Omai Gold's Deep Hole Intersects 2.57 g/t Au over 8.6m and 5.12 g/t Au over 3.6m, 700m Below Wenot Gold Deposit
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Omai Gold Mines announced significant drill results from a single deep exploration hole (25ODD-122W) testing the Wenot Gold Deposit at its 100%-owned Omai Gold Project in Guyana. The hole was designed as a "proof of concept" to test the geological model approximately 700 meters below the current Mineral Resource Estimate (MRE).
The hole successfully intersected the targeted Wenot Shear Corridor and returned multiple gold-bearing zones, including: - 5.12 g/t Au over 3.6 meters - 2.57 g/t Au over 8.6 meters - 2.19 g/t Au over 7.9 meters - 3.34 g/t Au over 4.5 meters
According to CEO Elaine Ellingham, these results confirm that the Wenot Shear Corridor continues at depth and hosts multiple gold zones, which "sheds a new light on the ultimate size potential of the Wenot deposit." The hole ended at 2,014 meters, still within the prospective shear corridor.
The results from this deep exploration hole are materially positive. While the company has been consistently expanding the Wenot deposit with shallower drilling over the past year, the depth potential remained conceptual. This news provides the first concrete evidence that the mineralizing system is deep-rooted and continues to carry economic grades at significant depth.
- Progression from Expectations: The company first mentioned the completion of this deep hole in its November 3, 2025 news release, stating that simply proving the shear extended to depth was a "great win" and that assays were pending. Today's release delivers on that anticipation, confirming not only the structural continuity but also the presence of multiple, well-mineralized zones. The results meet or exceed reasonable expectations for a single, deep scout hole.
- De-risking of "Blue Sky" Potential: This is a significant de-risking event. It transforms the project's "blue sky" potential from a geological theory into a proven target. This confirmation of a large, continuous mineralizing system is critical for attracting the attention of major mining companies and solidifies the project's potential to become a multi-decade, world-class asset.
- Impact on Valuation: The news provides strong fundamental support for the company's recent valuation. Omai closed a C$40 million bought deal financing at C$1.15 per share on October 21, 2025. The stock is currently trading just below that level. This successful deep test validates the institutional support at that price and should act as a strong tailwind for the stock price. It confirms the long-term thesis that Omai is much larger than what has been defined to date.
While these intercepts are not yet part of any resource calculation, they provide a compelling justification to launch a major deep drilling program which could, over time, add millions of ounces to the project's inventory. This is a strategic success that fundamentally improves the long-term outlook for the Omai project.
Omai Gold Mines is a Canadian exploration company focused on its 100%-owned Omai Gold Project in Guyana. The project is a brownfield site that hosted the past-producing Omai Mine, which produced over 3.7 million ounces of gold between 1993 and 2005. The company's strategy is to define a new, large-scale resource to support the redevelopment of the mine.
The project's two key deposits are the shear-hosted Wenot deposit and the adjacent, higher-grade, intrusion-hosted Gilt Creek deposit. The current NI 43-101 MRE (effective August 25, 2025) stands at: - Indicated Resources: 2.12 million ounces at 2.07 g/t Au - Inferred Resources: 4.38 million ounces at 1.95 g/t Au