Omai reports double-digit gold in Guyana

Omai Gold Mines (TSXV: OMG, OTCQB: OMGGF) says strong new assays will boost its Guyana site’s potential in a resource update due by mid-year.

Hole 25ODD-101 at WeNot, one of two deposits at the Omai gold project, intersected 16.35 grams gold per tonne over 10.5 metres, 3.83 grams per tonne over 18.8 metres and 2.13 grams per tonne over 48.5 metres, the Toronto-based junior said Thursday.

Hole 25ODD-099 intersected 3.58 grams over 7 metres and 0.97 gram over 26 metres, including 2.92 grams over 5 metres.

“These new Wenot results provide strong additions to our 2025 drill program focused on resource expansion,” CEO Elaine Ellingham said in a news release. “We believe the potential for value creation through the drill bit continues to be strong.”

As drilling continues, Omai said it plans to release an updated mineral resource estimate during the second quarter. A preliminary economic assessment of the project is planned for the third quarter.

Given Omai’s recent discovery of much wider and higher-grade zones, “we are expanding the program to pursue potential strike and dip extensions of these zones that can be expected to have positive impact on the next resource estimate,” the CEO added.

Expansion potential

Omai is increasing the current drill program from 10,000 metres to at least 15,000 metres, with potential for further expansion pending additional favourable results, Ellingham said.

Following a financing that the company completed in February, Omai has about $30 million in cash available, the CEO said.

Assays reported Thursday cover four holes totaling 2,157 metres drilled, two of which were focused on Wenot, Omai said. The other holes were drilled on the Camp zone, which is located about 1 km west of Wenot along the same shear corridor. Results are pending for an additional 10 holes.

Omai Gold shares rose 1.2% to 41.5¢ in morning trading in Toronto. That gives the company a market capitalization of $217 million.