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Mining Company Concludes Field Program for Gold

Source: Streetwise Reports


September 26, 2023 ( Newswire) Omineca Mining and Metals has released an update on its gold projects in Canada. Read more to see why analysts like this company's stock.

According to a press release put out by the company, Omineca Mining and Metals Ltd. (OMM:TSX.V; OMMSF:OTCMKTS) has concluded its field program in the Cariboo Mining District, located in British Columbia. Omineca reports that the goal of the Summer 2023 field program was to acquire more data on the anomalous gold mineralization found in drilling on the Skopos target in 2022.

According to the company, anomalous gold values, magnetic geophysical data, and a polarity survey all reveal correlations that have led the company to believe a sampling program on the area may yield significant results.

The company also reports that it analyzed data collected from previous programs, including data from several of the company's previous drill targets, leading the company to identify five targets for future drilling.

Omineca also announced that it will provide an update on the Wingdam underground placer project once a timeline is determined.

Steady Gains for Gold

Rick Mills of Ahead of the Herd reported that as of September 11 of this year, gold had made incremental but steady gains.

According to Mills, gold has only risen by 6%, a slowdown fueled by a stronger American dollar.

However, Mills believes that gold still has a place in investment portfolios, saying, "the relatively weak performance in recent months is mostly a reflection of inflation being held under control and the global economy leaning away from a recession . . . however, there is still value to be had still, simply because gold, as an investment asset, can offer diversification in the long run."

Value Set To Rise

The technical analyst Clive Maund reviewed the company's stock positively in August and rated the company as "a Speculative Buy" for potential investors.

Maund commented, "Price/volume action over the past two months looks positive and suggests that it isn't going lower and should instead start higher soon." Maund notes that the company's stock may take a longer timeline to see increases in value.

There are a number of catalysts in Omineca's portfolio. The company recently reported in March that the Wingdam Gold Exploration & Placer Recovery initiative found 173.5 ounces of gold on the OMM Wingdam Project and has restarted underground operations on the project.

Ownership and Share Structure

Reuters provided a breakdown of the company's ownership and share structure, where management and insiders own 5.7% of the company. According to Reuters, President and CEO Thomas M. MacNeill owns 3.78% with 6.72 million shares, and CFO Andrew K. Davidson owns 1.92% with 3.41 million shares.

According to Reuters, in terms of institutions, Sprott Asset Management LP owns 5.11% of the company with 9.09 million shares.

Reuters reports that there are 178.03 million shares outstanding, with 167.9 million free float traded shares, 51.2 million warrants, and 10.3 million options. According to Reuters, the company has a market cap of CA$7.26 million, and trades in the 52-week period between CA$0.05 and CA$0.20.

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