Omai Gold Mines Successful In Wenot Step-Out Drilling

Although the US Dollar index recently broke through levels not seen since 2003, indicating great strength, caused by already announced and anticipated Fed rate hikes to counter the multi-decade high inflation levels, gold is still trading around US$1850/oz. As the Russia-Ukraine conflict is still far from over, and markets are frothy over a potential looming recession, gold as the ultimate fear trade appears to be holding its ground firmly. As an advanced gold explorer, Omai Gold Mines (TSXV:OMG) seems to be looking at the right metal, as they are in the midst of an ongoing trenching and drill program at their Omai Gold project in Guyana, after raising C$2.6M, as a second and last tranche of C$600k was closed on April 27, 2022. Most of this financing came from a large UK gold fund that knows Guyana and recognizes the potential in this stock, jumping in at $0.12/share.  New drill results were recently announced, stepping out 100m to the west at Wenot, and generated economic results, much to the delight of management. As a reminder, Omai Gold Mines already has delineated the Wenot deposit with a 2022 NI43-101 resource estimate (1.64Moz @ 1.5g/t Au, another adjacent mineralized envelope (Fennell) has a historic resource estimate of about 1.5Moz @ 1.5g/t Au, and Omai is now in the process of expanding Wenot.  

All presented tables are my own material, unless stated otherwise.

All pictures are company material, unless stated otherwise.

All currencies are in US Dollars, unless stated otherwise.

Please note: the views, opinions, estimates, forecasts or predictions regarding Omai Gold Mines’ resource potential are those of the author alone and do not represent views, opinions, estimates, forecasts or predictions of Omai or Omai’s management. Omai Gold Mines has not in any way endorsed the views, opinions, estimates, forecasts or predictions provided by the author.

On May 27, 2022, Omai Gold Mines announced the first results of the ongoing exploration program at their Omai gold project in Guyana. The company already completed 5 diamond drill holes totaling 1,423m west of the Wenot deposit commencing at the end of March, and a sixth hole is underway. Eight drill holes west of the Fennell target for 1,213m and several trenches were also completed during February-April. An overall view of exploration can be seen on this map, with among others the highlight holes 220DD-033/038/039 being featured, also discussed in the May 27, 2022 news release (and this article):

Further Information is attached.