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29-05-2025
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Omai Gold Drills 2.63 g/t Au over 27.5m in New Wenot Zone and 4.87 g/t Au over 9.5m and 2.64 g/t Au over 21.0m
Toronto, Ontario--(Newsfile Corp. - May 29, 2025) - Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: OMGGF) ("Omai Gold" or the "Company") is pleased to announce additional assay results from its ongoing 2025 drill program, focused on expanding the large Wenot deposit at the Company's 100%-owned Omai Gold Project in Guyana, South America. The results include a newly discovered gold zone of 2.63 g/t Au over 27.5m (including 4.68 g/t Au over 9.5m) on the north side of the West Wenot area. This zone is almost 100m north of any significant West Wenot gold zone and starts at a vertical depth of 315m, lying outside of the 2024 Mineral Resource Estimate1 ("MRE"). An additional drill hole has commenced to test along strike of this significant new zone. Assays are reported for five holes totaling 3,117m drilled (Table 1). A total of 24 holes have been completed to date this year totalling 15,639m, having surpassed the original planned 15,000m program as results continue to extend the known limits of gold mineralization at Wenot (Figure 1). Results are pending for an additional 12 holes (Table 2). Drilling continues with two rigs on Wenot and a third rig on a long Gilt Creek-Wenot drill hole (see News Release May 23, 2025). An updated NI 43-101 MRE has commenced and is expected to be completed in the third quarter of 2025. Highlights include: Hole 25ODD-116 2.63 g/t Au over 27.5m Includes 4.68 g/t Au over 9.5m Hole 25ODD-106 2.64 g/t Au over 21.0m 1.62 g/t Au over 16.5m 1.18 g/t Au over 17.1m Hole 25ODD-111 4.87 g/t Au over 9.5m 1.45 g/t Au over 9.9m Hole 25ODD-109 2.37 g/t Au over 15.0m 1.73 g/t Au over 6.7m Elaine Ellingham, President & CEO, commented: "We are excited that we are still discovering new gold zones around our large Wenot deposit. The 27.5m intersection averaging 2.63 g/t Au in hole 25ODD-116 is within the volcanics to the north of the main contact zone, and about 100m north of any signficant known gold zones at West Wenot. It effectively extends the known gold mineralization to the northwest and opens the possibility of extensions both east and west into areas that have seen little drilling. We have already started an additional drill hole to explore along strike of this new zone. The balance of today's drill results are yet another batch of encouraging and high-grade step outs, including 2.64 g/t Au over 21.0m and 4.87 g/t Au over 9.5m, which continues to bode well for the updated MRE anticipated next quarter. The long Gilt Creek-Wenot hole that commenced last week is progressing well and just passed through the diabase dike and entered the Gilt Creek intrusion yesterday morning." West Wenot: A number of holes have been drilled in West Wenot in 2025, an area which lies outside of any previous mining, other than for surficial saprolite. A significant part of the Wenot MRE lies within this area that management believes could be suitable for a starter pit in a production scenario. Holes 25ODD-109/109W and hole 25ODD-116 are additional holes that were designed to test the continuity of the deeper gold zones to surface, which could contribute to a low-strip resource. Hole 25ODD-116 (Figure 2) was drilled from the south side of West Wenot at a similar easting as holes 108 and 109, which were drilled from the north. Hole 25ODD-116 was primarily targeting near-surface extensions of known gold zones in the southern sediments and in the central quartz feldspar porphyry dike "CQFP". While gold mineralization dominantly occurs in the volcanics on the northern side of the central contact for much of the Wenot deposit, at West Wenot, mineralization has been dominantly identified at the contact zone (CQFP) and most prominently within the southern sedimentary sequence. Hole 25ODD-116 successfully intersected the shallow gold mineralization in the southern sediments, with four intervals between 100 and 200m depth, including 1.15 g/t Au over 8.3m (with 4 occurrences of visible gold). However, hole 25ODD-116 was continued in order to test the unexplored area to the north. This paid off with the intersection of a new gold zone of 2.63 g/t Au over 27.5m (including 4.68 g/t Au over 9.5m), approximately 120m north of the central contact in the volcanics at a vertical