Omineca Commences Placer Gold Recovery Operations at Wingdam
Omineca Commences Placer Gold
Recovery Operations at Wingdam
SASKATOON, SK, June 30, 2022 /CNW/ - Omineca Mining and
Metals Ltd. (TSXV: OMM) ("Omineca" or the "Company") is pleased to
report the commencement of mining operations and placer gold
recovery at the Wingdam Paleoplacer Project. Under the terms of the
option agreement with 102107047 Saskatchewan Ltd. ("Hamilton Gold
Royalties" or "HGR") has now successfully completed the necessary
work and funding to earn a 50% interest as a joint venture ("Joint
Venture" or "JV") partner in the Wingdam Paleoplacer Project, located
in the Cariboo Mining District in south central British Columbia. With
all permits and regulatory requirements in place, Lightning Creek
Mining Corp. ("LCM"), a wholly owned contract mining subsidiary of
HGR, has commenced mining operations at Wingdam. The recovery
of placer gold will be reported as work progresses down the
paleochannel.
Ken Hamilton, President, and CEO of HGR and LCM comments, "We
are pleased to report that the project has come in on budget at just
under CAD$20 million for the JV commitment and that mining
operations and placer gold recovery has begun".
Further, Mr. Hamilton states, "Having executed many challenging
projects around the world, it is a great privilege to be part of the 130-
year history of the Wingdam Project and the people that came before
us. Throughout the 1930's the town of Wingdam supported operations
on the property for hundreds of miners. Due to the onset of World War
II, labour shortages and limited technology, mining ceased, leaving
behind "…some of the highest placer gold concentrations historically
reported in all of the Cariboo Mining District and perhaps throughout
British Columbia that remains unmined1". After 80 years, we believe
that a new chapter in the history of Wingdam is about to unfold. We
are pleased to be partnered with Omineca and are thankful for their
fortitude and foresight in advancing this project over the years".
The Option Agreement:
The Wingdam Project Option Agreement as previously announced
(see news release March 1st, 2019) allows for HGR to earn a 50%
interest in the Wingdam Underground Paleoplacer Project with the
essential terms being (but not limited to): HGR completing and funding
the preparation work required to commence gold recovery operations,
inclusive of all equipment, site services and consumables required, as
well as the development of the initial access drift.
With all the terms and conditions of the option agreement having been
met, including rehabilitation of the mine workings, dewatering and
development of the first access drift, Omineca Mining and Metals will
transfer 50% ownership of the Wingdam Underground Paleoplacer
Project to HGR, forming a Joint Venture to operate the project going
forward, subject to exchange and regulatory approval.
Joint Venture Operations and Contract Mining:
As the mining contractor, LCM (a wholly owned subsidiary of HGR)
will supply all labour, equipment, material, supplies and services
necessary to carry out underground mining operations and
paleoplacer material processing at a fixed rate of CDN $850 per
ounce of gold recovered. The mining services agreement and rate will
cover the initial 300-meter test mining phase (of 2.4 kilometers of
potential paleochannel) and all subsequent underground mining
activities at the Wingdam Underground Paleoplacer Project.
1"Wingdam Property NI 43-101 Report Deep Lead Channel Ground-
Freeze Drift Sampling Program", Stephen Kocsis, June 15, 2012
Qualified Person
All scientific and technical information in this news release has been
prepared by, or approved by Stephen Kocsis, P.Geo., Lead Geologist.
Mr. Kocsis is a qualified person for the purposes of National
Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Omineca Mining and Metals Ltd.
Omineca Mining and Metals Ltd.'s flagship Wingdam gold exploration
and placer recovery project is located along the Barkerville Highway
45 km east of the City of Quesnel. The Wingdam Property includes
mineral tenures totaling over 61,392 hectares (613 square kms) and in
excess of 15 linear kilometers of placer claims, both encompassing
the Lightning Creek valley where topographic conditions created thick
layers of overburden, which preserved a large portion of a buried
paleochannel containing placer gold-bearing gravels. Omineca also
has an exploration and diamond drill program currently underway
exploring for the potential multiple hard rock sources of the placer gold
at Wingdam.
Forward Looking Statements
This release includes forward-looking statements regarding Omineca
and its business. Such statements are based on the current
expectations and views of future events of Omineca's
management. In some cases, the forward-looking statements can be
identified by words or phrases such as "may", "will", "expect", "plan",
"anticipate", "intend", "potential", "estimate", "believe" or the negative
of these terms, or other similar expressions intended to identify
forward-looking statements. The forward-looking events and
circumstances discussed in this release may not occur and could
differ materially as a result of the failure to secure TSX Venture
Exchange of the grant of options and many other factors beyond the
control of Omineca. No forward-looking statement can be
guaranteed. Forward-looking statements and information by their
nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause our actual
results, performance or achievements, or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statement
or information. Accordingly, readers should not place undue reliance
on any forward-looking statements or information. Forward-looking
statements speak only as of the date on which they are made and
Omineca undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise, except as required by applicable securities
laws.
Neither 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.
SOURCE Omineca Mining and Metals Ltd
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For further information: Tom MacNeill, President and CEO, 306-
653-2692
CO: Omineca Mining and Metals Ltd
CNW 16:49e 30-JUN-22