Omai Gold Mines Corp. (TSXV: OMG) (“Omai” or the “Company”) is
pleased to report that the initial 5,000 metre drilling program on
its Omai project in Guyana has been completed and a Phase 2
exploration program is underway with two drills. A total of
seventeen (17) diamond drill holes totalling 7,323 metres have been
completed to date this year. Highlights from recent drilling
include: 19 metres (m) grading 6.92 grams per tonne gold (“gpt
Au”), 16 m of 2.2 gpt Au, 1.5 m of 56.0 gpt Au and 12.0 m of 2.12
gpt.
Twelve of the completed holes tested beneath the
past producing Wenot pit, all of which confirmed that the Wenot
Shear Corridor and the associated gold mineralization, extend to
depths of at least 100 to 250 m below the past-producing pit. The
Wenot pit produced approximately 1.4 million ounces of gold at an
average grade of 1.5 gpt Au between 1993 and 20021.
Mineralization is hosted within the 200- to 350-metre wide shear
corridor that extends the full 1.7 kilometre length of the pit and
along strike. The pit was mined to a maximum depth of 200
metres.
Results from seven holes testing below the Wenot
pit were previously reported (news releases: April 21, 2021 and
July 7, 2021), assays are pending for three recently completed
holes, and results for two completed holes are presented below:
Hole ID |
Including |
From |
To |
Interval (m) |
Gold grade (grams per tonne) |
21ODD-013 |
|
355 |
358 |
3.0 |
0.88 |
373 |
389 |
16.0 |
2.2 |
412.1 |
415 |
2.9 |
2.58 |
421 |
423 |
2.0 |
3.56 |
440 |
451 |
11.0 |
0.83 |
467 |
486 |
19.0 |
6.92 |
including |
467 |
470 |
3.0 |
31.72 |
472 |
473 |
1.0 |
26.0 |
|
|
|
|
|
|
21ODD-014 |
|
367.6 |
373.6 |
6.0 |
0.56 |
389.3 |
390.8 |
1.5 |
56.02 |
397.5 |
401.5 |
4.0 |
1.26 |
410.5 |
418 |
7.5 |
0.96 |
425.1 |
430 |
4.9 |
1.12 |
440 |
452 |
12.0 |
2.12 |
536.1 |
554.9 |
18.8 |
1.16 |
1 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 following table summarizes the Wenot drill
holes completed since the last news release, and those currently in
progress (See Figure 1, Drill Plan Map).
Summary of Wenot Recent Drill Holes and Status |
Hole ID |
Azimuth (degrees) |
Declination. (degrees) |
Final Depth (m) |
Easting |
Northing |
Status |
21ODD-013 |
0 |
-50 |
522 |
305486 |
601218 |
Completed. See Figure 2 |
21ODD-014 |
180 |
-50 |
639 |
304891 |
601952 |
Completed. See Figure 3 |
21ODD-020 |
180 |
-50 |
351 |
304600 |
601820 |
Completed; Assays pending |
21ODD-021 |
180 |
-50 |
550 |
305400 |
601835 |
Completed; Assays pending |
21ODD-022 |
180 |
-50 |
401 |
304750 |
601830 |
Completed; Assays pending |
21ODD-023 |
180 |
-50 |
- |
305928 |
601715 |
In progress |
21ODD-024 |
180 |
-50 |
- |
305730 |
601800 |
In progress |
Wenot Geological Overview
The geology of the Wenot deposit is well
understood. The west-northwest trending pit measures 1,700 m long
by 500 m wide. The pit axis closely follows a major deformation
zone, the “Wenot Shear Corridor”, which straddles the contact
between a package of basaltic to andesitic volcanics to the north,
and a sequence of variably metamorphosed lithic wacke sediments to
the south. This shear corridor forms part of a major
structural break which crosses the Guiana Shield and controls gold
mineralization here and likely elsewhere in the
region.
Within the Wenot Shear Corridor multiple
near-vertical shear structures developed, which were later intruded
by rhyolite, quartz-feldspar porphyry, and quartz diorite dikes
with widths of up to 35m. These dikes are, in places, overprinted
by intense hydrothermal alteration. Gold mineralization occurs
preferentially within or along the sheared margins of these dikes,
where it often occurs as visible gold in silicified,
quartz-ankerite veined, and sulphidized zones. These dikes were
more susceptible to brittle deformation, facilitating vein
stockwork development and mineralizing events.
At the eastern end of the pit the deformation
corridor appears to be more dominant within the volcanic sequence,
whereas at the mid- and western end of the pit, the deformation
corridor has migrated or splayed south, with more of the dikes and
associated gold mineralization occurring within the sediments.
Historically, exploration within these sediments at the
western end of the pit was limited due to mine infrastructure at
the time that would have precluded mining in that area.
