SASKATOON, SK, June 30,
2022 /CNW/ - Omineca Mining and Metals Ltd. (TSXV:
OMM) ("Omineca" or the "Company") is pleased to report the
commencement of mining operations and placer gold recovery at the
Wingdam Paleoplacer Project. Under the terms of the option
agreement with 102107047 Saskatchewan Ltd. ("Hamilton Gold
Royalties" or "HGR") has now successfully completed the necessary
work and funding to earn a 50% interest as a joint venture ("Joint
Venture" or "JV") partner in the Wingdam Paleoplacer Project,
located in the Cariboo Mining District in south central
British Columbia. With all
permits and regulatory requirements in place, Lightning Creek
Mining Corp. ("LCM"), a wholly owned contract mining subsidiary of
HGR, has commenced mining operations at Wingdam. The recovery of
placer gold will be reported as work progresses down the
paleochannel.
Ken Hamilton, President, and CEO
of HGR and LCM comments, "We are pleased to report that the project
has come in on budget at just under CAD$20
million for the JV commitment and that mining operations and
placer gold recovery has begun".
Further, Mr. Hamilton states, "Having executed many challenging
projects around the world, it is a great privilege to be part of
the 130-year history of the Wingdam Project and the people that
came before us. Throughout the 1930's the town of Wingdam supported
operations on the property for hundreds of miners. Due to the onset
of World War II, labour shortages and limited technology, mining
ceased, leaving behind "…some of the highest placer gold
concentrations historically reported in all of the Cariboo Mining
District and perhaps throughout British
Columbia that remains unmined1". After
80 years, we believe that a new chapter in the history of Wingdam
is about to unfold. We are pleased to be partnered with Omineca and
are thankful for their fortitude and foresight in advancing this
project over the years".
The Option Agreement:
The Wingdam Project Option Agreement as previously announced
(see news release March
1st, 2019) allows for HGR to earn a 50% interest
in the Wingdam Underground Paleoplacer Project with the essential
terms being (but not limited to): HGR completing and funding the
preparation work required to commence gold recovery operations,
inclusive of all equipment, site services and consumables required,
as well as the development of the initial access drift.
With all the terms and conditions of the option agreement having
been met, including rehabilitation of the mine workings, dewatering
and development of the first access drift, Omineca Mining and
Metals will transfer 50% ownership of the Wingdam Underground
Paleoplacer Project to HGR, forming a Joint Venture to operate the
project going forward, subject to exchange and regulatory
approval.
Joint Venture Operations and
Contract Mining:
As the mining contractor, LCM (a wholly owned subsidiary of HGR)
will supply all labour, equipment, material, supplies and services
necessary to carry out underground mining operations and
paleoplacer material processing at a fixed rate of CDN $850 per ounce of gold recovered. The mining
services agreement and rate will cover the initial 300-meter test
mining phase (of 2.4 kilometers of potential paleochannel) and all
subsequent underground mining activities at the Wingdam Underground
Paleoplacer Project.
1"Wingdam Property NI
43-101 Report Deep Lead Channel Ground-Freeze Drift Sampling
Program", Stephen Kocsis,
June 15, 2012
Qualified Person
All scientific and technical information in this news release
has been prepared by, or approved by Stephen Kocsis, P.Geo., Lead Geologist. Mr.
Kocsis is a qualified person for the purposes of National
Instrument 43-101 - Standards of Disclosure for Mineral
Projects.
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 City of Quesnel. The Wingdam Property includes
mineral tenures totaling over 61,392 hectares (613 square kms) and
in excess of 15 linear kilometers of placer claims, both
encompassing the Lightning Creek valley where topographic
conditions created thick layers of overburden, which preserved a
large portion of a buried paleochannel containing placer
gold-bearing gravels. Omineca also has an exploration and 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 secure TSX Venture Exchange of the grant of options 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