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• The Company has completed 6 drill holes, totalling 1,364m
• A new diamond drill is on site which will commence drilling next week and will improve drilling capabilities and productivity
• The Company has commenced preliminary studies for a future preliminary economic assessment
• Omai’s common shares are now eligible for trading on the OTCQB venture market under the ticker symbol OMGGF
This morning, Omai Gold Mines Corp. (OMG:TSXV, OMGGF:OTC) provided a company and project update on its Omai Gold Project in Guyana. The Company has completed the drilling of six holes on exploration targets to date, totalling 1,364m. Drilling was halted in March upon the pending delivery of a new diamond drill that will improve drilling capabilities and productivity. The new drill arrived in mid-April and drilling has recommenced, starting with the Broccoli Hill and Boneyard targets. Initial results from this drilling are expected within the next 4-5 weeks. We are maintaining our BUY rating and target price of $0.30/share on Omai Gold Mines.
Drilling at Wenot with the second rig is expected to begin early next week following a detailed review of the Wenot open-pittable resource model. Approximately 3,600m remains to be drilled in the current planned program. One rig will be dedicated to testing open-pit extensions to the Wenot Deposit, while the smaller rig will test exploration targets outside of the known deposits.
The Company also reported that it has commenced studies that will assist in understanding key aspects of re-developing this brownfields project and would support a future preliminary economic assessment. We remind readers that much of the historical production information, including metallurgy and mill recoveries (previously ~92-93%), are expected to be reliable indicators for a future mining operation as the majority of the existing deposits are extensions of the previously mined deposits.
Additionally, with the new influx of cash from the offshore oil industry (GDP growing 2x since 2019), the country of Guyana is continuing to improve infrastructure which will help reduce the construction and operating costs of a future mine. These infrastructure improvements include planned power lines and the paving of a regional highway within 10km of site (Figure 4).
OTC Listing – Omai announced that its common shares are now eligible for electronic clearing and settlement in the United States through the DTC. The Company’s shares trade on the OTCQB® Venture Market (OTCQB) under the ticker symbol OMGGF.
OMG: Company Update; Drill Results Starting to Roll in
What you need to know:• The Company has completed 6 drill holes, totalling 1,364m
• A new diamond drill is on site which will commence drilling next week and will improve drilling capabilities and productivity
• The Company has commenced preliminary studies for a future preliminary economic assessment
• Omai’s common shares are now eligible for trading on the OTCQB venture market under the ticker symbol OMGGF
This morning, Omai Gold Mines Corp. (OMG:TSXV, OMGGF:OTC) provided a company and project update on its Omai Gold Project in Guyana. The Company has completed the drilling of six holes on exploration targets to date, totalling 1,364m. Drilling was halted in March upon the pending delivery of a new diamond drill that will improve drilling capabilities and productivity. The new drill arrived in mid-April and drilling has recommenced, starting with the Broccoli Hill and Boneyard targets. Initial results from this drilling are expected within the next 4-5 weeks. We are maintaining our BUY rating and target price of $0.30/share on Omai Gold Mines.
Drilling at Wenot with the second rig is expected to begin early next week following a detailed review of the Wenot open-pittable resource model. Approximately 3,600m remains to be drilled in the current planned program. One rig will be dedicated to testing open-pit extensions to the Wenot Deposit, while the smaller rig will test exploration targets outside of the known deposits.
The Company also reported that it has commenced studies that will assist in understanding key aspects of re-developing this brownfields project and would support a future preliminary economic assessment. We remind readers that much of the historical production information, including metallurgy and mill recoveries (previously ~92-93%), are expected to be reliable indicators for a future mining operation as the majority of the existing deposits are extensions of the previously mined deposits.
Additionally, with the new influx of cash from the offshore oil industry (GDP growing 2x since 2019), the country of Guyana is continuing to improve infrastructure which will help reduce the construction and operating costs of a future mine. These infrastructure improvements include planned power lines and the paving of a regional highway within 10km of site (Figure 4).
OTC Listing – Omai announced that its common shares are now eligible for electronic clearing and settlement in the United States through the DTC. The Company’s shares trade on the OTCQB® Venture Market (OTCQB) under the ticker symbol OMGGF.
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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