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Canadian Gold Co. Intersects High-Grade at Exploration Target
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Recently, Omai Gold Mines announced additional positive drill results from its Omai gold project, including high-grade intercepts at the SP exploration target, noted Atrium Research analysts Ben Pirie and Nicholas Cortellucci.

Omai Gold Mines (TSXV:OMG) announced additional positive drill results from its Omai gold project, including high-grade intercepts at the SP exploration target, noted Atrium Research analysts Ben Pirie and Nicholas Cortellucci in a December 5 report.

In the report, the analysts reaffirmed their Buy rating and CA$0.30 price target.

Expanding High-Grade Zones

Hole 23ODD-069 at the SP target intersected 7.69 grams per tonne (g/t gold) over 9.5 meters and 3.42 g/t over 15 meters, confirming the potential for new high-grade zones outside the main deposit.

Open pit resources currently total 1.9 million ounces.

Updated Resource Estimate Imminent

The analysts expect Omai's updated 43-101 resource by year-end or early 2024. An initial PEA mine study will follow in H1 2024. Additional targets have been identified for further expansion potential.

Significantly Undervalued Relative to Peers

With the stock trading around CA$7 per ounce of gold in the ground versus CA$12 for South American developer peers, Atrium sees over 300% upside for Omai shares based on its 3.7 million ounce deposit.

The analysts believe Omai carries lower risk than comparable peers given its past production history and extensive existing infrastructure. Recent insider buying by the CEO and Chairman supports the attractive valuation.


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  1. 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.

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Disclosures for Atrium Research, Omai Gold Mines Corp., December 5, 2023

Analyst Certification Each authoring analyst of Atrium Research on this report certifies that (i) the recommendations and opinions expressed in this research accurately reflect the authoring analyst’s personal, independent and objective views about any and all of the designated securities discussed (ii) no part of the authoring analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in the research, (iii) to the best of the authoring analyst’s knowledge, she/he is not in receipt of material non-public information about the issuer, (iv) the analyst does not own common shares, options, or warrants in the company under coverage, and (v) the analysts adhere to the CFA Institute guidelines for analyst independence.

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