01:57 PM EDT, 05/23/2025 (MT Newswires) -- Omai Gold Mines ( OMGGF ) on Friday said drilling has started on a deep hole at its Gilt Creek deposit in Guyana.

Omai said this new hole will provide additional data as it drills across the Gilt Creek deposit and then will then continue a further 600 to 800 meters to explore for the extension of the near-vertical Wenot gold zones at near 1,000 to 1,200 meters vertical depth or roughly 600 meters below the known deposit. A gold intersection at this depth would be indicative of the upside and long term mine life potential of this large Omai gold camp.

The company said Gilt Creek and Wenot are two adjacent orogenic gold deposits on its 100%-owned Omai Gold Project.

"We believe that we are on the path to maximizing the value of this large, two-deposit gold project with the current resource expansion drill program at Wenot, the updated MRE for Wenot that is underway, and the updated Preliminary Economic Assessment ("PEA") to follow," said Chief Executive Elaine Ellingham. "By testing the Wenot deposit at much greater depths we hope to further unveil the blue-sky expansion potential of the Omai property, which we believe would unlock further value for all stakeholders."

Shares of the company were last up $0.01 to $0.44 on the TSX Venture Exchange.

Price: 0.44, Change: +0.01, Percent Change: +2.33