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• Omai announced assay results from the upper portion of the deep hole (25ODD-122) which drilled through the Gilt Creek deposit.
• The upper portion of the hole intersected 1.06 g/t Au over 708m including several sequences of mineralization at Gilt Creek.
• The updated PEA is now planned for H1/26 due to the continued strong results at Wenot. We view this delay as a positive and remind investors that the updated PEA will include the Gilt Creek deposit.
• We recently interviewed CEO Elaine Ellingham; watch it here.
This morning, Omai Gold Mines (OMG:TSXV, OMGGF:OTC) announced assay results from the Company’s second hole drilled on the Gilt Creek gold deposit. This is the upper part of Hole 25ODD-122, which drilled through the Gilt Creek deposit and successfully intersected gold mineralization ~700m below the previously lowest known mineralization at Wenot (read our research note on this here).
As a reminder, the Gilt Creek deposit is one of two orogenic gold deposits at Omai’s 100%-owned gold project in Guyana. Gilt Creek is host to an Indicated resource of 1.15Moz Au at 3.22 g/t and an Inferred resource of 665Koz Au at 3.35 g/t, using a 1.5 g/t Au cutoff and US$1,700/oz gold price. Gilt Creek was a past producing open pit mine which produced over 2.4Moz of gold between 1993 and 2005 whit the remaining deposit being an underground target beneath a competent diabase sill. We must also note that the Gilt Creek deposit was not included in Omai’s previous PEA, but it is expected to be included in the upcoming PEA planned for H1/26. We are maintaining our BUY rating and increasing our target price to $2.40/share (previously $1.60/share) on Omai Gold Mines.
Highlights from today’s release include:
• 25ODD-122W: 1.06 g/t Au over 708.1m (from 365m) including:
o 1.78 g/t over 46.2m (from 636m) including
4.88 g/t over 7.0m
o 1.32 g/t over 99.2m (from 702m), including 5.7 g/t over 8.09m
o 3.10 g/t over 24.0m (from 396m)
o 1.99 g/t over 32.0m (from 462m)
o 2.98 g/t over 17.8m (from 644)
o 2.04 g/t over 43.2m (from 952m)
OMG: Drills 1.06 g/t Au over 708m Through Gilt Creek
What you need to know:• Omai announced assay results from the upper portion of the deep hole (25ODD-122) which drilled through the Gilt Creek deposit.
• The upper portion of the hole intersected 1.06 g/t Au over 708m including several sequences of mineralization at Gilt Creek.
• The updated PEA is now planned for H1/26 due to the continued strong results at Wenot. We view this delay as a positive and remind investors that the updated PEA will include the Gilt Creek deposit.
• We recently interviewed CEO Elaine Ellingham; watch it here.
This morning, Omai Gold Mines (OMG:TSXV, OMGGF:OTC) announced assay results from the Company’s second hole drilled on the Gilt Creek gold deposit. This is the upper part of Hole 25ODD-122, which drilled through the Gilt Creek deposit and successfully intersected gold mineralization ~700m below the previously lowest known mineralization at Wenot (read our research note on this here).
As a reminder, the Gilt Creek deposit is one of two orogenic gold deposits at Omai’s 100%-owned gold project in Guyana. Gilt Creek is host to an Indicated resource of 1.15Moz Au at 3.22 g/t and an Inferred resource of 665Koz Au at 3.35 g/t, using a 1.5 g/t Au cutoff and US$1,700/oz gold price. Gilt Creek was a past producing open pit mine which produced over 2.4Moz of gold between 1993 and 2005 whit the remaining deposit being an underground target beneath a competent diabase sill. We must also note that the Gilt Creek deposit was not included in Omai’s previous PEA, but it is expected to be included in the upcoming PEA planned for H1/26. We are maintaining our BUY rating and increasing our target price to $2.40/share (previously $1.60/share) on Omai Gold Mines.
Highlights from today’s release include:
• 25ODD-122W: 1.06 g/t Au over 708.1m (from 365m) including:
o 1.78 g/t over 46.2m (from 636m) including
4.88 g/t over 7.0m
o 1.32 g/t over 99.2m (from 702m), including 5.7 g/t over 8.09m
o 3.10 g/t over 24.0m (from 396m)
o 1.99 g/t over 32.0m (from 462m)
o 2.98 g/t over 17.8m (from 644)
o 2.04 g/t over 43.2m (from 952m)
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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