Omai Gold Mines drills 5.21 g/t gold over 19.3 metres at Wenot, Guyana
Omai Gold Mines Corp. [TSXV: OMG; OTC: OMGGF] reported assay results from the balance of drilling completed as part of the 2024 program at the Wenot Project, Guyana. A total of 26 diamond drill holes totalling 13,716 metres were completed in 2024, mostly focused on expanding the large Wenot deposit at the 100%-owned Omai gold project. Assays are reported for three holes drilled in 2024 and results are pending for an additional eight holes at Wenot drilled to date in 2025.
Highlights: Hole 24ODD-097: 5.21 g/t gold over 19.3 metres, including 11.44 g/t gold over 4.6 metres and 11.75 g/t gold over 3.6 mteres. Hole 24ODD-096 returned 0.98 g/t Au over 26.2 m, including 1.71 g/t Au over 12.7 m and 1.31 g/t Au over 22.0 m. Hole 24ODD-093 returned 1.89 g/t Au over 6.7 m and 2.51 g/t Au over 4.9 m.
Results from the 2024 drill program at Wenot achieved objectives: identify further mineralization in some of the wide undrilled areas within the 2.5-km long strike of the Wenot deposit, particularly within the underexplored southern sedimentary rock sequence; extend the known mineralization in the multiple subparallel gold zones down to the 400 to 450-metre level, which management believes is a reasonable depth for a potential large-scale open-pit operation; and increase the shallow drilling at West Wenot, an area with known broad mineralized zones within the southern sedimentary rocks with potential as a starter pit.
Elaine Ellingham, president and CEO, commented: “The balance of results from the last three drill holes from 2024 mark a strong finish to last year’s drill program. In particular, hole 97 intersected high-grade gold mineralization of 5.21 g/t gold over 19.3 metres, showing increased grade over nearby hole 90 that was drilled from the north side.
“Our 2025 drill program commenced in January, with an initial planned 10,000 metres, but we will potentially expand this with further success. To date, an additional eight holes have already been drilled for a total of 4,880 metres. Two of these holes were drilled at the Camp zone approximately one km west of Wenot along the shear corridor, in an area with no historical open-pit mining but a few previous holes with encouraging mineralization. Drilling will pave the way to an updated mineral resource estimate expected in Q2 2025 and an updated PEA planned for Q3 2025.”
Omai holds a 100% interest in the Omai prospecting licence, which includes the past-producing Omai gold mine, in Guyana, and a 100% interest in the adjoining Eastern Flats mining permits. The company announced a PEA on its Wenot deposit at Omai in April 2024, showing an open-pit operation to produce 1.84 million ounces of gold over 13 years with a net present value (NPV) at 5% of US$556 million at a gold price of US$1,950/oz.
This baseline PEA incorporates only 45% of the property’s MRE, and management believes that with additional work the mine plan can be significantly expanded, the economics enhanced and the open-pit resources further increased. An updated NI 43-101 MRE of 2.0 million ounces of gold (Indicated) and 2.3 million ounces (Inferred) reflects a notable increase as a result of the successful drilling in 2023.
As a brownfields project, Omai benefits from good road access and a wealth of historical data, providing knowledge of the geology and gold mineralization on the property, as well as metallurgy, historical processing recoveries and many other relevant mining parameters.