Omai Gold Commences Gilt Creek Drill Hole Planned to Also Explore the Blue-Sky Depth Potential of the Wenot Deposit
Omai Gold Commences Gilt Creek Drill Hole
Planned to Also Explore the Blue-Sky Depth
Potential of the Wenot Deposit
Toronto, Ontario--(Newsfile Corp. - May 23, 2025) -
Omai Gold Mines Corp.
(TSXV: OMG) (OTCQB:
OMGGF)
("
Omai Gold
" or the "
Company
") is pleased to announce that drilling has commenced on a
deep hole that is planned to initially drill across the Gilt Creek gold deposit, then to continue to drill in
order to test the adjacent Wenot gold deposit at a vertical depth of approximately 1,100m. Gilt Creek
and Wenot are two adjacent orogenic gold deposits on the Company's 100%-owned Omai Gold Project
in Guyana, South America. The Wenot open pit deposit consists of
multiple near-vertical shear-hosted
gold zones that have been identified along a 2.5km strike that have been drilled from surface to
maximum depths of 450-525m. The Company's 2024-25 drill program, now surpassing 25,000m, has
focused on exploring the size potential of this very large Wenot open pit deposit down to a depth of 450-
500m.
This new hole (25ODD-122) will provide additional data as it drills across the Gilt Creek gold deposit
then, very significantly, is planned to continue a further 600m-800m to explore for the extension of the
near-vertical Wenot gold zones at approximately 1,000m to 1,200m vertical depth or roughly 600m
below the known deposit.
A gold intersection at this depth would not add to the Wenot resources in the
short-term, however, would be indicative of the upside and long term mine life potential of this large
Omai gold camp.
Elaine Ellingham, President & CEO, commented:
"Our 2025 goal is to more fully realize the expansion
potential of the gold resources at Omai, with a vision towards a multi-decade mine life. By accelerating
our testing of the Wenot deposit starting in 2024, our drilling has provided ample evidence of the
continuity of the gold zones down to depths of at least 500m, establishing Omai as one of the largest
and fastest-growing gold camps in the Guiana Shield greenstone belt.
We believe that we are on the
path to maximizing the value of this large, two-deposit gold project with the current resource expansion
drill program at Wenot, the
updated MRE for Wenot that is underway, and the updated Preliminary
Economic Assessment ("PEA") to follow. By testing the Wenot deposit at much greater depths we
hope to further unveil the blue-sky expansion potential of the Omai property, which we believe would
unlock further value for all stakeholders."
The Company has completed 46 holes totalling 29,050m since the completion of the most recent NI 43-
101 Mineral Resource Estimate ("MRE") for Wenot in February 2024.
An updated NI 43-101 MRE to
incorporate these new results has commenced, while additional assay results are pending for several
holes. Drilling continues on the Wenot expansion drill program with two drills.
This new drill hole (25ODD-122) is designed to achieve several objectives: 1) to assist in the Gilt Creek
mine planning and metallurgical studies that will facilitate its inclusion into an updated PEA mine plan
anticipated later in 2025, 2) to further explore the lateral extent of the Gilt Creek intrusion-hosted gold
deposit, and, very significantly, 3) to explore the open depth potential of Wenot well below the known
limits of the deposit, that could be indicative of the potential for a multi-decade mine life for the Omai
project.
This deep hole is expected to be 1,800 to 2,000m in length, well within the capability of the drills
on-site, however will be closely monitored for successful completion.
Gilt Creek Deposit Background
The Gilt Creek gold deposit is a 500m by 275m intrusion-hosted orogenic gold deposit. It is located
approximately 500m north of the Wenot gold deposit on the Omai property (Figure 1). The MRE for Gilt
Creek comprises Indicated Mineral Resources of 1,151,000 ounces gold averaging 3.22 g/t Au and
Inferred Mineral Resources of 665,000 ounces gold averaging 3.35 g/t Au, using a 1.5 g/t Au cutoff and a
US$1,700/oz gold price. Initial engineering studies anticipate a ramp from surface to access this deposit
for underground mining. The very wide mineralized zones are likely amenable to sub-level open stoping
and transverse open stoping, with follow-up cut-and-fill mining.
The Gilt Creek gold deposit is relatively shallow with approximately 76% of the MRE gold ounces lying at
vertical depths of between 300m and 600m. Limited drilling of the Omai intrusion below 600m continued
to encounter gold mineralization down to 967m. Drill hole 24ODD-095 completed in December, 2024
confirmed gold mineralization within the intrusive host rock from just 225m to a depth of 850m below
surface.
Wenot Extension Target
The Wenot deposit is a 2.5km long, shear-hosted, orogenic gold deposit with a current Indicated MRE
1
of 834,000 ounces grading 1.48 g/t Au and Inferred MRE of 1,614,000 ounces grading 1.99 g/t Au. Gold
mineralization at Wenot is dominantly hosted within multiple, parallel, near-vertical zones along the east-
west trending shear corridor. Gold zones at Wenot have been identified from surface to a maximum
vertical depth of 555m.
A late post-mineralization diabase dike that underlies the Gilt Creek pit extends under Wenot and has
been intersected in a few holes
from 480m to 510m depth. The Wenot
orogenic gold zones pre-date this
later dike and therefore most likely continue below. The recent drilling provides ample evidence that the
gold grades and zone widths increase with depth and appear to potentially support underground mining
at greater depths. There are multiple examples of orogenic gold deposits extending to great depths and
confirmation of this for the Wenot deposit could have significant impact for ensuring a longer potential
mine life for the Omai gold project. The Gilt Creek deposit is robust and, pending the updated PEA later
in 2025, may support an economically attractive underground mining scenario. Therefore, the discovery
of Wenot gold zones extending to depth just 500m south of an underground Gilt Creek mine could allow
accelerated underground access to a deeper Wenot deposit, far earlier than from surface or an eventual
Wenot pit bottom.
