Omai drilling continues to expand Wenot mineralization to depth and to the south including 2 meters of 36.2 g/t gold and 9 meters of 6.6 g/t gold

Omai Gold Mines Corp. (TSX VENTURE: OMG) ("Omai" or the "Company") is pleased to report results of its ongoing 5,000-meter drill program focused on extending mineralization at Wenot below the historical pit and into the sedimentary package south of the pit. Recent grades and widths from drilling and sampling of core that encountered multiple mineralized zones in basalts and sedimentary rocks support the extension of Wenot both below the pit and to the south. A plan map showing drill hole locations is shown in Figure 1.

Highlights of the drill program:

  • Hole 21ODD-009 intersected 2 meters (m) of 36.2 grams per tonne (g/t) gold (Au), including 0.8 meters of 86.3 g/t Au.
  • Hole 21ODD-008 intersected 9.0 m of 6.6 g/t Au, including 1.0 meter of 43.5 g/t Au.
  • The sediments are tightly folded and are well-mineralized where sheared and associated with dikes. Initial observations suggest the best grades are related to a hydrothermal magnetite event that created fertile host rocks for a later gold plus sulfurization to pyrite event.
  • At least four generations of mineralized extensional quartz veins are recognized and of the four, only the last is undeformed. This suggests a long duration to mineralization while deformation continues. The higher grades in multiple vein sets significantly expand the potential of Wenot to the south in sedimentary rocks.
  • An inaugural resource statement is targeted for Wenot during Q4 2021.

Mario Stifano, Chief Executive Officer of Omai Gold Mines, commented: "We are pleased that our drilling program continues to produce positive results demonstrating that mineralization at Wenot continues to depths exceeding 100 meters below the historical pit and remains open in all directions. The current drill program is anticipated to be completed shortly and will support the objective of developing a NI 43-101 Inferred Resource at Wenot later this year. The technical team is also advancing new high-priority exploration targets at Omai to unlock the significant exploration potential within the prospecting licence."

Figure 1: Plan map of Omai showing 2021 drill hole locations:
https://www.globenewswire.com/NewsRoom/AttachmentNg/27bf0a82-f488-4b6a-a85e-09210433735e  

This drilling continues to give the Company's technical team a better understanding of the geology and mineralization at Omai. As anticipated, the near vertical mineralized zones encountered in the current drilling, which represent the Wenot zone and mineralization in sheared basalts north of the Wenot shear, correlate very well with previous historical drill holes. Additionally, there are several sheared and mineralized zones in the sedimentary domain (lithic wacke to the south) (see Figure 2). These zones seem to be better developed towards the western end of the deposit at shallow depth in areas with minimal drilling.

Mineralization in hole 21ODD-008 is associated with strongly sheared and altered contact zones between lithic wacke and quartz feldspar porphyry (QFP), rhyolites and diorites. Better grades are seen in younger undeformed extensional veins and shear veins that show multiple fluid pulses and gold mineralization. Within the basalts north of the Wenot shear is a highly silicified, sericitized and brecciated zone with five percent sulfides and high-grade gold intercepts.

In hole 21ODD-011, multiple mineralized zones are encountered within the sediments composed of lithic wacke (see Figure 3). Within the lithic wacke, zones with extensional veins and sulfides are strongly mineralized. Magnetite is converted to pyrite within these mineralized horizons. The last mineralizing event of undeformed extensional veins within quartz feldspar porphyry (QFP) contain the higher grades significantly expanding the potential of Wenot to the south in sediments.

Figure 2: Cross section of hole 21ODD-008 which extends the mineralization and lithologies over 120 meters below the Wenot Pit. Mineralization is contained in both basaltic units and lithic wacke (sediments):
https://www.globenewswire.com/NewsRoom/AttachmentNg/367039fa-97c1-4384-8d07-84b22f75d69c

Figure 3: Cross section of hole 21ODD-011 showing multiple mineralized horizons in lithic wacke (sediments) at relatively shallow depths:
https://www.globenewswire.com/NewsRoom/AttachmentNg/46cd5d17-7dc0-4b9a-a21a-28829cf613de

Figure 4: High-grade intercept close to a highly silicified and brecciated zone within basalt, with 5% sulfides disseminated (1 meter at 43.5 grams/tonne gold):
https://www.globenewswire.com/NewsRoom/AttachmentNg/66a73250-aedc-49ef-9411-b4f12ebfea20

Figure 5: Proto-mylonitic shear with later stage, slightly deformed extensional veins in highly mineralized, sheared and altered lithic wacke, near contact with QFP (1 meter at 9.1 grams/tonne gold):
https://www.globenewswire.com/NewsRoom/AttachmentNg/6f95e303-da01-4d4d-bbc4-10230ebc0e3b

Table 1: Assay results for completed holes.

