Elaine Ellingham, President and CEO of Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: OMGGF), joins me for a special video podcast including a comprehensive exploration update expanding upon the updated Resource Estimate of 6.5 million ounces of gold in all categories, from the combined Wenot and Gilt Creek Projects at the Company’s 100%-owned Omai Gold Project in Guyana, South America.
The Omai Property hosts two orogenic gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit, with a combined updated MRE of:
- 2,121,000 ounces of gold (Indicated MRE), averaging 2.07 g/t Au in 31.9Mt &
- 4,382,000 ounces of gold (Inferred MRE), averaging 1.95 g/t Au in 69.6Mt
Multiple drills have been turning up until this week, with over 79 drill holes that have been completed to date this year, totaling 35,300 meters from the current exploration program at the Omai Gold property. All these coming drill assays released and still waiting on results from the lab will then factor into updated project Resource Estimate that will be incorporated into the upcoming Preliminary Economic Assessment (PEA) in Q2 of 2026.
This updated Preliminary Economic Assessment will be building upon the prior PEA that was released in 2024, which was only on 45% of the mineral inventory focused on the open-pit at Wenot. That prior PEA did not yet include rest of the resources there at Wenot, nor did it include the underground project economics Gilt Creek. The updated PEA slated for early next year will be much more advanced and will factor in the combined economics of the open-pit at Wenot, and the underground at Gilt Creek, representing the value proposition of the total project more accurately.
Highlights from the recent drill holes include:
- Hole 25ODD-142 (East Wenot) – 11.07 g/t Au over 14.7m, including 34.31 g/t Au over 4.3m
- Hole 25ODD-145W (Central Wenot) – 13.54 g/t Au over 13.3m, including 27.82 g/t Au over 6.2m, and including 63.17 g/t Au over 2.2m
Next we reviewed the results from the very long hole, over 2,000 meters in length, that was drilled through the underground deposit at Gilt Creek over into the area deep under the Wenot deposit. The geological thesis held up proving that there is also deep sheer resources well below the known mineralization at Wenot.
Highlighted higher grade zones from the upper part of hole 25ODD–122w include:
- 1.06 g/t Au over 708.1 meters (from 364.9) includes:
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- 1.78 g/t Au over 46.2m (from 635.6 downhole), which includes 4.88 g/t Au over 7.0m (from 566.3m)
- 1.32 g/t Au over 99.2m (from 702.0m), which includes 5.7 g/t Au over 8.0m (from 766.9m)
- 3.10 g/t Au over 24.0m (from 395.5m)
- 1.99 g/t Au over 32.0m (from 462.0m)
- 2.98 g/t Au over 17.8m (from 643.8m)
- 2.04 g/t Au over 43.2m (from 952.2m)
Wrapping up we discussed the company valuation compared to peers on a P/NAV basis, metallurgical testing, permitting process, and other derisking work on the Project, gathering data to be utilized in the upcoming PEA.
If you have any questions for Elaine regarding Omai Gold Mines, then please email those to me at Shad@kereport.com.
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Investment disclaimer:
This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
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