Omineca Provides Operational Update of Placer Gold Recovery at Wingdam
Technical hurdles at Wingdam persist as liquidity dries up amidst massive debt load.
The news release dated February 19, 2026, provides an operational update on the Wingdam underground paleoplacer project. Operations have recommenced at crosscut 3A after a period of managing a "fault zone" that required modifications to grout formulations and spiling patterns. The company reports that pay gravels in the channel interior are yielding "increasing amounts" of placer gold and nuggets compared to peripheral zones. However, no specific quantities (ounces or grades) were disclosed. Additionally, the company noted that 3,500 meters of core from a 2025 drilling program have been sent for assay, with results pending.
The impact is Routine - Positive. While the resumption of tunneling and the encounter of coarser gold are directional positives, the news lacks the quantitative data required to reassess the company’s valuation. - Lack of Specifics: The company uses qualitative terms like "increasing amounts" and "nuggets" without providing recovery totals. For a project in the "production" stage, the absence of ounces recovered is a red flag. - Technical Complexity: The mention of a "fault zone" and the need for "modified grout formulations" highlights the extreme technical difficulty and potential for further cost overruns at Wingdam. - Exploration Lag: The 2025 drill results are only now being sent for assay in early 2026, suggesting a slow operational tempo.
Omineca’s flagship is the Wingdam Project in the Cariboo Mining District, BC. The project aims to mine a deeply buried, gold-bearing paleochannel. This involves unique challenges, historically requiring ground freezing or advanced grouting to stabilize water-bearing gravels. The company is also exploring for the "lode source" (hard rock) of the placer gold, targeting areas along the Eureka Thrust Fault.