OMG NEWS RELEASE 1 Omai Gold Announces 5.0 g/t Au over 8.5 m and 2.3 g/t Au over 17.1 m from First Step-out Drilling Along the West Wenot Extension
OMG NEWS RELEASE 1
Omai Gold Announces 5.0 g/t Au over 8.5 m and 2.3 g/t Au over 17.1 m
from First Step-out Drilling Along the West Wenot Extension
May 27, 2022, Toronto, Ontario — Omai Gold Mines Corp. (TSXV: OMG) (OTC:OMGGF) (“Omai”
or the “Company”) is pleased to provide results from the Company’s first diamond drilling west of
the Wenot resource1, and from trenching and drilling on the exploration targets west of Fennell,
at its Omai gold project in Guyana. Results for two diamond drill holes, stepping out to the west
of the new Wenot resource, plus five holes testing exploration target s include the following
highlights:
Hole 22ODD-038 (West Wenot) 5.01 g/t Au over 8.5 m
Hole 22ODD-039 (West Wenot) 2.32 g/t Au over 17.1 m
Hole 22ODD-033 (Blueberry Hill) 41.73 g/t Au over 0.9 m
Importantly, this drilling was successful at extending the Wenot deposit to the west and further
step-out drilling has continued. The intersection in hole 22ODD-039 of 2.32 g/t Au over 17.1 m is
down dip of a zone that was drilled by shallow 1990’s holes with 21 m @ 1.5 g/t, 15.0 m @ 1.7
g/t Au and 6.0 m @ 1.88 g/t Au, suggesting the continuity of this zone from surface down to at
least a 140 m depth. These results open a significant new region for exploration and in un-mined
areas in proximity to the Wenot resource area.
Elaine Ellingham, CEO noted, “We are very pleased that our drilling has established that the
Wenot shear zone extends to the west and continues to host significant gold mineralization. The
gold mineralization in these new holes is similar to the main zones at Wenot. We recently
deployed the second drill to commence step out drilling on the eastern extension of the Wenot
deposit, roughly two kilometers to the east. Our objective is to work towards a revised NI 43-101
Wenot resource, assuming favourable results continue as we explore both the east and west
extensions of the Wenot shear. Expanding the Wenot resource into these un- mined areas is
significant for an ultimate mine plan as these could contribute to lower -strip-ratio starter pits for
the larger Wenot deposit.”
Drilling commenced along the western extension of the Wenot gold zones at the end of March
with five holes completed to date (1,423 m) and one additional hole underway (Table 1, Figures
1 & 2). Results are available for the first two (2) holes, 22ODD-038 and -039 and additional results
are pending.
OMG NEWS RELEASE 2
Hole ID Including From To Interval
(m)
Gold grade
(grams per tonne)
22ODD-038
160.0 161.0 1.0 2.92
171.0 176.0 5.0 0.48
215.0 223.5 8.5 5.01
including 221.8 223.5 1.7 17.80
22ODD-039
52.3 53.0 0.7 3.81
246.9 264.0 17.1 2.32
including 246.9 253.8 6.9 3.54
and 262.9 264.0 1.1 5.58
277.3 277.9 0.6 1.36
288.8 293.0 4.2 0.56
Holes 22ODD -038 and 22ODD -039 are on the same east -west section line, stepping-out
approximately 100 m west of any 2012 drilling and about 400 m west of any historic mining below
the saprolite. Hole 22ODD-038, drilled to the north to test for mineralization within the sediments,
confirmed a significant zone of 8.5 m grading 5.01 g/t Au on the southern side of the Wenot shear,
at a vertical depth of approximately 110 m into fresh rock . Hole 22ODD-039 drilled to the south
and intersected 17.1 m grading 2.32 g/t Au within the volcanics at a vertical depth into fresh rock
of approximately 140 m, and down-dip of the gold mineralized zones drilled in the 1990s.
The gold mineralization occurs within quartz-ankerite veinlets and stockworks, some with coarse
visible gold and developed primarily in and along the sheared margins of variably silicified sub-
vertical felsic dikes at or near the lithologic contact between the andesite-dominant lithologies to
the north and l ithic wacke sediments to the south. While the Omai Gold mine was operat ing,
much of this area to the west of the Wenot pit w as covered by the mill, other service buildings,
access roads and other mine infrastructure, almost all of which has since been removed, now
allowing for exploration.