depth of just over 300m. Some of the impressive core is shown in Figure 3. This is a promising new discovery, and the Company has already started a follow-up drill hole to explore the size potential. Hole 25ODD-109/109W (Figure 2) was drilled from the north side of West Wenot targeting shallow near-surface mineralization where a potential "starter pit" would benefit from a low strip ratio given the lack of historical mining in the area. Hole 109 was drilled to a total depth of 399m with a wedge at 98.5m downhole. It successfully intersected 21 separate occurrences of visible gold and, as expected, mostly within the sedimentary rocks south of the central contact. At a shallow depth of approximately 50m below surface, a 15.0m interval of 2.37 g/t Au included 4 occurrences of visible gold within a highly altered rhyolite dike with an extensive quartz vein stockwork. The nearby central quartz feldspar porphyry ("CQFP") at the main volcanic-sediment contact, hosts 1.73 g/t Au over 6.7m. Within the southern sediments, as is typical of this part of the deposit, hole 109 intersected several gold zones including 2.0 g/t Au over 7.5m, 1.25 g/t Au over 5.0m, and 2.06 g/t Au over 2.5m. Central Wenot: Hole 25ODD-106 (Figure 3) was drilled from the south, at a similar easting to hole 23ODD-064 (see News Release August 22, 2023) and approximately 100m west of hole 25ODD-103 (see News Release May 12, 2025) - both drilled from the north side. The hole was wedged part way down and had a final depth of 609m. Hole 25ODD-106 intersected broad zones of gold mineralization within the southern sedimentary sequence, including 1.59 g/t Au over 9.2m, 1.18 g/t Au over 17.1m, and 2.0 g/t Au over 5.5m. The hole went on to intersect 2.64 g/t Au over 21.0m, 1.01 g/t Au over 10.5m, and 1.62 g/t Au over 16.5m - all within the within the most prolific historically mined zone, known as the "Dike Corridor". The Dike Corridor is one of five dominant subparallel, near-vertical gold zones that comprise the large 2.5km long Wenot deposit. Lying within the broader Wenot Shear, the roughly 100-200m wide Dike Corridor is typically 25-100m north of the central volcanic-sedimentary contact, that itself hosts gold mineralization within a persistent quartz feldspar porphyry unit. The Dike Corridor is comprised of a series of felsic and diorite dikes that intruded into the volcanic sequence and were later subjected to varying degrees of shearing, alteration and stockworks of quartz veining. Hole 25ODD-111 was drilled from the north at Central Wenot, targeting 75m down-dip from hole 21ODD-002 and 100m east of hole 24ODD-085. The hole intersected 4.87 g/t Au over 9.5m within the northern volcanics at a depth of approximately 200m from surface. This intersection is within the northern flank of the 2024 MRE pit shell, but ~50m below the 2024 PEA pit shell. Our 2025 drilling has continued to focus on exploring the limits of the Wenot gold system and this hole again demonstrates continued success. The hole continued on to intersect 1.45 g/t Au over 9.9m within the Dike Corridor, and 0.99 g/t Au over 16.4m at the central QFP at the main sediment-volcanic contact. Hole 25ODD-104 was drilled from the south at Central Wenot along a similar easting to hole 24ODD-091 and 021 drilled from the north. Within the southern sedimentary rock sequence, the hole intersected 0.79 g/t Au over 27.5m at a depth of approximately 250m from surface. The central Quartz Feldspar Porphyry dike at the central contact assayed 0.87 g/t Au over 22.7m, that included a 5.5m interval grading 2.17 g/t Au. Further downhole 2.04 g/t Au over 8.9m was intersected in altered volcanics, close to the main contact, and 0.72 g/t Au over 20.5m was intersected within the Dike Corridor at a depth of approximately 400m. Table 1. Recent Drill Results* DDH FROM (m) TO (m) INTERVAL (m) GRADE (g/t Au) 25ODD-116 155.0 163.3 8.3 1.15178.0 185.5 7.5 0.35203.9 206.1 2.2 1.34220.5 222.0 1.5 2.07247.0 254.0 7.0 0.59308.5 310.0 1.5 2.40316.3 322.0 5.7 0.58439.5 442.5 3.0 1.11471.5 499.0 27.5 2.63 25ODD-111 260.0 262.5 2.5 3.79317.0 326.5 9.5 4.87 including 318.2 322.2 4.0 10.92338.6 344.2 5.6 0.42431.2 441.0 9.9 1.45462.3 463.3 1.0 8.20549.0 556.1 7.1 0.80566.9 583.3 16.4 0.99591.8 595.1 3.4 0.97 25ODD-109 79.0 94.0 15.0 2.37179.8 186.5 6.7 1.73202.5 207.3 4.8 0.92215.0 217.5 2.5 0.81225.0 227.5 2.5 2.06232.0 238.5 6.5 0.51258.0 263.0 5.0 1.25270.5 278.0 7.5 2.00295.8 300.5 4.7 1.68 