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• Today’s results continue to show strong mineralization with good grades in the West Wenot target area, an area that will be important for resource growth in the upcoming MRE.
• The best intercept was Hole-067 which intersected 5.89 g/t Au over 12.0m (70 g x m), immediately west of the historic pit.
• The Company has completed 16 drill holes, totalling 6,131m. Two holes have yet to be reported.
• OMG plans to release an updated resource estimate this quarter.
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 6,131m have been completed across 16 holes with three holes being reported today and assays remain outstanding. Holes 23ODD-066 and -067 further tested the extent of the West Wenot target area (Figure 2 & 3) and Hole 23ODD-068 was drilled in the mid-pit area but did not reach the planned depth (Figure 4). The highlight intercepts of today’s results can be found in Table 1 below. Work has now commenced on an updated mineral resource estimate which is expected before year end.
The assays reported today yielded strong results which will be important in expanding the already sizable resource at Wenot (~1.9 Moz Au Indicated + Inferred). This builds upon a string of stellar drill results reported this year such as Hole-071 which reported 2.26 g/t Au over 70.0m for 158 g x m on October 23rd (find our note on this release here) and Hole-065 which reported 1.83 g/t Au over 25.5m for 125 g x m on August 22nd (find our note here). We are excited by today’s results and look forward to their positive effect on the pending MRE where we foresee significant resource growth in the West Wenot area.
The West Wenot target area and the high-grade intercepts reported to date are important value drivers in a future mine development scenario as this area shows strong potential of being a starter-pit while de-watering of the existing pits takes place. The Company stated, that following the updated Mineral Resource Estimated this quarter, it will begin work on a Preliminary Economic Assessment (PEA). We are maintaining our BUY rating and target price of $0.30/share on OMG.
OMG: More Strong Drill Results; MRE Expected This Quarter
What you need to know:• Today’s results continue to show strong mineralization with good grades in the West Wenot target area, an area that will be important for resource growth in the upcoming MRE.
• The best intercept was Hole-067 which intersected 5.89 g/t Au over 12.0m (70 g x m), immediately west of the historic pit.
• The Company has completed 16 drill holes, totalling 6,131m. Two holes have yet to be reported.
• OMG plans to release an updated resource estimate this quarter.
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 6,131m have been completed across 16 holes with three holes being reported today and assays remain outstanding. Holes 23ODD-066 and -067 further tested the extent of the West Wenot target area (Figure 2 & 3) and Hole 23ODD-068 was drilled in the mid-pit area but did not reach the planned depth (Figure 4). The highlight intercepts of today’s results can be found in Table 1 below. Work has now commenced on an updated mineral resource estimate which is expected before year end.
The assays reported today yielded strong results which will be important in expanding the already sizable resource at Wenot (~1.9 Moz Au Indicated + Inferred). This builds upon a string of stellar drill results reported this year such as Hole-071 which reported 2.26 g/t Au over 70.0m for 158 g x m on October 23rd (find our note on this release here) and Hole-065 which reported 1.83 g/t Au over 25.5m for 125 g x m on August 22nd (find our note here). We are excited by today’s results and look forward to their positive effect on the pending MRE where we foresee significant resource growth in the West Wenot area.
The West Wenot target area and the high-grade intercepts reported to date are important value drivers in a future mine development scenario as this area shows strong potential of being a starter-pit while de-watering of the existing pits takes place. The Company stated, that following the updated Mineral Resource Estimated this quarter, it will begin work on a Preliminary Economic Assessment (PEA). We are maintaining our BUY rating and target price of $0.30/share on OMG.
Underlying
OMAI GOLD MINES CORP
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Atrium Research Corporation
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Ben Pirie
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