The Best Place to Build a Mine? Where There is a Mine.
Building a gold mine is no easy task. But when the property has existing infrastructure, drilling data, and historical core available, it makes getting a gold mine into production a little more efficient. Omai Gold Mines is rebuilding the success of Guyana’s world-famous Omai gold mine. The mine was once South America’s largest producing gold operation, producing 3.7 million ounces of gold over a 13-year mine life. Today, the project remains under-explored and rich in potential. With an average gold price more than 4x what it was when the mine was last in operation, Omai is a compelling spot to build the next great gold mine.
Average Gold Price Between 1996 to 2005 vs Gold Price Today (USD)
*First Half of 2020
*Average spot close price (in USD) for Gold Futures Contracts (COMEX:GC) between Dec 31, 2019 to June 30, 2020. Source: Capital IQ
We’re Well Connected.
Located in Guyana, the Omai gold mine is on the North coast of South America along the Essequibo River in the interior of the country. With the mine in production for most of the 90’s through to 2005, the property boasts excellent existing infrastructure. In addition to road access to the capital city as well as the nearby city of Linden, the property also features an operational airstrip on-site that connects Omai to Georgetown in just 40 minutes. Additional services include existing building structures, tailings pond, cell service and a ferry landing. The Omai gold mine is well connected by land, air and water, and is ready to host the next chapter of exploration activity.
Aerial of Mine Site
A Tale of Two Pits.
Mining at Omai has been recorded since the late 19th century, and when it was operating as a modern mine between 1992 and 2005, Omai produced 3.7 million ounces of gold at an average grade of 1.5 g/t gold from two open pits: the Fennell pit and the Wenot pit.
The Fennell pit exploited the top portion of an irregularly shaped pluton referred to as the Omai Stock, which has been the focus of gold exploration and production at Omai for over 100 years. During operation, 1.9 million ounces of gold was produced from the Fennell pit at an average grade of 1.6 g/t Au to a maximum depth of 250m.
The Omai Stock and the surrounding country rocks host gold mineralization associated in a series of widespread quartz-carbonate veins and stringers which have a wide variety of orientations. More strongly veined zones with significant gold grades have an overall very shallow SSW dip, semi-parallel to a non-mineralized sill, which bisects the mineralized OMAI Stock. Previous mining did not continue below the sill, and as such it forms the base of the Fennell Pit, however, the mineralized body is known from drilling to continue below the sill.
The Wenot zone was discovered in February 1989 while coincidental geochemical and geophysical anomalies were being drill tested immediately south of the Fennell Pit. Gold was known to exist at surface in the area having been placer mined during the 19th century by a German syndicate. The core drilling of the anomalies not only confirmed the presence of gold from surface through the weathered zones, but also confirmed the presence of gold in the hard rock, allowing the definition of a mineralized east-west trending zone roughly 1.6 km long and 200 m wide. This mineralized corridor ultimately became the Wenot Pit, which produced 1.8 million ounces of gold to a depth of 190m. Previous drilling indicates that the mineralization in the Wenot pit extends below the current pit limits, potentially down to the sill which bisects mineralization in the Fennell pit.
Digging a Little Deeper.
The Omai gold mine ceased production in 2005, largely due to the low gold price. Today, there remains strong evidence of higher-grade ore body underground as well as the potential for near-surface gold mineralization amongst various under-explored regions. Our goal for the Omai property is to apply modern exploration methods and capitalize on the under-explored regions of the property that have become more economical in today’s stronger gold market, and we have an aggressive exploration plan in place to make it happen.