$OMG.V

2 stories mentioning OMG.VUpdated 21d ago

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Omai Gold Mines Maintained at Buy at Stifel Canada Following Drilling Results; Price Target Kept at C$3.50

Stifel Canada on Tuesday maintained its buy rating on the shares of Omai Gold Mines (OMG.V) and its C$3.50 price target after the company released drilling results from its Omai Gold Project in Guyana."Omai reported additional drill results from Northeast Wenot highlighted by 8.54 g/t Au over 20.6m, with results grade accretive to the current MRE. Reported mineralized intervals averaged ~2.20g/t Au versus the Wenot inferred resource grade of 1.35g/t Au (63% grade accretive), while sediment-hosted mineralization averaged ~1.84g/t Au (36% grade accretive). We believe the sedimentary sequence remains a key area to watch as previously modeled 'barren sediments' continue to return grades that could support improved strip ratio and project economics to be seen in the upcoming PEA expected within two months. OMG currently trades at 0.49x LT/PNAV versus precedent transactions at 0.45-0.66x P/NAV, implying a valuation range of C$2.93 - $4.24/sh," analyst Cole McGill wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $2.63, Change: $+0.08, Percent Change: +3.14%

$OMG.V

Mining & Metals70d ago

Omai Gold Mines Up Near 10%, Posts 52 Week High, As Lifts Indicated Mineral Resources With Expansion of Wenot and Gilt Deposits

Omai Gold Mines (OMG.V) was at last look up near 10% and had posted fresh 52 week highs Tuesday after announcing an updated mineral resource estimate (MRE) on its Omai Gold Property in Guyana, including expansions to both the Wenot Deposit and Gilt Deposit.According to a statement, the Wenot indicated MRE increased 49.8% to 1.453 million of gold with an average grade of 1.59 grams per tonne (g/t) gold. The Wenot inferred MRE increased 7.6% to 3.99 million ounces grading 1.35 g/t gold.The adjacent Gilt deposit also saw an overall increase in ounces over the previous MRE, Omai said. Gilt's inferred MRE increased 120% to 1.456 million ounces averaging 3.22 g/t gold, while the indicated MRE fell by 9.5% to 1.04 million ounces averaging 3.33 g/t gold (in 9.7 Mt).A 50,000 meter drill program has begun with five drills turning. Omai's next major catalyst is the preliminary economic assessment (PEA), which is expected to be completed in two to three months. "We are continuing to aggressively drill to increase the Mineral Resources and to upgrade the Inferred Resources, as we set our sights on a future Prefeasibility or Feasibility Study. Drilling is now focused on the Wenot deposit and on certain nearby targets," said chief executive Elaine Ellingham.Omai Gold shares were last seen up $0.20, to $2.32 on the TSX Venture Exchange, having touched $2.39.Price: $2.31, Change: $+0.19, Percent Change: +8.96%

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