Omai Gold Mines completes six holes in 2023 at Omai project, Guyana

Omai Gold Mines Corp. [OMG-TSXV; OMGGF-OTCQB] provided a project update on its 100%-owned Omai gold project in Guyana. Six holes have been completed on exploration targets to date in 2023, totalling 1,364 metres. A work break in March was extended pending the delivery of a new diamond drill that will improve drilling capabilities and productivity. The new drill arrived in mid-April and drilling has resumed as planned, starting with the Broccoli Hill and Boneyard targets.

Drilling at Wenot with the second rig is expected to begin early next week. This follows a detailed review of the Wenot open-pittable resource model, including creation of lens-specific grade x width models which indicate potential for continued strong drill results which could lead to an expansion of the Wenot mineral resource. Approximately 3,600 metres remains to be drilled in the current planned program. One rig will be dedicated to testing open-pit extensions to the Wenot Deposit, while the smaller rig will test exploration targets outside of the known deposits.

Elaine Ellingham, President and CEO, commented: ”The Omai project has repeatedly exceeded our expectations, culminating in the significant NI43-101 Mineral Resource Estimate filed in December. Our current detailed modelling of the Wenot Deposit reinforces the excellent potential to add additional resources that could be pit accessible. With the new indicated resource of 1,907,600 ounces of gold at an average grade of 2.07 g/t and inferred of 1,777,600 ounces of gold at an average grade of 2.10 g/t1, we believe Omai can advance quickly, particularly with the support that the Guyana government has shown for the Omai project.”

“We have commenced studies that will assist in understanding key aspects of re-developing this brownfields project and would support a future preliminary economic assessment. Historical production results, including metallurgy and mill recoveries, are expected to be reliable indicators for a future mining operation, given that the new resources are extensions of the previously mined deposits. Improvements in logistics, including planned power lines and the paving of the access road to within 10 km of site, will reduce the construction and operating costs of a future mine. With tangible results in hand, the Omai project is well positioned to advance, particularly in the current environment.”

In Q1, three diamond drill holes (ODD23-055, -056 & -057) tested a 760-metre strike length of the Pyramid target. The Pyramid target lies along the eastern projection of the Wenot shear corridor, between 2.5 and 3.5 km east of the Wenot gold deposit. At Pyramid, a distinctive high magnetic signature is elongated east-west along 1 km and is similar to the magnetic signature over the Wenot deposit.

The holes at Pyramid confirm the extension of the Wenot shear with widths of at least 114 metres.

An unexpected 25.1-metre wide structure with pervasive hydrothermal phyllic alteration and quartz veining with adjacent brecciation near the top of hole ODD23-056 attests to the favourable structural environment along this eastern extension of the Wenot shear.

The three widely-spaced holes do not adequately test this target, that is now known to host quartz feldspar porphyry dikes up to 23.2 m wide with favourable hydrothermally altered structural zones in the vicinity and the same magnetite overprint as at Wenot. Additional drilling may be planned after further review of these new results. With this drilling Omai has now identified the broad Wenot Shear corridor 4.8 km across the Omai property, with historical mining limited to 1.5km of this strike.

Hole ODD23-054 is the first of a series of five holes planned to test the large magnetic low anomaly that covers an area of roughly 500 metres by 500 metres on the much larger underexplored Broccoli Hill. A second hole on Broccoli Hill commenced this week.

A single hole drilled southwest of the Wenot pit followed up on a nearby 2022 hole (22ODD-037) that encountered rubbly quartz veining and interesting gold grades (0.57 g/t Au over 7.9m, including 1.0 g/t Au over 3.0m) but with significant core loss. This hole tested a magnetic feature parallel south of the Wenot shear. No significant veining or gold values were encountered.

Omai common shares are now eligible for electronic clearing and settlement in the United States through the Depository Trust Company (DTC).

The company granted stock options exercisable into 1,200,000 common shares in the company to a director and a consultant of the company. The incentive stock options have an exercise price of $0.08 per share with a five-year term and will vest one-third on the date of grant, and one-third on each of the first and second anniversary of the date of grant.

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