SASKATOON, SK, April 26, 2021 /CNW/ - 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.
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