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Resource Firm Advances Placer, Hard-Rock Gold Projects in Canada
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A Research Capital Corporation report notes that Omineca Mining and Metals' work at its Wingdam hard rock property "has helped to better define [its] existing targets, and has expanded the company's inventory of exploration prospects."

In an April 29 research note, Research Capital Corporation analyst Bill Newman reported on Omineca Mining and Metals Ltd.'s (OMM:TSX.V; OMMSF:OTCMKTS) operational update on Wingdam.

"Operations on both the Wingdam hard rock drilling and placer gold projects are proceeding, however, at a slower pace than originally anticipated," Newman wrote. "New environmental regulations established since the initial 2012 bulk sample created some delays, which have been addressed by OMM." Delays are also due to a backlog at the assaying laboratory.

As for Omineca's placer gold bulk sampling, Newman relayed, the company achieved the desired water level for dewatering and is now working on underground rehabilitation.

Regarding the Canadian resource company's hard-rock project, Newman noted, Omineca recently completed a triaxial magnetic gradiometer survey over 209 square kilometers of the Wingdam property, or about 40% of the hard-rock permitted area. The surveyed expanse included a 25-kilometer, northwestľsoutheast (NWľSE) trending zone about 8 kilometers northwest of the 2012 bulk sample site.

The survey "identified several more NW striking fault features that appear to intersect [northeast] trending faults," Newman wrote. The work "has helped to better define [Omineca's] existing targets, and has expanded the company's inventory of exploration prospects."

In other news, Newman noted, the British Columbia government allowed Omineca to expand its Wingdam drill permit to include 60 drill pads, and to extend it over five years.

As for drilling, the most recent update, in February, indicated that the company completed 13 holes of its 27-hole, 8,000-meter campaign started last fall, Newman noted. Results are still pending. Once they become available and Omineca analyzes them, it plans to then commence a second Wingdam drill program.

Research Capital has a Speculative Buy rating and a CA$0.75 per share target price on Omineca, the stock of which is trading at about CA$0.185 per share.


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. Click here for important disclosures about sponsor fees.
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Disclosures from Mackie Research, Omineca Mining and Metals Ltd., Operation Update, April 29, 2021

1. This Issuer has generated investment banking revenue for MRCC.
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

Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst's personal views and (ii) no part of the research analyst's compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.

Mackie Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein.

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