Hole ID From To Interval Gold grade (grams
per tonne)
21ODD-003 314 321 7.0 1.5
354.4 357.5 3.1 4.0
377 379 2.0 2.3
384 386 2.0 3.7
396 400 4.0 2.6
418 420.4 2.4 1.9
425.4 428 2.6 0.9
438.8 441.6 2.8 2.6
450.9 465 14.1 1.7
Including 458.4 459.4 1 10.4
21ODD-008 285 287 2.0 2.3
292 294.7 2.7 0.7
338 343 5.0 0.7
352 356 4.0 0.6
381 391.2 10.2 1.9
Including 381 382 1.0 9.1
433 439 6.0 0.4
442 446 4.0 4.7
455 468 13.0 2.8
Including 457.1 457.7 0.6 6.6
457.7 458.2 0.5 6.3
459.2 460.2 1.0 5.2
464.2 465.2 1.0 6.3
498.8 507.8 9.0 6.6
including 502.8 503.8 1.0 43.5
517.8 526.7 8.9 0.6
21ODD-010 260 273 13.0 0.9
Including 263 264 1.0 3.1
Including 264 265 1.0 3.5
486 487.2 1.2 1.6
21ODD-011 22.6 24.1 1.5 3.2
67.2 67.8 0.6 14.7
206 218.4 12.4 1.5
241.4 242.4 1.0 5.5
285.3 289.2 3.9 1.3
297.6 299 1.4 2.2
302 307 5.0 1.8
Including 302 302.4 0.4 7.1
Including 305.3 305.8 0.5 7.6
313.9 323.1 9.2 1.6
326.7 338.9 12.2 1.1
Including 335 335.5 0.5 9.4
Including 337.9 338.9 1.0 4.3
346 348 2.0 5.1
Including 347 348 1.0 8.8
388 390 2.0 2.0
443.3 446.3 3.0 0.9
454.8 469.6 14.8 0.6

The thickness reported in table is the length of intercept in drill core. True thickness will be less; if the mineralized interval is near vertical, then the true thickness is roughly 75% of reported thickness.


Table 2: Assay results for partially completed or lost holes.

Hole ID From To Interval Gold grade (grams
per tonne)
21-OOD-004 Hole lost; no results
21ODD-005 51 54.5 3.5 3.8
Including 51 52 1.0 12.6
21ODD-006 54 57 3.0 2.3
Including 54 54.7 0.7 5.7
21-ODD-007 Hole lost; no results
21ODD-009 391 393 2.0 36.2
Including 391 391.8 0.8 86.3
420 422 2.0 1.6
434 446 12.0 0.6
449 452 3.0 1.1
507 511.6 4.6 2.3
Including 509.6 510 0.4 6.1
21ODD-012 Hole lost; no results


Table 3: Summary of drill locations, hole azimuth, dip and status:
https://www.globenewswire.com/NewsRoom/AttachmentNg/b643f58b-885c-4d51-8456-57e4eba18452

Due to difficult drilling conditions on the south side of the Wenot Pit, including cavities and fractures in sand and rock and buried mine equipment, some holes were lost before reaching their intended target.

Sample collection, assaying and data management

​An experienced technician is stationed at the rig for hole recovery, core orientation, and related geotechnical parameters. Core samples are collected at 1 to 2 meter intervals for assay and represent ½ of core. Standards, blanks and duplicates are entered at regular intervals. Samples are sealed in plastic bags and shipped to the Actlabs 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. 30 g of pulverized material are then fire assayed by atomic absorption (AA). Initial assays with results above 3,000 ppb gold are re-assayed with gravimetric finish. Standards and blanks meet with QA/QC specifications.

Qualified Person

Dr. Dennis LaPoint, PhD, 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. Dr. LaPoint is not considered to be independent for the purposes of National Instrument 43-101.

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.

About Omai Gold Mines Corp.

Early prospectors identified Guyana's vast mineral wealth 130 years ago, and at the heart of the country's gold mining history is the Omai mine, once South America's largest producing gold mine. We're building on this past success with new tools, relationships and vision to bring this under-explored gold district back to life, providing a unique opportunity for all stakeholders to participate in value creation.

Avalon Gold Exploration Inc., a wholly owned subsidiary of Omai Gold Mines Corp., holds a 100% interest in the Omai Prospecting License covering 4,590 acres, including the past producing Omai gold mine.

For further information, please see our website www.omaigoldmines.com or contact:

Mario Stifano
President and Chief Executive Officer
info@omaigoldmines.com
Phone: +1-416 815-9777

Cautionary Note Regarding Forward-Looking Statements

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 timing and results of the drill program, and completion of an initial Inferred Resource for Wenot. 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. There can be no assurance that such 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.



