The Omai Gold property, located in Guyana, produced 3.7 million ounces between 1993 and 2005, averaging over 300,000 ounces per year. Due to the low gold price at the time, averaging US$346/oz, extensions to the deposits and prime exploration targets were not pursued – leaving a significant opportunity to build resources at this brownfields site.
Past mining was focused on two deposits: 1) Fennell, where gold is hosted by the “Omai stock”, mined to a depth of 250 metres and known to extend with gold mineralization to at least 960 metres, and 2) Wenot, where gold is hosted within a number of shears within a 1.7 km long deformation corridor.
We commenced drilling the depth extension of the Wenot shear corridor in February. Drilling confirmed that the gold mineralized system extends 150 to 225 metres below the mined pit. Every hole intersected the multiple gold zones with highlights including: 9 g/t over 16.0 m, 3.6 g/t over 32.1 m, and 6.92 g/t over 19 m. A NI 43-101 mineral resource estimate for Wenot is expected at year end.
Drilling recently started on the East Wenot extension where shallow 1993-95 drilling intersected gold in multiple holes, and verified that the favourable horizon extends at least one kilometre east of the mined pit.
Broccoli Hill is one interesting target with a similar geophysical signature as Fennell but has seen little to no drilling. Artisanal mining over a century, plus multiple soil and auger samples suggest it as a prime target for a new gold discovery. A few scout holes are anticipated this year.
Our strategy is to aggressively drill some of the known mineralized zones and obvious extensions in order to build gold resources in the short term, while selectively exploring some of the targets that could result in new near-surface discoveries.
For further information on the Company, visit https://www.omaigoldmines.com/