Although the pit was mined to a maximum depth of
200 metres in the central portion, at the western end it was
limited to depths of 50 to 120 m, again due to the proximity to
mine infrastructures. This area and the sediments that extend
to the west present potential for a near surface deposit and this
area is earmarked for future exploration.
Results from the current drilling plus the
sampling of the 2012 drill core preserved by the Guyana Geology
& Mines Commission (GGMC) (see new releases February 9, 2021
and December 15, 2020) are being integrated with data from 39
historic Golden Star and Cambior holes that extend below the Wenot
pit bottom or test the Wenot shear along its strike
extensions. A wealth of pre-production and production
geological, structural and grade data has greatly assisted in the
modelling of the structurally controlled gold mineralization and
grade trends. With the combined datasets, the Company is
working towards an initial NI 43-101 resource estimate for
Wenot.
With the addition of a second drill in July, one
short hole tested a geophysical feature southeast of the Fennell
pit, intersecting only sheared volcanics. Four holes were completed
to test a couple of known gold occurrences at Gilt Creek and Snake
Pond, west of the Fennell pit, interpreted to be related to
apophyses or fingers of the Omai stock intruding into the adjacent
host volcanics. Quartz veining and minor sulphidization were
encountered in holes ODD-016 and ODD-017, but no significant gold
values were returned, notwithstanding the proximity to impressive
near surface historic gold intersections including 21 m grading 6.9
gpt Au and 9 m of 2.7 gpt gold. Trenching using the on-site
excavator was initiated in this area in August and subsequent
mapping of quartz veining in the saprolite confirmed a different
orientation than previous work had assumed and may relate to splays
off of the Wenot shear. These targets will be re-assessed for
follow up work.
Summary of West of Fennell Drill Holes and
Status |
Hole ID |
Azimuth (degrees) |
Declination (degrees) |
Final Depth (m) |
Easting |
Northing |
Status |
21ODD-015 |
150 |
-50 |
205 |
305543 |
602158 |
Completed, no significant results |
21ODD-016 |
150 |
-50 |
226 |
304247 |
602163 |
Completed, no significant results |
21ODD-017 |
150 |
-50 |
302 |
304207 |
602225 |
Completed, no significant results |
21ODD-018 |
150 |
-50 |
250 |
304263 |
602697 |
Completed, Assays pending |
21ODD-019 |
150 |
-50 |
202 |
303916 |
602511 |
Completed; Assays pending |
Additions to the Technical Team
In Q3, the Company significantly strengthened
its on-site technical team, welcoming Chief Geologist John Spurney
and Senior Geologist Andres Rincon, both of whom have years’ of
international gold experience. They are working closely with
consulting geologist Linda Heesterman, whose 20 years’ experience
at Omai and knowledge of Guyana geology is invaluable. The
Company’s interim CEO is an experienced exploration geologist.
Jason Brewster, VP Operations is a mining engineer with hands-on
mine development experience.
An independent Qualified Person (QP) has been
engaged to complete an NI 43-101 report on the Wenot resource.
Drilling under the pit will continue through October. The report is
expected at year end or early in 2022.
Elaine Ellingham, Interim CEO commented “The
potential to build substantial near-term gold resources at Omai is
undeniable. Rarely can you find a brownfields project like
this, that produced an average of 300,000 ounces of gold per year,
encumbered over its lifespan by a sub-$400 per ounce gold price
environment, which has not seen significant subsequent
exploration. An early corporate decision was made in 2003 to
shut down Omai and relocate key equipment to Rosebel, considered a
higher-priority development project at the time. Thus, Omai emerges
as a unique opportunity to create significant value since potential
extensions to mineralization at depth and along strike were not
even considered, nor were a number of compelling exploration
targets.”
“In a short time period, we have built an
impressive technical team of seasoned geologists with international
gold experience, combined with technical expertise in senior
management and on the Board, well equipped to execute on focused
strategies to create significant shareholder value as we unlock the
potential of this unique Omai gold project.”
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 the ActLabs 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.
Qualified Person
John Spurney, 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. 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 Interim
CEOelaine@omaigoldmines.comPhone: +1-416
473-5351
Figure 1. Plan view of Wenot
drilling:https://www.globenewswire.com/NewsRoom/AttachmentNg/3ecfea66-b112-4d10-ab22-e65d1b315418
Figure 2. Cross Section View of Hole 21ODD-013 (looking
west):https://www.globenewswire.com/NewsRoom/AttachmentNg/bc66ef1d-6527-40d9-9138-5de1d8cfb4c9
Figure 3. Cross Section View of Hole
21ODD-014:https://www.globenewswire.com/NewsRoom/AttachmentNg/18a4be5a-b0e0-4935-8944-fc82f8480750
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 timing and results of the drill program, and completion of an
initial Inferred Resource for Wenot. 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.
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