# Preliminary Economic Assessment of the Omai Gold Property -

Source Brief: https://evesgoldminers.com/research/source-briefs/omai-gold-mines-corp-preliminary-economic-assessment-of-the-omai-gold-property-9ea3fd97
Original source: https://omaigoldmines.com/site/assets/files/5486/omg_wenot_pea_final_may_21_2024.pdf
EGM generated: 2026-09-27
Company: Omai Gold Mines Corp. (OMG)

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## Extracted Document Text

# Preliminary Economic Assessment of the Omai Gold Property -

Source: https://omaigoldmines.com/site/assets/files/5486/omg_wenot_pea_final_may_21_2024.pdf
Fetched: 2026-09-12T07:07:31.836+00:00
Source artifact: 9ea3fd97-4d41-4eb1-9360-3e0b62af7fdd
Normalizer input: text

## Content

# Preliminary Economic Assessment of the Omai Gold Property -
UPDATED MINERAL RESOURCE ESTIMATE AND
PRELIMINARY ECONOMIC ASSESSMENT
OF THE OMAI GOLD PROPERTY,
POTARO MINING DISTRICT NO. 2, GUYANA
UTM PSAD56 ZONE 21N 306,500 m E AND 601,700 m N
LONGITUDE 58º 44’ 48” W AND LATITUDE 5º 26’ 28” N
FOR
OMAI GOLD MINES CORP.
NI 43-101 and 43-101F1
TECHNICAL REPORT
Andrew Bradfield, P.Eng.
Jarita Barry, P.Geo.
David Burga, P.Geo.
D. Grant Feasby, P.Eng.
Eugene Puritch, P.Eng., FEC, CET
William Stone, Ph.D., P.Geo.
Antoine Yassa, P.Geo.
Yungang Wu, P.Geo.
P&E Mining Consultants Inc.
Report 455
Effective Date: February 8, 2024
Signing Date: May 21, 2024
TABLE OF CONTENTS
1.0 SUMMARY .........................................................................................................................1
1.1 Property Description and Location ..........................................................................1
1.2 Accessibility, Climate, Local Resources, Infrastructure and Physiography ............2
1.3 History......................................................................................................................3
1.4 Geological Setting and Mineralization ....................................................................3
1.5 Deposit Type ............................................................................................................4
1.6 Exploration...............................................................................................................5
1.7 Drilling .....................................................................................................................6
1.8 Sample Preparation, Analyses and Security ............................................................7
1.9 Data Verification ......................................................................................................7
1.10 Mineral Processing and Metallurgical Testing ........................................................7
1.11 Mineral Resource Estimate ......................................................................................8
1.11.1 Gilt Creek Deposit 2022 Mineral Resource Estimate ............................9
1.12 Mining Methods .....................................................................................................10
1.13 Recovery Methods .................................................................................................12
1.14 Project Infrastructure .............................................................................................12
1.15 Environmental Studies, Permits and Social or Community Impact ......................13
1.16 Capital and Operating Costs ..................................................................................14
1.16.1 Capital Costs ........................................................................................14
1.16.2 Operating Costs ....................................................................................15
1.17 Economic Analysis ................................................................................................15
1.18 Adjacent Properties ................................................................................................18
1.19 Project Risks and Opportunities.............................................................................18
1.20 Conclusions and Recommendations ......................................................................18
2.0 INTRODUCTION AND TERMS OF REFERENCE .......................................................21
2.1 Terms of Reference ................................................................................................21
2.2 Site Visits ...............................................................................................................21
2.3 Sources of Information ..........................................................................................21
2.4 Units and Currency ................................................................................................23
3.0 RELIANCE ON OTHER EXPERTS ................................................................................30
3.1 Mineral Tenure.......................................................................................................30
3.2 Surface Rights ........................................................................................................30
3.3 Permits ...................................................................................................................31
3.4 Environmental ........................................................................................................31
4.0 PROPERTY DESCRIPTION AND LOCATION .............................................................32
4.1 Location .................................................................................................................32
4.2 Property Description and Tenure ...........................................................................32
4.3 Mineral Tenure in Guyana .....................................................................................36
4.3.1 Prospecting Licences ...........................................................................36
4.3.2 Mining Licences...................................................................................36
4.4 Royalties ................................................................................................................38