25ODD-109W 197.8 201.8 4.0 0.79206.0 207.0 1.0 1.67213.0 216.5 3.5 1.34224.0 233.0 9.0 0.34237.0 244.9 7.9 0.35253.2 256.7 3.5 1.01286.0 290.0 4.0 0.75297.0 299.7 2.7 1.28342.0 344.1 2.1 1.71 25ODD-106 133.0 140.5 7.5 1.45146.5 151.0 4.5 0.35237.0 238.3 1.3 1.46359.3 368.5 9.2 1.59 25ODD-106W 366.0 383.1 17.1 1.18389.0 394.5 5.5 2.00415.5 421.0 5.5 0.94434.0 441.0 7.0 1.68521.0 542.0 21.0 2.64557.0 567.5 10.5 1.01574.9 577.6 2.7 0.59582.0 598.5 16.5 1.62 including 591.0 597.0 6.0 3.46 25ODD-104 357.5 385.0 27.5 0.79412.0 434.7 22.7 0.87 includes 412.0 417.5 5.5 2.17439.1 448.0 8.9 2.04466.5 468.0 1.5 1.04477.2 479.2 2.0 1.97551.0 554.0 3.0 0.95564.5 585.0 20.5 0.72592.5 599.0 6.5 0.78 *True widths vary as mineralization at Wenot is generally hosted within stockwork vein systems with alteration halos, with an estimated true width range of 70-90%. Cut-off grade 0.30 g/t Au with maximum 3.0m internal dilution is applied, unless otherwise noted. Grades are uncapped unless otherwise noted. ** For wedges (W), the From and To numbers indicate down hole lengths from original hole collar. Figure 1. Wenot Plan Map Showing Drill Hole Locations To view an enhanced version of this graphic, please visit: Figure 2. Cross-section for Hole 25ODD-116, -108, and -109 To view an enhanced version of this graphic, please visit: Figure 3. Cross-section for Hole 25ODD-106 To view an enhanced version of this graphic, please visit: Table 2. Drill Hole Coordinates Hole ID Azimuth(degrees) Inclination(degrees) Easting Northing Depth(m) Status 25ODD-104 356 -53.0 305384 601273 599.0 Reporting 25ODD-106 354 -53.0 305639 601231 369.4 Reporting 25ODD-106W 357 -52.5 305619 601391 312.7 Reporting 25ODD-107 176 -53.0 304967 601996 710.0 Pending 25ODD-108 178 -53.0 304534 601953 646.7 Pending 25ODD-109 170 -53.0 304498 601772 308.0 Reporting 25ODD-109W 169 -52.8 304510 601392 300.5 Reporting 25ODD-110 176 -53.0 305836 601819 704.0 Pending 25ODD-111 176 -54.0 305231 601928 656.0 Reporting 25ODD-112 175 -54.0 305578 601831 643.7 Pending 25ODD-113 110 -48.0 304265 601657 484.3 Pending 25ODD-114 176 -57.0 304790 602030 700.0 Pending 25ODD-115 355 -52.0 305429 601248 106.5 Pending 25ODD-116 356 -50.0 304487 601468 571.6 Reporting 25ODD-117 176 -50.0 305429 601849 646.0 Pending 25ODD-118 176 -53.0 305928 601800 541.0 Pending 25ODD-119 175 -54.0 305028 601981 356.0 Pending 25ODD-120 176 -54.0 305182 602067 688.0 Pending 25ODD-121 176 -54.0 305289 601928 739.7 Pending 25ODD-122 142 -60.0 304648 602870Drilling 25ODD-123 357 -50.0 304533 601522Drilling 1NI 43-101 Technical Report dated May 21, 2024 "UPDATED MINERAL RESOURCE ESTIMATE AND PRELIMINARY ECONOMIC ASSESSMENT OF THE OMAI GOLD PROPERTY, POTARO MINING DISTRICT NO.2, GUYANA" was prepared by Eugene Puritch, FEC, CET, President of P&E Mining Consultants Inc. is available on SEDAR+ and on the Company's website. It includes a Wenot resource of 834,000 indicated ounces of gold averaging 1.48 g/t Au within 17.6 million tonnes and 1,614,000 inferred ounces of gold averaging 1.99 g/t Au within 25.2 million tonnes, and the adjacent Gilt Creek resource of 1,151,000 indicated ounces of gold averaging 3.22 g/t Au within 11.1 million tonnes and 665,000 inferred ounces of gold averaging 3.35 g/t Au within 6.2 million tonnes. 2 Past production at the Omai Mine (1993-2005) is summarized in several Cambior Inc. documents available on including March 31, 2006 AIF and news release August 3, 2006. 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. Certified reference materials, blanks and duplicates are entered at regular intervals. Samples are sealed in plastic bags. Drill core samples (halved-core) were shipped to ActLabs and some batches to MSALABS, both certified laboratories 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. Fifty grams of pulverized material is then fire assayed by atomic absorption spectrophotometry (AA). Initial assays with results above 3.0 ppm gold are re-assayed using a gravimetric finish. For samples with visible gold two separate 250g or 500g pulverized samples are prepared, with 50 grams of each fire assayed by atomic absorption spectrophotometry, with assays above 3.0 ppm gold being re-assayed using a gravimetric finish. Certified reference materials and blanks meet with QA/QC specifications. Qualified Person Elaine Ellingham is a Qualified Person (QP) under National Instrument 43-101 "Standards of Disclosure for Mineral Projects" and has approved the