HIGHLIGHTS:
- 16.7 million tonnes of Indicated Mineral Resources averaging 1.31 grams of gold per tonne for 703,300 ounces of gold, and
- 19.5 million tonnes of Inferred Mineral Resources averaging 1.50 grams of gold per tonne for 940,000 ounces of gold
- Incorporates 10,508 assay results from 549 diamond drill holes totalling 21,541 metres within the mineralized wireframes
- Wenot remains open at depth and along strike, and is approximately 400 m south of the past-producing Fennell open pit
- 2022 exploration will focus on expanding mineral resources along strike and at depth at Wenot, while advancing on other priority targets, and revisiting Fennell, which hosts a significant unmined historical resource, and is also open at depth.
“The Omai Gold Mine produced over 3.7 million ounces of gold(iii) between 1993 and 2005. Since it operated and was shut-down during a sub-US$400/oz gold price environment, known extensions to the Wenot and Fennell open pits were not pursued, nor were the many near-mine exploration targets. This initial Wenot Mineral Resource attests to the potential to expand the known deposits and together with Fennell’s historical mineral resource, demonstrates the potential to re-build Omai into a multi-million ounce project. We also see potential elsewhere on the property for additional Wenot-type and Fennell-type deposits. Starting in late November, with the Wenot Mineral Resource drilling completed, we shifted our focus to commence exploration for near-surface mineralization that has the potential for additional ounces amenable to open pit mining.”
(i) See Table 1 detailing Wenot Indicated and Inferred Mineral Resource Estimates
(ii) Fennell historical Mineral Resource is disclosed in Mahdia Gold Corp’s NI-43-101 Technical Report filed on SEDAR
(iii) Past production at Omai is summarized in several
“Our exploration team is to be especially congratulated for delivering results while safely facing the challenges presented by the COVID-19 pandemic. Their experience and dedication allowed us to complete the Company’s first NI 43-101 Mineral Resource Estimate on the timeline set out at the end of 2020. I have great confidence that this team will drive further exploration successes in 2022.”
Omai Gold will file a NI 43-101 Technical Report for the Wenot Mineral Resource Estimate, on SEDAR at www.sedar.com and on the Company’s website www.omaigoldmines.com within 45 days of this news release.
Table 1 | |||||
Wenot Pit-Constrained Mineral Resource (1-12) | |||||
Mineralization Type | Classification | Gold Cut-Off (g/t) | Tonnes (k) | Gold (g/t) | Contained Gold (koz) |
Fresh Rock & Transition | Indicated | 0.35 | 14,689 | 1.36 | 643.7 |
Inferred | 0.35 | 19,305 | 1.51 | 935.2 | |
Alluvium & Saprolite | Indicated | 0.27 | 2,008 | 0.92 | 59.6 |
Inferred | 0.27 | 177 | 0.84 | 4.8 | |
Total | Indicated | 0.27 & 0.35 | 16,697 | 1.31 | 703.3 |
Inferred | 0.27 & 0.35 | 19,482 | 1.50 | 940.0 |
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
- The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
The Mineral Resources were estimated in accordance with theCanadian Institute of Mining , Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by theCIM Standing Committee on Reserve Definitions and adopted by theCIM Council .- Wireframe constrained gold assays were composited to 1.5 metre lengths and subsequently capped between 6 to 30 g/t.
- The Mineral Resource Estimate incorporates 10,508 assay results from 549 diamond drill holes totalling 21,541 metres within the mineralized wireframes.
- Grade estimation was undertaken with ID3interpolation.
- Wireframe constrained bulk density was determined from 21 samples.
- Gold process recoveries used were 92% for Alluvium/Saprolite and 85% for Transition/Fresh Rock.
- The gold price used was
US$1,650 /oz. - US$ operating costs used were
$2.50 /t for mineralized material mining,$1.75 /t for waste mining,$10 /t for Alluvium/Saprolite processing,$13 /t for Transition/Fresh Rock processing and$3 /t G&A. - Pit slopes were 45o.
