Omineca Mining and Metals Ltd. (OMM:TSX.V; OMMSF:OTCMKTS) has a drill program in progress at its Wingdam paleoplacer mining project in British Columbia, reported Research Capital Corp. analyst Bill Newman in a September 30, 2022 research note. Completion is targeted for November, after which results are expected.
"We look forward to the assay results, which may provide a near-term catalyst for the stock," Newman commented.
Research Capital has a Speculative Buy rating on Omineca.
Research Capital projects the Canadian mining company's share price could eventually reach CA$0.75. This suggests significant return potential for investors from where Omineca's stock is currently trading, at about CA$0.11 per share.
To date, at Wingdam, Newman pointed out, "very little systematic work" has been done to locate the source of the placer gold found beneath the Lighting Creek Valley. The current 2,800 meters (2,800m) drill program is a step toward remedying that.
Specifically, Omineca is testing the Skopos and Mary Creek targets.
At Skopos, the company already completed 1,400m of drilling in seven holes and has started the logging and sampling process. Skopos is about 900m south of the Wingdam underground placer project.
Next is Mary Creek, where Omineca intends to drill 1,400m in six to seven holes. Mary Creek is about 6 kilometers to the northwest of and on trend with the Wingdam mine.
Research Capital has a Speculative Buy rating on Omineca.
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Disclosures for Research Capital Corp., Omineca Mining and Metals Ltd., September 30, 2022
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