OMG NEWS RELEASE 1 Omai Drilling Continues to Outline Gold Mineralizat ion in Multiple Shears Extending Below the Wenot Pit, including 16. 8 g/t over 6 metres and 4.6 g/t over 20 metres
OMG NEWS RELEASE 1
Omai Drilling Continues to Outline Gold Mineralizat ion in Multiple
Shears Extending Below the Wenot Pit, including 16. 8 g/t over 6
metres and 4.6 g/t over 20 metres
October 22, 2021 Toronto, Ontario — Omai Gold Mines Corp. (TSXV: OMG) (“Omai” or the
“Company”) is pleased to report additional results from the drilling program underway to test below
the past-producing Wenot pit at the Omai gold project in Guyana. All fifteen holes completed this
year, testing the depth extension of Wenot, success fully intersected multiple near-vertical gold
mineralized shears along a 1.55 km strike.
Highlights of the new assay results include 1:
- Hole 21ODD-020 (Section 304600E) best intersectio ns include: 22.05 grams per tonne
(“g/t”) Au over 1.7 metres (“m”), 5.28 g/t over 2.7 m and 3.33 g/t over 4.4 m
- Hole 21ODD-021 (Section 305400E) best intersectio ns include: 5.16 g/t over 8.4 m, 5.0
g/t over 6.0 m, 1.46 g/t over 11 m with nearby 1.03 g/t over 5.0 m
- Hole 21ODD-022 (Section 304750E) best intersectio ns include: 16.77 g/t over 6.0 m, 1.97
g/t over 16.7 m, and 4.63 g/t over 20.0 m (see figure 3)
- Hole 21ODD-023 (Section 305928E) best intersectio ns include: 3.3 g/t over 14.1 m, 2.96
g/t over 6.0 m and 0.82 g/t Au over 22.0 m (see figure 4)
1 a more comprehensive list of gold intersections is provided on table 1.
Elaine Ellingham, CEO commented: “With over 35 years in exploration, I truly appreciate projects
like Omai with great potential for significant disc overies. The additional strong results released
today, further support our work towards an initial NI 43-101 resource at Wenot. With our
independent qualified person (“QP”) commencing shor tly, our team will be freed up to focus on
the exploration plans through to mid-2022. There ar e a number of very prospective targets for
additional gold deposits on the Omai property, for example at Fennell, with an unmined historic
resource. We also see several exploration targets t hat hold potential for significant near-surface
gold deposits that could accelerate the overall dev elopment of the project. We will be initiating
work on these other exploration targets starting in November and on Fennell early in the new
year.”
OMG NEWS RELEASE 2
The geology and ore controls at Wenot are mostly understo od. The full 1.7 km long E-W axis of
the pit follows the Wenot Shear Corridor, a broad 20 0 to 350 m wide zone of deformation which
has been subjected to both shearing and compression. It straddles the contact between a series
of largely andesitic to dioritic volcanic and intrusive rocks on the north, and meta-sedimentary
rocks on the south.
The Wenot Corridor was the focus of several phases of cr ustal deformation that propagated
multiple sub-vertical shears that were subsequently intru ded by felsic to intermediate dikes of
different generations and characteristics, which have been deformed, hydrothermally altered, and
veined, to varying degrees. These dikes appear to have b een more susceptible than the
surrounding host rocks to brittle fracturing and alterat ion, especially along their margins. During
successive deformation events, this brittle fracturing has facilitated mineralizing events, resulting
in gold being deposited within a stockwork of quartz-ank erite veins and veinlets, as well as in
quartz-sericite-pyrite alteration halos surrounding the veins and dikes.
Visible gold has been seen in almost every Wenot hole d rilled this year. Although this accounts
for some of the high gold values, gold mineralization within the alteration halos, as well as in small,
less conspicuous quartz-carbonate veins and veinlets will be si gnificant contributors to the gold
resource at Wenot.