technical information contained in this news release. Ms. Ellingham is not considered to be independent for the purposes of National Instrument 43-101. ABOUT OMAI GOLD Omai Gold Mines Corp. is a Canadian gold exploration and development company focused on rapidly expanding the two orogenic gold deposits at its 100%-owned Omai Gold Project in mining-friendly Guyana, South America. The Company has established the Omai Gold Project as one of the fastest growing and well-endowed gold camps in the prolific Guiana Shield greenstone belt. In February 2024 the Company announced an updated NI 43-101 Mineral Resource Estimate1 ("MRE") of 29 million tonnes grading 2.15 g/t Au and containing 2.0 million ounces of gold (Indicated) and 31 million tonnes grading 2.26 g/t Au and containing 2.3 million ounces (Inferred), comprising of both the Wenot open pit deposit and the adjacent Gilt Creek underground deposit. This was followed by an initial baseline Preliminary Economic Assessment ("PEA") in April 2024, which contemplated an open pit-only development scenario and included only 45% of the Omai Gold Project MRE. Subsequent to the 2024 MRE, the Company has been aggressively drilling to expand gold resources at the Wenot deposit and has identified additional wide zones of high-grade gold mineralization. In 2025 Omai Gold plans to continue its impactful drill programs, announce an updated and expanded MRE, and complete an updated PEA which would include an expanded Wenot open pit deposit and an underground mining scenario at Gilt Creek. The Omai Gold Mine produced over 3.7 million ounces of gold from 1993 to 20052, ceasing operations when gold was below US$400 per ounce. The Omai site benefits from much existing infrastructure and will soon be connected to the two largest cities in Guyana, Georgetown and Linden, via paved road. For further information, please see our website or contact:Elaine Ellingham, President & CEO elaine@ David Stewart, Corporate Development & Investor Relationsdstewart@ 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. 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 exploration, trenching and drill programs, and the potential for the Omai Gold Project to allow Omai to build significant gold Mineral 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. Further, the Mineral Resource data set out in the Omai Gold news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. There can be no assurance that forward-looking 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. Further, the Preliminary Economic Assessments and related data discussed in this news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Omai Gold Mines Corp. to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to international operations; actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold, copper and other minerals and metals; general market conditions; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; uncertainty of access to additional capital; delays in obtaining governmental approvals or in the completion of development or construction activities. Figure 4. Drill Core from Hole 25ODD-116 - New zone from 481.6 - 494 To view an enhanced version of this graphic, please visit: To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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26-05-2025
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Genesis to acquire Laverton Gold Project in WA for $162m
Genesis Minerals has entered a binding share purchase agreement with Focus Minerals for the acquisition of the Laverton Gold Project in Western Australia for A$250m ($162.3m). This move is poised to bolster Genesis Minerals' production capabilities and cash flow, while unlocking significant synergies by combining deposits with regional processing infrastructure. The acquisition also includes 455km2 of gold-prospective land, offering considerable exploration potential both in-mine and regionally. The transaction, with no conditions precedent, is expected to be completed by early June 2025. Funding for the acquisition will come from Genesis' existing cash reserves and an upsized corporate revolver facility, which has increased from $120m to $225m. This leaves Genesis with approximately A$350m in available funding post-completion, ensuring continued balance sheet flexibility. Genesis views this acquisition as a step towards merging the Laverton assets of both Focus and Genesis, which