Omai confident of becoming next largest gold mining operation in Guyana

Nov 16, 2023 News

…announces new drilling results

Kaieteur News – Omai Gold Mines, one of several Canadian mining companies operating in Guyana, on Monday unveiled new positive drill results.

President and Chief Executive Officer (CEO) of Omai Elaine Ellingham

In its recent statement, the company underscored that since re-entering Guyana’s mining industry in 2020, their work completed thus far, has put them on track to become the next large-scale gold mine to open in Guyana. Currently, Zijin Mining Inc., a Chinese company that owns the Aurora Gold Mines in Guyana is the only large-scale gold mining operation here.

Omai holds a 100% interest in the Omai gold project, located in Region Seven (Cuyuni-Mazaruni), which encompasses two gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit.

President and Chief Executive Officer (CEO) of Omai, Elaine Ellingham, expressed optimism, stating, “The Wenot drilling results, coupled with recent successes, highlight the untapped potential of the Omai gold project. The favorable grades and widths make it conducive to developing an open pit operation, leveraging the advantages of a brownfields project.”

Ellingham outlined plans, mentioning, “We are initiating an updated Mineral Resource Estimate, expecting completion by year-end. This marks the third NI 43-101 Mineral Resource Estimate in under two years, propelling us toward a Preliminary Economic Assessment (PEA). The ongoing 2023 drilling has expanded the Wenot gold zones and revealed a wide zone of gold mineralization within the southern sedimentary rock sequence.”

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. However, the country has experienced declines in annual gold declarations since 2017, despite billions in incentives pumped into the industry.

While Canadian mining companies, including Omai, express interest in Guyana’s mining industry, concerns persist regarding the government’s failure to disclose mining contracts. This transparency issue contradicts Guyana’s membership in the Extractive Industries Transparency Initiative, raising questions amid renewed foreign interest in the country’s gold resources.

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Guyana, Mining, Omai Gold Mines, operation, President and Chief Executive Officer (CEO) of Omai Elaine Ellingham

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