Omai commences diamond drilling on Gilt Creek mining pit in Guyana

Dec 12, 2024 News

Kaieteur News- Omai Gold Mines Corp., a Canadian company operating in Guyana’s mining industry on Wednesday announced that it has commenced drilling on the Gilt Creek gold deposit.

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 located in Region Seven (Cuyuni-Mazaruni) Guyana.

The company said that two initial holes are planned to potentially expand the current Gilt Creek Mineral Resource Estimate (MRE), while advancing engineering and metallurgical studies that will facilitate inclusion of this underground deposit into a next phase economic study for the Omai property, anticipated in mid-2025.

Omai commences diamond drilling on Gilt Creek mining pit in Guyana

Omai’s operation in Guyana. (Omai commences diamond drilling)

Notably, Omai’s April 2024 Preliminary Economic Study included only the Wenot open pit deposit (and only 45% of the Wenot Mineral Resource Estimate). Wenot has been the focus of the 2024 drill programme to date, with over 13,000m completed. Incorporating the Gilt Creek underground deposit into an expanded mine plan with the Wenot open pit deposit has the potential to significantly increase projected annual production rates and life of mine for the Omai project.

Elaine Ellingham, President and Chief Executive Officer (CEO), commented, “We are very pleased with the baseline Preliminary Economic Assessment for Wenot, completed in April of this year. However, we see Omai as having potential to be a much larger operation. A mine plan incorporating the Gilt Creek underground deposit with an expanded Wenot open pit is the path to a longer life mine with higher annual production and enhanced economics.”

Ellingham continued, “To this end, we remain on track with our ongoing drilling to expand the large 2.5km long Wenot deposit, and are excited to accelerate work on the Gilt Creek deposit in parallel. The deposits are only 500 metres apart and will benefit from common infrastructure. We are confident that our 2024 drilling at Wenot and work at Gilt Creek will unlock significant value for our shareholders in the near-term.”

The Gilt Creek gold deposit is a large 500m by 275m compact, intrusion-hosted orogenic gold deposit with the shallowest part being only 300m below surface. It is located approximately 500m north of the Wenot gold deposit on the Omai property. Omai expects to complete one of the two planned drill holes into the Gilt Creek deposit by year end and metallurgical test work will be initiated early in the new year. Also, ramp and mine stope design and proposed scheduling will commence early in the new year in anticipation of including the Gilt Creek deposit in a 2025 updated PEA.

Back in October 2022, Omai announced a maiden MRE for Gilt Creek with indication of 1,151,000 ounces gold averaging 3.22 grams per tonne and inferred of 665,000 ounces gold averaging 3.35 g/t Au, using a 1.5 g/t Au cutoff and a US$1700/oz. gold price.

The upper portion of this Gilt Creek gold deposit was mined between 1993 and 2005 when it produced 2.4 million ounces at an average grade of 1.5 g/t Au. Continuation of this deposit at depth was confirmed in drilling by Iamgold in 2006 and 2007 with 46 drill holes totalling approximately 27,000m. This drilling showed gold mineralization down to a depth of 967m below surface, although only sparse drilling was completed to that depth.

(Omai commences diamond drilling on Gilt Creek mining pit in Guyana)

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Diamond, Drilling, gold, Mining, Omai

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