Omineca Mining and Metals Ltd. (TSXV: OMM) (OTCQB: OMMSF) announced that its mining partner, PSI Group, has submitted the application for initial dewatering at the Fraser Canyon underground paleoplacer gold recovery project, located 12 kilometers northwest of Quesnel, British Columbia. PSI is also preparing a Notice of Work submission that includes a long-term mine plan and engineered ground support management program. The dewatering application marks a critical milestone toward re-entering the underground workings to recover placer gold bearing material remaining between historic crosscuts within the paleochannel.
The project has garnered significant community and Indigenous support. Following joint consultations and site visits, both the Lhtako and Nazko First Nations have issued letters of full support for the Fraser Canyon Project to the province of British Columbia. Additionally, the leadership of the City of Quesnel has voiced its full support. PSI and Omineca are committed to responsible development to create meaningful, ongoing benefits for all stakeholders.
PSI has begun preparatory work including mine engineering, planning, and equipment procurement. The project will utilize modern mining methods, such as multiple self-propelled roadheaders for continuous excavation and loading, and an underground pre-sorting and gold recovery operation to expedite processing and enable year-round mining. These technologies are expected to dramatically increase output compared to the drill-and-blast methods used historically.
PSI has completed a mechanistic structural design and full 3-D stress-strain model of the underground workings to enhance safety and efficiency. Once dewatering is complete, a 3-D laser survey will inform ground support design. Advanced ground support material systems, developed with supply partner HMI Company, will enable 100% extraction and real-time backfilling using mine tailings, reducing surface impact and carbon footprint. An archaeological assessment has also been completed in conjunction with Tracker GPS Survey & Mapping Ltd, with protocols shared and well received by First Nations.
The Fraser Canyon Property claims extend 11 kilometers along the Fraser River, encompassing a buried paleochannel. Historically, up to 1986, the Canyon and Tertiary Mines collectively produced 1,482 oz of raw placer gold. In 1986, underground development at the Canyon Mine using conventional drill-and-blast methods recovered 421.634 troy ounces of refined gold and 40.342 troy ounces of silver from 9,932 loose cubic yards of pay gravel. The new approach aims to significantly improve on these historic results.
As Omineca's mining partner, PSI will fully fund all costs associated with exploration, development, engineering, mining, and operating capital in return for a 75% share of recovered metals, with Omineca retaining a 25% zero-cost carried interest. The Company cautions that historical placer recovery figures are derived from past operator records and pre-date NI 43-101 implementation.
All scientific and technical information has been prepared by or approved by Stephen Kocsis, P.Geo., an independent qualified person under NI 43-101. Omineca's flagship Wingdam property, located 45 km east of Quesnel, includes mineral tenures totaling 61,392 hectares and over 15 linear kilometers of placer claims.
For further information, contact Tom MacNeill, President and CEO, at 306-653-2692. Forward-looking statements in this release are based on current expectations and are subject to risks and uncertainties. Omineca undertakes no obligation to update forward-looking statements except as required by law.
