Omineca Mining and Metals Ltd. (TSXV: OMM) (OTCQB: OMMSF) announced that its mining partner, PSI Group, has submitted an application for initial dewatering at the Fraser Canyon underground paleoplacer gold recovery project, located 12 kilometers northwest of Quesnel, British Columbia. The submission marks a significant step toward re-initiating gold recovery operations, with PSI also preparing a Notice of Work for a long-term mine plan and engineered ground support management program.
The project has garnered strong support from local Indigenous communities and municipal leadership. Following joint consultations and site visits, both the Lhtako and Nazko First Nations have addressed 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 their full support. PSI and Omineca are deeply committed to responsible development to create meaningful, ongoing benefits for these stakeholders.
PSI has begun preparatory work including mine engineering, planning, and equipment procurement. The project will benefit from 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. This contrasts with the historic drill-and-blast technology used previously, which limited production.
Key activities completed or in process include a mechanistic structural design and 3-D stress-strain model of the underground workings, development of advanced ground support material systems in partnership with HMI Company, and an archaeological assessment conducted with Tracker GPS Survey & Mapping Ltd. The archaeological protocol has been shared with and well received by First Nations.
Historically, the Fraser Canyon claims extend 11 kilometers along the Fraser River, encompassing a buried paleochannel. 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 used conventional drill-and-blast methods, with a 772-foot main drift and 13 crosscuts. That operation processed 9,932 loose cubic yards of pay gravel over 51 days, recovering 421.634 troy ounces of refined gold and 40.342 troy ounces of silver.
PSI will fully fund all costs associated with the project in return for a 75% share of recovered metals, with Omineca retaining a 25% zero-cost carried interest. The historical placer recovery figures are derived from past operator records and government filings predating NI 43-101. All scientific and technical information has been prepared by or approved by Stephen Kocsis, P.Geo., an independent qualified person under NI 43-101.
For further information, contact Tom MacNeill, President and CEO, at 306-653-2692. This release includes forward-looking statements subject to risks and uncertainties. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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