Resource Firm Eyes Three New Drill Targets at B.C. Gold Project

Resource Firm Eyes Three New Drill Targets at B.C. Gold Project

Omineca Mining and Metals will focus on the placer gold component of the Wingdam project throughout 2021 then next year also take on exploring the newly identified hardrock gold targets there, a Research Capital Corporation report noted.

Omineca Mining and Metals Ltd. (OMM:TSX.V; OMMSF:OTCMKTS) completed its 2021 exploration program and announced targets for its 2022 drill plan, at the Wingdam project in British Columbia, reported Research Capital Corporation analyst Bill Newman in a Dec. 8, 2021 research note.

Research Capital Corporation’s target price on Omineca is $0.75 per share, and the explorer’s current share price is about $0.15, Newman indicated. Thus, the potential return on this mining equity is tremendous.

“We continue to believe that the recovery of first gold from the project will be a key catalyst for the stock,” Newman wrote.

Research Capital Corporation has a Speculative Buy rating on Omineca Mining and Metals.

 

 

The Saskatchewan-based company’s work at Wingdam in 2021 comprised maiden drilling and sampling, from rock, soil and stream sediment, Newman noted and summarized the results. Omineca did not make a major discovery but did confirm the presence of “considerable indicator mineralization” and “favorable lithology and structure needed to produce replacement-style mineralization,” he wrote.

In analyzing the 2021 exploration data together with the previous year’s, the company identified three priority exploration targets within the Wingdam hardrock gold project area: Skopos, Mary Creek and Roadcut Gossan. Omineca plans to tackle those in 2022 and already has exploration permits for the year in hand.

Newman briefly discussed each target. First on Omineca’s exploration schedule is Skopos, with work to begin in Q1/22. To be done are an induced polarization (IP) survey of the area along with stratigraphic and diamond drilling. Skopos is the closest of the three targets to the Wingdam placer project, sitting to the south of it. Also, Skopos is on trend with Mary Creek, another new target.

Mary Creek is about 10 kilometers to the northwest of and on trend with Wingdam. The historic Toop mine sits along Mary Creek. Newman did not include in his report the work Omineca plans to do at this target or when.

As for Roadcut Gossan, it, too, is on trend with Wingdam, about 11 kilometers away, but unlike Mary Creek, to the southeast. This target is attractive because it may host gold mineralization in sediment, like that of the Spanish Mountain gold deposit, as suggested by the results of various prospecting efforts. Omineca is awaiting data from the IP and the mobile metal ions surveys that were done of Roadcut Gossan and expects to start work on that target in late 2022.

As for the underground placer gold component of the Wingdam project, it will garner Omineca’s full attention throughout the rest of 2021. There, the company aims to and is getting close to being able to restart its bulk sampling program.

Research Capital Corporation has a Speculative Buy rating on Omineca Mining and Metals.

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Disclosures:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Omineca Mining and Metals Ltd. Click here for important disclosures about sponsor fees.  
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Omineca Mining and Metals Ltd., a company mentioned in this article.

Important Disclaimers for Research Capital Corp., Omineca Mining and Metals Ltd., Dec. 8, 2021

1. This Issuer has generated investment banking revenue for Research Capital Corporation.
2. Relevant disclosures required under IIROC Rule 3400 applicable to companies under coverage discussed in this research report are available on our web site at www.researchcapital.ca.
Information about Research Capital Corporation’s Rating System, the distribution of our research to clients and the percentage of recommendations which are in each of our rating categories is available on our website at www.researchcapital.ca. The information contained in this report has been drawn from sources believed to be reliable but its accuracy or completeness is not guaranteed, nor in providing it does Research Capital Corporation assume any responsibility or liability. Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein. Contents of this report cannot be reproduced in whole or in part without the express permission of Research Capital Corporation. US Institutional Clients – Research Capital USA Inc., a wholly owned subsidiary of Research Capital Corporation, accepts responsibility for the contents of this report subject to the terms and limitations set out above. US firms or institutions receiving this report should effect transactions in securities discussed in the report through Research Capital USA Inc., a Broker – Dealer registered with the Financial Industry Regulatory Authority (FINRA). 


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