Ontario - Omai Gold Mines Corp. (TSXV: OMG) ('Omai Gold' or the 'Company') is pleased to announce an initial Mineral Resource Estimate for its Wenot gold deposit at the Omai Project in Guyana.
HIGHLIGHTS
7 million tonnes of Indicated Mineral Resources averaging 1.31 grams of gold per tonne for 703,300 ounces of gold, and 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.
Elaine Ellingham, President & CEO stated: 'This is a very significant milestone for Omai Gold. A Mineral Resource of over 1.6 million ounces of gold(i) at Wenot gives us a very solid base from which to expand the property's total potential gold resources. Not only is the Wenot Deposit open along strike and at depth, it is located approximately 400 metres south of the past producing Fennell open pit that hosts a significant historical gold mineral resource(ii) that also remains 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.'
Estimation Methodology
Mineralization models were developed by P&E Mining Consultants Inc. in consultation with Linda Heesterman. A total of 11 individual mineralized domains have been identified based on recent drilling combined with historical drilling and production data. Gold grades were interpolated into 5m x 2.5m x 5m three-dimensional model blocks from capped composites within wireframes constrained by a 0.35 g/t Au cut-off grade. Indicated Mineral Resources were interpolated from a minimum of two drill holes over a 50m search ellipse and Inferred Mineral Resources were interpolated from a minimum of one drill hole over 150m search ellipse parameters. Block model gold grades were validated against raw assays, composites, and Nearest Neighbour grade interpolation. Operating costs utilized in the cut-off grade calculations were taken from a comparable project. Process recovery was taken from historical production data in project documentation. The US$1,650/oz gold price was sourced from the Consensus Economics long term nominal forecast.
About Omai Gold Mines Corp.
Omai Gold Mines Corp., through its wholly owned subsidiary Avalon Gold Exploration Inc., holds a 100% interest in the Omai Prospecting License covering 4,590 acres (18.575 sq. km) that includes the past producing Omai gold mine, and a 100% interest in the adjoining Eastern Flats Mining Permits covering 1,519 acres. Once South America's largest producing gold mine, Omai produced over 3.7 million ounces of gold between 1993 and 2005. Mining ceased at a time when the average gold price was less than US$400 per ounce, leaving significant drilled mineral resources untapped and prime exploration targets untested. The Company's short-term priorities are to verify and expand the known mineral resources, while advancing exploration on key targets, providing a solid opportunity to create significant value for all stakeholders.
Contact:
Tel: +1-4 16-473-5351
Email: elaine@omaigoldmines.com
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 Omai Gold Project to allow Omai to build significant gold Mineral Resources at attractive grades, and forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties; delay or failure to receive regulatory approvals; the price of gold and copper and the results of current exploration. Further, the Mineral Resource data set out in this news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
OMAI GOLD MINES CORP. 