4.5 Environmental and Permitting ...............................................................................38
4.5.1 Environmental Liabilities.....................................................................38
4.5.2 Permitting for Exploration Activities...................................................39
4.6 Other Properties of Interest ....................................................................................39
P&E Mining Consultants Inc. Page i
Omai Gold Mines Corp., Omai Gold Property PEA, Report No. 455
4.7 Other Signficant Factors and (or) Risks.................................................................39
5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND
PHYSIOGRAPHY .............................................................................................................40
5.1 Accessibility...........................................................................................................40
5.2 Local Resources and Infrastructure .......................................................................43
5.3 Physiography..........................................................................................................45
5.4 Climate ...................................................................................................................45
6.0 HISTORY ..........................................................................................................................46
6.1 Exploration History................................................................................................46
6.1.1 IAMGOLD ...........................................................................................48
6.1.1.1 2006-2007 Drilling Program ....................................................48
6.1.1.2 Historical Mineral Resource Estimate .....................................54
6.1.1.3 Historical Mineable Resource Estimate ...................................55
6.1.2 Mahdia Gold Corp. 2012 to 2017 ........................................................56
6.1.2.1 LiDAR Survey .........................................................................56
6.1.2.2 Drill Core Reconstruction and Rehabilitation..........................56
6.1.2.3 2012 Drilling ............................................................................57
6.2 Historical Mineral Processing ................................................................................58
6.3 Historical Site and Environmental Studies ............................................................58
6.4 Past Production ......................................................................................................58
6.5 Previous (2022) Updated Mineral Resource Estimate ...........................................61
7.0 GEOLOGICAL SETTING AND MINERALIZATION ...................................................63
7.1 Regional Geology ..................................................................................................63
7.2 Local and Property Geology ..................................................................................66
7.2.1 Rock Types ..........................................................................................66
7.2.2 Structure ...............................................................................................69
7.2.3 Hydrothermal Alteration ......................................................................71
7.2.4 Laterite and Saprolite ...........................................................................72
7.3 Wenot Deposit Geology .........................................................................................73
7.4 Mineralization ........................................................................................................75
7.4.1 Primary Gold Mineralization ...............................................................75
7.4.2 Secondary Gold Mineralization ...........................................................80
7.5 Additional Primary Mineralization Prospects of Interest ......................................83
7.5.1 West Wenot Extension Area ................................................................83
7.5.2 East Wenot Extension Prospect Area ..................................................86
7.5.3 Gilt Creek (Fennel Deep) Geology ......................................................89
7.5.4 Broccoli Hill.........................................................................................91
7.5.5 Blueberry Hill ......................................................................................92
7.5.6 Snake Pond Prospect ............................................................................93
8.0 DEPOSIT TYPES ..............................................................................................................95
9.0 EXPLORATION................................................................................................................98
9.1 Airborne Geophysics .............................................................................................98
9.2 Drone Survey .......................................................................................................101
9.3 Trenching and Sampling ......................................................................................103
9.3.1 Broccoli Hill Prospect Area ...............................................................103
9.3.2 Snake Pond Prospect Area .................................................................107
9.3.3 Blueberry Hill Prospect Area .............................................................111
P&E Mining Consultants Inc. Page ii
Omai Gold Mines Corp., Omai Gold Property PEA, Report No. 455
9.4 Auger Soil Sampling ............................................................................................116
9.5 Exploration Potential ...........................................................................................117
10.0 DRILLING .......................................................................................................................119
10.1 Historical Drill Core Re-Logging and Sampling Program (2020 to Early
2021) ........................................................

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