RESOURCE UPDATE from OMAI GOLD 4.3 Million Ozs and growing

Due Diligence by Doc Jones, Resource Investor, Hunting for Exceptional returns.

Additional 8 min of analysis at the end of the Twitter Spaces https://x.com/drjimjonesceo/status/1755649675586158810?s=20

PRESS RELEASE https://ceo.ca/@newsfile/omai-gold-increases-indicated-mineral-resources-to-a42ad

Omai Gold Increases Indicated Mineral Resources to 2.0 Million Oz Au and Inferred Mineral Resources to 2.3 Million Oz Au with Expansion of Wenot Deposit
Toronto, Ontario--(Newsfile Corp. - February 8, 2024) - Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: OMGGF) ("Omai Gold" or the "Company") is pleased to report an updated Mineral Resource Estimate on its 100%-owned Omai Gold Property in Guyana. It includes an expansion to the Wenot Deposit and incorporates the previously disclosed Gilt Creek Deposit. Most significantly, the Wenot Mineral Resource Estimate ("MRE") increased the Indicated MRE to 834,000 oz (10% increase) @ 1.48 g/t Au and the Inferred MRE to 1,614,000 oz (45% increase) @1.99 g/t Au.

HIGHLIGHTS:

• The Omai Property hosts two gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit (figure 5), with combined updated MRE (over the October 2022 MRE) of:

  • 1,985,000 ounces of gold (Indicated MRE), a 4% increase

  • 2,279,000 ounces of gold (Inferred MRE), a 28% increase

Wenot Deposit (a constrained pit approach is applied)

• 834,000 ounces of gold (Indicated), a 10% increase over the October 2022 MRE, and

• 1,614,000 ounces of gold (Inferred), a 45% increase

• 1.48 g/t Au grade of Indicated MRE, a 10% increase

• 1.99 g/t Au grade of Inferred MRE, a 16% increase

• 87% above 350m depth from surface (figure 1a)

• 39% of Wenot MRE is west of the historical pit, an area considered to be well suited to initial mining (figure 1b)

• Excellent exploration potential is evident along a 2.5 km length of the host Wenot shear corridor, with potential to expand within, adjacent to, below, and along strike

Gilt Creek Deposit (an underground mining approach is applied)

• 1,151,000 ounces of gold (Indicated) at a grade of 3.22 g/t Au, as per October 2022 MRE

• 665,000 ounces of gold (Inferred) at a grade of 3.35 g/t Au, as per October 2022 MRE

• Hosted within a 500 m by 300 m quartz diorite intrusive stock that produced 2.4 million ounces of gold (1993 to 2005) from the upper 250m

• Located 500 m north of the Wenot Deposit and below the past-producing Fennel pit

• Characterized by very wide sub-horizontal zones of gold mineralization (figure 4)

• Open to depth and holds potential for lateral expansion

Preliminary Economic Assessment ("PEA")

This updated MRE will form the basis of the PEA, currently underway and expected to be announced in Q1 2024

Elaine Ellingham, President & CEO commented, "We are pleased to deliver another substantial increase to the Mineral Resource Estimate for our Omai Gold Project in Guyana. Also very importantly, there has been a notable increase in the gold grades. With this expansion, the contained ounces in our Mineral Resource Estimate exceeds the total gold produced from the former mine, and at similar grades. The Omai Gold Mine produced approximately 3.8 million ounces at an average grade of 1.5 g/t Au between 1993 and 2005, when the gold price was less than US$400/oz. When in production, Omai was the largest primary gold producer in South America, averaging over 300,000 ounces of gold annually. We believe that with the current Mineral Resource Estimate combined with the many benefits of a brownfields project, that Omai is proving the potential to rival its historical status."

Details of the Mineral Resource Estimate for both the Wenot (updated) and Gilt Creek Deposits are presented in Table 1. The increase between the new Wenot MRE with the previous October 2022 MRE is detailed in a comparison in Table 2. Notes accompanying the 2024 MRE are shown below Table 2, summarizing the economic and technical assumptions, which include a gold price of US$1850 per ounce and metallurgical recoveries of 92% (consistent with historical actuals), and a 45o pit slope for Wenot......(See release)