In a news release, Omineca Mining and Metals Ltd. (OMM:TSX.V; OMMSF:OTCMKTS) (OMM:TSX.V; OMMSF:OTCMKTS) provided an update on its flagship Wingdam gold project in British Columbia's Cariboo, a historical mining district.
The Saskatchewan-based mining company noted it is completing work in preparation for two programs: maiden lode gold drilling program at the Wingdam gold project and the recommencement of the placer gold bulk sampling program in the Cariboo Mining District.
Regarding drilling, Omineca stated it intends to launch maiden drilling at Wingdam once it continues the necessary field work and receives the required permits. A diamond drill rig is already at the site.
"The central focus of Omineca’s lode gold exploration program is to locate the presumed multiple bedrock sources of placer gold recovered by Omineca in the 2012 underground bulk sampling program which yielded 173.5 ounces of gold across the width of the Deep Lead Paleochannel beneath Lighting Creek. The preliminary results from the current field programs are validating Omineca's hypothesis that the sources of the placer gold at Wingdam are likely in very close proximity upstream to where the gold was recovered," the company stated.
At the start, that program will consist of 27 holes over about 8,000 meters (8,000m), and the results will be used to delineate future drill targets.
As for its planned placer gold bulk sampling program at Wingdam, once it gets the rest of the necessary equipment at the property and the water level of Lightning Creek subsides, the company stated it will commence dewatering and re-entering the decline to the underground workings. It then will pick up with bulk sampling in the paleochannel where the first crosscut left off.
The first phase of the underground placer recovery will comprise 125 crosscuts that are similar in size and scope to those of the 2012 sampling. Samples will be taken from the first 300m of the 2,400m of the paleochannel that have been fully investigated with three-dimensional seismic and drilling, recent and historical. Eventually, Omineca noted it would like to explore all roughly 17 kilometers of the paleochannel within its claims.
As far as the timeline of the bulk sampling, dewatering should take about three to four weeks. Another four weeks will be needed for rehabilitation and underground preparation work. Following that, sampling will begin, the company stated.
Read what other experts are saying about:
Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Omineca Mining and Metals. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Omineca Mining and Metals. Please click here for more information.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Omineca Mining and Metals, a company mentioned in this article.