In hole 21ODD-022, at the western end of the pit, gold-rich zones were unexpectedly intersected
on the northern flank or possibly outside of the known shear corridor. These zones may be splays
similar to NW trending zones that appear to extend around the western side of the Fennell pit. In
this area, a few historic holes encountered wide and higher-grade gold mineralization, and warrant
further exploration.
The current drill program commenced in February, with the primary objective of evaluating the
potential for a significant gold deposit under the Wen ot pit. This 1.7 km by 0.5 km pit produced
approximately 1.4 million ounces of gold at an average grade of 1.5 g/t Au between 1993 and
2002 2. Some previous drill holes had tested below the pit bottom during the historical evaluation
of Wenot, providing indications that the mineralization continued at depth.
Fifteen holes have been completed this year under the W enot pit, with one hole currently in
progress (21ODD-026). Table 2 summarizes the recent dril l holes and status, and figure 1 is a
plan map showing the locations of the holes completed in 2021. Drilling accelerated with the
addition of a second drill in July, with a total of 8,846m drilled to date in 2021. Holes 21ODD-024
and 025 have been completed and samples have been shippe d to Actlabs in Georgetown, with
results pending.
Figure 2 shows a longitudinal section of the Wenot pit, illustrating the mined-out portion, which
contributed 1.4 million ounces of gold production. The holes completed since the beginning of
the drill program in February of this year are highlig hted in yellow. The figure shows that this
drilling has effectively tested 100 to 225 meters below the mined pit bottom and this defines the
area that will be the subject of the resource evaluation currently underway. Gold intersections of
more that 10 gram-metres (grade in grams per tonne times width in metres) are shown in red.
2 Past production at Omai is summarized in several Ca mbior Inc. documents available on Sedar.com,
including March 31, 2006 AIF and news release August 3, 2006.
OMG NEWS RELEASE 3
The technical team has been working to compile the results to date. Upon completion of hole 21-
ODD-026, the data will be provided to the QP, who ha s been engaged to complete a NI 43-101
resource evaluation of the Wenot mineralization. At that point, no further drilling at Wenot will be
done until the NI 43-101 is completed .
A full assessment of the additional exploration targets on the property has commenced, to develop
a comprehensive exploration plan that will extend into mid-2022. Several targets are drill-ready
and others will benefit from some selective trenching, mapping and sampling. Fennell, which has
an unmined historic resource, will be one area of focus for exploration in the new year. However,
there are additional targets and target areas that h old potential for developing near-term, near-
surface open pit deposits that could accelerate the overall development of the project. Additional
details on the next phase of exploration will follow shortly.
Quality Control
Omai maintains an internal QA/QC program to ensure s ampling and analysis of all exploration
work is conducted in accordance with best practices. Standards, blanks and duplicates are
entered at regular intervals. Samples are sealed in plastic bags and shipped to ActLabs, a certified
laboratory in Georgetown, Guyana, respecting the best chain of custody practices. At the
laboratory, samples are dried, crushed up to 80% passing 2 mm, riffle split (250 g), and pulverized
to 95% passing 105 μm, including cleaner sand. 30 g of pulverized material are then fire assayed
by atomic absorption (AA). Initial assays with results ab ove 3,000 ppb gold are re-assayed with
gravimetric finish. Standards and blanks meet with QA/QC specifications.
