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Omai secures $25.3M to support exploration activities at its gold project in Guyana
Kaieteur News- Canadian company, Omai Gold Mines Corp has raised $25.3 million through a private placement deal to fund its gold exploration and development projects.
In January, Omai launched its 2025 drilling programme, building on the success of its 2024 exploration efforts at one of its mining deposits in Guyana.
Omai secures $25.3M to support exploration activities at its gold project in Guyana
Omai said that it aims to deliver an updated Mineral Resource Estimate (MRE) by the second quarter of the year and a revised Preliminary Economic Assessment (PEA) by the third quarter of 2025.
In a statement, the company disclosed that the funds will go toward gold exploration, development, and general expenses.
Omai 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. The Wenot deposit could produce 1.84 million ounces of gold over 13 years. In 2024, the company unveiled an enhanced Mineral Resource Estimate (MRE) for its gold project located in Region Seven (Cuyuni-Mazaruni) Guyana and has plans to update its 2 million ounces gold estimate, this year.
Omai previously produced 3.7 million ounces between 1993 and 2005 from the mine but shut down when gold prices were much lower.
As a Brownfield’s project, Omai benefits from good road access and a wealth of historical data that provides knowledge of the geology and gold mineralization on the property, as well as metallurgy, historical process recoveries and many other relevant mining parameters.
The company’s 2024 drilling programme achieved record-breaking results, including an exceptional intercept of 4.48 g/t gold over 57.0m in hole 24ODD-092 – which is the best in Omai’s history.
Elaine Ellingham, President and Chief Executive Officer (CEO), had said, “Wenot continues to deliver very strong drill results and in particular we are encouraged by the continuity of mineralization and increasing grades with very impressive widths at depth. We believe these will support our goal of further expanding the Wenot resource.”
“In addition to our goal of expanding the proposed Wenot open pit in this upcoming PEA, we are also working to include the second deposit at Omai, the Gilt Creek intrusion-hosted deposit that could significantly expand the mine plan.
The Gilt Creek deposit would be an underground mining scenario with this deposit starting at a depth of only 300m below surface. The Company’s first drill hole into Gilt Creek was completed in December (1,148m), and assay results are expected in a few weeks,” Ellingham added.
Currently, there are several other Canadian mining companies involved in Guyana’s mining industry, particularly gold mining.
Reunion Gold now G Mining Ventures, newly-formed Canadian mining company Greenheart Gold Corporation and G2 Goldfields Inc. are in the exploration and development phase, they are expected to start gold production by the end of 2026 or 2027.
(Omai secures $25.3M to support exploration activities at its gold project in Guyana)
- 2024 exploration efforts, 2025 drilling programme, Canadian company, Mineral Resource Estimate, Omai Gold Mines Corp
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