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Omai Gold Mines Provides Exploration Update on Omai Project in Guyana
Toronto, Ontario--(Newsfile Corp. - July 31, 2024) - Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: ...
About this update from Omai Gold Mines Corp.
[{"type":"text","content":"\nOmai Gold Mines Provides Exploration Update on Omai Project in GuyanaToronto, Ontario--(Newsfile Corp. - July 31, 2024) - Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: OMGGF) (\"Omai\" or the \"Company\") is pleased to announce that the drilling has commenced at its 100%-owned Omai gold property in Guyana. With the Preliminary Economic Assessment announced April 4th, followed by a $13 million brokered private placement that closed June 20th, the Company is well positioned to further advance the project.Elaine Ellingham, CEO commented: \"With the completion of our recent financing, Omai has $13 million in the treasury and we are well positioned for our 2024 and 2025 exploration and development programs. Drilling commenced July 2nd, twelve days after the financing closed, with an initial 10,000 m drilling program underway. Our recent Preliminary Economic Assessment for production of 1.83 million ounces of gold from an open pit mine, averaging 1.51 g/t Au giving a net present value (5% discount) of US$566 million, is a great milestone for Omai. However, we believe that the Omai property, even with the current Mineral Resource Estimate could support a much larger mine plan with a longer mine life and more robust economics. Our priorities for 2024-2025 are clear -- to work towards: i) Expanding the overall property Mine Plan, ii) Enhancing the economics beyond this baseline PEA, and iii) Advancing permitting, engineering and baseline studies. Steps are underway to move forward on each of these objectives.\" The recent PEA is based on open pit production of 1.83 million ounces from only the Wenot deposit, one of the two orogenic gold deposits located on the Omai Property (Figure 1). The PEA incorporates only 45% of the current Omai Property Mineral Resource Estimate, and 78% of the Wenot MRE. Wenot alone already hosts an additional Inferred MRE of over 400,000 ounces averaging over 2.0 g/t. Much of this is located west of the past producing pit and, with additional drilling, offers near surface potential for future inclusion in the Mine Plan. Some of the non-included MRE is at depth and additional drilling could support a deeper economic pit or potentially later underground mining as the deepest intersection to date was an impressive 5.18 g/t Au over 20.2 m (including 12.7 g/t Au over 7.9 m) at a vertical depth of ~460m. Management beli...