- Omai Gold (OMG) buys Eastern Flats property and its prospecting and mining rights, located east to Omai Gold’s prospecting licence and the past producing Omai mine
- The Eastern Flats property is 1,519 acres
- Omai Gold issued 6,000,000 common shares as part of the purchase from Guyana Sunrise Mining
- Recent surveys suggest several prospective targets
- Omai Gold (OMG) is unchanged at C$0.10 per share at 1:03 AM EST
Omai Gold (OMG) has acquired the Eastern Flats property in Guyana along with its prospecting and mining rights.
The Eastern Flats property is 1,519 acres while Omai’s prospecting license includes 4,590 acres.
The acquisition will be completed upon payment of a residual USD$1, with no royalty or further obligations pending.
Previously, Omai Gold and Guyana Sunrise Mining entered an agreement for the sale. Omai Gold has to issue 6,000,000 common shares to Guyana Sunrise Mining and pay USD$1 in cash.
The property is located by the past-producing Wenot pit which produced over 1.4 million ounces of gold at an average grade of 1.5g/t before being closed in 2003.
Omai Gold conducted airborne geophysics surveys over the Eastern Flats licenses, consisting of magnetics and radiometrics, highlighting several prospective targets.
Chief geologist of Omai Gold, John Spurney, said,
“Some of these areas appear large enough to conceal another deposit the size of Fennell or Wenot. Our technical team is currently compiling data and developing a plan to evaluate Eastern Flats as part of our 2022 exploration program.”
Omai Gold is a gold discovery and development corporation focusing on gold mining in Guyana, South America.
Omai Gold (OMG) is unchanged at C$0.10 per share at 1:03 PM EST.