include the recently reactivated three million tonnes per annum (mtpa) Laverton mill. Located approximately 30km from the Laverton mill, the Laverton Gold Project boasts a mineral resource of 73 million tonnes (mt) at 1.7g/t, amounting to 3.9 million ounces (moz). The Laverton Gold Project's assets, including site infrastructure like workshops and haul roads, as well as a historical production of about 3.6moz, will now fall under Genesis' ownership. Genesis managing director Raleigh Finlayson said: 'This is the perfect bolt-on acquisition. It delivers a substantial 4moz resource with immense exploration upside right next to our Laverton mill. It offers supplementary open pit and underground ore to our Laverton mill and in the process gives us flexibility regarding the most efficient pairing of deposits and processing infrastructure between Laverton and Leonora. 'With more ore available at Laverton, our flagship Tower Hill deposit can potentially be processed at Leonora resulting in significantly lower operating costs. With both the Laverton and Leonora mills now 'long ore', studies into staged plant expansions continue apace. These benefits make the transaction entirely consistent with our 'ASPIRE 400' accelerated growth strategy'. Brightstar Resources initiated gold processing at the Laverton Mill in March, with ore sourced from Brightstar's Second Fortune mine and stockpiles at Lord Byron. "Genesis to acquire Laverton Gold Project in WA for $162m" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
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23-05-2025
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Omai Gold Commences Gilt Creek Drill Hole Planned to Also Explore the Blue-Sky Depth Potential of the Wenot Deposit
Toronto, Ontario--(Newsfile Corp. - May 23, 2025) - Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: OMGGF) ("Omai Gold" or the "Company") is pleased to announce that drilling has commenced on a deep hole that is planned to initially drill across the Gilt Creek gold deposit, then to continue to drill in order to test the adjacent Wenot gold deposit at a vertical depth of approximately 1,100m. Gilt Creek and Wenot are two adjacent orogenic gold deposits on the Company's 100%-owned Omai Gold Project in Guyana, South America. The Wenot open pit deposit consists of multiple near-vertical shear-hosted gold zones that have been identified along a 2.5km strike that have been drilled from surface to maximum depths of 450-525m. The Company's 2024-25 drill program, now surpassing 25,000m, has focused on exploring the size potential of this very large Wenot open pit deposit down to a depth of 450-500m. This new hole (25ODD-122) will provide additional data as it drills across the Gilt Creek gold deposit then, very significantly, is planned to continue a further 600m-800m to explore for the extension of the near-vertical Wenot gold zones at approximately 1,000m to 1,200m vertical depth or roughly 600m below the known deposit. A gold intersection at this depth would not add to the Wenot resources in the short-term, however, would be indicative of the upside and long term mine life potential of this large Omai gold camp. Elaine Ellingham, President & CEO, commented: "Our 2025 goal is to more fully realize the expansion potential of the gold resources at Omai, with a vision towards a multi-decade mine life. By accelerating our testing of the Wenot deposit starting in 2024, our drilling has provided ample evidence of the continuity of the gold zones down to depths of at least 500m, establishing Omai as one of the largest and fastest-growing gold camps in the Guiana Shield greenstone belt. We believe that we are on the path to maximizing the value of this large, two-deposit gold project with the current resource expansion drill program at Wenot, the updated MRE for Wenot that is underway, and the updated Preliminary Economic Assessment ("PEA") to follow. By testing the Wenot deposit at much greater depths we hope to further unveil the blue-sky expansion potential of the Omai property, which we believe would unlock further value for all stakeholders." The Company has completed 46 holes totalling 29,050m since the completion of the most recent NI 43-101 Mineral Resource Estimate ("MRE") for Wenot in February 2024. An updated NI 43-101 MRE to incorporate these new results has commenced, while additional assay results are pending for several holes. Drilling continues on