Omai Increases Indicated Mineral Resources to 2.1 Moz Au (2.07 g/t Au, 31.9mt) and Inferred Mineral Resources to 4.4 Moz Au (1.95 g/t Au, 69.6Mt) With Expansion of Wenot Deposit
Executive Summary
- Omai Gold announced a substantially upgraded Mineral Resource Estimate for the Wenot Deposit – Inferred resources rose 130% to 3.717 million oz Au and Indicated resources increased 16% to 0.970 million oz Au.
- Combined updated MRE for Wenot and Gilt Creek now totals 2.121 Moz Indicated and 4.382 Moz Inferred, representing a 7% and 92% increase respectively over the February 2024 estimate.
- The company confirmed work has begun on an updated PEA (target late‑2025) that will incorporate the expanded Wenot pit and the underground Gilt Creek deposit, signalling material progress toward a large‑scale mine redevelopment.
Key Details
- Wenot Deposit – Updated MRE
- Inferred: 3,717,000 oz Au @ 1.82 g/t in 63.4 Mt (↑130%).
- Indicated: 970,000 oz Au @ 1.46 g/t in 20.7 Mt (↑16%).
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Cut‑off grades lowered to 0.30 g/t Au (from 0.35 g/t) due to gold price assumption of US$2,500/oz (up from $1,850/oz).
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Gilt Creek Deposit – Current MRE (unchanged from Feb 2024)
- Indicated: 1,151,000 oz Au @ 3.22 g/t in 11.1 Mt.
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Inferred: 665,000 oz Au @ 3.35 g/t in 6.2 Mt.
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Combined Updated MRE (Wenot + Gilt Creek)
- Indicated Resources: 2,121,000 oz Au @ 2.07 g/t in 31.9 Mt (+7%).
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Inferred Resources: 4,382,000 oz Au @ 1.95 g/t in 69.6 Mt (+92%).
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Drilling Activity Supporting Update
- Wenot: 36 new diamond holes (23,597 m) added to the database; total 639 holes, 12,028 assays.
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Gilt Creek: 46 holes, 7,056 assays (27,997 m).
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Economic Assumptions Used
- Gold price: US$2,500/oz (vs $1,850/oz previously).
- Metallurgical recoveries: 92% for both deposits.
- Open‑pit operating costs: $2.50/t mineralized material, $2.00/t waste, processing $11–$18/t, G&A $4/t.
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Underground operating costs: $85/t mining, $18/t processing, $7/t G&A.
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Preliminary Economic Assessment (PEA)
- Baseline PEA (April 2024) projected 1.84 Moz Au over 13 years, NPV₅% $556 M, IRR 20% at $1,950/oz gold.
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Updated PEA (expected late 2025) will incorporate the expanded Wenot pit and underground Gilt Creek, with a larger super‑pit design and ramp access to Gilt Creek.
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Corporate Update
- David Stewart has departed the company.
Notable Quotes
“We are pleased to be delivering yet another very substantial increase to the Mineral Resource Estimate for our Omai Gold Project in Guyana… This updated Mineral Resource Estimate reinforces the potential for accelerated large‑scale mine re‑development at Omai.” – Elaine Ellingham, President & CEO
Materiality Assessment: Material – Positive (significant increase in mineral resources and advancement toward a new PEA that could materially affect valuation).