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Omai says new gold pit find “exceeded expectations”
Kaieteur News – Omai Gold Mines, one of several Canadian mining companies operating in Guyana, has unveiled “excellent” drill results from their gold project located in the Wenot pit, situated in Region Seven (Cuyuni-Mazaruni).
President & Chief Executive Officer (CEO), Elaine Ellingham
The company’s October 23 statement highlights the promising results obtained from drilling in the West Wenot target. The assays reveal that Omai has struck gold in multiple zones associated with the primary gold-bearing Wenot shear complex, with gold grades surpassing the current Wenot resource estimate.
In 2023, Omai completed 16 holes totaling a significant 6,131 meters. These results will pave the way for an updated Mineral Resource Estimate, which will commence as soon as the remaining five holes’ assay results are received.
President & Chief Executive Officer (CEO) of Omai, Elaine Ellingham, shared her thoughts on these new findings. She said, “These strong results from hole 23ODD-071 further demonstrate the extent of wide mineralized zones with high-quality gold grades along the western extension of the Wenot deposit. This area, situated west of the previously productive Wenot pit, presents an attractive potential for initial mining.”
She further expressed the company’s satisfaction with the results, emphasizing their positive impact on the forthcoming update to the Mineral Resource Estimate. Ellingham underscored that the drilling campaign has not only boosted these expectations but has also highlighted the potential for expanding the Wenot deposit significantly.
“It is important to note that the Wenot shear corridor, which is up to 500m wide in the central portion, hosts 4 to 5 main gold-bearing zones, most of which can be identified along the full 2.5 km strike length of the Wenot deposit,” Ellingham said.
With this phase of drilling completed, Omai is now eagerly awaiting the assay results for the remaining five holes, which are expected shortly. These results will be instrumental in initiating an updated MRE, forming the basis of a Preliminary Economic Assessment (PEA) shortly thereafter.
Ellingham noted that several baseline studies necessary for the PEA are already complete, and others are currently underway.
Omai stands as one of the few large-scale foreign mining companies operating in Guyana. The company holds a 100% interest in the Omai gold project, which holds a significant historical record, producing over 3.7 million ounces of gold between 1993 and 2005. The project encompasses two gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit.
In previous updates, Omai had already announced excellent drilling results, further underlining their commitment to exploring the rich potential of the Wenot pit.
Moreover, several Canadian gold mining companies, including Omai, have shown interest in Guyana’s mining industry. Guyana Goldfields Inc., led by a Chinese consortium, is another major player in the Guyanese mining sector. However, the country has experienced declines in annual gold declarations since 2017, despite billions in incentives given to the industry.
Amidst the excitement and rush of foreign companies to tap into Guyana’s gold reserves, concerns linger about the government’s failure to fulfill its promise of making all mining contracts public. Despite commitments from Vice President Bharrat Jagdeo, these contracts remain concealed, creating a transparency issue in Guyana, at a time when the country is experiencing resurgence in foreign interest in its gold resources.
Notably, this situation contradicts Guyana’s membership in the Extractive Industries Transparency Initiative (EITI), which obligates the country to publicly disclose all mineral agreements, a requirement that the government has yet to meet. The need for transparency in these agreements remains a contentious topic.
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