Omai Gold Mines Drills 2.63 g/t Au over 27.5m in New Wenot Zone and 4.87 g/t Au over 9.5m and 2.64 g/t Au over 21.0m

Toronto, Ontario--(Newsfile Corp. - May 29, 2025) - Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: OMGGF) ("Omai Gold" or the "Company") is pleased to announce additional assay results from its ongoing 2025 drill program, focused on expanding the large Wenot deposit at the Company's 100%-owned Omai Gold Project in Guyana, South America. The results include a newly discovered gold zone of 2.63 g/t Au over 27.5m (including 4.68 g/t Au over 9.5m) on the north side of the West Wenot area. This zone is almost 100m north of any significant West Wenot gold zone and starts at a vertical depth of 315m, lying outside of the 2024 Mineral Resource Estimate¹ ("MRE"). An additional drill hole has commenced to test along strike of this significant new zone.

Assays are reported for five holes totaling 3,117m drilled (Table 1). A total of 24 holes have been completed to date this year totalling 15,639m, having surpassed the original planned 15,000m program as results continue to extend the known limits of gold mineralization at Wenot (Figure 1). Results are pending for an additional 12 holes (Table 2). Drilling continues with two rigs on Wenot and a third rig on a long Gilt Creek-Wenot drill hole (see News Release May 23, 2025). An updated NI 43-101 MRE has commenced and is expected to be completed in the third quarter of 2025.

Highlights include:

• Hole 25ODD-116
  • 2.63 g/t Au over 27.5m
    • Includes 4.68 g/t Au over 9.5m
      
      
• Hole 25ODD-106
  • 2.64 g/t Au over 21.0m
  • 1.62 g/t Au over 16.5m
  • 1.18 g/t Au over 17.1m
    
    
• Hole 25ODD-111
  • 4.87 g/t Au over 9.5m
  • 1.45 g/t Au over 9.9m
    
    
• Hole 25ODD-109
  • 2.37 g/t Au over 15.0m
  • 1.73 g/t Au over 6.7m

Elaine Ellingham, President & CEO, commented: "We are excited that we are still discovering new gold zones around our large Wenot deposit. The 27.5m intersection averaging 2.63 g/t Au in hole 25ODD-116 is within the volcanics to the north of the main contact zone, and about 100m north of any signficant known gold zones at West Wenot. It effectively extends the known gold mineralization to the northwest and opens the possibility of extensions both east and west into areas that have seen little drilling. We have already started an additional drill hole to explore along strike of this new zone. The balance of today's drill results are yet another batch of encouraging and high-grade step outs, including 2.64 g/t Au over 21.0m and 4.87 g/t Au over 9.5m, which continues to bode well for the updated MRE anticipated next quarter. The long Gilt Creek-Wenot hole that commenced last week is progressing well and just passed through the diabase dike and entered the Gilt Creek intrusion yesterday morning."

West Wenot:

A number of holes have been drilled in West Wenot in 2025, an area which lies outside of any previous mining, other than for surficial saprolite. A significant part of the Wenot MRE lies within this area that management believes could be suitable for a starter pit in a production scenario. Holes 25ODD-109/109W and hole 25ODD-116 are additional holes that were designed to test the continuity of the deeper gold zones to surface, which could contribute to a low-strip resource.

Hole 25ODD-116 (Figure 2) was drilled from the south side of West Wenot at a similar easting as holes 108 and 109, which were drilled from the north. Hole 25ODD-116 was primarily targeting near-surface extensions of known gold zones in the southern sediments and in the central quartz feldspar porphyry dike "CQFP". While gold mineralization dominantly occurs in the volcanics on the northern side of the central contact for much of the Wenot deposit, at West Wenot, mineralization has been dominantly identified at the contact zone (CQFP) and most prominently within the southern sedimentary sequence. Hole 25ODD-116 successfully intersected the shallow gold mineralization in the southern sediments, with four intervals between 100 and 200m depth, including 1.15 g/t Au over 8.3m (with 4 occurrences of visible gold). However, hole 25ODD-116 was continued in order to test the unexplored area to the north. This paid off with the intersection of a new gold zone of 2.63 g/t Au over 27.5m (including 4.68 g/t Au over 9.5m), approximately 120m north of the central contact in the volcanics at a vertical depth of just over 300m. Some of the impressive core is shown in Figure 3. This is a promising new discovery, and the Company has already started a follow-up drill hole to explore the size potential.

