Latest update February 11th, 2025 2:15 PM
Latest News
- Govt. makes move to cancel CGX, Frontera Corentyne block license in 30 days
- ExxonMobil paying taxes in Bahamas but not a cent to Guyana
- Canadian company completes airstrip, roads to kick off 5.4M ounce gold project in Guyana
- Hamas threatens to postpone next hostage release, claiming Israel has broken terms of ceasefire deal
- Twelve-year-old girl missing for three weeks
OMAI aims for higher annual production, extending mine life at Guyana gold project
Omai’s operation in Guyana (Omai Gold Mines photo)
By Renay Sambach
Kaieteur News – Canadian mining company, Omai Gold Mines Corporation, is advancing its expansion plans for its gold project in Guyana, with newly released drill results showing potential to increase gold production and extend the life of the Wenot mining pit.
Earlier this year, Omai unveiled an enhanced Mineral Resource Estimate (MRE) for its gold project located in Region Seven (Cuyuni-Mazaruni) Guyana. The company holds a 100% interest in the gold project, which encompasses two gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit.
In an update on Friday, Elaine Ellingham, President and Chief Executive Officer (CEO) of Omai expressed optimism about the company’s future in Guyana.
She said, “We are very pleased with these first results from our 2024 drill program and have doubled the size of the program to 10,000 meters. Following completion of our Preliminary Economic Assessment (PEA) for the Wenot open pit deposit in April, and a C$13m financing in June we prepared plans to drill several high potential areas on the Omai property that we believe will move us towards our goal of significantly expanding the mine plan, for Omai beyond our baseline PEA, with higher annual production, a longer mine life and enhanced economics.”
The results from the company’s first PEA for the Wenot Project revealed that the project is slated to yield over 142,000 ounces of gold annually over a 13-year mine life. At its peak, production is anticipated to soar to 184,000 ounces in a single year, with a total estimated production of 1,840,000 ounces of payable gold.
Notably, Ellingham said in the recent statement that the current PEA only incorporates 45% of the property’s MRE, leaving substantial room for growth. “Much of our planned program is also targeting an expansion to our already substantial gold resources,” she added.
Omai’s planned drill program for 2024-25 will test several areas, including extensions to Wenot to the east and west. Additional targets on the Omai property will also be drilled as some are near surface and high grade that could bolster the grade profile in the early years of a production scenario.
Moreover, the company disclosed that relative to the other deposits in Guyana, the Wenot MRE of 834,000 indicated ounces of gold grading 1.48 g/t Au and 1,614,000 inferred ounces of gold grading 1.99 g/t Au is quite shallow, with 81% of the 1.9 million ounces within the PEA pit lying above a 330m depth.
“The very limited drilling below the 350m level presents significant potential to expand the Wenot deposit to depth along the full 2.5 km strike length,” it was stated.
Notably, drilling at Omai is expected to continue until early December at which time the company expects to commence work towards an updated MRE.
Moreover, the most recent NI 43-101 MRE for the Omai property, dated May 21, 2024, includes the Wenot resource of 834,000 indicated ounces of gold grading 1.48 g/t Au and 1,614,000 inferred ounces of gold grading 1.99 g/t Au. For the adjacent Gilt Creek deposit, the NI 43-101 MRE is 1,151,000 indicated ounces of gold grading 3.22 g/t Au and 665,000 inferred ounces of gold grading 3.35 g/t Au.
In 2020, Omai re-entered Guyana’s mining industry. The company had said that their work completed thus far, has put them on track to become the next large-scale gold mine to open in Guyana.
Recently, the Guyana Geology & Mines Commission (GGMC) announced that it has granted Omai, a new Prospecting Licence providing the exclusive right of occupation and exploration for gold, base metals, precious metals and precious stones. Notably, the licence has an initial three-year term until April 29, 2027 that can be extended to 2029. This licence gives Omai the exclusive rights to apply for a Mining License and the company has commenced meetings with government officials that have provided guidance on the process.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Are we better off today than we were before first oil?
Peeping Tom… Kaieteur News-If you had asked me ten years ago what I wanted for Guyana, I would have said a few things:... more
OAS Secretary General Election and renewed OAS Consensus
Antiguan Barbudan Ambassador to the United States, Sir Ronald Sanders By Sir Ronald Sanders Kaieteur News- The upcoming election... more
Weekend Cartoon
