OMG NEWS RELEASE 1 Omai Gold Announces 7.69 g/t Au over 9.5m and 3.4 g/t over 15.0m from Exploration Target and Commences Updated Mineral Resource Estimate for Wenot
OMG NEWS RELEASE 1
Omai Gold Announces 7.69 g/t Au over 9.5m and 3.4 g/t over 15.0m from
Exploration Target and Commences Updated Mineral Resource Estimate
for Wenot
December 5, 2023, Toronto, Ontario — Omai Gold Mines Corp. (TSX V: OMG) (OTC:OMGGF)
(“Omai” or the “Company”) announces completion of its 2023 Omai drill program, having released
a series of strong drilling results from the Wenot gold deposit and extension, located on the Omai
property in Guyana. These results will contribute to an updated Mineral Resource Estimate that
is currently underway.
As part of the recently completed diamond drilling program, two additional holes were completed
on nearby SP and BBH exploration targets, following-up on results from trenching, drilling and
modelling of these areas since 2021. One hole, drilled down plunge on the SP high-grade target,
intersected two intervals of significant gold mineralization with the true width of the zone or zones
yet to be determined. Highlights from this hole 23ODD-069 include:
• 7.69 g/t Au over 9.5m
• 3.42 g/t Au over 15.0m
P&E Consulting Ltd. has been engaged as the independent qualified person (“QP”) to prepare an
updated Mineral Resource Estimate which is expected at year end or early in the new year. Work
towards a Preliminary Economic Assessment (“PEA”) is expected to proceed immediately
thereafter, with supporting studies already underway.
Elaine Ellingham, President & CEO, commented: “This completes the results from the 2023
diamond drill program and we are pleased that it achieved its objectives:
Drilling in the West Wenot “starter pit” area successfully expanded the known zones of gold
mineralization in all directions and is expected to have a positive impact on the updated Mineral
Resource Estimate. All West Wenot holes intersected multiple gold zones with very favourable
widths and grades for open pit mining, including 4.07 g/t over 31.1m (23ODD -063), 2.26 g/t Au
over 70.0m (23ODD -071), 4.54 g/t Au over 27.5m (23ODD -065) and 5.89 g/t Au over 12.0m
(23ODD-067). This area, lying west of the past -producing pit, extends along a strike of at least
600m and is a likely area for early mining.
Another objective for 2023 was to investigate the depth potential of Wenot. Hole 23ODD-064, in
the mid-pit area, intersected 5.18 g/t Au over 20.2m, including 12.7 g/t Au over 7.9m at a vertical
depth of approximately 435m. Previously, the deepest gold intersections in central Wenot were
4.77 g/t Au over 22.0m (21ODD -001) and 6.92 g/t Au over 19.0m ( 21ODD-013). These are
significant as they indicate potential for later underground mining of higher grade zones from the
bottom of an open pit operation.
OMG NEWS RELEASE 2
A number of exploration targets were drilled early in the year as well as the two targets , SP and
BBH, at the end of the program. We remain confident that there are additional gold deposits on
this well endowed Omai gold property. Wenot became the priority for most of the drilling in the
second half of 2023 due to t he continued success and the prospect of advancing towards a
preliminary economic assessment (“PEA”). Several of the exploration targets generated results
warranting additional work, including the SP target where new results show potential for further
near surface, high grade mineralization.”
SP Target
A single hole was drilled on the SP T arget at the end of the recent drill program . The SP target
was initially tested by the C ompany with two diamond drill holes in 2021 as follow-up to a 1994
hole that intersected 6.9 g/t Au over 21 m. The two 2021 holes encountered a few intervals of
quartz veining, silicification and minor quartz stockworks, associated with locally strongly sheared
intervals within a metavolcanic sequence of basalt s and andesites with minor diorite. The best
gold intercepts were 0.65 g/t over 9.0m and 2.39 g/t over 1.6m . These holes appear to have
intersected below the plunge of the zone.
In 2022, trenching exposed mineralization that was consistent with that encountered in the 1994
drill hole, providing incentive to continue to explore this area. However, two additional drill holes
in 2022 did not intersect any significant quartz or gold intervals (max 2.13 g/t Au over 0.7m) ,
leaving the orientation of the zone un resolved. Additional mapping and modelling of the area
earlier this year suggested potential for a plunging gold-bearing shoot or shoots, hosted within
structures related to the nearby Gilt Creek intrusi on. With this new model, the known gold
intersections were aligned and hole 23ODD-069 was drilled down the interpreted plunge to test
the modelled orientation and possible extent of this zone. The hole intersected two intervals of
quartz veining, hosting visible gold as well as minor pyrite and chalcopyrite. The first interval
assayed 7.69 g/t Au over 9.5m and the second only 7.5m further down the hole returned 3.42 g/t
over 15.0m (Table 1). It is not known whether these represent the same zone or two parallel
zones, and the t rue width and continuity cannot be determined at this time . This hole confirms
there is a high-grade gold target in this area warranting additional exploration and the orientation
of this target is now better defined for follow-up drilling in 2024.
