Omai Gold weighs Wenot ‘superpit’ potential as drills hunt for growth

Omai Gold Mines (TSXV: OMG; US-OTC: OMGGF) on Wednesday reported deep, higher-grade assays from its Wenot deposit at the namesake Guyana project. Shares rose.

Hole 25ODD-119W returned 14.6 metres grading 4.18 grams gold per tonne from 395.6 metres downhole and later returned 17.3 metres averaging 3.73 grams gold from 653.8 metres. The intercepts add weight to Omai’s push to grow and upgrade Wenot ahead of an expected resource update this quarter and a preliminary economic assessment (PEA) by midyear.

The assays were Omai’s third batch of results this year and continued to deliver “standout intercepts” heading into the update, Atrium Research Equity Analyst Ben Pirie said in a Wednesday note. “We are encouraged that the company continues to pursue systematic drilling across extensive targets to prove out the ultimate size of the gold camp,” Pirie said.

Omai’s bigger objective is to build scale at a brownfields camp with existing infrastructure and a long production history. The past-producing Omai mine produced more than 3.7 million ounces from 1993 to 2005. Neighbour G2 Goldfields (TSX: GTWO; US-OTC: GUYGF) has also been making noise in Guyana, reporting fresh OKO drill hits last month after outlining a December PEA for a combined open-pit/underground operation pegged at 3.2 million oz. over 14 years.

Omai’s Toronto-listed shares rose 1.2% to C$2.07 in Wednesday afternoon trading. The stock has climbed about 470% over the past 12 months, giving the company a market capitalization of about C$1.3 billion.

Superpit potential

Omai’s April 2024 PEA outlined an open pit plan on less than half the then-defined resource producing 1.8 million oz. over a 13-year mine life at an average of 142,000 oz. per year. For an initial capital spend of $375 million (C$513 million), assuming a base-case $1,950 per oz. gold price, the Wenot open pit is to deliver an after-tax net present value (at 5% discount) of $560 million with a 19.8% internal rate of return.

The PEA update is to incorporate an expanded Wenot “super pit” concept and include the Gilt Creek underground opportunity, alongside ongoing permitting and metallurgy work that has referenced historical recoveries of about 92%, including 32% gravity recovery, according to company documents.

An August 2025 resource update shows the Wenot open pit holding 20.7 million tonnes indicated grading 1.46 grams gold per tonne for 970,000 oz. of metal and 63.4 million tonnes inferred at 1.82 grams gold for 3.7 million ounces. The Gilt Creek underground deposit hosts 11.1 million tonnes indicated at 3.2 grams gold for 1.2 million oz. and 6.1 million tonnes inferred at 3.3 grams god for 665,000 ounces.

The site retains an airstrip, road access and legacy tailings facilities. Omai controls the Omai prospecting licence along with the adjoining Eastern Flats mining permits.

Aggressive drilling

Expanding the resource base will be the next step.

“As Omai continues to report positive drill results from Central and East Wenot, we are excited to have commenced a 50,000-metre diamond drill program to further expand the overall Omai gold resources and continue to unlock value for our shareholders,” CEO Elaine Ellingham said in a Wednesday press release.

The diamond drill program is designed to expand resources and upgrade a large, inferred component at Wenot.

For the next round of drilling, Objectivity, a Sudbury-based geological data analytics firm, is supporting drill planning for 59 holes totalling 32,500 metres over the main deposit. The broader program also includes 20 holes for 12,500 metres targeting down-dip extensions in the Deep Dike Corridor on Wenot’s northeast, plus nine holes for 3,200 metres over about 400 metres of strike on the East Wenot extension.

About 1,800 metres of drilling are also planned to test nearby geophysical anomalies that could represent new mineralization.

Strong intercepts

Other assays released by Omai released included hole 25ODD-150W3, which returned 30.3 metres averaging 1.9 grams gold per tonne from 333.5 metres, and hole 25ODD-159, which cut 19.3 metres grading 1.75 grams gold from 399.5 metres and later 2.5 metres averaging 14.5 grams from 444.7 metres.

Omai also pointed to mineralization in Wenot’s southern sedimentary sequence. The company expects that material to help reduce the Wenot strip ratio as pit constraints and the geological model advance.