The KE Report Omai Gold Mines – Exploration Results At Wenot Feed Into An Imminent Resource Estimate Update, And A Very Long Hole Through Gilt Creek To Test Wenot At Depth
Elaine Ellingham, President and CEO of Omai Gold Mines (TSX.V: OMG) (OTCQB: OMGGF), joins me for an update on all the exploration and derisking work going on at both the Wenot and Gilt Creek Projects across this mineralized gold trend at the Company's 100%-owned Omai Gold Project in Guyana, South America.
We start off discussing the recent kudos and upgrades that Guyana has received from multiple sources as a mining jurisdiction. Elaine shares their team’s experience operating in country, the positives with regards to permitting and access to skilled labor and the advantages of working on a prior-producing brownfields site. They have received the continued support of locals and the government to move this mine back into production. This also ties into the news released on June 23rd, where the Company has awarded a contract to ERM International Group Limited ("ERM") to commence the Environmental Impact Assessment ("EIA") process.
There is already a large resource in place between the 2 Projects, at over 4.3 million ounces of gold, but there has been a lot of expansion and infill drilling completed since the last resource, and that will all be incorporated into the upcoming Resource Estimate due out in just the next few weeks. We also reminded listeners that the Preliminary Economic Assessment released in 2024, was only on 45% of the mineral inventory on the open pit Wenot Project, and did not yet incorporate the Gilt Creek underground project economics. The new PEA slated for Q4 will bring in expanded resources from all the drilling a Wenot, and will factor in the combined economics with Gilt Creek.
- On June 25th the Company announced some drill intercepts of 2.67 g/t Au over 21.4m, 2.31 g/t Au over 24.6m, and 5.47 g/t Au over 9.7m from the Resource Expansion Program at Wenot.
- On July 29th the Company announced some drill intercepts of 17.36 g/t Au over 7.5m, 2.64 g/t Au over 41.8m, and 3.49 g/t Au over 17.4m from the Resource Expansion Program at Wenot.
As part of their ongoing 15,000 meter drill program, we reviewed a very long hole that is currently being drilled through the underground deposit at Gilt Creek over to the area where the geological thesis is that there could also be deep resources well below the known mineralization at Wenot. We discuss how this is the fun discovery part of exploration, with good scientific models behind it, and that if they do hit that far down at Wenot, it could be a real game changer adding on large potential underground opportunities below Wenot and even further mine life extension.
With the completion of their $25Million bought deal financing back in February, Omai has ample funds in the treasury, to keep executing on all the 2025 exploration and development programs. There should be a steady stream of newsflow and key catalysts this year and well into next year.
If you have any questions for Elaine regarding Omai Gold Mines, then please email me at Shad@kereport.com.