SASKATOON, SK, May 9, 2024
/CNW/ - Omineca Mining and Metals Ltd. (TSXV: OMM) (OTCBB:
OMMSF) ("Omineca" or the "Company") is pleased to report that
recovery and processing of gold bearing gravels has begun at the
Wingdam Paleoplacer project located in the Cariboo Mining District
in south central British Columbia.
10.25 ounces of placer gold with 90.9% Au purity (909 fineness) was
recovered from the first ~2.5 meters of advance at the bedrock
contact of the paleochannel in Crosscut #3. The initial thickness
of the gravels exposed in the face overlying bedrock was
approximately 0.5 - 1.0 meters which is expected to increase in
thickness as the bedrock rim dips toward the center of the channel
floor. These initial recoveries are still in large part at the
bedrock interface and are comparable with recoveries in the similar
peripheral area of the channel at the 2012 bulk sample ("Crosscut
#1") location. Additional updates will be provided once the miners
reach the anticipated highest gold grades across the central
portion of the channel.
Omineca's joint venture partner, D&L Mining, has extended
the haulage/access drift in bedrock approximately 70 meters
downstream of the 2012 Crosscut #1 location with a slight downward
slope to intersect the lower portions of the paleochannel floor.
Crosscut #3 is being driven from the haulage/access drift
approximately 30 meters downstream from Crosscut #1. In accordance
with the engineered mine plan, D&L is implementing artificial
ground support which includes a series of spilings (metal rods)
encased in grout, which are being placed above the area to be mined
within the paleochannel. Crosscut #3 is a 3.5 meter x 3.5 meter
excavation that will span the entire width of the channel.
A second new crosscut heading, #4 has been driven from the
haulage/access drift a further 20 meters downstream and is now near
the bedrock/paleochannel contact ready for development in tandem
with Crosscut #3. Once both crosscuts have reached the center
of the paleochannel, mining activities will be initiated both up
and downstream from each crosscut within the channel. In this
type of paleochannel setting, the largest amount of placer gold
tends to be in the lower points of the central portion of the
paleochannel where through natural waterborne gravity sorting, the
highest concentrations of heavier materials, like gold, settle.
This feature was noted in the bulk sample crosscut where of the 173
ounces recovered from a 23.5 meter crosscut, approximately 75% of
that amount was produced from a 5.5 meter section in the middle of
the channel.
All material excavated from the contact forward is being run
through the wash plant consisting of a simple trommel/sluice system
with the concentrate this produces run over a shaker table in the
assay lab for final gold recovery. Some important observations are
as follows:
- The gravel bearing paleochannel has been thoroughly
dewatered.
- The gravels and cobble within the paleochannel are dry with no
visible flowing water.
- The grouted spiling ground support above the excavation area is
proving effective.
- Initial material recovered from the channel contact consisting
largely of bedrock, and some gravels higher up from the floor, has
yielded over 10 ounces of placer gold from the first 2.5 meters of
advance.
- Recoveries of gold from the initial rounds in this crosscut are
comparable with those noted at this phase of the upstream 2012 bulk
sample crosscut.
- Of special note, and consistent with the results of the initial
bulk sample crosscut, the easily recovered gold is all very coarse
(nuggety) with very little fine gold particles (<1.0 mm dia.)
and exhibits characteristics of very low transport distance from
lode source – estimated at less than 1 kilometer.
- The price of gold in Canadian dollars has nearly doubled since
the Wingdam Joint Venture was initiated for this operation.
Management notes that although the project has experienced
substantial delays, the price of gold is now significantly higher
than when activities at Wingdam were reinitiated. The
immediacy of recovering and processing gold from the paleochannel
has the Company delivering gold ounces into an extraordinarily
strong market price. Omineca is grateful to D&L Mining and its
very capable staff for achieving this milestone with
professionalism and attention to detail.
Qualified Person
All scientific and technical information in this news release
has been prepared by, or approved by Stephen Kocsis, P.Geo., Lead Geologist. Mr.
Kocsis is a qualified person for the purposes of National
Instrument 43-101 - Standards of Disclosure for Mineral
Projects.
About Omineca Mining and Metals
Ltd.
Omineca Mining and Metals Ltd.'s flagship Wingdam gold
exploration and placer recovery projects are located along the
Barkerville Highway 45 km east of the City of Quesnel. The Wingdam Property
includes mineral tenures totaling over 61,392 hectares (613 square
kms) and in excess of 15 linear kilometers of placer claims, both
encompassing the Lightning Creek valley where topographic
conditions created thick layers of overburden, which preserved a
large portion of a buried paleochannel containing placer
gold-bearing gravels. Omineca also has an exploration and diamond
drill program currently underway exploring for the potential
multiple hard rock sources of the placer gold at Wingdam.
Forward Looking
Statements
This release includes forward-looking statements regarding
Omineca and its business. Such statements are based on the
current expectations and views of future events of Omineca's
management. In some cases, the forward-looking statements can
be identified by words or phrases such as "may", "will", "expect",
"plan", "anticipate", "intend", "potential", "estimate", "believe"
or the negative of these terms, or other similar expressions
intended to identify forward-looking statements. The
forward-looking events and circumstances discussed in this release
may not occur and could differ materially as a result of the
failure to secure TSX Venture Exchange of the grant of options and
many other factors beyond the control of Omineca. No
forward-looking statement can be guaranteed. Forward-looking
statements and information by their nature are based on assumptions
and involve known and unknown risks, uncertainties and other
factors which may cause our actual results, performance or
achievements, or industry results, to be materially different from
any future results, performance or achievements expressed or
implied by such forward-looking statement or information.
Accordingly, readers should not place undue reliance on any
forward-looking statements or information. Forward-looking
statements speak only as of the date on which they are made and
Omineca undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise, except as required by applicable
securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Omineca Mining and Metals Ltd