Omega Pacific Commences Maiden Drill Program at its Williams Property June.20.2024 - Omega Pacific Resources Inc. (CSE:OM GA, OTCQB:OMGPF, FSE:Q0F) (“Omega" or the "Company") announces the start of i ts 2024 drill program (“Phase 1”) at the
Omega Pacific Commences Maiden Drill Program at its Williams Property
June.20.2024 - Omega Pacific Resources Inc. (CSE:OM GA, OTCQB:OMGPF, FSE:Q0F)
(“Omega" or the "Company") announces the start of i ts 2024 drill program (“Phase 1”) at the
Williams Property in British Columbia’s Golden Hors eshoe. The current drilling focuses on
expanding and extending the recently uncovered mine ralization at drill hole WM22-02 at the
properties GIC Prospect, which ended in mineralization during the project's last drill campaign in
2022.
Current and upcoming Phase 1 exploration highlights:
● Up to 2,000m of diamond drilling, including expan sion drilling along strike and at depth
surrounding drill hole WM22-02.
○ WM22-02 returned 50 metres of 2.2 g/t gold in 202 2 and ended in mineralization,
leaving its full width unknown.
● Phase 1 will execute a total of three drill holes , all from the same drill pad at GIC.
● Omega Pacific has engaged APEX Geoscience Ltd (“A PEX”) to coordinate and execute
its Phase 1 drill program. APEX has overseen several projects in the Golden Horseshoe,
including Thesis Gold’s Lawyers-Ranch Project and Newmont’s Tatogga Project.
Jason Leikam, Omega Pacific’s CEO, commented, “The commencement of drilling at Williams is
a significant milestone for our team at Omega Pacific. To fast track a more detailed understanding
of the mineralization at GIC, we have arranged to e xpedite assaying of the first hole, which will
allow us to report on program results as soon as po ssible this summer. We look forward to
leveraging the incredible geological understanding APEX has of the Toodoggone District, who
have managed and overseen discoveries and maiden re sources in close proximity to our land
package.”
Financing
Additionally, the Company announces a proposed non- brokered private placement of up to
3,424,657 common shares of the Company that will qu alify as "flow-through shares" (within the
meaning of subsection 66 (15) of the Income Tax Act (Canada) (the "Flow-Through Shares") at a
price of $0.73 per share for aggregate gross proceeds of up to $2,500,000 (the "Offering").
The gross proceeds from the Offering will be used b y the Company to incur eligible "Canadian
exploration expenses" that will qualify as "flow-th rough critical mineral mining expenditures" as
such terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") related to
the Company's projects in British Columbia. All Qua lifying Expenditures will be renounced in
favour of the subscribers of the Flow-Through Shares effective December 31, 2024.
The Flow-Through Private Placement will be comprise d of flow-through shares (each, a “FT
Share”) of the Company, at a proposed subscription price of $0.73 per FT Unit (each a “FT Share
Price”). All securities issued pursuant to the Offering will be subject to a hold period of four months
plus a day from the date of issuance and the resale rules of applicable securities legislation and
is subject to certain closing conditions including, but not limited to, the receipt of all necessary
approvals by the applicable securities regulatory a uthorities including the Canadian Securities
Exchange. Subject to regulatory approval, the Compa ny may increase the size of the Private
Placement.
The gross proceeds from the sale of the FT Units wi ll be used by the Company to incur eligible
"Canadian exploration expenses" that will qualify a s "flow-through critical mineral mining
expenditures" as such terms are defined in the Income Tax Act (Canada).
The Company is also pleased to announce that it has entered into a consulting and capital market
advisory services agreement (the "Spark Agreement") with Spark Newswire ("Spark"). Pursuant
to the Spark Agreement, Spark has agreed to provide certain investor relations, consulting and
advisory services, which include, among other thing s: (i) social media brand awareness
campaigns, (ii) content and communication strategy, and (iii) technical market analysis services
(collectively, the "Services"). In consideration for the Services, the Company has agreed to pay a
cash fee of US$30,000. The Spark Agreement has an i nitial term of three months, subject to
extension by mutual agreement.
Qualified Person
Robert L’Heureux (P.Geol), Director of Omega Pacifi c Resources, is the “Qualified Person” as
defined by National Instrument 43-101 - Standards o f Disclosure for Mineral Projects and has
reviewed, validated and approved the scientific and technical information contained in this news
release. Mr. L’Heureux oversees exploration planning and execution at the Williams property.
About Omega Pacific
Omega Pacific is a mineral exploration company focused on the development of mineral projects
containing base and precious metals.
For more information, please contact:
Omega Pacific Resources Inc.
Jason Leikam, Chief Executive Officer & Director
Tel: +1 (778) 650 4255
Email: [email protected]
Cautionary Statement
Certain statements contained in this press release constitute forward-looking information under
the provisions of Canadian securities laws including statements about the Company’s plans. Such
statements are necessarily based upon a number of b eliefs, assumptions, and opinions of
management on the date the statements are made and are subject to numerous risks and
uncertainties that could cause actual results and f uture events to differ materially from those
anticipated or projected. The Company undertakes no obligation to update these forward-looking
statements in the event that management’s beliefs, estimates or opinions, or other factors should
change, except as required by law.
Neither the CSE nor its Regulation Services Provide r accepts responsibility for the adequacy or
accuracy of this release.