the Wenot expansion drill program with two drills. This new drill hole (25ODD-122) is designed to achieve several objectives: 1) to assist in the Gilt Creek mine planning and metallurgical studies that will facilitate its inclusion into an updated PEA mine plan anticipated later in 2025, 2) to further explore the lateral extent of the Gilt Creek intrusion-hosted gold deposit, and, very significantly, 3) to explore the open depth potential of Wenot well below the known limits of the deposit, that could be indicative of the potential for a multi-decade mine life for the Omai project. This deep hole is expected to be 1,800 to 2,000m in length, well within the capability of the drills on-site, however will be closely monitored for successful completion. Gilt Creek Deposit Background The Gilt Creek gold deposit is a 500m by 275m intrusion-hosted orogenic gold deposit. It is located approximately 500m north of the Wenot gold deposit on the Omai property (Figure 1). The MRE for Gilt Creek comprises Indicated Mineral Resources of 1,151,000 ounces gold averaging 3.22 g/t Au and Inferred Mineral Resources of 665,000 ounces gold averaging 3.35 g/t Au, using a 1.5 g/t Au cutoff and a US$1,700/oz gold price. Initial engineering studies anticipate a ramp from surface to access this deposit for underground mining. The very wide mineralized zones are likely amenable to sub-level open stoping and transverse open stoping, with follow-up cut-and-fill mining. The Gilt Creek gold deposit is relatively shallow with approximately 76% of the MRE gold ounces lying at vertical depths of between 300m and 600m. Limited drilling of the Omai intrusion below 600m continued to encounter gold mineralization down to 967m. Drill hole 24ODD-095 completed in December, 2024 confirmed gold mineralization within the intrusive host rock from just 225m to a depth of 850m below surface. Wenot Extension Target The Wenot deposit is a 2.5km long, shear-hosted, orogenic gold deposit with a current Indicated MRE1 of 834,000 ounces grading 1.48 g/t Au and Inferred MRE of 1,614,000 ounces grading 1.99 g/t Au. Gold mineralization at Wenot is dominantly hosted within multiple, parallel, near-vertical zones along the east-west trending shear corridor. Gold zones at Wenot have been identified from surface to a maximum vertical depth of 555m. A late post-mineralization diabase dike that underlies the Gilt Creek pit extends under Wenot and has been intersected in a few holes from 480m to 510m depth. The Wenot orogenic gold zones pre-date this later dike and therefore most likely continue below. The recent drilling provides ample evidence that the gold grades and zone widths increase with depth and appear to potentially support underground mining at greater depths. There are multiple examples of orogenic gold deposits extending to great depths and confirmation of this for the Wenot deposit could have significant impact for ensuring a longer potential mine life for the Omai gold project. The Gilt Creek deposit is robust and, pending the updated PEA later in 2025, may support an economically attractive underground mining scenario. Therefore, the discovery of Wenot gold zones extending to depth just 500m south of an underground Gilt Creek mine could allow accelerated underground access to a deeper Wenot deposit, far earlier than from surface or an eventual Wenot pit bottom. With two significant gold deposits, both with indications of continuations at depth, the Omai property offers significant upside potential. Drilling to date has been highly successful and the Company continues to be well-funded with a cash position at Quarter end, March 31, 2025 of approximately C$29 million. 1 NI43-101 Technical Report dated May 21, 2024 "UPDATED MINERAL RESOURCE ESTIMATE AND PRELIMINARY ECONOMIC ASSESSMENT OF THE OMAI GOLD PROPERTY, POTARO MINING DISTRICT NO.2, GUYANA" was prepared by Eugene Puritch, FEC, CET, President of P&E Mining Consultants Inc. is available on SEDAR+ and on the Company's website. It includes a Wenot resource of 834,000 indicated ounces of gold averaging 1.48 g/t Au and 1,614,000 inferred ounces of gold averaging 1.99 g/t Au, and the adjacent Gilt Creek resource of 1,151,000 indicated ounces of gold averaging 3.22 g/t Au and 665,000 inferred ounces of gold averaging 3.35 g/t Au. 2 Past production at the Omai Mine (1993-2005) is summarized in several Cambior Inc. documents available on including March 31, 2006 AIF and news release