Omai Gold Mines Corp. announced additional excellent drill results from the Company's Omai gold project in Guyana. Assays have been received for an additional hole drilled in the Wenot target.

To date in 2023, fourteen holes have been completed totalling 5,235 metres ("m") and drilling continues. Hole 23ODD-065 encountered very wide zones of gold mineralization starting at a vertical depth of 140 m. Visible gold was identified at 22 locations within the core. Highlights for hole 23ODD-065 include: 4.54 g/t Au over 27.5 m (including 8.17 g/t Au over 11.2 m), 1.83 g/t Au over 25.5 m, 2.37 g/t Au over 12.5 m. Hole 23ODD-065 was drilled at the western end of Wenot deposit to test a 150m wide gap along strike between holes 21ODD-022 (16.77 g/t over 6.0 m, 1.97 g/t over 16.7 m and 4.63 g/t over 20.0 m) and 21ODD-014 (2.12 g/t Au over 12.0 m and 1.16 g/t Au over 18.8 m).

Hole 23ODD-065 intersected a broad 127 m wide shear-hosted complex of rhyolite and diorite dikes. Mineralization in the rhyolite dikes is associated with fine-grained, disseminated pyrite as well as quartz-ankerite veins and the adjacent alteration halos. Within the diorite and hornblende diorite dikes, gold mineralization is predominantly within quartz-ankerite veins and veinlet stockworks.

A total of 68.3 metres of the 336 m long hole returned assays greater than 0.3 g/t Au. The main gold zones within hole 23ODD-065 occur at fairly shallow vertical depths of between 140 m to 240 m. Photos of the core for the interval 259.0 to 286.5 which assayed 4.54 g/t Au over 27.5 m. Hole 23ODD-065 was planned to also test the metasediments, that have proven to host additional significant wide gold zones in several locations along the 2.5 km long Wenot shear corridor. For example, hole 23ODD-063 intersected 4.07 g/t Au over 31.1 m within the southern metasedimentary unit and additional intersections include 1.61 g/t Au over 18m (OM-372), 5.7 g/t Au over 14m (12WED01B), 2.1 g/t Au over 27.5m (OM-0309) and 1.4 g/t Au over 42m (OM-731).

The Company believes these gold zones within the metasediments are more continuous along the length of the Wenot deposit, however large areas have not yet been drilled. The early termination of hole 23ODD-065 resulted in the gold zones within the metasediments not being tested by this hole. The Company is assessing how best to explore these potentially significant zones.

Hole 23ODD-065 ended prematurely when the drill rods became wedged. Unfortunately, the hole also did not reach the central contact shear where the main gold zone is hosted by a quartz feldspar porphyry dike and protomylonite that straddle the major contact between the metavolcanics to the north and the metasediments to the south. The most recent NI 43-101 Mineral Resource Estimate for the Omai property, dated December 2, 2022 includes a Wenot resource of 756,600 indicated ounces of gold grading 1.34 g/t Au and 1,112,600 inferred ounces of gold grading 1.72 g/t Au.

For the adjacent Gilt Creek deposit, the NI 43-101 Mineral Resource Estimate is 1,151,000 indicated ounces of gold grading 3.22 g/t Au and 665,000 inferred ounces of gold grading 3.35 g/t Au. An additional three to four holes are planned for the current drill program, to be followed by an updated mineral resource estimate, expected to be completed early in the fall. The Company intends to proceed with a Preliminary Economic Assessment ("PEA") immediately thereafter.