With two significant gold deposits, both with indications of continuations at depth, the Omai property
offers significant upside potential.
Drilling to date has been highly successful and the Company
continues to be well-funded with a cash position at Quarter end, March 31, 2025 of approximately C$29
million.
1
NI43-101 Technical Report dated May 21, 2024 "UPDATED MINERAL RESOURCE ESTIMATE AND PRELIMINARY ECONOMIC ASSESSMENT
OF THE OMAI GOLD PROPERTY, POTARO MINING DISTRICT NO.2, GUYANA" was prepared by Eugene Puritch, P.Eng., FEC, CET, President
of P&E Mining Consultants Inc. is available on SEDAR+ and on the Company's website. It includes a Wenot resource of 834,000 indicated ounces
of gold averaging 1.48 g/t Au and 1,614,000 inferred ounces of gold averaging 1.99 g/t Au, and the adjacent Gilt Creek resource of 1,151,000
indicated ounces of gold averaging 3.22 g/t Au and 665,000 inferred ounces of gold averaging 3.35 g/t Au.
2
Past production at the Omai Mine (1993-2005) is summarized in several Cambior Inc. documents available on SEDARplus.ca, including March
31, 2006 AIF and news release August 3, 2006.
Figure 1. Plan map showing location of Hole 25ODD-122
To view an enhanced version of this graphic, please visit:
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Figure 2. Cross-section of deep hole 25ODD-122, looking east
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8712/253188_65dc034f746f5b72_002full.jpg
Qualified Person
Elaine Ellingham is a Qualified Person (QP) under National Instrument 43-101 "Standards of Disclosure
for Mineral Projects" and has approved the technical information contained in this news release. Ms.
Ellingham is not considered to be independent for the purposes of National Instrument 43-101.
ABOUT OMAI GOLD
Omai Gold Mines Corp. is a Canadian gold exploration and development company focused on rapidly
expanding the two orogenic gold deposits at its 100%-owned Omai Gold Project in mining-friendly
Guyana, South America. Since 2021, the Company has quickly established the Omai Gold Project as
one of the fastest growing and well-endowed gold camps in the prolific Guiana Shield greenstone belt. In
February 2024 the Company announced an updated NI 43-101 Mineral Resource Estimate
1
("MRE") of
2.0 million ounces of gold Indicated and 2.3 million ounces Inferred, comprising of both the Wenot open
pit deposit and the adjacent Gilt Creek underground deposit. This was followed by an initial baseline
Preliminary Economic Assessment ("PEA") in April 2024, which contemplated an open pit-only
development scenario and included only 45% of the Omai Gold Project MRE. Subsequent to the 2024
MRE, the Company has been aggressively drilling to expand gold resources at the Wenot deposit and
has identified additional wide zones of high-grade gold mineralization. In 2025 Omai Gold plans to
continue its impactful drill programs, announce an updated and expanded MRE, and complete an
updated PEA which would include an expanded Wenot open pit deposit and an underground mining
scenario at Gilt Creek. The Omai Gold Mine produced over 3.7 million ounces of gold from 1993 to
2005
2
, ceasing operations when gold was below US$400 per ounce. The Omai site benefits from much
existing infrastructure and will soon be connected to the two largest cities in Guyana, Georgetown and
Linden, via paved road.
For further information, please see our website
www.omaigoldmines.com
or contact:
Elaine Ellingham, P.Geo.
President & CEO
+1.416.473.5351
David Stewart, P.Eng.
VP Corporate Development & Investor Relations
+1.647.294.8361
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain "forward-looking statements" under applicable Canadian securities
legislation. Forward-looking statements include, but are not limited to, statements with respect to the
timing of completion of exploration, trenching and drill programs, and the potential for the Omai Gold
Project to allow Omai to build significant gold Mineral Resources at attractive grades, and forward-
looking statements are necessarily based upon a number of estimates and assumptions that, while
considered reasonable, are subject to known and unknown risks, uncertainties and other factors which
may cause the actual results and future events to differ materially from those expressed or implied by
such forward-looking statements.
Such factors include, but are not limited to general business, economic, competitive, political and
social uncertainties; delay or failure to receive regulatory approvals; the price of gold and copper; and
the results of current exploration. Further, the Mineral Resource data set out in the Omai Gold news
release are estimates, and no assurance can be given that the anticipated tonnages and grades will
be achieved or that the indicated level of recovery will be realized. There can be no assurance that
forward-looking statements 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 statements. The Company disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of new information, future events or
otherwise, except as required by law.
Further, the Preliminary Economic Assessments and related data discussed in this news release are
estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved
or that the indicated level of recovery will be realized. Forward-looking statements are subject to known
and unknown risks, uncertainties and other factors that may cause the actual results, level of activity,
performance or achievements of Omai Gold Mines Corp. to be materially different from those
expressed or implied by such forward-looking statements, including but not limited to: risks related to
international operations; actual results of current exploration activities; conclusions of economic
evaluations; changes in project parameters as plans continue to be refined; future prices of gold,
copper and other minerals and metals; general market conditions; possible variations in ore reserves,
grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents,
labour disputes and other risks of the mining industry; uncertainty of access to additional capital;
delays in obtaining governmental approvals or in the completion of development or construction
activities.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/253188