Estimation Methodology
Mineralization models were developed by
The Mineral Resource Estimate presented is pit-constrained and an additional 5.5 million tonnes at 1.27 g/t Au of out-of-pit mineralized inventory (non NI 43-101 reportable) is located below the optimized pit shell, within the constraining mineralized wireframes. These zones extend up to 75 metres below the pit shell. There is no indication that mineralization diminishes below the current limit of drilling.
The sensitivity of the Mineral Resource Estimate of the fresh rock and transition material to the cut-off grade is shown in figure 1 and table 1 below. Note that increasing the cut-off grade from 0.35 g/t Au to 0.75 g/t Au only reduces the estimated contained ounces by 13% (reduces tonnage by 34%) for the Indicated Mineral Resource and reduces the contained ounces by 10% (reduces tonnage by 28%) for the Inferred Mineral Resource. Figure 2 provides a
Figure 1. Chart Showing Wenot Pit Constrained Mineral Resource Estimate Sensitivity to Cut-Off Grade (Fresh & Transition Rock only – does not include Saprolite and Alluvial Mineral Resources) is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/9fe1fc3f-8314-4fe8-bd4a-d9f3ac55f30f
Table 2. Wenot Pit Constrained Mineral Resource – Sensitivity to Au Cut-Off Grade
Material | Category | Au Cut-off Grade (g/t) | Tonnage (t) | (g/t) | Contained Au (oz) |
Fresh Rock | Indicated | 0.90 | 7,889,632 | 1.99 | 505,334 |
0.75 | 9,288,490 | 1.82 | 542,305 | ||
0.60 | 10,929,491 | 1.64 | 577,805 | ||
0.45 | 12,848,296 | 1.48 | 610,121 | ||
0.35 | 14,166,908 | 1.38 | 627,080 | ||
Inferred | 0.90 | 11,916,490 | 2.06 | 787,365 | |
0.75 | 13,793,127 | 1.89 | 837,140 | ||
0.60 | 15,779,230 | 1.73 | 880,166 | ||
0.45 | 17,843,582 | 1.60 | 915,076 | ||
0.35 | 19,218,291 | 1.51 | 932,816 |
Qualified Person
The Mineral Resource Estimate was completed in accordance with the
The Mineral Resource Estimate, including verification of the data disclosed, was under the supervision of Eugene Puritch,
Quality Control
Omai maintains an internal QA/QC program to ensure sampling and analysis of all exploration work is conducted in accordance with best practices. Certified reference materials, blanks and duplicates are entered at regular intervals. Samples are sealed in plastic bags and shipped to
About
For further information, please see our website www.omaigoldmines.com or contact:
President & CEO
elaine@omaigoldmines.com
Phone: +1-416-473-5351
Neither the
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the timing of completion of the drill program, and the potential for the
Figure 2. Wenot 3-D Model of Mineralized Domains Comprising the Mineral Resource Estimate looking SE) is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/1203917f-ef7d-4708-a8a7-9a60d2b334b3
![](https://ml.globenewswire.com/media/YzhjMjc5OGUtODRhZC00OWVjLWIyODEtM2FjYTMzOWMyOTEzLTExMDUzOTI=/tiny/Omai-Gold-Mines-Corp-.png)
Figure 1.
![](https://ml.globenewswire.com/media/9fe1fc3f-8314-4fe8-bd4a-d9f3ac55f30f/medium/figure-1.png)
Chart Showing Wenot Pit Constrained Mineral Resource Estimate Sensitivity to Cut-Off Grade (Fresh & Transition Rock only – does not include Saprolite and Alluvial Mineral Resources)
Figure 2.
![](https://ml.globenewswire.com/media/1203917f-ef7d-4708-a8a7-9a60d2b334b3/medium/figure-2.png)
Wenot 3-D Model of Mineralized Domains Comprising the Mineral Resource Estimate looking SE)
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