en.Wedoany.com Reported - On April 14, 2026, Canadian exploration company Omai Gold Mines Corp. (TSXV: OMG; OTCQX: OMGGF) announced a resource update for its Omai Gold Project in Guyana. The total contained gold increased from 6.5 million ounces to 8 million ounces, representing an approximate 22% increase, with about half of the resources upgraded to the higher-confidence Indicated resource category. Following this news, the company's share price rose 10% to C$2.34 per share on the Toronto Stock Exchange, reaching a record high and valuing the company at C$1.58 billion (approximately US$1.14 billion). Over the past 52 weeks, the share price had been as low as 41 cents.
The Omai Gold Project is located in central Guyana and was one of South America's largest historic producing gold mines, having produced over 3.7 million ounces of gold between 1993 and 2005. The company holds a 100% interest in the Omai Prospecting License and the adjacent Eastern Flats Mining License and is headquartered in Toronto, Canada. In recent years, Guyana, along with neighboring Suriname and Brazil, has become an emerging exploration hotspot due to its stable mining regime, improved infrastructure, and a series of new discoveries.
The updated resource estimate shows: Indicated resources of 38.1 million tonnes grading 2.04 grams per tonne gold for 2.5 million contained ounces; Inferred resources of 106.6 million tonnes grading 1.59 grams per tonne gold for 5.5 million contained ounces. In comparison, the company's August 2025 resource estimate was approximately 20.7 million tonnes of Indicated resources (grading 1.46 g/t Au for 970,000 ounces) and 83 million tonnes of Inferred resources (grading 1.7 g/t Au for 4.5 million ounces). The increase in resources primarily stems from infill drilling and model updates, with some higher-grade Inferred resources upgraded to the Indicated category, and the indicated grade rising relative to the inferred grade.
By deposit, the Wenot deposit (the project's core open-pit deposit) saw its Indicated resources increase to approximately 1.45 million ounces (grading 1.59 g/t), up from the previous 969,000 ounces (grading 1.46 g/t); its Inferred resources increased to approximately 3.9 million ounces (grading 1.33 g/t). The total resources at the Gilt Creek underground deposit increased to approximately 2.5 million ounces (grading 3.26 g/t), up from the previous level of about 1.8 million ounces.
The updated resource will support a Preliminary Economic Assessment (PEA) expected to be completed within the next two to three months. Analysts predict the PEA may outline a development plan combining open-pit and underground mining, with a potential annual production of approximately 250,000 to 300,000 ounces, and a significantly extended mine life compared to the 2024 PEA. The company's 2024 study only considered an open-pit scenario, with annual production of about 142,000 ounces and a 13-year mine life. Since the last resource estimate, the company has completed approximately 18,000 meters of drilling and is currently executing a 50,000-meter drill program aimed at further expanding resources and upgrading Inferred resources ahead of a future feasibility study.
In a report, Rabi Nizami, an analyst at National Bank Financial, noted that the Omai Gold Project has advantages in terms of infrastructure, permitting status, and growing scale, factors that could attract the attention of major gold producers.
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