Omai Gold Mines Corp (CVE: OMG) (OTCMKTS: OMGGF) (FRA: 0N2) shares climbed to an all-time high Tuesday after the company released an updated mineral resource estimate for its flagship project in Guyana.
The TSX-V-listed stock surged about 10 per cent to C$2.34 in Toronto, pushing the company’s market capitalization to roughly C$1.58 billion. Omai Gold Mines ranked among the top movers on the TSX Venture Exchange that session, with heavy volume reflecting investor interest in the resource growth. Shares have risen by over 90 per cent in the past six months.
The new estimate totals 7.96 million ounces of gold. It includes 2.495 million ounces in the indicated category at 2.04 grams per tonne and 5.465 million ounces inferred at 1.59 grams per tonne.
The overall resource rose 22 per cent from the prior estimate, driven largely by gains at the Wenot deposit. Indicated ounces there jumped nearly 50 per cent to 1.453 million while the adjacent Gilt Creek underground deposit added substantially to its inferred category.
The Omai project sits in central Guyana on a former mine site that produced more than 3.7 million ounces between 1993 and 2005. The Canadian explorer controls 100 per cent of the brownfield asset and plans to combine open-pit mining at Wenot with underground operations at Gilt Creek. Existing roads and power lines connect the site to the nation’s cities Georgetown and Linden.
Read more: NevGold reports more positive drill results as gold-antimony resource estimate nears
Recent drilling uncovers wide gold zones
Broad intervals of gold mineralization from the latest drill holes played a central role in the resource expansion. In February and March 2026, crews intercepted multiple long runs at the Wenot deposit, including 1.94 grams per tonne over 30.3 metres and 2.07 grams per tonne over 27.4 metres in central areas. Another one of the holes returned 1.45 grams per tonne across 44.4 metres.
These results, drawn from roughly 18,000 metres drilled since the last estimate, enabled engineers to widen the Wenot pit shell, extend mineralization at depth and convert about 483,000 ounces from inferred to indicated. The intercepts also supported growth at Gilt Creek, where modelling added 26 mineralized zones.
The company continues a 50,000-metre drill program aimed at further upgrading resources ahead of an updated preliminary economic assessment expected in the coming months. Chief executive Elaine Ellingham says drill campaigns in Guyana are very economical.
“The cost of drilling is a fraction of the cost that you would pay in Nevada or alot of other places,” she said in a recent interview.
Guyana builds a major gold district
Guyana’s gold sector employs more than 20,000 people and draws increasing attention from public operators. The nation is currently on track to producing an aggregate 500,000 ounces by the end of 2026.
Among other notable companies in the industry is G Mining Ventures Corp (TSE: GMIN) (OTCMKTS: GMNIF) (FRA: W97), which runs the fully permitted Oko West project and recently announced a roughly C$3 billion acquisition of G2 Goldfields Inc (TSE: GTWO) (OTCMKTS: GUYGF).
G Mining secured a 20-year license for Oko West at the end of 2025. G2 Goldfields has been advancing the nearby Oko-Ghanie project. The takeover is expected to close by the end of Q2.
Mako Mining Corp (CVE: MKO) (OTCMKTS: MAKOF) (FRA: GQR0) also maintains a presence in the broader Guiana Shield region while Aris Mining Corp (TSE: ARIS) (NYSE: ARIS) (FRA: ZP1) develops its Toroparu Project.
The country offers a stable mining regime and improving infrastructure, positioning it as one of South America’s emerging gold hotspots alongside projects in Suriname and northern Brazil.
Read more: NevGold positions Nevada project for near-term antimony output
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