Omineca's Mining Partner PSI Submits Application to Dewater the Fraser Canyon Placer Gold Recovery Project
Omineca retains a 25% carried interest in the Fraser Canyon project as PSI advances dewatering operations.
PSI Group has submitted an application for initial dewatering at the Fraser Canyon underground paleoplacer gold recovery project. The company is currently preparing a Notice of Work (NOW) submission that includes a long-term mine plan and an engineered ground support management program.
The Lhtako and Nazko First Nations, along with the City of Quesnel, have provided letters of full support for the project to the Province of British Columbia. PSI will utilize modern mining methods, specifically multiple self-propelled roadheaders for continuous excavation, replacing previous drill-and-blast technology. A pre-sorting and gold recovery operation underground is planned to expedite processing and allow for continuous, year-round mining.
Omineca Mining and Metals Ltd. retains a 25% zero-cost carried interest while PSI fully funds all exploration, development, engineering, mining, and operating capital. Updates will be announced as progress is made toward re-initiating underground paleoplacer gold recovery, aimed to start later in 2026.
Omineca Mining and Metals Ltd. (OMM) issued this update as a direct follow-up to the March 2026 Memorandum of Understanding (MOU) with PSI Group. The company acquired formal support letters from First Nations and the local municipality, a move that significantly de-risks the social license for the Fraser Canyon project and marks a positive operational milestone.
The announcement also details a shift to modern roadheader technology and underground pre-sorting, aligning with the MOU's stated plan to improve efficiency over historical drill-and-blast methods. However, the release provides no new financial metrics, production guidance, or reserve estimates. Consequently, the company's fundamental cash burn and debt profile remain unchanged. The news is considered incremental and expected by the market given the prior MOU, validating project progression without altering immediate capital requirements or the revenue timeline.
Omineca Mining and Metals Ltd. (TSXV: OMM) is a British Columbia-based junior exploration and development company focused on gold. The company is currently in the exploration and test-mining stage, with no operating revenues, relying on joint venture partners and equity financing to fund its operations.
The firm’s flagship asset is the Wingdam Underground Paleoplacer Gold Recovery Project, located in the Cariboo Mining District. This project targets gold-bearing gravels buried approximately 50 meters beneath Lightning Creek within an ancient paleochannel. A secondary property, the Fraser Canyon Placer Gold Recovery Project, is situated 12 km northwest of Quesnel, BC, and includes the historic Canyon and Tertiary mines. Additionally, the company is conducting hard-rock diamond drilling to identify potential lode gold sources feeding the placer deposits.