Episode Details

Elaine Ellingham, President and CEO of Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: OMGGF), joins me for an exploration update, with mineralization expanding upon the updated Resource Estimate of 6.5 million ounces of gold in all categories, from the combined Wenot and Gilt Creek Projects at the Company’s 100%-owned Omai Gold Project in Guyana, South America.  We also discuss the dual path of the company now, split between exploration, and all the project derisking being factored into development and the upcoming updated economic study.

The Omai Property hosts two orogenic gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit, with a combined updated MRE of:

• 2,121,000 ounces of gold (Indicated MRE), averaging 2.07 g/t Au in 31.9Mt &
• 4,382,000 ounces of gold (Inferred MRE), averaging 1.95 g/t Au in 69.6Mt

Multiple drills have been turning from the second half of 2025 through present where an additional ~18,000 meters of new drilling was completed at the Omai Gold property, which will then factor into the imminent updated project Resource Estimate.  That updated model will then be incorporated into the upcoming Preliminary Economic Assessment (PEA), slated for Q2 of 2026. 

Multiple zones of gold mineralization were intersected in each of these recent assays from drills holes released February 25th, which will be included in the upcoming Mineral Resource Estimate ("MRE"). Highlights from the recent drill holes include:

• Hole 25ODD-119W
  • 4.18 g/t Au over 14.6m; including 9.12 g/t Au over 4.1m
  • 2.38 g/t Au over 23.3m; including 3.95 g/t Au over 11.8m

• 07 g/t Au over 27.4m; including 11.64 g/t Au over 1.1m
• 73 g/t Au over 17.3m; including 8.61 g/t Au over 5.1m

• Hole 25ODD-150W3
  • • 1.94 g/t Au over 30.3m; including 3.03 g/t Au over 15.9m, and also including 14.35 g/t Au over 2.5m

• Hole 25ODD-159
  • 1.75 g/t Au over 19.3m, and
  • 14.45 g/t Au over 2.5m

The Company is also pleased to announce that next phase of exploration, with a 50,000-metre diamond drill program has commenced. It is designed to further pursue opportunities to expand the overall Omai gold resources, explore certain nearby geophysical anomalies, while continuing the priority work of upgrading the categories from inferred to indicated in the large Wenot resource; which is an important next step.  We discussed some of the regional targets of focus at Wenot East, the Camp Zone, BBH, and the Wenot "Handle Target", highlighted through geophysics studies. 

This updated Preliminary Economic Assessment will be building upon the prior PEA that was released in 2024, which was only on 45% of the mineral inventory focused on the open-pit at Wenot.  That prior PEA did not yet include rest of the resources there at Wenot, nor did it include the underground project economics from the Gilt Creek deposit.  The updated PEA slated for next quarter will be much more advanced and will factor in the combined economics of the open-pit at Wenot, and the underground at Gilt Creek, representing the value proposition of the total project more accurately.

Next we reviewed the results from the very long hole, over 2,000 meters in length, that was drilled through the underground deposit at Gilt Creek over into the area deep under the Wenot deposit.  The geological thesis of drill hole # 25ODD–122W held up proving that there are additional deep sheer resources well below the known mineralization at Wenot.  This points to the much longer mine life that is inferred, even though there has not yet been extensive drilling at depth, below known Wenot mineralization, prior to that hole proving the geological t