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Omai boss says Wenot gold pit still open for further expansion
Omai Gold Mines’ President and Chief Executive Officer (CEO) Elaine Ellingham
Kaieteur News – Omai Gold Mines’ President and Chief Executive Officer (CEO) Elaine Ellingham has disclosed that the Wenot gold deposit remains open for further expansion.
In a statement on Tuesday, Ellingham also noted that the company’s aggressive drilling campaign continues to return promising results. Omai, a Canadian firm, holds a 100% interest in the past-producing Omai gold project in Guyana, located in Region Seven (Cuyuni-Mazaruni). The project encompasses two orogenic gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit.
“Today’s news marks another excellent batch of drill results from the resource expansion drill program at Wenot… These drill results again exemplify the multiple zones we have at Wenot, with each hole testing multiple gold zones across the wide Wenot shear corridor,” she said.
She noted that the corridor stretches up to 400 metres wide in its central section and extends at least 2.5 kilometres along strike.
Since its return to “mining-friendly” Guyana, Omai has revitalised the property, which benefits from much existing infrastructure. Of the two gold deposits located on the property, Omai has been more focused on the Wenot “superpit”.
Ellingham noted, “We are confident that the limits of the Wenot mineralization are still open for further expansion. With the very successful drilling over the past 18 months, we believe it is in the best interest of our shareholders to update the Mineral Resource Estimate. Our Wenot mantra over the past year has been simple: “How Big Is It?”
Omai has drilled 37 holes totaling 20,500 metres so far this year surpassing its initial 15,000-metre target. A 2024 Mineral Resource Estimate (MRE) for the gold project outlined 2.0 million ounces of gold indicated and 2.3 million ounces inferred.
The updated MRE is underway and will inform a revised Preliminary Economic Assessment (PEA), expected three to four months after the new resource report is released.
In addition to expansion drilling at Wenot, the company is also exploring earlier-stage targets nearby. Rigs have been mobilized to the Blueberry Hill and Camp Zone areas to assess near-surface zones that could support early mining. Drilling also continues on hole 25ODD-122, which is testing deeper mineralization below Wenot and the adjacent Gilt Creek deposit, and has now passed the 1,550-metre mark.
Omai hopes to return to its glory days of being a major gold producer in South America, aiming to hit the benchmark of producing 300,000 ounces of gold annually. Once a prolific gold producer from 1993 to 2005, the mine yielded 3.8 million ounces of gold, producing an average of more than 300,000 ounces of gold per year during a period when gold traded below US$400 per ounce.
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- Gilt-Creek, gold, MRE, Omai, Wenot
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With all the positive reports on Omai , why is it that investors are not reacting for the stock price has not moved up and doesn’t reflect any significant change. Is. This a hoax? This Omai is not the old Omai that strike it rich in the 80s