Omineca Mining and Metals Ltd. (OMM:TSX.V; OMMSF:OTCMKTS) completed its 2021 exploration program and announced targets for its 2022 drill plan, at the Wingdam project in British Columbia, reported Research Capital Corporation analyst Bill Newman in a Dec. 8, 2021 research note.
Research Capital Corporation's target price on Omineca is $0.75 per share, and the explorer's current share price is about $0.15, Newman indicated. Thus, the potential return on this mining equity is tremendous.
"We continue to believe that the recovery of first gold from the project will be a key catalyst for the stock," Newman wrote.
Research Capital Corporation has a Speculative Buy rating on Omineca Mining and Metals.
The Saskatchewan-based company's work at Wingdam in 2021 comprised maiden drilling and sampling, from rock, soil and stream sediment, Newman noted and summarized the results. Omineca did not make a major discovery but did confirm the presence of "considerable indicator mineralization" and "favorable lithology and structure needed to produce replacement-style mineralization," he wrote.
In analyzing the 2021 exploration data together with the previous year's, the company identified three priority exploration targets within the Wingdam hardrock gold project area: Skopos, Mary Creek and Roadcut Gossan. Omineca plans to tackle those in 2022 and already has exploration permits for the year in hand.
Newman briefly discussed each target. First on Omineca's exploration schedule is Skopos, with work to begin in Q1/22. To be done are an induced polarization (IP) survey of the area along with stratigraphic and diamond drilling. Skopos is the closest of the three targets to the Wingdam placer project, sitting to the south of it. Also, Skopos is on trend with Mary Creek, another new target.
Mary Creek is about 10 kilometers to the northwest of and on trend with Wingdam. The historic Toop mine sits along Mary Creek. Newman did not include in his report the work Omineca plans to do at this target or when.
As for Roadcut Gossan, it, too, is on trend with Wingdam, about 11 kilometers away, but unlike Mary Creek, to the southeast. This target is attractive because it may host gold mineralization in sediment, like that of the Spanish Mountain gold deposit, as suggested by the results of various prospecting efforts. Omineca is awaiting data from the IP and the mobile metal ions surveys that were done of Roadcut Gossan and expects to start work on that target in late 2022.
As for the underground placer gold component of the Wingdam project, it will garner Omineca's full attention throughout the rest of 2021. There, the company aims to and is getting close to being able to restart its bulk sampling program.
Research Capital Corporation has a Speculative Buy rating on Omineca Mining and Metals.
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Important Disclaimers for Research Capital Corp., Omineca Mining and Metals Ltd., Dec. 8, 2021
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