SASKATOON, SK, Sept. 2, 2020 /CNW/ - Omineca Mining and Metals
Ltd. (TSXV: OMM) ("Omineca" or the "Company"), announces
that in addition to its placer bulk sample and lode gold
exploration programs, it is continuing to expand its presence in
the Cariboo Mining District by staking an additional 12,133
hectares of mineral tenures at its Wingdam project in south-central
BC and also by optioning the Mouse Mountain project immediately
west of Wingdam.
Omineca has acquired an additional 12,133 hectares of contiguous
mineral claims to the south and southeast of the existing Wingdam
claims. Omineca now holds 100-per-cent ownership of over
51,000 contiguous hectares (510 sq km) of mineral claims at its
Wingdam project which underlie and surround the placer claims
comprising the Wingdam underground placer gold bulk sampling
program.
The newly acquired mineral claims are contiguous to and extend
Omineca's property an additional 20 km to the south-southeast.
Omineca's active 2020 gold exploration program continues with
prospecting, sampling and mapping ahead of the upcoming diamond
drill program. In exploring for the sources of the placer
gold at Wingdam, Omineca's geological team has been focused
initially on an area within a 2.5-kilometer radius of the 2020
underground placer bulk sampling program. The main geological
structure strikes northwest to southeast and the paleo placer
channel cuts across the structure east to west. Omineca plans to
continue exploring along this trend, incorporating the newly
acquired ground while drilling its first set of targets.
Omineca also announces that it has signed an option agreement
for the Mouse Mountain copper/gold project encompassing an
additional 291 hectares approximately 15 kilometers due west of the
Wingdam project.
The agreement allows Omineca the sole and exclusive right and
option to acquire an initial 50% earned interest in CanAlaska
Uranium's Mouse Mountain project for the consideration of:
- Within 5 business days of Exchange Approval Date issuing to the
Vendor 300,000 common shares of Omineca
- Incurring 2,000 meters of diamond drilling within 12 months of
Exchange Approval Date
The option agreement is subject to regulatory and exchange
approval.
The Mouse Mountain project is located in British Columbia's Quesnel Trough, which is
remarkably well endowed with Cu-Au deposits including the Mount
Polley, New Afton and Copper Mountain mines. As an adjunct to the
Wingdam gold exploration project, Mouse Mountain furthers Omineca's
commitment to gold exploration in the Cariboo Mining
District. Previous drilling, trenching and sampling at Mouse
Mountain has identified it as an alkalic porphyry Cu-Au project
typical of this region.
About Omineca Mining and Metals Ltd.
Omineca Mining and Metals Ltd. controls its flagship Wingdam
Project and the Fraser Canyon Project through its wholly owned
subsidiary CVG Mining Ltd. The Wingdam Project is located 45 km
east of Quesnel B.C. on the Barkerville highway. The
property includes both placer and hard-rock tenures now totaling
over 51,000 hectares (510 square kms) surrounding the Lightning
Creek valley. Topographic conditions created a thick overburden
which preserved a large portion of an underground channel from
conventional surface placer mining activity. For 2020, Omineca has
plans to re-start a bulk sampling program to recover placer gold
trapped underground while also conducting a diamond drill program
to explore for multiple potential hard rock sources of the placer
gold.
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Omineca Mining and Metals Ltd