Toronto, Ontario--(Newsfile Corp. - March 27, 2025) - Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: OMGGF) ("Omai Gold" or the "Company") is pleased to announce assay results from its ongoing 2025 drill program, which is primarily focused on expanding the large Wenot deposit at the Company's 100%-owned Omai Gold Project in Guyana. Assays are reported for four holes totaling 2,157m drilled, two of which were focused on Wenot and two were drilled on the Camp Zone approximately 1km west of Wenot along the same shear corridor. Results are pending for an additional 10 holes (Figure 1).
Highlights include:
Hole 25ODD-101 (Figure 3)
16.35 g/t Au over 10.5m (10.40 g/t Au over 10.5m capped at 70 g/t Au)
including 46.38 g/t Au over 3.5m (28.52 g/t Au over 3.5m capped at 70 g/t Au as above)
3.83 g/t Au over 18.8m
2.13 g/t Au over 48.5m
including 3.14 g/t Au over 18.2m
and including 10.34 g/t Au over 3.3m
Hole 25ODD-099
3.58 g/t Au over 7.0m
0.97 g/t Au over 26.0m
Including 2.92 g/t Au over 5.0m
Elaine Ellingham, President & CEO, commented: "These new Wenot results provide strong additions to our 2025 drill program focused on resource expansion. Hole 101 alone intersected three separate standout intervals of gold mineralization - all of which effectively extend both the 2024 resource limits and the 2024 PEA pit shell. Given our recent discovery of much wider and higher grade zones such as the 4.48 g/t Au over 57.0m encountered in hole -092 (News Release January 21, 2025) and 4.57 g/t Au over 45.5m in hole -087 (News Release December 4, 2024), we are expanding the program to pursue potential strike and dip extensions of these zones that can be expected to have positive impact on the next resource estimate. We are increasing the current drill program from 10,000m to at least 15,000m, with potential for further expansion pending additional favourable results. Fortunately, we are well-funded with a cash position of approximately C$30million, following our financing completed in February. Drilling will pave the way to an updated Mineral Resource Estimate anticipated in Q2 2025, and an updated PEA planned for Q3 2025. We believe the potential for value creation through the drill bit continues to be strong."
The ongoing 2025 drill program at Wenot has the following objectives: 1) to identify further mineralization in some of the wide undrilled areas within the 2.5 km long strike of the Wenot deposit, particularly within the under-explored southern sedimentary rock sequence, 2) to extend the known mineralization in the multiple subparallel gold zones down to the 400m to 450m level, which management believes is a reasonable depth for a potential large-scale open pit operation, and 3) to increase the shallow drilling at West Wenot, an area with known broad mineralized zones within the southern sedimentary rocks with potential as a starter pit.
As a result of our recent discovery of very wide and higher grade zones, an added objective is to test the potential strike and dip extensions of these exceptionally robust gold zones, that eclipse any previous mineralization identified at Wenot.
Wenot
Hole 25ODD-101 (Figure 3) was drilled from the north side of Central Wenot, targeting 100m up-dip from hole 24ODD-092 (see News Release dated January 21, 2025). Hole -092 intersected 4.48 g/t Au over 57.0m, including 21.13 g/t Au over 10.0m within the most prolific historically-mined zone, known as the "Dike Corridor". The Dike Corridor is one of five main subparallel, near-vertical gold zones that comprise the large 2.5km long Wenot deposit. Lying within the broader Wenot Shear, the Dike Corridor is a roughly 100-200m wide zone within the volcanic sequence, typically 25-100m north of the central volcanic-sedimentary contact, that itself hosts gold mineralization within a persistent quartz feldspar porphyry unit. This Dike Corridor was selectively mined from 1995-2002 when the gold price fell well below US$400/oz, suggesting it proved the most economic. The Dike Corridor is comprised of a series of felsic and diorite dikes intruded into the volcanic sequence, which were later subjected to varying degrees of shearing, alteration and stockworks of quartz veining. This structurally prepared corridor was receptive to gold-bearing fluids resulting in it hosting significant gold mineralization, frequently including visible gold.
