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OMG: Drilling Continues with Wide and High-Grade Results

What you need to know:
• Omai announced another batch of assay results, reporting three holes with two hitting very wide intercepts with high-grade.
• The two holes reported highlight intercepts of 3.16 g/t Au over 68.7m and 4.57 g/t Au over 45.5m.
• Assays from seven holes remain pending and the three drills are expected to continue drilling well into the new year.
• An updated mineral resource is planned to be released in Q1/25 with an updated PEA targeted to be announced shortly after in Q2. As mentioned, the Gilt Creek deposit will be included in the PEA.

This morning, Omai Gold Mines Corp. (OMG:TSXV, OMGGF:OTC) announced highly positive drill results from its ongoing drill program at the Omai Gold Project in Guyana. The Company reported some of the best results to date with intercepts of 3.16 g/t Au over 68.7m and 4.57 g/t Au over 45.5m, across two holes. These very wide gold zones were drilled within the ‘Dike Corridor’ which is one of five main subparallel gold zones that make up the Wenot deposit. Assays are pending for an additional seven holes and drilling is expected to continue well into Q1/25 which will be followed by an updated mineral resource estimate also expected in Q1. We are maintaining our BUY rating and our $0.40/share target price on OMG.

Assays were reported for three drill holes with seven additional assays pending. Highlights from today’s release include:

• Hole 24ODD-085: 3.16 g/t Au over 68.7m including 6.65 g/t Au over 29.9m, and 2.65 g/t Au over 6.5m
• Hole 24ODD-087: 4.57 g/t Au over 45.5m including 2.40 g/t Au over 38.0m and including 77.71 g/t Au over 1.5m, and 19.36 g/t Au over 2.5m and 2.07 g/t Au over 8.5m

Today’s drill results from holes -085 and -087 intersected very wide gold zones at greater depths than previously known within one of the most prolific zones within the Wenot deposit (the Dike Corridor). The Dike Corridor is one of five main subparallel, near-vertical gold zones that comprise the large 2.5km long Wenot deposit. Today’s results combined with past drilling, suggest potential for a 600m strike length to this wide gold zone within the Dike Corridor. As a result, Omai plans to further explore the continuity of this zone in the near term as it expects these results to expand the Wenot resource. Hole-084 hit a series of low-grade intercepts with the best being 1.47 g/t Au over 3.1m. The team believes there is a slight deflection in the orientation of the Wenot shear, warranting a fence of holes to identify the continuation of the Wenot shear in this area. This will be explored in early Q1/25.