Omai Gold Mines (TSXV:OMG) - 8Moz Gold Project Advancing Rapidly [0:00-5:04]

Hi, Matt. Good to be here. I'm Elaine Nellingham, CEO of Omigold Mines. We're listed on the TSX Venture Exchange under the OMG symbol. And yeah, we're exploring a large project down in Guyana in South America. And we've been working away at it and successive resources. And we're sitting there with about an 8 million ounce resource, bold resource right now. And so, yeah, new news came out last couple weeks ago. And so exciting times. Exciting times indeed. I saw that. I was trying to catch you before you went down to Guyana. And you just returned yesterday. So let's talk about it now, though. It's 8 million ounces. Is that all that's changed? Well, it's a good change. Yeah, I guess we were pushing forward like this year. We set some really very aggressive milestones. One is getting that resource out and then working towards a PEA preliminary economic assessment. And this one, you know, with 8 million ounces, we have two deposits. We need to get a realistic mind plan wrapped around that and work our way towards the next steps, which would be, you know, really setting our sights on a feasibility study. Right. Well, I see. We certainly want to talk about that in a second. But in terms of the this increase, which is significant as you say, what can it drive the increase was a conversion, the discovery, price assumptions, what was working in your favor? Yeah, and it's a good question. So we actually put out a huge gold was a big jump up last year. We did a new mineral resource estimate at the end of August last year. And that actually was a 2.2 million ounce jump from before. So, so that was actually setting the stage for where we went from there. So a lot of the drill thing we did this time, it wasn't so much to make it bigger. It was exactly what you're saying. We we set one, we had a very large inferred at the winaut deposit, which is the open pinnacle deposit. And so yes, we wanted to prove to people and just start proving that it holds together and that we could convert some of that big inferred into the indicated category. So that was one thing. And so we did that. We actually added 480,000 ounces that we converted from inferred to indicate it. And to give you an idea, they increased the grade of that indicated from 1.46 up to 1.59. So quite it. So we were converting pretty high grade ounces, as you can tell. Right. So how should people actually interpret the kind of winaut indicated increases increase? Because you've also the other side of the coin there is the inferred grade which kind of dropped. How does that work? Right. So the other thing that so there were really two parts to what we were doing since Lagas last year. And the other part of the drilling was aimed at there was a there was a some mineralization. There's multiple zones that make up the winaut deposit. It's sure always to deposit. So it sees vertical zones. And so there's there's several major zones. So one of the areas was in the sediments which is south of the main zones. And we we keep hitting mineralization there but we hadn't really focused on it. So basically that that would would have been going into the model that would have been going into a PEA as zero grade material. And we knew enough from a bit of our drilling that there was mineralization in it for sure. So what we we also did was part of the thing was the drilling was drilling that sediment so and and trying to draw some of that to upgrade that basically from zero which is waste into inferred at least inferred and we did that. So that's actually the big bump up in the inferred ounces which is really you know it's probably average one one and a bit grade. So what happened was we took the high grade inferred slip that a lot of that came into the indicated but what was replaced was some of that sediment zone. So where where that's going to have its impact is when we do that PEA if if that was all categorized if all if all of that was waste rock that gives a really high strip ratio. And that means like the ratio of waste or is high it means you're moving a lot of material it takes a cost but there's no there's no grade and you're not going to process it. We we knew enough to know that it had grade and so a lot of that came in as one gram. And you know even though that overall grade of the inferred came down that's still pretty good I forget with the average grade of the inferred is now it's like 1.3 six or something like that but remember there's a lot of people that are are running open pit mines at .65 grams like well under a gram so