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• Omai’s long hole hits multiple zones of mineralization, confirming strong gold grades ~700m below the previously lowest known mineralization at Wenot.
• This result suggests a doubling of the size potential of Wenot, proving to investors (and potential acquirers) that the Omai system can support a very long mine life at a high throughput.
• Drilling continues to accelerate with five drills turning at Wenot and YTD meterage over 30,000m (double the 15,000m originally planned).
• Updated PEA is now planned for H1/26 as a result of the significant expansion to the Wenot deposit. We view this delay as a positive and remind investors that this update will include the Gilt Creek deposit.
• This morning, we interviewed CEO Elaine Ellingham, watch it here.
This morning, Omai Gold Mines (OMG:TSXV, OMGGF:OTC) announced assay results from the deep drill hole (25ODD-122W), which tested the depth potential of the Wenot Deposit at its 100% owned Omai Gold Project in Guyana. After a long wait, we are pleased to say that the hole intersected multiple gold zones ~700m down dip from the bottom of the Wenot deposit. The hole was designed to prove the depth potential at Wenot and the long-term future of this potential operation; Omai was successful in this endeavour. Though this will not be integrated into a resource estimate in the near term, this result suggests a potential doubling of the size scale of Wenot. We view this as a massive win for the Company. We are maintaining our BUY rating and $1.60/share target price on Omai Gold Mines.
Highlights from Wenot portion of Hole 25ODD-122: (intersections between 1,785-2,010m downhole, or at vertical depth of between 1,220-1,280).
• 2.57 g/t Au over 8.6m
• 5.12 g/t Au over 3.6m
• 2.19 g/t Au over 7.9m, including 3.61 g/t Au over 4.4m
• 3.34 g/t Au over 4.5m
• 1.80 g/t Au over 5.5m
• 1.23 g/t Au over 4.6m
• 2.07 g/t Au over 3.3m
OMG: Deep Hole Intersects Multiple Gold Zones 700m Below Wenot
What you need to know:• Omai’s long hole hits multiple zones of mineralization, confirming strong gold grades ~700m below the previously lowest known mineralization at Wenot.
• This result suggests a doubling of the size potential of Wenot, proving to investors (and potential acquirers) that the Omai system can support a very long mine life at a high throughput.
• Drilling continues to accelerate with five drills turning at Wenot and YTD meterage over 30,000m (double the 15,000m originally planned).
• Updated PEA is now planned for H1/26 as a result of the significant expansion to the Wenot deposit. We view this delay as a positive and remind investors that this update will include the Gilt Creek deposit.
• This morning, we interviewed CEO Elaine Ellingham, watch it here.
This morning, Omai Gold Mines (OMG:TSXV, OMGGF:OTC) announced assay results from the deep drill hole (25ODD-122W), which tested the depth potential of the Wenot Deposit at its 100% owned Omai Gold Project in Guyana. After a long wait, we are pleased to say that the hole intersected multiple gold zones ~700m down dip from the bottom of the Wenot deposit. The hole was designed to prove the depth potential at Wenot and the long-term future of this potential operation; Omai was successful in this endeavour. Though this will not be integrated into a resource estimate in the near term, this result suggests a potential doubling of the size scale of Wenot. We view this as a massive win for the Company. We are maintaining our BUY rating and $1.60/share target price on Omai Gold Mines.
Highlights from Wenot portion of Hole 25ODD-122: (intersections between 1,785-2,010m downhole, or at vertical depth of between 1,220-1,280).
• 2.57 g/t Au over 8.6m
• 5.12 g/t Au over 3.6m
• 2.19 g/t Au over 7.9m, including 3.61 g/t Au over 4.4m
• 3.34 g/t Au over 4.5m
• 1.80 g/t Au over 5.5m
• 1.23 g/t Au over 4.6m
• 2.07 g/t Au over 3.3m
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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