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• Today’s results demonstrate the extent of wide mineralized zones with good grades in the West Wenot target area, and the Company’s ability to efficiently fill wide gaps in zones.
• The best intercept was 2.26 g/t Au over 70.0m (158 g x m) filling a 150m gap between hole 21ODD-022 (16.8 g/t Au over 6.0m) and hole 21ODD-014 (2.1 g/t Au over 12.0m).
• The Company has completed 16 drill holes, totalling 6,131m. 5 holes have yet to be reported.
• OMG plans to release a PEA on the Project following the upcoming resource update.
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 assay results for five drill holes outstanding. Hole 23ODD-071 reported today, yielded one of the best intercepts of the 2023 drill program with a highlight of 2.26 g/t Au over 70.0m for 158 gram-meters (Figure 1). This hole was drilled at the West Wenot target in a 150m gap between hole 21ODD-022 and hole 21ODD-014 with both hosting high-grade intercepts, the best being 16.8 g/t Au over 6.0m (Figure 2). 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 once the assays for the five remaining holes are received, it will begin work on an updated Mineral Resource Estimate followed by a Preliminary Economic Assessment (PEA). We are maintaining our BUY rating and target price of $0.30/share on Omai Gold Mines.
The Company has stated that the assay turnaround time has been much longer than anticipated over the last two months, however, the remaining five holes are expected within the next 30 days. We look forward to these results as the last several holes reported have greatly exceeded our expectations and will likely have a meaningful impact on a potential development scenario.
OMG: Positive West Wenot Drill Results; MRE in Q4
What you need to know:• Today’s results demonstrate the extent of wide mineralized zones with good grades in the West Wenot target area, and the Company’s ability to efficiently fill wide gaps in zones.
• The best intercept was 2.26 g/t Au over 70.0m (158 g x m) filling a 150m gap between hole 21ODD-022 (16.8 g/t Au over 6.0m) and hole 21ODD-014 (2.1 g/t Au over 12.0m).
• The Company has completed 16 drill holes, totalling 6,131m. 5 holes have yet to be reported.
• OMG plans to release a PEA on the Project following the upcoming resource update.
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 assay results for five drill holes outstanding. Hole 23ODD-071 reported today, yielded one of the best intercepts of the 2023 drill program with a highlight of 2.26 g/t Au over 70.0m for 158 gram-meters (Figure 1). This hole was drilled at the West Wenot target in a 150m gap between hole 21ODD-022 and hole 21ODD-014 with both hosting high-grade intercepts, the best being 16.8 g/t Au over 6.0m (Figure 2). 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 once the assays for the five remaining holes are received, it will begin work on an updated Mineral Resource Estimate followed by a Preliminary Economic Assessment (PEA). We are maintaining our BUY rating and target price of $0.30/share on Omai Gold Mines.
The Company has stated that the assay turnaround time has been much longer than anticipated over the last two months, however, the remaining five holes are expected within the next 30 days. We look forward to these results as the last several holes reported have greatly exceeded our expectations and will likely have a meaningful impact on a potential development scenario.
Underlying
OMAI GOLD MINES CORP
Provider
Atrium Research Corporation
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Ben Pirie
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