August 3, 2006. Figure 1. Plan map showing location of Hole 25ODD-122 To view an enhanced version of this graphic, please visit: Figure 2. Cross-section of deep hole 25ODD-122, looking east To view an enhanced version of this graphic, please visit: Qualified Person Elaine Ellingham is a Qualified Person (QP) under National Instrument 43-101 "Standards of Disclosure for Mineral Projects" and has approved the technical information contained in this news release. Ms. Ellingham is not considered to be independent for the purposes of National Instrument 43-101. ABOUT OMAI GOLD Omai Gold Mines Corp. is a Canadian gold exploration and development company focused on rapidly expanding the two orogenic gold deposits at its 100%-owned Omai Gold Project in mining-friendly Guyana, South America. Since 2021, the Company has quickly established the Omai Gold Project as one of the fastest growing and well-endowed gold camps in the prolific Guiana Shield greenstone belt. In February 2024 the Company announced an updated NI 43-101 Mineral Resource Estimate1 ("MRE") of 2.0 million ounces of gold Indicated and 2.3 million ounces Inferred, comprising of both the Wenot open pit deposit and the adjacent Gilt Creek underground deposit. This was followed by an initial baseline Preliminary Economic Assessment ("PEA") in April 2024, which contemplated an open pit-only development scenario and included only 45% of the Omai Gold Project MRE. Subsequent to the 2024 MRE, the Company has been aggressively drilling to expand gold resources at the Wenot deposit and has identified additional wide zones of high-grade gold mineralization. In 2025 Omai Gold plans to continue its impactful drill programs, announce an updated and expanded MRE, and complete an updated PEA which would include an expanded Wenot open pit deposit and an underground mining scenario at Gilt Creek. The Omai Gold Mine produced over 3.7 million ounces of gold from 1993 to 20052, ceasing operations when gold was below US$400 per ounce. The Omai site benefits from much existing infrastructure and will soon be connected to the two largest cities in Guyana, Georgetown and Linden, via paved road. For further information, please see our website or contact: Elaine Ellingham, & CEOelaine@ David Stewart, Corporate Development & Investor Relationsdstewart@ 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. 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 exploration, trenching and drill programs, and the potential for the Omai Gold Project to allow Omai to build significant gold Mineral 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. Further, the Mineral Resource data set out in the Omai Gold news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. There can be no assurance that forward-looking 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. Further, the Preliminary Economic Assessments and related data discussed in this news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Omai Gold Mines Corp. to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to international operations; actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold, copper and other minerals and metals; general market conditions; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; uncertainty of access to additional capital; delays in obtaining governmental approvals or in the completion of development or construction activities. 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Yahoo
07-05-2025
- Business
- Yahoo
Astral Resources updates MRE for Spargoville Gold Project in Western Australia
Astral Resources has announced an updated mineral resource estimate (MRE) for its Spargoville Gold Project in Western Australia (WA), now reporting 139,000oz of contained gold. This update is part of a series of acquisitions, including the Spargoville, Mandilla and Feysville gold projects near Kambalda, that have expanded Astral's gold resources to a consolidated 1.76 million ounces (moz). The Spargoville Gold Project, located 70km south of Kalgoorlie, has been integrated into Astral's portfolio following the company's takeover of Maximus Resources. Located in the Coolgardie Domain of the Kalgoorlie Terrane, the Spargoville Gold Project is positioned strategically near the St Ives gold camp. The project's MRE has been recalculated using the financial assumptions from its recent Mandilla update, resulting in a revised estimate of three million tonnes (mt) at 1.4 