Omai Gold Kicks Off Drilling at Gilt Creek Deposit in Guyana

Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: OMGGF) has initiated diamond drilling on the Gilt Creek gold deposit in Guyana, marking a significant step in the company's exploration strategy. The drilling program aims to expand the current mineral resource estimate and advance engineering and metallurgical studies, paving the way for the inclusion of this underground deposit in a future economic study for the Omai property.

The Gilt Creek gold deposit is a large, intrusion-hosted orogenic gold deposit, measuring 500m by 275m, with the shallowest part only 300m below surface. It is located approximately 500m north of the Wenot gold deposit on the Omai property. In October 2022, Omai announced a maiden Mineral Resource Estimate (MRE) for Gilt Creek, with Indicated resources of 1,151,000 ounces of gold averaging 3.22 grams per tonne (g/t) and Inferred resources of 665,000 ounces of gold averaging 3.35 g/t Au, using a 1.5 g/t Au cutoff and a US$1,700/oz gold price.

The Company expects to complete one of the two planned drill holes into the Gilt Creek deposit by year-end, with metallurgical test work to follow early in the new year. Ramp and mine stope design, along with proposed scheduling, will also commence early in the new year in anticipation of including the Gilt Creek deposit in a 2025 updated Preliminary Economic Assessment (PEA).

The integration of the Gilt Creek deposit into the Omai project's mine plan is expected to significantly enhance the overall economics and production profile. The deposit hosts a large mineral resource with robust grades, which, when combined with the Wenot open pit deposit, has the potential to increase projected annual production rates and life of mine for the Omai project.

Omai Gold's exploration strategy is driven by the positive results of the recent Preliminary Economic Assessment (PEA) for the Wenot Project, which demonstrated the economic viability of the deposit. The PEA supports an after-tax NPV5% of $556 million and a 19.8% Internal Rate of Return (IRR) at a $1,950 base case gold price. By applying the higher spot gold price recently experienced, for example, at $2,200/oz, this supports an after-tax NPV5% of $777 million, a 24.7% IRR, and a payback period of 3.5 years.

The Company's exploration strategy is focused on infill drilling and exploration for additional new gold deposits within the prospective geology that extends across the full property. The Gilt Creek deposit and the Wenot deposit each exhibit distinctive geophysical signatures that assist in identifying high-probability targets. Analysis of the property-wide airborne magnetic data, using 3-D magnetic vector inversion modelling techniques, has identified several exploration targets that show combined features suggesting excellent potential for new deposits.

Omai Gold has a simple land tenure position, holding a 100% interest in three licenses granted by the Guyana Geology & Mines Commission. No mineral rights are held by joint venture nor subject to third-party payments, with total annual carrying charges currently less than US$1 million.

In conclusion, Omai Gold's commencement of diamond drilling on the Gilt Creek deposit in Guyana is a significant step in the company's exploration strategy. The deposit's large mineral resource with robust grades, combined with the positive results of the recent PEA, positions the company well for future growth and success in the mining sector.