Omai Gold hits all-time TSX high on Guyana assays

Omai Gold Mines (TSXV: OMG; US-OTC: OMGGF) stock hit a new all-time high Friday after the company said new drilling at its namesake project in Guyana produced multiple high-grade intercepts.

Hole 25ODD-125 in the Wenot deposit cut 9.5 metres grading 6.84 grams gold per tonne from 470 metres depth, Toronto-based Omai Gold said Wednesday in a statement. Another hole, 25ODD-127, intersected 37.5 metres at 1.52 grams gold from 431 metres downhole and 25.8 metres at 3.08 grams from 517 metres depth.

The new assays, which follow a resource update released last month, will be included in an updated preliminary economic assessment (PEA) that the company expects to release early next year. Crews have drilled 43 holes so far in 2025, covering 23,500 metres.

The miner’s latest results “continue to build on the ongoing and highly successful 2025 drill campaign,” Ben Pirie, a mining analyst at Atrium Research in Toronto, said in a note this week. “With the updated mineral resource estimate greatly surpassing our expectations, we are highly excited for the upcoming PEA.”

Shares of the miner soared as much as 9% to a record $1.33 Friday morning in Toronto, taking their weekly gain to about 24% and boosting the Toronto-based company’s market value to about $835 million. They later traded at $1.32 apiece.

Other drilling highlights released this week included hole 25ODD-126, which cut 18 metres of 2.08 grams from 434 metres downhole and 39.5 metres of 1.31 grams gold from 488 metres depth. Hole 25ODD-117 cut 7.5 metres of 1.98 grams gold from about 466 metres depth.

Second largest

Omai, which consists of the Wenot and Gilt Creek deposits, now ranks as Guyana’s second-largest undeveloped gold project by contained ounces.

Contained gold in the indicated category for Omai now stands at 2.12 million oz. grading 2.07 grams gold per tonne in 31.9 million tonnes, the company said Aug. 26. Contained gold in the inferred category almost doubled from the previous resource to 4.38 million oz. at 1.95 grams gold inside 69.6 million tonnes.

Wenot’s contained indicated portion rose 16% to 970,000 oz. in 20.7 million tonnes over a previous update from last year, while the inferred portion more than doubled to 3.71 million oz. in 63.4 million tonnes.

Crews have recently begun drilling in the Camp zone, which is located about 500 metres west of Wenot, to assess the potential for new near-surface satellite deposits, Omai Gold also said Wednesday. Five holes have been completed and assays are pending, CEO Elaine Ellingham said in the release.