grams per tonne (g/t) gold. Independent consultancy Widenbar and Associates prepared the updated MRE in accordance with the JORC Code (2012 Edition). The estimate includes the Wattle Dam Gold Project, Eagles Nest, Hilditch, Larkinville and 5B deposits. Astral plans to commence drilling in the area surrounding the Hestia deposit at Mandilla this quarter, with a more extensive drilling programme set for the September quarter of 2025. The revised figures are based on a lower cut-off grade of 0.39g/t gold, constrained within pit shells determined by a gold price of A$3,500 ($2,265)/oz. Additionally, the updated MRE reflects the same cost assumptions that will be used in an upcoming Mandilla pre-feasibility study (PFS). The acquisitions have, together, significantly bolstered Astral's Group MRE to 50mt. Astral Resources managing director Marc Ducler said: 'With compulsory acquisition of the outstanding shares in Maximus having now been completed, we considered that it was important to set our own baseline for the recently acquired Mineral Resources at the Spargoville Gold Project. 'Astral's standard approach when testing the Mineral Resources for reasonable prospects for economic extraction (RPEE) includes a first step of regularising the block model, which is the process of varying the size of the block model shapes to approximate the size of the earth-moving machinery likely to be used in open-pit mining. 'This serves to more accurately reflect the amount of dilution likely to be experienced during open-pit mining and provides a good base for the subsequent optimisations used to identify the potentially economic portion of the mineralisation models.'
Yahoo
05-05-2025
- Business
- Yahoo
U.S. Gold Corp. to Participate in a Virtual Mining Conference Presented by Maxim Group LLC
Tuesday, May 6, 2025 at 1:30 pm EST CHEYENNE, Wyo., May 5, 2025 /PRNewswire/ -- U.S. Gold Corp. ("U.S. Gold," the "Company," "we," "our" or "us") (Nasdaq: USAU) is pleased to announce that its President and CEO, Mr. George Bee, will participate as a panelist in a discussion focused on developing and operating mines in the United States. The virtual mining conference, presented by Maxim Group LLC ("Maxim Group"), will take place on Tuesday, May 6, 2025. The event is part of a full-day program beginning at 9:00 a.m. ET and concluding at 5:00 p.m. ET, featuring presentations from 18 publicly traded mining companies. The conference will be streamed live via M-Vest. Attendees may register by becoming an M-Vest member. Click here to learn more and reserve your seat About Maxim Group LLC Maxim Group is a full-service investment banking, securities and wealth management firm headquartered in New York. The firm provides a full array of financial services including investment banking; private wealth management; and global institutional equity, fixed-income and derivatives sales & trading, equity research and prime brokerage services. Maxim Group is a registered broker-dealer with the U.S. Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB), and is a member of FINRA SIPC, and NASDAQ. To learn more about Maxim Group, visit About U.S. Gold Corp. U.S. Gold Corp. is a publicly traded, U.S. focused gold and copper exploration and development company. U.S. Gold Corp. has a portfolio of exploration properties. Our CK Gold Project is located in Southeast Wyoming and has a Preliminary Feasibility Study technical report, which was completed by Samuel Engineering, Inc. Our Keystone exploration property is on the Cortez Trend in Nevada. Our Challis Gold Project is located in Idaho. For more information about U.S. Gold Corp., please Cautionary Note Regarding Forward-Looking Statements Certain statements in this press release are forward-looking within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "proposed," "aims," "anticipates", "forecast," "estimated," "believes," "continues" and "intend," among others. These forward-looking statements include statements related to George Bee's attendance at the live panel discussion and the topics to be discussed in the live panel discussion. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks, contingencies, and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control. The Company undertakes no duty to correct or update any information contained herein. For further informationU.S. Gold Relations+1 800 557 4550ir@ View original content to download multimedia: SOURCE U.S. Gold Corp.
