Omai Gold Mines Corp. (TSXV: OMG) (“Omai” or the “Company”) is
pleased to report additional results from the drilling program
underway to test below the past-producing Wenot pit at the Omai
gold project in Guyana. All fifteen holes completed this year,
testing the depth extension of Wenot, successfully intersected
multiple near-vertical gold mineralized shears along a 1.55 km
strike.
Highlights of the new assay results
include1:
- Hole
21ODD-020 (Section 304600E) best intersections include: 22.05 grams
per tonne (“g/t”) Au over 1.7 metres (“m”), 5.28 g/t over 2.7 m and
3.33 g/t over 4.4 m
- Hole
21ODD-021 (Section 305400E) best intersections include: 5.16 g/t
over 8.4 m, 5.0 g/t over 6.0 m, 1.46 g/t over 11 m with nearby 1.03
g/t over 5.0 m
- Hole
21ODD-022 (Section 304750E) best intersections include: 16.77 g/t
over 6.0 m, 1.97 g/t over 16.7 m, and 4.63 g/t over 20.0 m (see
figure 3)
- Hole
21ODD-023 (Section 305928E) best intersections include: 3.3 g/t
over 14.1 m, 2.96 g/t over 6.0 m and 0.82 g/t Au over 22.0 m (see
figure 4)
1 a more comprehensive list of gold
intersections is provided on table 1.
Elaine Ellingham, CEO commented: “With over 35
years in exploration, I truly appreciate projects like Omai with
great potential for significant discoveries. The additional strong
results released today, further support our work towards an initial
NI 43-101 resource at Wenot. With our independent qualified person
(“QP”) commencing shortly, our team will be freed up to focus on
the exploration plans through to mid-2022. There are a number of
very prospective targets for additional gold deposits on the Omai
property, for example at Fennell, with an unmined historic
resource. We also see several exploration targets that hold
potential for significant near-surface gold deposits that could
accelerate the overall development of the project. We will be
initiating work on these other exploration targets starting in
November and on Fennell early in the new year.”
The geology and ore controls at Wenot are mostly
understood. The full 1.7 km long E-W axis of the pit follows the
Wenot Shear Corridor, a broad 200 to 350 m wide zone of deformation
which has been subjected to both shearing and compression. It
straddles the contact between a series of largely andesitic to
dioritic volcanic and intrusive rocks on the north, and
meta-sedimentary rocks on the south.
The Wenot Corridor was the focus of several
phases of crustal deformation that propagated multiple sub-vertical
shears that were subsequently intruded by felsic to intermediate
dikes of different generations and characteristics, which have been
deformed, hydrothermally altered, and veined, to varying degrees.
These dikes appear to have been more susceptible than the
surrounding host rocks to brittle fracturing and alteration,
especially along their margins. During successive deformation
events, this brittle fracturing has facilitated mineralizing
events, resulting in gold being deposited within a stockwork of
quartz-ankerite veins and veinlets, as well as in
quartz-sericite-pyrite alteration halos surrounding the veins and
dikes.
Visible gold has been seen in almost every Wenot
hole drilled this year. Although this accounts for some of the high
gold values, gold mineralization within the alteration halos, as
well as in small, less conspicuous quartz-carbonate veins and
veinlets will be significant contributors to the gold resource at
Wenot.
In hole 21ODD-022, at the western end of the
pit, gold-rich zones were unexpectedly intersected on the northern
flank or possibly outside of the known shear corridor. These zones
may be splays similar to NW trending zones that appear to extend
around the western side of the Fennell pit. In this area, a few
historic holes encountered wide and higher-grade gold
mineralization, and warrant further exploration.
The current drill program commenced in February,
with the primary objective of evaluating the potential for a
significant gold deposit under the Wenot pit. This 1.7 km by 0.5 km
pit produced approximately 1.4 million ounces of gold at an average
grade of 1.5 g/t Au between 1993 and 20022. Some previous drill
holes had tested below the pit bottom during the historical
evaluation of Wenot, providing indications that the mineralization
continued at depth.
