Omai Gold Mines drills 5.18 g/t gold over 20.2 metres at Omai project, Guyana

Omai Gold Mines Corp. [OMG-TSXV; OMGGF-OTC] reported additional drill results from its Omai gold project in Guyana. Assays have been received for five additional holes, including four exploration holes and one hole at Wenot exploring the down dip extension of the central part of the known deposit as well as additional shallower, northern flanking gold zones.

To date in 2023, 11 holes have been completed totalling 3,570 metres and drilling continues. Hole 23ODD-064 confirms the continuity of the Wenot gold bearing structures to at least 100 metres below the current resource model in this central part of the deposit with an impressive intersection of 5.18 g/t gold over 20.2 metres, including 12.7 g/t gold over 7.9 metres. This intercept reinforces growing evidence that the gold grades at Wenot increase with depth.

Highlights for hole 23ODD-064 include 5.18 g/t gold over 20.2 metres (including 12.7 g/t Au over 7.9 m); 5.86 g/t gold over 13.0 metres; 2.03 g/t over 9.5 metres; and 1.77 g/t over 9.1 metres.

Elaine Ellingham, president and CEO, commented: “Similar to our excellent drill results from a couple of weeks ago, these new results again confirm the significant expansion potential for the Wenot deposit, to depth as well as along the flanks. Hole 23ODD-063 results previously released show a very wide 42-75 metre zone of gold mineralization at the west end of the deposit, from a 110 metres to 290 metres depth, with evidence it extends to surface. Hole 23ODD-064 is located 1.25 km east of hole 063, again demonstrating the continuity of the multiple shear-hosted gold zones that extend along a minimum 2.5-km strike.”

“In the first half of the year, we pursued some of the nearby exploration targets and we remain confident that there are additional gold deposits on this well endowed Omai gold property. However, given the large NI 43-101 Mineral Resource Estimate1 established late last year, we believe our drill budget is best focused on: testing some of the undrilled gaps within the Wenot deposit model; expanding the western ‘starter pit, area; and providing evidence of the blue-sky potential for the Wenot deposit at depth. Results to date are already expected to positively impact the resources as we move forward to an updated mineral resource estimate to be followed by a decision on a preliminary economic assessment (PEA) later this year.”

Wenot hole 23ODD-064 intersected multiple zones with gold mineralization (see an attached table), with visible gold identified in 19 locations along the core.

The favourable higher grade and wider gold zones identified in holes 23ODD-063 and 12ODD-064 can be expected to positively contribute to the next updated Mineral Resource Estimate for Wenot, planned after the completion of this current drill program. The most recent NI 43-101 Mineral Resource Estimate for the Omai property, dated December 2, 20221 includes a Wenot resource of 756,600 indicated ounces of gold grading 1.34 g/t Au and 1,112,600 inferred ounces of gold grading 1.72 g/t Au. For the adjacent Gilt Creek deposit, the NI 43-101 Mineral Resource Estimate is 1,151,000 indicated ounces of gold grading 3.22 g/t Au and 665,000 inferred ounces of gold grading 3.35 g/t Au.

Omai Gold Mines 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.

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 access and a wealth of historical data that provides knowledge of the geology, nature of the gold mineralization on the property, as well as metallurgy and historical recoveries. The company’s priorities for 2023 are to drill the key exploration targets that hold potential for significant new discoveries while continuing to expand the Wenot deposit in anticipation of an updated resource later this year.