Drilling Continues To Expand Wenot Mineralization

TORONTO - Omai Gold Mines Corp. reported results of its ongoing 5,000-meter drill program focused on extending mineralization at Wenot below the historical pit and into the sedimentary package south of the pit. Recent grades and widths from drilling and sampling of core that encountered multiple mineralized zones in basalts and sedimentary rocks support the extension of Wenot both below the pit and to the south. A plan map showing drill hole locations.

Highlights of the drill program: Hole 21ODD-009 intersected 2 meters (m) of 36.2 grams per tonne (g/t) gold (Au), including 0.8 meters of 86.3 g/t Au; Hole 21ODD-008 intersected 9.0 m of 6.6 g/t Au, including 1.0 meter of 43.5 g/t Au; The sediments are tightly folded and are well-mineralized where sheared and associated with dikes; Initial observations suggest the best grades are related to a hydrothermal magnetite event that created fertile host rocks for a later gold plus sulfurization to pyrite event; At least four generations of mineralized extensional quartz veins are recognized and of the four, only the last is undeformed. This suggests a long duration to mineralization while deformation continues. The higher grades in multiple vein sets significantly expand the potential of Wenot to the south in sedimentary rocks; and An inaugural resource statement is targeted for Wenot during Q4 2021.

Mario Stifano, Chief Executive Officer, said, “We are pleased that our drilling program continues to produce positive results demonstrating that mineralization at Wenot continues to depths exceeding 100 meters below the historical pit and remains open in all directions. The current drill program is anticipated to be completed shortly and will support the objective of developing a NI 43-101 Inferred Resource at Wenot later this year. The technical team is also advancing new high-priority exploration targets at Omai to unlock the significant exploration potential within the prospecting license.”

This drilling continues to give the Company’s technical team a better understanding of the geology and mineralization at Omai. As anticipated, the near vertical mineralized zones encountered in the current drilling, which represent the Wenot zone and mineralization in sheared basalts north of the Wenot shear, correlate very well with previous historical drill holes. Additionally, there are several sheared and mineralized zones in the sedimentary domain (lithic wacke to the south). These zones seem to be better developed towards the western end of the deposit at shallow depth in areas with minimal drilling.

Mineralization in hole 21ODD-008 is associated with strongly sheared and altered contact zones between lithic wacke and quartz feldspar porphyry (QFP), rhyolites and diorites. Better grades are seen in younger undeformed extensional veins and shear veins that show multiple fluid pulses and gold mineralization. Within the basalts north of the Wenot shear is a highly silicified, sericitized and brecciated zone with five percent sulfides and high-grade gold intercepts.

In hole 21ODD-011, multiple mineralized zones are encountered within the sediments composed of lithic wacke. Within the lithic wacke, zones with extensional veins and sulfides are strongly mineralized. Magnetite is converted to pyrite within these mineralized horizons. The last mineralizing event of undeformed extensional veins within quartz feldspar porphyry (QFP) contain the higher grades significantly expanding the potential of Wenot to the south in sediments.