SASKATOON, SK, Feb. 7, 2024
/CNW/ - Omineca Mining and Metals Ltd. (TSXV: OMM) (OTCBB:
OMMSF) ("Omineca" or the "Company") is pleased to report the
results from two geotechnical holes drilled on the Company's
Wingdam Property located in south-central British Columbia. D&L Mining ("D&L")
drilled the two holes, WD23-RC01 and WD23-RC02 ("23-01" and
"23-02") in conjunction with a comprehensive underground survey to
confirm seismic data and further define the underground placer gold
bearing paleochannel at Wingdam in advance of recommencing
underground activities on the project (see news release of
January 15, 2024). Of note, drill
hole 23-02 (see tables below) recorded 8 vertical meters of
gold bearing gravels above the underground channel floor, yielding
an average of 25.41 g/m3 (0.82 oz/m3) of
placer gold.
These drill results are very exciting given that the 2012 bulk
sample test recovered 173.4 ounces of placer gold from an enriched
zone of gold bearing gravels averaging only 1.20 meters in
excavated thickness over a crosscutting channel width of 23.5
meters. The results confirm seismic survey data indicating a
significant bedrock depression beginning just downstream of the
2012 crosscut and reaching its lowest point approximately 75 meters
further on (see seismic reflection Map 1. below). In this
area (lowest points in dark blue) the depressed section of
paleochannel appears to be approximately 40 meters wide with an
area of lower elevation extending both up and downstream over a
distance of 80 meters. This depression is one of five suggested by
the seismic data over the first 300 meters
of paleochannel.
The 2012 bulk sample test cut across the paleochannel (marked
in red on Map 1.) at an elevation 7 meters higher than the
bottom of this first depression but still returned exceptional
quantities of gold averaging over 7 ounces per meter of advance in
a crosscut measuring 2.44 meters wide 2.44 meters high and 23.5
meters long. The 1.2-meter-thick gold enriched zone of the bulk
sample included approximately 0.2 meters of bedrock where
significant gold was found trapped in fractures and gouges. That
today's reported drill hole 23-02 intercepted an 8-meter interval
of gold enriched gravels is a very favourable development
considering the robust gold recovery from the 1.2 meter thickness
in 2012.
Paleochannel depressions have the potential to host
significantly enriched gold bearing gravels through the natural
sorting of heavy material to the lowest point in ancient stream
beds. This tendency was reflected in the 2012 bulk sample crosscut
as the highest grades were encountered near the middle, lowest
point in the paleochannel. In this regard gold grades
increased as the crosscut approached the enriched lower center then
decreased as the cut headed across into higher elevations near the
north channel rim.
The two geotechnical drillholes summarized in the tables below
were intended to provide confirmation of the seismic profile in
this area but also afforded the opportunity to sample the
paleo-gravels for gold content. Hole 23-01 intercepted what is
presumed to be the shallower (higher elevation) north rim of the
paleochannel (approx. 25 meters north-northeast of hole 23-02) but
still produced a 3 meter intercept of gold enriched gravels. Hole
23-2 targeted a lower point in the paleochannel depression and
intercepted an outstanding 8-meter interval of enriched gold
bearing gravels.
2023 Reverse Circulation (RC)
Drill Holes:
Drill holes 23-01 and 23-02 were drilled with hole diameters of
6 inches (0.1524m). An assessed
placer gold purity of 90.9% (fineness 909) is used to calculate
pure gold in grams recovered.
Currently D&L Mining is advancing the haulage/access drift
alongside the paleochannel dropping the elevation of the workings
to intercept the channel on a trajectory to complete a crosscut
directly through a portion of the first depression. With the
current advance rate of approximately 3 meters per day, the miners
should be making the right angle turn from the bedrock drift into
the channel crosscut heading within the next several days. Entrance
into the gold bearing gravels is expected over the coming
weeks with the intention of driving a 3.5 meter x 3.5 meter
crosscut the full width of the channel.
As the project advances it is the Company's intention to
complete additional seismic profiling and geotechnical drilling to
further define the paleochannel contour and course both up and
downstream of the current workings over the immediate 2.5 lineal
kilometer area of interest.
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.
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SOURCE Omineca Mining and Metals Ltd