Omai Gold Mines Corp V.OMG

New resource update

[Newmetals]

trying to figure out why OMG share price did not react to the resource from adding GIlt (Fennell) to the resources   It's because it was already known  (look at there past presentations) it was not a new resource as IAMGOLD had a historical resource and it looks like OMG did zero drilling. Why would they not have drilled Gilt????  There is a lot of water in the pit and good luck trying to dewater it and mine it.   Will be like mining under a lake  

https://omaigoldmines.com/pdf/2022-10-20_NR-OMG.pdf

[trooper22]

They did not need to drill fennell to add to the mineral resource estimate ( read the "Critical Omai Investor article I posted) and you will get your answer why they did not need to drill.  They already had drill cores and photos of drill core samples to validate historical data.  It was a waste of dollars drilling fennell especially because it would be expensive to drill those deep

[Newmetals]

You could be right - but there was a resource there already so what additional value did OMG add other than make it formal 43-101.  If it's expensive to drill then they need to raise a lot more money to add real value there.  They should have drilled it.  Also on Wenot I did not see a strip ratio. Likely very very high making it not economic 

[trooper22]

Newmetals dewatering is a part of any mining plan and with new technologies removal of the water is not as big as a deal as you make it out to be.  If I remember correctly the water in the pit was tested by the evironmental agency and they said it was safe enough that they could pump it right into the river.  I just can't find the article to quote what it said.  I will keep