Hole 25ODD-101 successfully intersected high-grade gold mineralization at the targeted area 100m up-dip from the corresponding intersections within the Dike Corridor in Hole -092. In hole -101 this included 16.35 g/t Au over 10.5m (10.40 g/t Au capped at 70 g/t Au over 10.5m), 3.83 g/t Au over 18.8m, and 2.02 g/t Au over 10.0m, in total, roughly 39.3m of gold mineralization encountered within the Dike Corridor. These intervals were intersected at an approximate depth from surface of 280 to 330m and are below both the 2024 resource and the 2024 PEA pit shell, suggesting potential to add to the next Resource Estimate.
Further down in Hole -101 (Figure 3), a broad interval of 2.13 g/t Au over 48.5m was intersected in the central quartz feldspar porphyry ("QFP") at the main contact, at a depth of approximately 400m from surface - also well below both the 2024 resource and the 2024 PEA pit shell. This compared favourably with the corresponding up-dip interval from previously drilled hole 24ODD-075 which intersected 1.26 g/t Au over 21.5m approximately 125m shallower in the QFP and adjacent sheared sedimentary sequence.
Hole 25ODD-099 was drilled from the north side of Wenot, approximately 200m west of hole 25ODD-101, and approximately 25m east of hole 24ODD-076 which was drilled from the south side of Wenot. Hole 99 intersected six minor gold zones within the northern volcanic sequence and Dike Corridor, the best being 3.58 g/t Au over 7.0m at a depth of approximately 225m from surface. The central quartz feldspar porphyry dike assayed only 0.55 g/t Au over 21.3m. However, a broad interval of gold mineralization within the southern sedimentary rock sequence, assayed 0.97 g/t Au over 26.0m, including 2.92 g/t Au over 5.0m, at approximately 300m from surface. Additional zones within the southern sediments assayed 1.29 g/t Au over 7.0m and 0.61 g/t Au over 10.3m, still well above the cutoff grade of 0.35 g/t Au used for the 2024 Resource Estimate1.
Camp Zone
Holes 25-ODD-098, and 25-ODD-100 tested an area of near surface mineralization approximately 1.0 km west of the main Wenot deposit. The Wenot shear corridor extends through this area, at the volcano-sedimentary contact. This may be a northern fold limb of the main contact shear zone or be slightly offset or splayed off the straight line projection of the main Wenot shear. Previous drilling has shown that this area, known as the "Camp Zone" has mineralization occurring primarily in two felsic dikes over a strike length of 500m. In the southernmost of the two felsic dikes, historical intersections include 1.56 g/t Au over 10.5m in hole OM-931, 1.57 g/t Au over 7.5m in hole OM-925, and 3 g/t Au over 10.5m in hole OM-907. As well, 2.53 g/t Au over 9.9m was intersected in hole 22ODD-047 and 5.75 g/t Au over 9.9m in hole OM-910, whereas the northern felsic dike has historical intersections of 1.63 g/t Au over 9m, 1.21 g/t Au over 15m, and 1.27 g/t Au over 9m. All but one of these intersections is at a depth of less than -150m.
Hole 25ODD-098 intersected two wide felsic dikes that correlate with the felsic dikes previously noted in the Camp Zone. The northernmost was encountered at a vertical depth of approximately 75m and returned 0.59 g/t Au over 10.5m, and the southernmost felsic dike returned 0.42 g/t Au over 18.41m at a vertical depth of approximately 115m.
Hole 25ODD-100 located at the western side of the Camp Zone returned several intercepts of anomalous gold up to 1.89 g/t Au over 1.1m and 1.05 g/t Au over 1.1m.
Although these zones don't rival the gold intersections encountered in the main Wenot deposit, these near-surface gold values are very encouraging and further drilling is needed to assess the continuity of these zones and the potential for a small satellite pit in this area. Further, these gold values, together with the favourable geological setting along strike of the Wenot shear, provide strong incentive for a few deeper holes in this area.
Figure 1. Wenot Plan Map Showing Drill Hole Locations
*True widths vary as mineralization at Wenot is generally hosted within stockwork vein systems with alteration halos, with an estimated true width range of 70-90%. Cut-off grade 0.30 g/t Au with maximum 5.0m internal dilution is applied. Grades are uncapped unless otherwise noted.
** Uncapped. Capping at 70g/t Au will result in a 10.5m interval of 10.40 g/t Au. And this includes 3.5m grading 28.52 when capped at 70 g/t Au.
