en.Wedoany.com Reported - Omai Gold Mines (TSXV: OMG; US-OTC: OMGGF) has obtained high-grade drilling results outside the historical mining area of the Wenot deposit at its namesake gold project in Guyana, with the company expecting to release an updated economic study within weeks.
Drilling results released Monday showed that key hole 26ODD-180 intersected 20.6 meters grading 8.54 g/t gold at a depth of 228 meters, including high-grade intercepts of 2.5 meters at 25.89 g/t gold and 5.8 meters at 13.42 g/t gold. Hole 26ODD-173W returned 11.5 meters grading 2.63 g/t gold at a depth of 387.5 meters, including 8.1 meters at 3.68 g/t gold and 13 meters at 2.62 g/t gold. Omai CEO Elaine Ellingham stated that these holes confirm the strike extension of shallow zones within the proposed pit boundary, extending well beyond the historical mining area.
The drilling results were released about six weeks after Omai's resource update, which showed that Omai hosts one of the largest gold resources in the country. Located in central Guyana, Omai is one of South America's largest historical gold producers, with cumulative output exceeding 3.7 million ounces of gold between 1993 and 2005. In recent years, Guyana has become a preferred gold mining jurisdiction due to its stable mining regime, improved infrastructure, and a series of gold discoveries, emerging as a new exploration hotspot alongside neighboring Suriname and Brazil.
Other notable assay results from the Wenot deposit include: hole 26ODD-175 intersected 6.6 meters grading 4.77 g/t gold at a depth of 255 meters, including 3 meters at 9.27 g/t gold; hole 26ODD-179 returned 8.8 meters grading 2.54 g/t gold at a depth of 510 meters, including 2.7 meters at 6.48 g/t gold.
These results come from Omai's 50,000-meter drilling program, with 23,685 meters completed to date. The program targets apparent shear zones along the northern margin of the Wenot shear zone, with drilling confirming these splays by intersecting shallower gold zones north of the central Wenot contact zone. Omai stated that this indicates the overall extent of the large Wenot system. The project consists of the Wenot and Gilt deposits.
The updated Omai preliminary economic assessment will incorporate a larger mine plan, integrating the Gilt underground area and an expanded Wenot super pit. The study is expected to be released within six to eight weeks. Omai currently holds 38.1 million tonnes of indicated resources grading 2.04 g/t gold, containing 2.5 million ounces of metal, and 106.6 million tonnes of inferred resources grading 1.59 g/t gold, containing 5.5 million ounces of metal.
On Monday morning in the Toronto market, the company's shares fell 4% to C$2.58 per share, giving it a market capitalization of C$1.7 billion (approximately US$1.2 billion). The stock has traded in a range of C$0.52 to C$2.84 over the past 12 months.
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