SASKATOON, SK – April 26, 2020 – Omineca Mining and Metals Ltd. (TSXV: OMM) ("Omineca" or the "Company"), reports that it has completed a helicopter-borne triaxial magnetic gradiometer survey over the Wingdam project approximately 40 kilometers east of Quesnel in the Cariboo Mining District of British Columbia. Survey analysis has identified further drill targets expanding along the series of NW-SE trending structures that are the focus of the ongoing maiden drill program at Wingdam. Omineca has applied for, and has received, a multi-area/multi-year drill permit from the BC Government, expanding the program initially to 60 drill pads and extending the permit over 5 years. Omineca’s second drill program is anticipated to follow immediately after completing the analysis from the initial drill program and its correlation with new geophysical data.
The survey consisted of 2,278 line-kms, covering approximately 209 square kilometers of Omineca’s 500 square kilometer land package. The survey runs generally over a 25 km NW-SE trending zone from approximately 8 km northwest of the 2012 placer project bulk sample site to the southern end of the Wingdam property.
The new survey has identified several more NW striking fault features that appear to intersect NE trending faults first identified in the magnetic survey completed in 2018. The recent geophysical data provides both further detail and definition as well as expanded exploration targets along the trend. This structural control pattern is indicative of Riedel style strike-slip deformation known to produce sub-vertical ore shoots at the Osisko Development Corps’ Cariboo Gold Project, located 25 kilometers to the east. The Wingdam and Cariboo Gold projects share similar lithology and structure; two of the main ingredients for mineralization in the gold producing Barkerville Terrane. The western portion of the survey spans an underexplored area west of the Eureka Thrust Fault along the NW trending Quesnel Terrane. The Quesnel Terrane is the longest mineral belt in Canada and is known for hosting copper-gold porphyry deposits as well as several types of gold deposits.
About Omineca Mining and Metals Ltd.
Omineca Mining and Metals Ltd.’s flagship Wingdam gold exploration and placer recovery project is located along the Barkerville Highway 45 km east of the town of Quesnel. The property includes hard-rock tenures totaling over 50,000 hectares (500 square kms) and in excess of 15 linear kilometers of placer claims, both encompassing the Lightning Creek valley where topographic conditions created a thick overburden which preserved a large portion of an underground channel with placer gold-bearing gravels. Omineca also has a diamond drill program currently underway exploring for the potential multiple hard rock sources of the placer gold at Wingdam.
For further information, please contact:
President and CEO
1 (306) 653-2692
Vice President, Business Development
1 (604) 561-2821
Forward Looking Statements
This release includes forward-looking statements regarding Omineca and its business. Such statements are based on the current expectations and views of future events of Omineca's management. In some cases, the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of the failure to consummate the project financing, the economic feasibility of the Wingdam Project, known and unknown risk factors and uncertainties affecting Omineca, including risks regarding the resource industry, economic factors and the equity markets generally and many other factors beyond the control of Omineca. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Forward-looking statements speak only as of the date on which they are made and Omineca undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.
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