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• The Company has completed 11 drill holes, totalling 3,570m.
• Today’s results continue to highlight the significant resource growth potential beneath the existing Wenot resource (beyond what was previously reported on June 22, find our note here).
• The best intercept was 5.18 g/t Au over 20.2m (> 100 g x m) over 1.25km from the June 22nd hole (4.07 g/t Au over 31.1m).
• Find our recently published management interview here.
This morning, Omai Gold Mines Corp. (OMG:TSXV, OMGGF:OTC) announced additional drill results from the Omai gold project in Guyana. In 2023, a total of 3,570m have been completed in 11 holes with five holes being reported today. Four of the holes reported today were exploration holes around Broccoli Hill with one hole at Wenot exploring the down dip extension of the central part of the known deposit as well as shallower, northern flanking gold zones. Two of the four exploration holes intersected near-surface high-grade gold and supports management’s theory that there exists potential for additional multi-million-ounce deposits across the property.
Hole 23ODD-064, which was drilled beneath the eastern portion of the Wenot deposit, intersected 5.18 g/t Au over 20.2m (including 12.7 g/t Au over 7.9m) confirming that grade increases at depth beneath the existing resource and reinforces the belief that the current ~1.9 Moz resource at Wenot could grow substantially once mining has begun and a large exploration budget is available to drill at depth (Table 3). We are maintaining our BUY rating and target price of $0.30/share on Omai Gold Mines.
The Company also provided an update given the unusually high volume and downward pressure on the stock. It stated there was no material reason for the selling pressure and that the Company has a cash position of over $2M which is sufficient to complete this year’s drilling and the updated mineral resource (planned for later this year). The Company also announced it is going through processes to consider proceeding to a PEA following the resource update at year-end. Additionally, assay results from four additional exploration holes have been received.
OMG: High-Grade Results Expand Resource Potential
What you need to know:• The Company has completed 11 drill holes, totalling 3,570m.
• Today’s results continue to highlight the significant resource growth potential beneath the existing Wenot resource (beyond what was previously reported on June 22, find our note here).
• The best intercept was 5.18 g/t Au over 20.2m (> 100 g x m) over 1.25km from the June 22nd hole (4.07 g/t Au over 31.1m).
• Find our recently published management interview here.
This morning, Omai Gold Mines Corp. (OMG:TSXV, OMGGF:OTC) announced additional drill results from the Omai gold project in Guyana. In 2023, a total of 3,570m have been completed in 11 holes with five holes being reported today. Four of the holes reported today were exploration holes around Broccoli Hill with one hole at Wenot exploring the down dip extension of the central part of the known deposit as well as shallower, northern flanking gold zones. Two of the four exploration holes intersected near-surface high-grade gold and supports management’s theory that there exists potential for additional multi-million-ounce deposits across the property.
Hole 23ODD-064, which was drilled beneath the eastern portion of the Wenot deposit, intersected 5.18 g/t Au over 20.2m (including 12.7 g/t Au over 7.9m) confirming that grade increases at depth beneath the existing resource and reinforces the belief that the current ~1.9 Moz resource at Wenot could grow substantially once mining has begun and a large exploration budget is available to drill at depth (Table 3). We are maintaining our BUY rating and target price of $0.30/share on Omai Gold Mines.
The Company also provided an update given the unusually high volume and downward pressure on the stock. It stated there was no material reason for the selling pressure and that the Company has a cash position of over $2M which is sufficient to complete this year’s drilling and the updated mineral resource (planned for later this year). The Company also announced it is going through processes to consider proceeding to a PEA following the resource update at year-end. Additionally, assay results from four additional exploration holes have been received.
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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