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• The Company has completed 11 drill holes, totalling 3,569m.
• Today’s results show strong potential for a starter pit on the west end of Wenot and that grade increasing at depth beneath the existing resource increases the probability of future resource growth.
• The results are some of the best the Company has seen (4.07 g/t Au over 31.1m, 3.38 g/t over 9.6m, and 14.21 g/t over 1.8m).
This morning, Omai Gold Mines Corp. (OMG:TSXV, OMGGF:OTC) announced additional outstanding drill results from the Omai gold project in Guyana. In 2023, a total of 3,569m have been completed in 11 holes with one hole being reported today. The majority of the diamond drilling has been focused on exploration targets and the expansion potential for the Wenot resource. Hole 23ODD-063 was drilled at the west end of Wenot, where no previous mining was done below the surficial saprolite. The hole intersected some of the highest-grade intercepts on the property and proves grade increases at depth beneath the existing Wenot resource. In our view, this result is highly significant as it demonstrates the potential for a starter pit at the west end of Wenot and that there is high probability of meaningful resource growth beneath the existing resource. We are maintaining our BUY rating and target price of $0.30/share on Omai Gold Mines.
Hole 23ODD-063 intersected multiple gold zones (Table 1, Figure 1) with 25% of the 554m drill core intersecting grades >0.3 g/t Au. The hole tested 125m down dip from a 1994 exploration hole that intersected 1.23 g/t Au over 75m at a vertical depth of ~125m, where the correlating interval in hole 63 intersected 4.07 g/t Au over 31.1m, 5.36 g/t over 1.5m, and 1.1 g/t over 6.5m and 14.2 g/t over 1.8m.
Due to the significance, this western area holds for the inclusion in a potential future mine plan, an additional 2-3 drill holes are planned to pursue these up to 75m wide zones as well as the higher-grade zones within this west Wenot area. The results for the additional holes are pending and expected to be released within the next two months.
OMG: High-Grade Drill Results Beneath Resource
What you need to know:• The Company has completed 11 drill holes, totalling 3,569m.
• Today’s results show strong potential for a starter pit on the west end of Wenot and that grade increasing at depth beneath the existing resource increases the probability of future resource growth.
• The results are some of the best the Company has seen (4.07 g/t Au over 31.1m, 3.38 g/t over 9.6m, and 14.21 g/t over 1.8m).
This morning, Omai Gold Mines Corp. (OMG:TSXV, OMGGF:OTC) announced additional outstanding drill results from the Omai gold project in Guyana. In 2023, a total of 3,569m have been completed in 11 holes with one hole being reported today. The majority of the diamond drilling has been focused on exploration targets and the expansion potential for the Wenot resource. Hole 23ODD-063 was drilled at the west end of Wenot, where no previous mining was done below the surficial saprolite. The hole intersected some of the highest-grade intercepts on the property and proves grade increases at depth beneath the existing Wenot resource. In our view, this result is highly significant as it demonstrates the potential for a starter pit at the west end of Wenot and that there is high probability of meaningful resource growth beneath the existing resource. We are maintaining our BUY rating and target price of $0.30/share on Omai Gold Mines.
Hole 23ODD-063 intersected multiple gold zones (Table 1, Figure 1) with 25% of the 554m drill core intersecting grades >0.3 g/t Au. The hole tested 125m down dip from a 1994 exploration hole that intersected 1.23 g/t Au over 75m at a vertical depth of ~125m, where the correlating interval in hole 63 intersected 4.07 g/t Au over 31.1m, 5.36 g/t over 1.5m, and 1.1 g/t over 6.5m and 14.2 g/t over 1.8m.
Due to the significance, this western area holds for the inclusion in a potential future mine plan, an additional 2-3 drill holes are planned to pursue these up to 75m wide zones as well as the higher-grade zones within this west Wenot area. The results for the additional holes are pending and expected to be released within the next two months.
Underlying
OMAI GOLD MINES CORP
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Atrium Research Corporation
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Ben Pirie
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