Primary Logo

News Provided by GlobeNewswire via QuoteMedia

The Conversation (0)

Strategy-Driven Barrick Builds on Value Foundation

Five years after the transformational Merger with Randgold Resources, Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) has been restructured and repurposed as a modern mining business with a constantly replenished, global asset base of peerless quality, managed by a team with an unparalleled record of recognizing and realizing opportunities, says chairman John Thornton in the company's 2024 Information Circular published today and available now at www.barrick.comagm and also filed on SEDAR+ ( www.sedarplus.ca ) and EDGAR ( www.sec.gov ).

"This Barrick is guided by a long-term, future-facing strategy, finely attuned to the demands and expectations of a rapidly changing world. Its aim is not only to secure the company's sustainable profitability but also to make sustainability, in every sense, the core of its activities. Barrick's pioneering partnership philosophy, a key component of its commitment to sustainability, has already transformed the once-derelict Tanzanian mines into a complex with Tier One 1 potential; reconstituted the Reko Diq project in Pakistan and is now developing it into one of the world's largest copper-gold producers; and after three years of negotiation, achieved an agreement for the re-opening of the Porgera gold mine in Papua New Guinea, where mining and processing have restarted and will be ramping up over the next two quarters," he says.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Many Peaks Minerals Ltd (ASX: MPK) – Trading Halt

Many Peaks Minerals Ltd (ASX: MPK) – Trading Halt

Description

The securities of Many Peaks Minerals Ltd (‘MPK’) will be placed in trading halt at the request of MPK, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 3 April 2024 or when the announcement is released to the market.

Keep reading...Show less
Don Hansen, gold bars.

Investor Education: Gold vs. US Dollar Outlook with Expert Don Hansen

Private investor Don Hansen has honed his resource sector investment approach for more than 20 years, and he shared his latest research in a conversation with the Investing News Network.

He discussed the US dollar's rise and fall as the world's reserve currency, as well as how China is shifting away from the dollar and toward gold. Hansen also went over data on the inverse relationship between the gold price and the S&P 500 (INDEXSP:.INX), explaining how decades-long patterns show where both are heading.

"The exciting part to me is when we look at the previous data you can see that the stock market phase is about to end. It's at a very high level and it's at the end of its period," he explained during the interview.

Keep reading...Show less
A small golden bull statue on top of US money.

Goldman Sachs Bullish on Commodities, Shares 2024 Price Calls for Gold and Copper

Goldman Sachs (NYSE:GS) is maintaining its bullish stance on commodities as they continue to enjoy strong cyclical and structural support, and as the US and Europe move closer to cutting interest rates.

The American investment bank said it sees raw materials potentially returning 15 percent in 2024.

“We find that US rate cuts in non-recessionary environments lead to higher commodity prices, with the biggest boost to metals (copper and gold in particular), followed by crude oil,” Bloomberg quotes analysts Samantha Dart and Daan Struyven as saying in a note this past Sunday (March 24). “Importantly, the positive impact on prices tends to increase with time, as the growth impulse from looser financial conditions filters through.”

Keep reading...Show less
Gold bars and coins as well as a sac of gold.

Top 5 ASX Gold Stocks That Pay Dividends (Updated 2024)

If you're interested in gold stocks, it's worth taking a look at the top ASX gold stocks that pay dividends.

A dividend is a sum of money that is paid regularly by a company to a class of its shareholders out of its earnings. Dividends are often issued as cash payments, but can also be issued as stock or other property.

Read on for a deeper look at gold dividend stocks and a breakdown of the top five dividend-paying ASX gold stocks.

Keep reading...Show less
Falco Resources Ltd. (TSX.V: FPC)

Falco Reaches Another Major Milestone and Confirms Admissibility of Its Horne 5 Project’s Environmental Impact Assessment

Falco Resources Ltd. (TSX.V: FPC) (“Falco” or the “Corporation”) is pleased to announce the receipt of confirmation of the admissibility of its Environmental Impact Assessment (“EIA”) for the Horne 5 Project located in Rouyn-Noranda (the “Admissibility”) from the Ministry of the Environment, the Fight Against Climate Change, Wildlife and Parks (“MEFCCWP”).

Since the initial EIA filing in 2018, Falco has completed extensive field work and studies, in addition to providing the documentation in order to respond to questions and requests for information raised by the MEFCCWP. Driven by ESG principles, the EIA was conducted by a multidisciplinary team comprised of Falco’s employees, experts and partners, and highlights the Horne 5 Project’s benefits and impacts on its physical, biological and human environments. The EIA includes various measures to avoid, mitigate or compensate for these impacts, and to enhance the project’s overall benefits, in a strong corporate governance environment. The EIA and all related documentation are publicly available on the Environmental Assessment Register of the MEFCCWP.

Keep reading...Show less

Latest Press Releases

Related News

×