Hole 25ODD-109/109W (Figure 2) was drilled from the north side of West Wenot targeting shallow near-surface mineralization where a potential "starter pit" would benefit from a low strip ratio given the lack of historical mining in the area. Hole 109 was drilled to a total depth of 399m with a wedge at 98.5m downhole. It successfully intersected 21 separate occurrences of visible gold and, as expected, mostly within the sedimentary rocks south of the central contact. At a shallow depth of approximately 50m below surface, a 15.0m interval of 2.37 g/t Au included 4 occurrences of visible gold within a highly altered rhyolite dike with an extensive quartz vein stockwork. The nearby central quartz feldspar porphyry ("CQFP") at the main volcanic-sediment contact, hosts 1.73 g/t Au over 6.7m. Within the southern sediments, as is typical of this part of the deposit, hole 109 intersected several gold zones including 2.0 g/t Au over 7.5m, 1.25 g/t Au over 5.0m, and 2.06 g/t Au over 2.5m.

Central Wenot:

Hole 25ODD-106 (Figure 3) was drilled from the south, at a similar easting to hole 23ODD-064 (see News Release August 22, 2023) and approximately 100m west of hole 25ODD-103 (see News Release May 12, 2025) - both drilled from the north side. The hole was wedged part way down and had a final depth of 609m. Hole 25ODD-106 intersected broad zones of gold mineralization within the southern sedimentary sequence, including 1.59 g/t Au over 9.2m, 1.18 g/t Au over 17.1m, and 2.0 g/t Au over 5.5m. The hole went on to intersect 2.64 g/t Au over 21.0m, 1.01 g/t Au over 10.5m, and 1.62 g/t Au over 16.5m - all within the within the most prolific historically mined zone, known as the "Dike Corridor". The Dike Corridor is one of five dominant subparallel, near-vertical gold zones that comprise the large 2.5km long Wenot deposit. Lying within the broader Wenot Shear, the roughly 100-200m wide Dike Corridor is typically 25-100m north of the central volcanic-sedimentary contact, that itself hosts gold mineralization within a persistent quartz feldspar porphyry unit. The Dike Corridor is comprised of a series of felsic and diorite dikes that intruded into the volcanic sequence and were later subjected to varying degrees of shearing, alteration and stockworks of quartz veining.

Hole 25ODD-111 was drilled from the north at Central Wenot, targeting 75m down-dip from hole 21ODD-002 and 100m east of hole 24ODD-085. The hole intersected 4.87 g/t Au over 9.5m within the northern volcanics at a depth of approximately 200m from surface. This intersection is within the northern flank of the 2024 MRE pit shell, but ~50m below the 2024 PEA pit shell. Our 2025 drilling has continued to focus on exploring the limits of the Wenot gold system and this hole again demonstrates continued success. The hole continued on to intersect 1.45 g/t Au over 9.9m within the Dike Corridor, and 0.99 g/t Au over 16.4m at the central QFP at the main sediment-volcanic contact.

Hole 25ODD-104 was drilled from the south at Central Wenot along a similar easting to hole 24ODD-091 and 021 drilled from the north. Within the southern sedimentary rock sequence, the hole intersected 0.79 g/t Au over 27.5m at a depth of approximately 250m from surface. The central Quartz Feldspar Porphyry dike at the central contact assayed 0.87 g/t Au over 22.7m, that included a 5.5m interval grading 2.17 g/t Au. Further downhole 2.04 g/t Au over 8.9m was intersected in altered volcanics, close to the main contact, and 0.72 g/t Au over 20.5m was intersected within the Dike Corridor at a depth of approximately 400m.

Table 1. Recent Drill Results*

*True widths vary as mineralization at Wenot is generally hosted within stockwork vein systems with alteration halos, with an estimated true width range of 70-90%. Cut-off grade 0.30 g/t Au with maximum 3.0m internal dilution is applied, unless otherwise noted. Grades are uncapped unless otherwise noted.
** For wedges (W), the From and To numbers indicate down hole lengths from original hole collar.

