Omineca Expands its Footprint in the Cariboo Mining District

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Omineca Expands its Footprint in the Cariboo Mining District

Canada NewsWire

SASKATOON, SK, Sept. 2, 2020 /CNW/ - Omineca Mining and Metals Ltd. (TSXV: OMM) ("Omineca" or the "Company"), announces that in addition to its placer bulk sample and lode gold exploration programs, it is continuing to expand its presence in the Cariboo Mining District by staking an additional 12,133 hectares of mineral tenures at its Wingdam project in south-central BC and also by optioning the Mouse Mountain project immediately west of Wingdam.

Omineca has acquired an additional 12,133 hectares of contiguous mineral claims to the south and southeast of the existing Wingdam claims.  Omineca now holds 100-per-cent ownership of over 51,000 contiguous hectares (510 sq km) of mineral claims at its Wingdam project which underlie and surround the placer claims comprising the Wingdam underground placer gold bulk sampling program.

The newly acquired mineral claims are contiguous to and extend Omineca's property an additional 20 km to the south-southeast. Omineca's active 2020 gold exploration program continues with prospecting, sampling and mapping ahead of the upcoming diamond drill program.  In exploring for the sources of the placer gold at Wingdam, Omineca's geological team has been focused initially on an area within a 2.5-kilometer radius of the 2020 underground placer bulk sampling program.  The main geological structure strikes northwest to southeast and the paleo placer channel cuts across the structure east to west. Omineca plans to continue exploring along this trend, incorporating the newly acquired ground while drilling its first set of targets.

Omineca also announces that it has signed an option agreement for the Mouse Mountain copper/gold project encompassing an additional 291 hectares approximately 15 kilometers due west of the Wingdam project. 

The agreement allows Omineca the sole and exclusive right and option to acquire an initial 50% earned interest in CanAlaska Uranium's Mouse Mountain project for the consideration of:

  • Within 5 business days of Exchange Approval Date issuing to the Vendor 300,000 common shares of Omineca
  • Incurring 2,000 meters of diamond drilling within 12 months of Exchange Approval Date

The option agreement is subject to regulatory and exchange approval.

The Mouse Mountain project is located in British Columbia's Quesnel Trough, which is remarkably well endowed with Cu-Au deposits including the Mount Polley, New Afton and Copper Mountain mines. As an adjunct to the Wingdam gold exploration project, Mouse Mountain furthers Omineca's commitment to gold exploration in the Cariboo Mining District.  Previous drilling, trenching and sampling at Mouse Mountain has identified it as an alkalic porphyry Cu-Au project typical of this region.

About Omineca Mining and Metals Ltd.

Omineca Mining and Metals Ltd. controls its flagship Wingdam Project and the Fraser Canyon Project through its wholly owned subsidiary CVG Mining Ltd. The Wingdam Project is located 45 km east of Quesnel B.C. on the Barkerville highway. The property includes both placer and hard-rock tenures now totaling over 51,000 hectares (510 square kms) surrounding the Lightning Creek valley. Topographic conditions created a thick overburden which preserved a large portion of an underground channel from conventional surface placer mining activity. For 2020, Omineca has plans to re-start a bulk sampling program to recover placer gold trapped underground while also conducting a diamond drill program to explore for multiple potential hard rock sources of the placer gold.

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 consummate the project financing, the economic feasibility of the Wingdam Project, known and unknown risk factors and uncertainties affecting Omineca, including risks regarding the resource industry, economic factors and the equity markets generally 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

Cision View original content: http://www.newswire.ca/en/releases/archive/September2020/02/c7943.html

Copyright CNW Group 2020

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