OMG NEWS RELEASE 1 Omai Gold Drills 5.18 g/t Au over 20.2 m (including 12.7 g/t Au over 7.9 m) and 5.86 g/t over 13.0 m at Wenot
OMG NEWS RELEASE 1
Omai Gold Drills 5.18 g/t Au over 20.2 m (including 12.7 g/t Au over 7.9
m) and 5.86 g/t over 13.0 m at Wenot
July 17, 2023, Toronto, Ontario — Omai Gold Mines Corp. (TSX V: OMG ) (OTC: OMGGF)
(“Omai” or the “Company”) announces additional drill results from the Company’s Omai gold
project in Guyana. Assays have been received for five additional holes, including four exploration
holes and one hole at Wenot exploring the down dip extension of the central part of the known
deposit as well as additional shallower, northern flanking gold zones. To date in 2023, eleven
holes have been completed totalling 3,570 metres (“m”) and drilling continues. Hole 23ODD-064
confirms the continuity of the Wenot gold bearing structures to at least 100m below the current
resource model in this central part of the deposit with an impressive intersection of 5.18 g/t Au
over 20.2 m, including 12.7 g/t Au over 7.9 m. This intercept reinforces growing evidence that the
gold grades at Wenot increase with depth.
Highlights for hole 23ODD-064 include:
• 5.18 g/t Au over 20.2 m (including 12.7 g/t Au over 7.9 m)
• 5.86 g/t Au over 13.0 m
• 2.03 g/t over 9.5m
• 1.77 g/t over 9.1 m
Elaine Ellingham, President & CEO , commented: “Similar to our excellent drill results from a
couple of weeks ago, these new results again confirm the significant expansion potential for the
Wenot deposit, to depth as well as along the flanks. Hole 23ODD-063 results previously released
show a very wide 42-75 m zone of gold mineralization at the west end of the deposit, from a 110m
to 290 metre depth, with evidence it extends to surface. Hole 23ODD-064 is located 1.25
kilometres east of hole 063, again demonstrating the continuity of the multiple shear-hosted gold
zones that extend along a minimum 2.5 km strike.”
“In the first half of th e year, we pursued some of the nearby exploration targets and we remain
confident that there are additional gold deposits on this well endowed Omai gold property .
However, given the large NI 43-101 Mineral Resource Estimate 1 established late last year, we
believe our drill budget is best focused on: 1) testing some of the undrilled gaps within the Wenot
deposit model, 2) expanding the western “starter pit” area, and 3) providing evidence of the blue-
sky potential for the Wenot deposit at depth. Results to date are already expected to positively
impact the resources as we move forward to an updated mineral resource estimate to be followed
by a decision on a preliminary economic assessment (“PEA”) later this year.”
Wenot hole 23ODD-064 intersected multiple zones with gold mineralization (table 1, figure 1),
with visible gold identified in 19 locations along the core. The gold mineralization is typical of the
Wenot deposit, being hosted within both the quartz veining and the adjacent alteration halos. The
veins and vein stockworks typically occur within or at the margins of near-vertical dikes that range
in composition from quartz feldspar porphyry to rhyolite to diorite (Photo 1 showing visible gold).
OMG NEWS RELEASE 2
Hole 064 is located in the mid-region of the Wenot deposit where there was a 200 -metre gap
between drill hole s 21ODD-001 and 21ODD -024 (figure 2, table 2 ). Drilling indicates that the
Wenot shear corridor in this area is at least 400 metres in width. Hole 23ODD-064 was 713 m in
length and most of the gold mineralization was within the volcanic rocks on the northern side of
the central contact shear. The hole ended within intensely sheared sedimentary rocks, still within
the Wenot shear sequence. Unfortunately, given the significant width of the shear, it is difficult to
drill across the full width with a single drill hole at the targeted depths, so there are quite possibly
additional zones within the southern sedimentary rocks that remain to be tested.
The nearest holes to 23ODD-064 are 21ODD-001 and 21ODD-013 located 100 m to the west
and 21ODD-024 drilled 100 m to the east. The gold zones correlate well and the zone in hole -
064 of 5.18 g/t Au over 20.2 m at the central contact shear within the quartz feldspar porphyry
dike and adjacent protomylonite correlates with the same zone within hole -001 of 4.77 g/t Au
over 22m and in hole -013 of 6.92 g/t Au over 19m.
Table 1. Drill Results for Holes 23ODD-59 to 23ODD-62 and 23ODD-64
From To Gold
g/t metres
23ODD-059 no significant results
23ODD-060 55.5 57.0 5.63 1.5
23ODD-061 110.0 110.3 7.16 0.3
155.9 156.9 0.35 1.0
255.4 258.8 0.35 3.4
23ODD-062 no significant results
23ODD-064 239.0 240.3 3.92 1.3
255.0 262.5 0.67 7.5
288.3 289.5 0.70 1.2
294.9 298.2 1.44 3.3
365.7 369.0 1.97 3.3
404.0 409.0 0.49 5.0
466.0 475.5 2.03 9.5
489.0 502.0 5.86 13.0
506.0 508.0 2.68 2.0
512.5 515.0 3.72 2.5
557.6 566.7 1.77 9.1
655.0 675.2 5.18 20.2
includes 667.3 675.2 12.70 7.9
**True widths vary as mineralization at Wenot is generally hosted within stockwork vein systems with alteration halos, with an estimated
true width range of 70-90%. Cut off grade 0.30 g/t Au with maximum 4m internal dilution.