Fifteen holes have been completed this year
under the Wenot pit, with one hole currently in progress
(21ODD-026). Table 2 summarizes the recent drill holes and status,
and figure 1 is a plan map showing the locations of the holes
completed in 2021. Drilling accelerated with the addition of a
second drill in July, with a total of 8,846m drilled to date in
2021. Holes 21ODD-024 and 025 have been completed and samples have
been shipped to Actlabs in Georgetown, with results pending.
Figure 2 shows a longitudinal section of the
Wenot pit, illustrating the mined-out portion, which contributed
1.4 million ounces of gold production. The holes completed since
the beginning of the drill program in February of this year are
highlighted in yellow. The figure shows that this drilling has
effectively tested 100 to 225 meters below the mined pit bottom and
this defines the area that will be the subject of the resource
evaluation currently underway. Gold intersections of more that 10
gram-metres (grade in grams per tonne times width in metres) are
shown in red.
2 Past production at Omai is summarized in
several Cambior Inc. documents available on Sedar.com, including
March 31, 2006 AIF and news release August 3, 2006.
The technical team has been working to compile
the results to date. Upon completion of hole 21-ODD-026, the data
will be provided to the QP, who has been engaged to complete a NI
43-101 resource evaluation of the Wenot mineralization. At that
point, no further drilling at Wenot will be done until the NI
43-101 is completed.
A full assessment of the additional exploration
targets on the property has commenced, to develop a comprehensive
exploration plan that will extend into mid-2022. Several targets
are drill-ready and others will benefit from some selective
trenching, mapping and sampling. Fennell, which has an unmined
historic resource, will be one area of focus for exploration in the
new year. However, there are additional targets and target areas
that hold potential for developing near-term, near-surface open pit
deposits that could accelerate the overall development of the
project. Additional details on the next phase of exploration will
follow shortly.
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. Standards, blanks and duplicates
are entered at regular intervals. Samples are sealed in plastic
bags and 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. 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.
Table 1. New Assay Results from Recently
Completed Drill Holes
Hole ID |
Includes |
From |
To |
Interval (m) |
Gold grade (grams per tonne) |
21ODD-020 |
|
163.9 |
168.4 |
4.5 |
1.93 |
|
180.1 |
181.5 |
1.4 |
9.91 |
|
225.2 |
226.9 |
1.7 |
22.05 |
|
241.9 |
249.4 |
7.5 |
0.39 |
|
235.3 |
238.0 |
2.7 |
5.28 |
|
252.7 |
260.5 |
7.8 |
1.0 |
includes |
252.7 |
257.1 |
4.4 |
3.33 |
|
286.3 |
289.7 |
3.3 |
1.39 |
|
|
|
|
|
|
21ODD-021 |
|
136.9 |
145.3 |
8.4 |
5.16 |
|
289.0 |
290.5 |
1.5 |
0.93 |
|
295.0 |
296.5 |
1.5 |
1.61 |
|
397.0 |
403.0 |
6.0 |
5.00 |
|
445.5 |
456.5 |
11.0 |
1.46 |
|
462.5 |
474.7 |
12.2 |
0.62 |
includes |
462.5 |
467.5 |
5.0 |
1.03 |
|
469.0 |
470.5 |
1.5 |
0.88 |
|
|
473.4 |
474.7 |
1.3 |
0.35 |
|
|
|
|
|
|
Hole ID |
Including |
From |
To |
Interval (m) |
Gold grade (grams per tonne) |
21ODD-022 |
|
104.5 |
110.5 |
6.0 |
16.77 |
includes |
109.0 |
110.5 |
1.5 |
