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Gold Co. Makes Major Find in South America

Omai Gold Mines Corp. (TSXV:OMG) has announced in a press release that it has the drill results from the Wenot deposit of the company’s Omai Gold Project. The drill holes on the project, which is located in Guyana, are 23ODD-066, 23ODD-067, and 23ODD-068, and the company reported in the press release that the results from these drill holes will extend the estimated mineralization on the Wenot deposit.

The president and CEO of Omai Gold Mines, Elaine Ellingham, commented on the results, “These results from the Wenot drilling, together with the string of recent strong results, give an indication of the scope of untapped potential of the Omai gold project. The grades and widths are very favorable for developing an open-pit operation, particularly considering the benefits of a brownfields project such as Omai.”

According to the report,  the drilling returned 5.89 grams per tonne (g/t) of gold (Au) over 12m from the 23ODD-067 drill hole, 8.70 g/t Au over 4.6m from the 23ODD-066 drill hole, 2.45 g/t Au over 8.6m from the 23ODD-066 drill hole, 1.99 g/t Au over 8.1m from the 23ODD-067 drill hole, and 1.33 g/t Au over 8.5m from the 23ODD-068 drill hole.

Rob Badman with Stockhead also released a report on the gold market at the end of October, where it predicts that gold will get a boost from artificial intelligence as a result of its applications in electronics. 

Ellingham went on to say, “Based on our work completed over the past two and a half years, we believe that the Omai project is likely to be the next large-scale gold mine to open in Guyana.

Brownfields projects can generally expect accelerated timelines and lower capital costs, and Omai will benefit from existing road access (soon to be fully paved), an existing tailings facility (that can be refurbished), and known metallurgy and recoveries from past production.”

Gold grades, as reported by Investopedia, are usually considered high grade if they are 8.00 g/t or more.

In October, the company released the news that it had completed its drilling program, involving a total of 16 drill holes, and had intersected gold.

Source : Street Wise Sport