Figure 1. Wenot Plan Map Showing Drill Hole Locations

Figure 2. Cross-section for Hole 25ODD-116, -108, and -109

Figure 3. Cross-section for Hole 25ODD-106

Table 2. Drill Hole Coordinates

¹NI 43-101 Technical Report dated May 21, 2024 "UPDATED MINERAL RESOURCE ESTIMATE AND PRELIMINARY ECONOMIC ASSESSMENT OF THE OMAI GOLD PROPERTY, POTARO MINING DISTRICT NO.2, GUYANA" was prepared by Eugene Puritch, P.Eng., FEC, CET, President of P&E Mining Consultants Inc. is available on SEDAR+ and on the Company's website. It includes a Wenot resource of 834,000 indicated ounces of gold averaging 1.48 g/t Au within 17.6 million tonnes and 1,614,000 inferred ounces of gold averaging 1.99 g/t Au within 25.2 million tonnes, and the adjacent Gilt Creek resource of 1,151,000 indicated ounces of gold averaging 3.22 g/t Au within 11.1 million tonnes and 665,000 inferred ounces of gold averaging 3.35 g/t Au within 6.2 million tonnes.

² Past production at the Omai Mine (1993-2005) is summarized in several Cambior Inc. documents available on SEDARplus.ca, including March 31, 2006 AIF and news release August 3, 2006.

Quality Control

Omai maintains an internal QA/QC program to ensure sampling and analysis of all exploration work is conducted in accordance with best practices. Certified reference materials, blanks and duplicates are entered at regular intervals. Samples are sealed in plastic bags.

Drill core samples (halved-core) were shipped to ActLabs and some batches to MSALABS, both certified laboratories in Georgetown Guyana, respecting the best chain of custody practices. At the laboratory, samples are dried, crushed up to 80% passing 2 mm, riffle split (250 g), and pulverized to 95% passing 105 μm, including cleaner sand. Fifty grams of pulverized material is then fire assayed by atomic absorption spectrophotometry (AA). Initial assays with results above 3.0 ppm gold are re-assayed using a gravimetric finish. For samples with visible gold two separate 250g or 500g pulverized samples are prepared, with 50 grams of each fire assayed by atomic absorption spectrophotometry, with assays above 3.0 ppm gold being re-assayed using a gravimetric finish. Certified reference materials and blanks meet with QA/QC specifications.

Qualified Person

Elaine Ellingham is a Qualified Person (QP) under National Instrument 43-101 "Standards of Disclosure for Mineral Projects" and has approved the technical information contained in this news release. Ms. Ellingham is not considered to be independent for the purposes of National Instrument 43-101.

ABOUT OMAI GOLD

Omai Gold Mines Corp. is a Canadian gold exploration and development company focused on rapidly expanding the two orogenic gold deposits at its 100%-owned Omai Gold Project in mining-friendly Guyana, South America. The Company has established the Omai Gold Project as one of the fastest growing and well-endowed gold camps in the prolific Guiana Shield greenstone belt. In February 2024 the Company announced an updated NI 43-101 Mineral Resource Estimate¹ ("MRE") of 29 million tonnes grading 2.15 g/t Au and containing 2.0 million ounces of gold (Indicated) and 31 million tonnes grading 2.26 g/t Au and containing 2.3 million ounces (Inferred), comprising of both the Wenot open pit deposit and the adjacent Gilt Creek underground deposit. This was followed by an initial baseline Preliminary Economic Assessment ("PEA") in April 2024, which contemplated an open pit-only development scenario and included only 45% of the Omai Gold Project MRE. Subsequent to the 2024 MRE, the Company has been aggressively drilling to expand gold resources at the Wenot deposit and has identified additional wide zones of high-grade gold mineralization.

In 2025 Omai Gold plans to continue its impactful drill programs, announce an updated and expanded MRE, and complete an updated PEA which would include an expanded Wenot open pit deposit and an underground mining scenario at Gilt Creek. The Omai Gold Mine produced over 3.7 million ounces of gold from 1993 to 2005², ceasing operations when gold was below US$400 per ounce. The Omai site benefits from much existing infrastructure and will soon be connected to the two largest cities in Guyana, Georgetown and Linden, via paved road.

Neither the 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.

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the timing of completion of exploration, trenching and drill programs, and the potential for the Omai Gold Project to allow Omai to build significant gold Mineral Resources at attractive grades, and forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements.

Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties; delay or failure to receive regulatory approvals; the price of gold and copper; and the results of current exploration. Further, the Mineral Resource data set out in the Omai Gold news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Further, the Preliminary Economic Assessments and related data discussed in this news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Omai Gold Mines Corp. to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to international operations; actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold, copper and other minerals and metals; general market conditions; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; uncertainty of access to additional capital; delays in obtaining governmental approvals or in the completion of development or construction activities.

Figure 4. Drill Core from Hole 25ODD-116 - New zone from 481.6 - 494