Figure 2. Camp Zone Plan Map Showing Drill Hole Locations
1NI43-101 Technical Report dated May 21, 2024 "UPDATED MINERAL RESOURCE ESTIMATE AND PRELIMINARY ECONOMIC ASSESSMENT OF THE OMAI GOLD PROPERTY, POTARO MINING DISTRICT NO.2, GUYANA" was prepared by Eugene Puritch, P.Eng., FEC, CET, President of P&E Mining Consultants Inc. is available on SEDAR+ and on the Company's website. It includes a Wenot resource of 834,000 indicated ounces of gold averaging 1.48 g/t Au and 1,614,000 inferred ounces of gold averaging 1.99 g/t Au, and the adjacent Gilt Creek resource of 1,151,000 indicated ounces of gold averaging 3.22 g/t Au and 665,000 inferred ounces of gold averaging 3.35 g/t Au.
2 Past production at the Omai Mine (1993-2005) is summarized in several Cambior Inc. documents available on SEDARplus.ca, including March 31, 2006 AIF and news release August 3, 2006.
Quality Control
Omai maintains an internal QA/QC program to ensure sampling and analysis of all exploration work is conducted in accordance with best practices. Certified reference materials, blanks and duplicates are entered at regular intervals. Samples are sealed in plastic bags.
Drill core samples (halved-core) were shipped to ActLabs, a certified laboratory in Georgetown Guyana, respecting the best chain of custody practices. At the laboratory, samples are dried, crushed up to 80% passing 2 mm, riffle split (250 g), and pulverized to 95% passing 105 μm, including cleaner sand. Fifty grams of pulverized material is then fire assayed by atomic absorption spectrophotometry (AA). Initial assays with results above 3.0 ppm gold are re-assayed using a gravimetric finish. For samples with visible gold two separate 500g or 1000g pulverized samples are prepared, with 50 grams of each fire assayed by atomic absorption spectrophotometry, with assays above 3.0 ppm gold being re-assayed using a gravimetric finish. Certified reference materials and blanks meet with QA/QC specifications.
Qualified Person
Elaine Ellingham is a Qualified Person (QP) under National Instrument 43-101 "Standards of Disclosure for Mineral Projects" and has approved the technical information contained in this news release. Ms. Ellingham is not considered to be independent for the purposes of National Instrument 43-101.
ABOUT OMAI GOLD
Omai Gold Mines Corp. holds a 100% interest in the Omai Prospecting License that includes the past-producing Omai Gold Mine in Guyana, and a 100% interest in the adjoining Eastern Flats Mining Permits. The Company announced a Preliminary Economic Assessment ("PEA")1 on its Wenot Deposit at Omai in April 2024, showing an open pit operation to produce 1.84 million ounces of gold over a 13-year period, with an NPV5% of US$556 million at a US$1,950/oz gold price. This baseline PEA incorporates only 45% of the property's MRE and management believes that with additional work the mine plan can be significantly expanded, the economics enhanced, and the open pit resources further increased. An updated NI 43-101 Mineral Resource Estimate ("MRE")1 of 2.0 million ounces of gold (Indicated) and 2.3 million ounces (Inferred) reflects a notable increase as a result of 2023's successful drilling. Once South America's largest producing gold mine, Omai produced over 3.7 million ounces of gold between 1993 and 20052. Mining ceased at a time when the average gold price was less than US$400 per ounce. As a brownfields project, Omai benefits from good road access and a wealth of historical data that provides knowledge of the geology and gold mineralization on the Property, as well as metallurgy, historical processing recoveries and many other relevant mining parameters.
David Stewart, P.Eng. VP Corporate Development & Investor Relations dstewart@omaigoldmines.com +1.647.294.8361
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-Looking statements include, but are not limited to, statements with respect to the timing of completion of exploration, trenching and drill programs, and the potential for the Omai Gold Project to allow Omai to build significant gold Mineral Resources at attractive grades, and forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties; delay or failure to receive regulatory approvals; the price of gold and copper; and the results of current exploration. Further, the Mineral Resource data set out in the Omai Gold news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Further, the Preliminary Economic Assessments and related data discussed in this news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. Forward-Looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Omai Gold Mines Corp. to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to international operations; actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold, copper and other minerals and metals; general market conditions; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; uncertainty of access to additional capital; delays in obtaining governmental approvals or in the completion of development or construction activities.
