Importantly, 88% of this current Wenot Mineral Resource estimate is above a 325-metre depth, while the deposit remains open at depth, and is already confirmed by drilling to depths of at least 450 metres.

For the adjacent Gilt Creek deposit, the NI 43-101 Mineral Resource Estimate is 1,151,000 indicated oz gold grading 3.22 g/t Au and 665,000 inferred oz gold grading 3.35 g/t gold. The Gilt Creek deposit is open at depth, and drilling has confirmed that the mineralized intrusive extends to depths of at least 967 metres.

Omai Gold Mines holds a 100% interest in the Omai Prospecting License that includes the past producing Omai gold mine and a 100% interest in the adjoining Eastern Flats Mining Permits.

The company announced an updated NI 43-101 Mineral Resource Estimate October 20, 2022 that includes 1.9 million oz gold (indicated) and 1.8 million ounces (inferred). Once South America’s largest producing gold mine, Omai produced over 3.7 million ounces of gold between 1993 and 2005. Mining ceased at a time when the average gold price was less than US$400/oz.

As a brownfields project, Omai benefits from good road access and a wealth of historical data. The company’s priorities are to compile results of the 2023 drilling and proceed with an updated Mineral Resource Estimate that will form the basis of a Preliminary Economic Assessment (PEA).