Elaine Ellingham, President and CEO of Omai Gold Mines (TSX.V: OMG) (OTCQB: OMGGF), joins me to unpack the key metrics and takeaways from the updated Resource Estimate of 6.5 million ounce of gold in all categories at the combined Wenot and Gilt Creek Projects at the Company’s 100%-owned Omai Gold Project in Guyana, South America.

HIGHLIGHTS:

The Omai Property hosts two orogenic gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit (Figure 1), with a combined updated MRE (over the February 2024 MRE) of:

• 2,121,000 ounces of gold (Indicated MRE), a 7% increase, averaging 2.07 g/t Au in 31.9Mt &
• 4,382,000 ounces of gold (Inferred MRE), a 92% increase, averaging 1.95 g/t Au in 69.6Mt

Wenot Deposit (a constrained pit and underground approach is applied)

• 970,000 oz of gold in 20.7Mt (Indicated), a 16% increase in ounces over the Feb 2024 MRE
• 3,717,000 oz of gold in 63.4Mt (Inferred), a 130% increase in ounces
• 1.46 g/t Au grade of Indicated MRE, a 1.4% decrease*
• 1.82 g/t Au grade of Inferred MRE, an 8.5% decrease*
• Increased gold price assumption to $2,500/oz from $1,850/oz allowed cutoff lower to 0.30 g/t Au from 0.35 g/t Au, resulting in lower average grades however increased ounces
• ~60% above 350m depth from surface 
• ~30% of Wenot MRE is west of the historical open pit, an area considered to be well suited to initial mining
• Expansion potential is evident along a minimum 2.5 km length of the host Wenot shear corridor, including within, adjacent to, below, and along strike

Gilt Creek Deposit (an underground mining approach is applied)

• 1,151,000 ounces of gold (Indicated) averaging 3.22 g/t Au, in 11.1Mt (Feb 2024 MRE)
• 665,000 ounces of gold (Inferred) averaging 3.35 g/t Au, in 6.2Mt (Feb 2024 MRE)
• Hosted within a 500m by 300m quartz diorite intrusive “Omai stock” that produced 2.4 million ounces of gold (1993 to 2005) from the upper 250m
• Located 500m north of the Wenot Deposit and below the past-producing Fennel open pit
• Characterized by very wide sub-horizontal zones of gold mineralization (Figure 5)
• Open to depth and holds demonstrated potential for lateral expansion

These updated resources will be incorporated into the upcoming Preliminary Economic Assessment (PEA), building upon the prior PEA that was released in 2024, but that was only on 45% of the mineral inventory.  That prior study was only on the open pit Wenot Project, and did not yet incorporate the Gilt Creek underground project economics.  The new PEA slated for year-end or possibly early 2026 will factor in the combined economics of the open-pit at Wenot, and the underground at Gilt Creek.

Elaine highlights that the company is still going to be active in exploration with multiple drill rigs turning for the balance of this year and into next year. They will continue to explore the area at East Wenot, and a number of other nearby targets looking for shallow higher-grade mineralization that could potentially feed into the front-end of the mine development plan. Also, as part of their ongoing 15,000 meter drill program, we reviewed the progress on the very long hole that is currently being drilled through the underground deposit at Gilt Creek over to the area where the geological thesis is that there could also be deep resources well below the known mineralization at Wenot.  We discuss how this is the fun discovery part of exploration, with good scientific models behind it, and that if they do hit that far down at Wenot, it could be a real game changer adding on large potential underground opportunities below Wenot and even further mine life extension.

If you have any questions for Elaine regarding Omai Gold Mines, then please email me at Shad@kereport.com.

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