Omai Gold Mines (OMG.V): reports assays of 9.1 g/t gold over 14 meters and extends Wenot mineralization over 150 meters below historical pit

Toronto, Ontario — Omai Gold Mines Corp. (TSX VENTURE:OMG) (“Omai” or the “Company”) is pleased to announce the results from a program of logging and sampling of 6,000 meters of unassayed core from a 2012 drilling program that had been preserved by the Guyana Geology & Mines Commission (GGMC). As announced on December 15, 2020, assays from the first two of these holes, 12WED11 and 12WED13, indicate that high-grade mineralization extends below the Wenot Pit with additional expansion potential of gold mineralization into the sedimentary units to the south. The new results from other holes confirm these conclusions.

Highlights of the assay results:

• All holes encountered high-grade gold associated with structural zones and felsic and dioritic dikes.
• The mineralization extends 100 to 150 meters below the historical pit and remains open at depth.
• Holes drilled from the sediments towards the Wenot shear (northwards) all show significant and high-grade mineralization:
  • Hole 12WED1B encountered zones of 7.4 meters of 3.2 grams per tonne (g/t) gold (Au) and 14.0 meters of 9.1 g/t Au in lithic wacke sedimentary rocks south of the Wenot Shear.
  • Hole 12WED3B encountered 1.5 meters of 6.9 g/t Au and 2.5 meters of 6.3 g/t Au in the limited core available.
  • Hole 12WED05 encountered multiple zones including 9.0 meters of 1.6 g/t Au, 3.0 meters of 7.7 g/t Au, 1.5 meters of 10.5 g/t Au and 9.5 meters of 1.6 g/t Au.
  • Hole 12WED07B intersected 11.3 meters of 1.8 g/t Au and 3.5 meters of 4.1 g/t Au.
• At the Fennell historical pit, hole OMU39 encountered 6 meters of 3.8 g/t Au at a shallow depth in unsampled core above the gabbroic sill.

Mario Stifano, Chief Executive Officer of Omai Gold Mines, commented: “Current assay results from core that was drilled in 2012 and not previously sampled demonstrate that the Wenot grades and thicknesses from historical mining continue below the historical Wenot Pit. The results are important as not only has mineralization been extended to depths of 100 to 150 meters below the pit and remains open to depth, but high-grade gold identified in the sediments has potential to widen the historical pit. We look forward to following up on these results with our planned 5,000-meter drill program.”

Summary of assay results

These holes have been incorporated in the historical drill hole database and review of historical logs to provide better understanding of controls on mineralization for planning of the Company’s initial drill program. Highlights include the section-by-section plotting of high-grade mineralization associated with felsic and dioritic dikes along deformation zones (Figure 1).

Of particular note is the extension of mineralization into the sedimentary package of lithic wacke south of the Wenot Shear zone (Figure 2). In areas proximal to the mineralized shear, the frequency of siltier domains dominates. Where mineralized, the sediments are sheared, altered and associated with dioritic dikes.

Within the basaltic and andesitic rocks, multiple mineralized shear structures are defined (Figure 3). Further drilling is part of the program to expand the open-pit potential both within the sedimentary rocks and high-grade zones associated with felsic dikes below the Wenot historical mine.

Figure 1: Plan map of Omai showing holes logged and assayed.

Figure 2: Cross section of hole 12WED01B.

Figure 3: Cross section of holes 12WED04, 12WED05 and 12WED03B.

Table 1: Significant high-grade intercepts with intervals > 10 g/t Au.

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