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Omai Goes All In: 5 rigs now digging for gold in Region Seven
…eyes govt.’s planned deep-water port for further benefits
(Kaieteur News) – Canadian mining company Omai Gold Mines Corp. has intensified its push to unlock Guyana’s next major gold bonanza, with the deployment of a fifth drilling rig at its Omai Gold Project in Region Seven (Cuyuni-Mazaruni).
Omai holds a 100% interest in the past-producing Omai gold project, which hosts two orogenic gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit.
Omai’s President and Chief Executive Officer (CEO), Elaine Ellingham
In September, the company announced the addition of a fourth rig to its gold project as it pushes ahead with an aggressive exploration programme. In its latest update, Omai disclosed that another rig has been added to its fleet. “Five rigs are currently drilling on the Wenot deposit with the goal of completing an additional 8,000m before year end,” the company said. It further noted that a total of 64 drill holes have been completed to date this year on the Omai property, totalling 30,297m.
Earlier this year, Omai announced an updated combined Mineral Resources Estimate (MRE) of 2.1 million ounces of gold (indicated), a 7% increase, and 4.3 million ounces of gold (inferred), a 92% increase from the previous MRE.
Omai’s President and Chief Executive Officer (CEO), Elaine Ellingham, said that although the company remains focused on expanding the Wenot open pit deposit and advancing an updated Preliminary Economic Study with a much-expanded Omai mine plan, it still believes that identifying and defining additional satellite deposits will create further value for the project.
“A few of our exploration targets have evidence of higher-grade mineralization and present possibilities for satellite pits that could positively impact early cash flow and overall NPV [Net Present Value]. With today’s results, we will further model these targets to guide additional drilling in these clearly prospective areas,” she said.
Ellingham added that since Omai has identified the Wenot deposit along a 2.5 km strike length, the potential depth extension bodes well for the long-term potential of the project. She noted that while the Omai MRE is already sizeable, the geological extension to depth of the shear corridor that hosts the gold mineralization in the upper part of Wenot provides the possibility for an even longer mine life.
Moreover, Omai’s CEO stated that the government’s planned deep-water port on the coast of Guyana could bring additional benefits to its gold operations. Ellingham had previously identified the US$190 million Linden to Mabura Road as a major advantage to the company’s operations.
“Omai is located 10km from the only road from Georgetown, the capital city of Guyana, to Brazil. Paving is well underway on this road and there are longer-term plans to establish this as an access to a major deep-water port planned on the coast of Guyana, east of Georgetown. This infrastructure would further benefit the Omai project,” Ellingham said in a recent company update.
The People’s Progressive Party/Civic (PPP/C) government has said the planned deep-water port will be constructed in Region Six, linking Guyana directly to Brazil and wider Caribbean markets as part of efforts to make the country a regional trade hub.
President Dr. Irfaan Ali has repeatedly stated that his administration plans to upgrade and expand Guyana’s ports to handle more maritime trade and position the country as a regional logistics centre. Vice President, Bharrat Jagdeo has explained that the project’s viability depends on integration with northern Brazil, since revenue from cross-border trade would help sustain the investment. He had also disclosed that the government has received several proposals and is assessing the financial and technical capacity of developers.
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