Table 1. New Assay Results from Recently Completed Drill Holes
Hole ID Includes From To Interval
(m)
Gold grade
(grams per tonne)
21ODD-
020
163.9 168.4 4.5 1.93
180.1 181.5 1.4 9.91
225.2 226.9 1.7 22.05
241.9 249.4 7.5 0.39
235.3 238.0 2.7 5.28
252.7 260.5 7.8 1.0
includes 252.7 257.1 4.4 3.33
286.3 289.7 3.3 1.39
21ODD-
021
136.9 145.3 8.4 5.16
289.0 290.5 1.5 0.93
295.0 296.5 1.5 1.61
397.0 403.0 6.0 5.00
445.5 456.5 11.0 1.46
462.5 474.7 12.2 0.62
includes 462.5 467.5 5.0 1.03
469.0 470.5 1.5 0.88
473.4 474.7 1.3 0.35
OMG NEWS RELEASE 4
Hole ID Including From To Interval
(m)
Gold grade
(grams per tonne)
21ODD-
022
104.5 110.5 6.0 16.77
includes 109.0 110.5 1.5 65.68
146.0 162.5 16.5 1.97
187.5 189.0 1.5 3.67
222.5 225.5 3.0 1.32
270.0 290.0 20.0 4.63
includes 271.5 273.0 1.5 23.7
and 284 285.5 1.5 16.04
296 297 1.0 2.02
311 312.5 1.5 2.63
Hole ID Including From To Interval
(m)
Gold grade
(grams per tonne)
21ODD-
023
141 144 3.0 0.48
150.5 172.5 22.0 0.82
includes 153 162 9.0 1.36
185.0 192.5 7.5 0.87
includes 189.5 192.5 3.0 1.90
309.8 315.8 6.0 1.29
333.4 340.0 6.6 1.40
357.4 362.0 4.6 1.98
373.0 374.5 1.5 2.04
380 394.1 14.1 3.30
397 401.5 4.5 1.15
431 433.0 2.0 4.62
447.5 453.5 6.0 2.96
Table 2. Summary of Wenot Recent Drill Holes and Status (see Figure 1, Drill plan map)
Hole ID Azimuth
(degrees)
Declination.
(degrees)
Final
Depth (m) Easting Northing Status
21ODD-020 180 -50 351 304600 601820 Completed, Reporting Assays
21ODD-021 180 -50 550 305400 601835 Completed, Reporting Assays
21ODD-022 180 -50 401 304750 601830 Completed, Reporting Assays
21ODD-023 180 -50 461 305928 601715 Completed; Reporting Assays
21ODD-024 180 -50 559 305730 601800 Completed; Assays Pending
21ODD-025 180 -50 503 305300 601855 Completed; Assays Pending
21ODD-026 180 -50 -- 305840 601735 Drilling underway
OMG NEWS RELEASE 5
Qualified Person
John Spurney is a Qualified Person under National Inst rument 43-101 "Standards of Disclosure
for Mineral Projects" and has approved the technical information contained in this news release.
Mr. Spurney is not considered to be independent for the purposes of National Instrument 43-101.
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.
About Omai Gold Mines Corp.
Omai Gold Mines Corp., through its wholly owned subsidiary Avalon Gold Exploration Inc., holds
a 100% interest in the Omai Prospecting License coverin g 4,590 acres (18.575 sq. km), that
includes the past producing Omai gold mine. Once South America’s largest producing gold mine,
Omai produced over 3.8 million ounces of gold between 1993 and 2005. Mining ceased at a time
when the average gold price was less than US$400 per ou nce, leaving significant drilled
resources untapped and prime exploration targets untested. The Company’s short-term priorities
are to verify and expand the known resources, while adva ncing exploration on key targets,
providing a solid opportunity to create significant value for all stakeholders.
For further information, please see our website www.omaigoldmines.com or contact:
Elaine Ellingham P.Geo.
President & CEO
Phone: +1-416-473-5351
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 the drill program, and the potential for the Omai gold project to allow Omai to build
significant gold 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. There can be no assurance that such 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.
OMG NEWS RELEASE 6
Figure 1. Wenot Diamond Drilling – Plan Map
Figure 2. Wenot Longitudinal Section (looking north). (yellow holes are 2021 drill program to date)
OMG NEWS RELEASE 7
Figure 3. Wenot Cross Section 304730E. Results for hole 21-ODD-022
Figure 4. Wenot Cross Section 305930E. Results for hole 21-ODD-023
(Note: this section is 1.2 km east of the above section with hole 21-ODD-022)