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Junior Strikes Gold at Wingdam Project
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Omineca Mining and Metals Ltd. intercepted a significant width of high-grade gold at its underground Wingdam project, according to a note from Research Capital Corp.

Junior explorer Omineca Mining and Metals Ltd. (OMM:TSX.V; OMMSF:OTCMKTS) intercepted a significant width of high-grade gold at its underground Wingdam project, according to a Research Capital Corp. analyst Bill Newman in a February 8 research note. 

The hole, 23-02, averaged 25.41 grams per cubic meter of placer gold over eight vertical meters, confirming Omineca's seismic targets and the potential for resource expansion.

"Results of this first crosscut could be a near-term catalyst for the stock," Newman wrote, giving the company a Speculative Buy rating, with a CA$0.55 target price. 

As Newman details, Omineca's partner D&L, recently completed an underground survey to refine specific targets within the paleochannel, identifying five depressions often associated with gold accumulation within the first 300 meters. 

Omineca drilled holes 23-01 and 23-02 into the first area identified as a depression.  The first depression target is estimated to be about 80 meters long and around 40 meters wide at its maximum width. This target area is downstream from where the company extracted a successful bulk sample back in 2012. The previous bulk sample results were positive, signaling the potential for additional gold concentrations. 

With a new crosscut and additional bulk sampling imminent, Newman sees the potential for positive near-term catalysts and news flow even after a reorganization with former partner Hamilton Gold Royalties. The updated agreement with successor entity D&L retains the same terms, costing Omineca CA$850 per ounce of gold produced from its 50% project share.

Newman commented, "The results of the 23-02 drill hole confirm a high gold grade comparable to the 2012 Bulk Sample but over a larger vertical thickness. With the reorganization of OMM former partner now complete and underground operations are once again underway, we are hopeful that the gold recovery phase will commence within the coming weeks/months."

The positive exploration results and advancing underground access lend confidence for Omineca to enter into the recovery phase. With recent financing expanding the share count, Research Capital has reduced its price target to CA$0.55 from CA$0.75. However, further positive bulk sampling and gold production updates could refocus attention on the upside potential here.

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Important Disclosures:

  1. Omineca Mining and Metals Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000. 
  2. 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.
  3.  This article does not constitute investment advice and is not a solicitation for any 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. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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Disclosures for Research Capital Corp., Omineca Mining and Metals Ltd., February 8, 2024

Analyst Certification I, Bill Newman, CFA, certify the views expressed in this report were formed by my review of relevant company data and industry investigation, and accurately reflect my opinion about the investment merits of the securities mentioned in the report. I also certify that my compensation is not related to specific recommendations or views expressed in this report. Research Capital Corporation publishes research and investment recommendations for the use of its clients. Information regarding our categories of recommendations, quarterly summaries of the percentage of our recommendations which fall into each category and our policies regarding the release of our research reports is available at or may be requested by contacting the analyst. Each analyst of 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.

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