65.68 |
|
146.0 |
162.5 |
16.5 |
1.97 |
|
187.5 |
189.0 |
1.5 |
3.67 |
|
222.5 |
225.5 |
3.0 |
1.32 |
|
270.0 |
290.0 |
20.0 |
4.63 |
includes |
271.5 |
273.0 |
1.5 |
23.7 |
and |
284 |
285.5 |
1.5 |
16.04 |
|
296 |
297 |
1.0 |
2.02 |
|
311 |
312.5 |
1.5 |
2.63 |
Hole ID |
Including |
From |
To |
Interval (m) |
Gold grade (grams per tonne) |
21ODD-023 |
|
141 |
144 |
3.0 |
0.48 |
|
150.5 |
172.5 |
22.0 |
0.82 |
includes |
153 |
162 |
9.0 |
1.36 |
|
185.0 |
192.5 |
7.5 |
0.87 |
includes |
189.5 |
192.5 |
3.0 |
1.90 |
|
309.8 |
315.8 |
6.0 |
1.29 |
|
333.4 |
340.0 |
6.6 |
1.40 |
|
357.4 |
362.0 |
4.6 |
1.98 |
|
373.0 |
374.5 |
1.5 |
2.04 |
|
380 |
394.1 |
14.1 |
3.30 |
|
397 |
401.5 |
4.5 |
1.15 |
|
431 |
433.0 |
2.0 |
4.62 |
|
447.5 |
453.5 |
6.0 |
2.96 |
Table 2. Summary
of Wenot Recent Drill Holes and Status (see Figure 1, Drill plan
map) |
Hole ID |
Azimuth (degrees) |
Declination. (degrees) |
Final Depth (m) |
Easting |
Northing |
Status |
21ODD-020 |
180 |
-50 |
351 |
304600 |
601820 |
Completed, Reporting Assays |
21ODD-021 |
180 |
-50 |
550 |
305400 |
601835 |
Completed, Reporting Assays |
21ODD-022 |
180 |
-50 |
401 |
304750 |
601830 |
Completed, Reporting Assays |
21ODD-023 |
180 |
-50 |
461 |
305928 |
601715 |
Completed; Reporting Assays |
21ODD-024 |
180 |
-50 |
559 |
305730 |
601800 |
Completed; Assays Pending |
21ODD-025 |
180 |
-50 |
503 |
305300 |
601855 |
Completed; Assays Pending |
21ODD-026 |
180 |
-50 |
-- |
305840 |
601735 |
Drilling underway |
Qualified Person
John Spurney is a Qualified Person under National Instrument
43-101 "Standards of Disclosure for Mineral Projects" and has
approved the technical information contained in this news release.
Mr. Spurney 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.
Omai Gold Mines Corp., through its wholly owned
subsidiary Avalon Gold Exploration Inc., holds a 100% interest in
the Omai Prospecting License covering 4,590 acres (18.575 sq. km),
that includes the past producing Omai gold mine. Once South
America’s largest producing gold mine, Omai produced over 3.8
million ounces of gold between 1993 and 2005. Mining ceased at a
time when the average gold price was less than US$400 per ounce,
leaving significant drilled resources untapped and prime
exploration targets untested. The Company’s short-term priorities
are to verify and expand the known resources, while advancing
exploration on key targets, providing a solid opportunity to create
significant value for all stakeholders.
For further information, please see our website
www.omaigoldmines.com or contact:
Elaine Ellingham P.Geo.President &
CEOelaine@omaigoldmines.comPhone:
+1-416-473-5351
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 the timing of completion of the drill program, and the potential
for the Omai gold project to allow Omai to build significant gold
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. 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.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/2f2a34ca-c727-4ed0-9cfa-0276d694930d
https://www.globenewswire.com/NewsRoom/AttachmentNg/8fe885f8-afe2-496c-a3b3-fcd15f1cac1e
https://www.globenewswire.com/NewsRoom/AttachmentNg/8748d7c0-7fd1-4716-82e0-e6b737d4e6c6
https://www.globenewswire.com/NewsRoom/AttachmentNg/6978e395-5d94-45ac-820f-92ed45eaa0bb
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