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.