BBH target
At the Blueberry Hill target, trenching in early 2022 followed up on positive results from two holes
drilled in 2021, including hole 21ODD -019 which intersected 1.7 g/t Au over 7.5m, and 3.15 g/t
Au over 3.0m. The 2022 trenches exposed deeply weathered, northeast striking quartz -ankerite
veinlet stringer zones localized in intermediate metavolcanic rocks and related diorite to quartz
diorite intrusive rocks. Trench samples in early 2022 included 11 samples with six of these
assaying over 6 g/t Au, including three that assayed over 10 g/t Au (see news release February
24, 2022). Four holes were drilled in 2022, testing this 500m long target area. The best result
was 41.73 g/t Au over 0.9m. An additional trench completed in August of this year, confirmed
favourable gold grades, and a single shallow hole was completed to test immediately beneath the
trench. A near surface intercept of 0.94 g/t Au over 0.7m was drilled (Table 1).
OMG NEWS RELEASE 3
Table 1. Composite Assay Results for DDH 23ODD-069 and -070
Cut-off 0.30 g/t Au, no internal dilution, capped at 17 g/t
An Induced Polarization (IP) geophysics survey was completed last week over the projected
western and eastern extensions of the current , 2.5 km-long Wenot deposit. The Wenot shear
corridor, which contains a number of favourable structural zones across its up to 500m width, is
known to continue both east and west of the current Wenot resource . IP is very effective at
detecting small amounts of disseminated sulphide minerals. The best gold zones at Wenot are
typically associated with disseminated pyrite and we anticipate that IP will detect these zones ,
highlighting high-probability targets which will support more effective drilling as we step out further
along strike and to depth.
Quality Control
Omai maintains an internal QA/QC program to ensure sampling and analysis of all exploration
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 from the
Wenot drilling were shipped to ActLabs and in some cases, MSALabs, both are certified
laboratories in Guyana, respecting the best chain of custody practices. At both laboratories,
samples are dried, crushed up to 80% passing 2 mm, riffle split (250 g), and pulverized to 95%
passing 105 μm, including cleaner sand. Fifty 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. For samples with visible gold where initial assays do not
run above 3 g/t, a second pulp is made from the coarse reject and an additional fire assay
completed. Certified reference materials and blanks meet with QA/QC specifications.
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.
Hole ID From (m) To (m) Gold Grade
g/t
Intersection
(m)
Grade x
Width
23ODD-069 57.5 58.0 5.27 0.5 2.6
107.0 116.5 7.69 9.5 73.1
124.0 139.0 3.42 15.0 51.3
166.0 169.0 0.86 3.0 2.6
176.5 177.5 9.26 1.0 9.3
23ODD-070 7.5 8.4 0.55 0.9 0.5
OMG NEWS RELEASE 4
ABOUT OMAI GOLD
Omai Gold Mines Corp. 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. The Company announced an updated NI 43-101 Mineral Resource Estimate
(“MRE”) October 20, 2022 that includes 1.9 million ounces of gold (indicated) and 1.8 million
ounces (inferred)1. 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 per ounce. As a brownfields project, Omai benefits from good road
access and a wealth of historical data that provides knowledge of the geology and gold
mineralization on the property, as well as metallurgy , historical recoveries and many other
relevant mining parameters. The Company’s priorities are to compile results of the 2023 drilling
and proceed with an updated Mineral Resource Estimate that will form the basis of a Preliminary
Economic Assessment (PEA).
1 The Company filed an NI43-101 technical report titled “Technical Report and Updated Mineral Resource
Estimate of the Omai Gold Property, Potaro Mining District No. 2, Guyana”, prepared by P&E Mining
Consultants Inc dated December 2, 2022 on the SEDAR website www.sedar.com.
For further information, please see our website www.omaigoldmines.com or contact:
Elaine Ellingham P.Geo.
President & CEO
Phone: +1 416-473-5351
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 consider ed 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 a re 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 th e 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 obligati on 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 5
Figure 1. Plan Map Showing SP Trenches, DDH23ODD-069 and Previous Drill Intersections
Figure 2. Cross Section – 23ODD-069