Exploration Targets West of Fennell
Exploration continued on targets west of the Fennell pit and to the southwest of the Wenot pit,
with follow up trenching and sampling, and subsequent drilling of eight holes in four target areas
in February and into early April. Results are provided for the initial five diamond drill holes totalling
1,213 m.
At Blueberry Hill, high grade gold values were reported from six large trenches in the Blueberry
Hill area (see news release dated February 24, 2022)(figure 1). An additional trench (OTR-010)
completed on the eastern side of Blueberry Hill, had limited exposure of fresh rock but one
channel sample ran 5.13 g/t Au over 1 m. The extent that the trenching was able to expose “fresh”
rock exceeded our expectations and greatly assisted in exposing prospective quartz veins and
stockworks for sampling. However, at the large Broccoli Hill target area located east of Fennell,
attempts to complete similar trenches were unsuccessful even with the large excavator, due to a
hardpan or silicrete layer within the saprolite that could not be penetrated.
OMG NEWS RELEASE 3
Three drill holes were completed in the Blueberry Hill area (22ODD-033, 034 and 035, figure 1)
focused on testing the high- grade structures that were sampled within the trenches. R esults
included:
Hole ID Including From To Interval
(m)
Gold grade
(grams per tonne)
22ODD-033 150.6 151.5 0.9 41.73
22ODD-034
19.5 21.0 1.5 0.53
58.0 59.0 1.0 0.81
63.0 64.2 1.2 1.80
69.5 71.0 1.5 1.71
22ODD-035 46.6 48.1 1.5 1.91
Visible gold was encountered in a narrow quartz vein within quartz-hornblende diorite in hole
22ODD-033 and assayed 41.73 g/t Au over 0.9 m (Figure 3). Holes 22ODD-034 and 035 tested
the high-grade mineralization identified in trench OTR-002, where six of the eleven samples taken
assayed over 6 g/t Au, including three that assayed over 10 g/t Au. These holes intersected
several intervals of Fennell -like diorite intrusion and areas of quartz veining and several
intersections with favourable alteration and sulphidization, with only anomalous gold grades .
Additional trenching is planned with the goal of further clarifying orientations and extent of the
gold-bearing structures prior to further drilling.
At the Snake Pond area shown in figure 1 , trenching and subsequent drilling followed up on
significant gold intersections from 1990s drill holes. Trenching completed in March was not able
to reach fresh rock in many areas, but one channel sample graded 5.21 over 1m. Trench OTR-
011 expos ed a 26 -meter zone with quartz veining with several orientations and stockworks .
Selective grab samples of quartz veining within the saprolite returning results from north to south
of: 1.49 g/t Au over 5 m, 4.51 g/t Au over 5 m, 6.12 g/t Au over 5 m, 0.08 g/t over 5 m, 0.01 over
5 m and 7.68 g/t over 5 m. Two drill holes 22ODD -040 and - 042 were completed to test this
northeast trending Snake Pond zone with assays pending.
Two geophysics targets to the south of the main east -west trending Wenot Shear were tested
during this program. Diamond drill hole 22ODD -036 tested a prominent magnetic lineament
located approximately 750 m south of the main Wenot Shear . Although the hole intersected a
very strongly sheared metasedimentary sequence intruded by a 26 meter-wide quartz-felspar
porphyry (QFP) unit, no anomalous gold was returned.
A second geophysical target located approximately 220 m south of the main Wenot shear trend
and defined by a magnetic anomaly, was tested by hole 22ODD-037. A single hole in the 1990s
intersected 15 m at 1.2 g/t Au in this area. Hole 22ODD -037 experienced s ome core loss ,
particularly around quartz veined sections. A few anomalous intersections included 6.0 m @ 0.67
g/t Au, 1.0 m @ 0.77 g/t Au and 1.0 m @ 0.96 g/t Au.
OMG NEWS RELEASE 4
Quality Control
Omai maintains an internal QA/QC program to ensure sampling and analysis of all explorat ion
work is conducted in accordance with best practices. Certified reference materials, blanks and
duplicates are entered at regular intervals. Samples are sealed in plastic bags.