OMG NEWS RELEASE 3
Figure 1. Cross-Section for Hole 23ODD-064
Photo 1. Two halves of Core from Hole 23ODD-064
OMG NEWS RELEASE 4
The favourable higher grade and wider gold zones identified in holes 23ODD-063 and 12ODD-
064 can be expected to positively contribute to the next updated Mineral Resource Estimate for
Wenot, planned after the completion of this current drill program. The most recent NI 43-101
Mineral Resource Estimate for the Omai property, dated December 2, 2022 1 includes a Wenot
resource of 756,600 indicated ounces of gold grading 1.34 g/t Au and 1,112,600 inferred ounces
of gold grading 1.72 g/t Au. For the adjacent Gilt Creek deposit, the NI 43-101 Mineral Resource
Estimate is 1,151,000 indicated ounces of gold grading 3.22 g/t Au and 665,000 inferred ounces
of gold grading 3.35 g/t Au.
Assay results from an additional four exploration holes have been received. Hole 2 3ODD-059
tested the very west end of the Boneyard magnetic low anomaly and also a possible splay from
the eastern end of the Wenot deposit (figure 2). Although brecciated volcanics with silicification
and alteration were encountered, no anomalous gold was returned. Further drilling of the main
target at Boneyard is impeded by a covering of liquified sand behaving as quicksand and further
field work will be required to identify safe drill sites that will properly test the target.
Two holes on Broccoli Hill, in addition to 23ODD-054 drilled earlier this year, tested a 580 metre
north-south fence along the central portion of a targeted magnetic anomaly that appears similar
to the magnetic signature of the adjacent Gilt Creek intrusion-hosted gold deposit (figure 3). Holes
23ODD-060 and 061 intersected mostly basaltic volcanics with strong propylitic alteration and a
12m interval of lithic tuffaceous rock , similar to the sequence encountered in 23ODD -054. A
number of narrow gold-bearing quartz veinlets were intersected that assayed 5.63 g/t Au over
1.5m, 7.16 g/t Au over 0.3 m and 0.35 g/t Au over 1.0 m. No clear explanation for the magnetic
low was observed and given the very large size of Broccoli Hill , and the extent of geochemical
indicators and historical artisanal mining, these three holes do not adequately test the potential of
the area.
A single hole 23ODD-062 tested the Brother gold target located NE of the Gilt Creek deposit and
on the northwestern side of Broccoli Hill (figure 3). Trenching in 2021 exposed a package of
narrow high grade gold veins and veinlets assaying 29.3 g/t Au, 7.8 g/t Au, 5.0 g/t Au and 2.2 g/t
Au along a 40 -metre strike. Two short drill holes were completed in late 2021 , with one hole
intersecting 1.3 g/t Au over 1.5m and a second hole intersecting 0.91 g/t Au over 6.8 m and 2.4
g/t Au over 1.5m, all providing further encouragement for additional exploration in this area. Hole
23ODD-062 tested the northeastern extension of this with no signficant gold encountered.
An additional hole (23ODD-065) was recently completed in the western area of Wenot with
sampling underway and hole 23ODD-066 has commenced, designed to test the underexplored
sediment-hosted zones on the south side of the Wenot shear contact. At the western end of the
Wenot deposit, the sediment -hosted zones extend to surface are proving to be quite wide with
good grades, and these zones were not previously exploited.
An unusually high volume of trading in the Company’s stock late last week resulted in downward
pressure in the stock price. The Company is not aware of any negative news or developments
that would account for this. The Company has a cash position of over $2 million, sufficient to
complete the planned drilling and the updated mineral resource planned for later this year. Our
plan is to consider proceeding with a PEA immediately thereafter.
OMG NEWS RELEASE 5
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, 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. 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. Certain samples with potential
or evidence of 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 the weight
of each fraction.
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 Nat ional
Instrument 43-101.
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.
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 Mineral Resource Estimate (“MRE”) October 20, 2022 that includes
a 14% expansion to the Wenot shear-hosted gold deposit and an initial NI 43 -101 MRE for the adjacent
Gilt Creek intrusion -hosted deposit. 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 access and a
wealth of historical data that provides knowledge of the geology, nature of the gold mineralization on the
property, as well as metallurgy and historical recoveries. The Company’s priorities for 2023 are to drill the
key exploration targets that hold potential for significant new discoveries while continuing to expan d the
Wenot deposit in anticipation of an updated resource later this year.
For further information, please see our website www.omaigoldmines.com or contact:
Elaine Ellingham, P.Geo.
President & CEO
Phone: +1 416-473-5351
OMG NEWS RELEASE 6
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 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, re aders 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 require d by law.
Figure 2. Location Map for Drill holes 23ODD-064 and 23ODD-059
OMG NEWS RELEASE 7
Table 2. Drill hole coordinates for holes 23ODD-059 to 23ODD-062 and 23ODD-064
Hole ID Azimuth
(degrees)
Inclination
(degrees)
Final
Depth
(m)
Easting Northing
23ODD-059 180 -50 212 306540 601572
23ODD-060 180 -50 290 305544 602358
23ODD-061 180 -50 302 305765 602640
23ODD-062 140 -55 134 305446 602769
23ODD-064 174 -52 713 305629 601922
Figure 3. Location Map for Exploration Holes 23ODD-060, -061 and -062