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• Drill results continue to roll in following Omai’s recently reported large updated MRE on the 100% owned Omai Gold Project in Guyana.
• Today’s assay results came after the cutoff date for the MRE; however will be included in the upcoming PEA.
• OMG plans to report an updated PEA in Q4/25 on the new resource and include the Gilt Creek deposit (which was not included in the 2024 PEA).
• We are excited to see the results of the extremely long hole, which is targeting blue sky potential at depth ~600m below the deepest known parts of the Wenot Deposit.
This morning, Omai Gold Mines (OMG:TSXV, OMGGF:OTC) announced additional assay results from its ongoing 2025 drill program at its Omai Gold Project in Guyana. Results were reported for six holes at the Wenot deposit, totalling 3,782m, bringing the drilling YTD to 43 holes and 23,500m, well above the originally planned 15,000m 2025 program. Two rigs are testing earlier-stage gold targets, while a third continues on the deep hole 25ODD-122, which has now reached 1,860m downhole, intersecting the Wenot shear zone 1,100m below surface and 605m beneath the deposit’s deepest known extent. A fourth rig also began drilling last week on the eastern end of Wenot, with all activity following the Company’s recently released updated Mineral Resource Estimate (read our note here). We are maintaining our BUY rating and $1.60/share target price on Omai Gold Mines.
Drill highlights from today’s reported holes:
Hole 250DD-127:
• 3.08 g/t Au over 25.8m, including 17.06 g/t Au over 3.1m
• 1.52 g/t Au over 37.5m
• 7.33 g/t Au over 1.5m
Hole 250DD-125:
• 6.84 g/t Au over 9.5m, including 27.51 g/t Au over 1.2m
Hole 250DD-126
• 1.31 g/t Au over 39.5m
• 2.08 g/t Au over 18.0m, including 9.68 g/t Au over 1.5m
• 5.39 g/t Au over 3.4m
• 5.04 g/t Au over 3.0m
Hole 250DD-117
• 10.16 g/t Au over 2.6m
• 4.53 g/t Au over 2.4m
Our Take
Today’s results, though we would have liked them to be included in the updated MRE, continue to build on the ongoing and highly successful 2025 drill campaign. With the updated MRE greatly surpassing our expectations, we are highly excited for the upcoming PEA (to be released before year-end). That said, there still exists significant upside through exploration, and the Company has already deployed two drill rigs to test areas with near-surface satellite deposit potential. An objective of this greenfield exploration is to find more near-surface and high-grade resources which would have a material impact on project economics. We also eagerly await the results of the deep hole, which if successful, would show massive upside potential at depth (~600m+) below the current Wenot Resource (more discussion below).
OMG: High Grade Drill Results Continue to Roll In
What you need to know:• Drill results continue to roll in following Omai’s recently reported large updated MRE on the 100% owned Omai Gold Project in Guyana.
• Today’s assay results came after the cutoff date for the MRE; however will be included in the upcoming PEA.
• OMG plans to report an updated PEA in Q4/25 on the new resource and include the Gilt Creek deposit (which was not included in the 2024 PEA).
• We are excited to see the results of the extremely long hole, which is targeting blue sky potential at depth ~600m below the deepest known parts of the Wenot Deposit.
This morning, Omai Gold Mines (OMG:TSXV, OMGGF:OTC) announced additional assay results from its ongoing 2025 drill program at its Omai Gold Project in Guyana. Results were reported for six holes at the Wenot deposit, totalling 3,782m, bringing the drilling YTD to 43 holes and 23,500m, well above the originally planned 15,000m 2025 program. Two rigs are testing earlier-stage gold targets, while a third continues on the deep hole 25ODD-122, which has now reached 1,860m downhole, intersecting the Wenot shear zone 1,100m below surface and 605m beneath the deposit’s deepest known extent. A fourth rig also began drilling last week on the eastern end of Wenot, with all activity following the Company’s recently released updated Mineral Resource Estimate (read our note here). We are maintaining our BUY rating and $1.60/share target price on Omai Gold Mines.
Drill highlights from today’s reported holes:
Hole 250DD-127:
• 3.08 g/t Au over 25.8m, including 17.06 g/t Au over 3.1m
• 1.52 g/t Au over 37.5m
• 7.33 g/t Au over 1.5m
Hole 250DD-125:
• 6.84 g/t Au over 9.5m, including 27.51 g/t Au over 1.2m
Hole 250DD-126
• 1.31 g/t Au over 39.5m
• 2.08 g/t Au over 18.0m, including 9.68 g/t Au over 1.5m
• 5.39 g/t Au over 3.4m
• 5.04 g/t Au over 3.0m
Hole 250DD-117
• 10.16 g/t Au over 2.6m
• 4.53 g/t Au over 2.4m
Our Take
Today’s results, though we would have liked them to be included in the updated MRE, continue to build on the ongoing and highly successful 2025 drill campaign. With the updated MRE greatly surpassing our expectations, we are highly excited for the upcoming PEA (to be released before year-end). That said, there still exists significant upside through exploration, and the Company has already deployed two drill rigs to test areas with near-surface satellite deposit potential. An objective of this greenfield exploration is to find more near-surface and high-grade resources which would have a material impact on project economics. We also eagerly await the results of the deep hole, which if successful, would show massive upside potential at depth (~600m+) below the current Wenot Resource (more discussion below).
Underlying
OMAI GOLD MINES CORP
Provider
Atrium Research Corporation
Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists.
Ben Pirie
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