Samples fr om holes 22ODD-033 to 22ODD-037 were shipped to the MSALABS Guyana Inc., 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. Thirty grams of pulverized material is then fire
assayed by atomic absorption spectrophotometry (AA). Initial assays with results above 3.0 ppm
gold are re-assayed using a gravimetric finish. Certified reference materials and blanks meet with
QA/QC specifications. Samples from holes 22ODD-038 and 039 were shipped to ActLabs, a
certified laboratory in Georgetown, Guyana. At the ActLabs, samples were processed following
the same procedures through to fire assay as above. Standards and blanks meet with QA/QC
specifications. Certain samples with potential for coarse gold were selectively analysed at
ActLabs by Metallic Screening whereby a representative 500 gram sample split is sieved at
149μm, with assays performed on the entire +149 μm fraction and two splits of the - 149 μm
fraction. When assays have been completed on the coarse and fine portions of the large sample,
a final assay is calculated based on t he weight of each fraction.
Qualified Person
J
ohn Spurney 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. Mr. Spurney is not considered to be independent for the purposes of National Instrument
43-101.
1 The Company filed an NI43 -101 technical report titled “TECHNICAL REPORT AND INITIAL MINERAL
RESOURCE ESTIMATE OF THE WENOT GOLD DEPOSIT, OMAI PROPERTY, POTARO MINING
DISTRICT NO. 2, GUYANA”, prepared by William Stone, P.Geo. Yungang Wu, P.Geo. Jarita Barry, P.Geo.
Antoine Yassa, P.Geo. D. Grant Feasby, P.Eng. Eugene Puritch, P.Eng., FEC, CET, of P&E Mining
Consultants Inc dated February 18, 2022 on the SEDAR website www.sedar.com in support of the Wenot
Mineral Resource Estimate announced January 4, 2022. The Mineral Resource Estimate consists of 16.7
million tonnes of indicated mineral resources averaging 1.31 grams of gold per tonne for 703,300 ounces of
gold, and 19.5 million tonnes of inferred mineral resources averaging 1.50 grams of gold per tonne for
940,000 ounces of gold on the Wenot Deposit
ABOUT OMAI GOLD
Omai Gold Mines Corp., through its wholly owned subsidiary Avalon Gold Exploration Inc., holds
a 100% interest in the Omai Prospecting License that includes the past producing Omai Gold
Mine, 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. In 2022, the Company announced an initial Mineral Resource Estimate on the new Wenot
gold deposit. The Company’s short-term priorities are to build on the known Mineral Resources,
while advancing exploration on key targets, providing a solid opportunity to create significant value
for all stakeholders.
OMG NEWS RELEASE 5
For further information, please see our website www.omaigoldmines.com or contact:
Elaine Ellingham P.Geo. Greg Ferron
President & CEO VP Business Development
[email protected] [email protected]
Phone: +1 416-473-5351 Ph: +1 416-270-5042
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 s tatements” 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 P roject 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, competi tive, 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 re vise any forward- looking
statements, whether as a result of new information, future events or otherwise, except as required by law.
Table 1. Drill hole locations for holes 22ODD-033 to 22ODD-039
Hole ID Azimuth
(degrees)
Inclination
(degrees)
Elevation
(m)
Final
Depth
(m)
Easting Northing
22ODD-033 350 -80 51.1 182 303869 602516
22ODD-034 0 -80 44.52 158 304186 602521
22ODD-035 180 -75 44.62 161 304195 602610
22ODD-036 205 -50 22.49 139 303715 600988
22ODD-037 180 -50 25.89 217 303829 601530
22ODD-038 0 -50 20.70 262 304331 601468
22ODD-039 180 -50 33.48 320 304329 601859
OMG NEWS RELEASE 6
Figure 1. Location Map of Drill Holes and Trenches West of Fennell and Wenot
Figure 2. West Wenot Extension Drilling – Longitudinal Section (looking north)
OMG NEWS RELEASE 7
Figure 3 – Visible Gold in Hole 22 ODD-033, Blueberry Hill
Figure 4. Cross-Section of Drill Holes 22ODD-038 and -039