Omineca Mining and Metals ltd. (OMM:TSX-V) is a junior Canadian exploration and development company formed in May 2011.
In May 2011, NovaGold Resources purchased the Copper Canyon Project from the company (1 NG share for 13.6 CPY shares) and the remaining assets, Abo and Kiwi, were reorganized as Omineca Mining and Metals Ltd. This company, also created by way of plan of arrangement, was spun-out on a 1 for 4 share basis to the shareholders.
The Sully Project
The company's flagship is the Sully Project located approximately 30km from the world-class Sullivan Mine in SE B.C. Omineca Mining and Metals has an option to acquire all the outstanding shares of Gravitas Metals who in turn hold an option to earn 80% of the Sully Project.
The main target of the Sully project is a prominent geophysical (gravity) anomaly, possibly indicative of sedimentary-exhalative (“sedex”) massive sulphide mineralization such as is found at Sullivan. Recent geophysical modeling suggests that previous drilling efforts stopped well short of the target depth. Analysis of existing drill core in the target area is encouraging and supports the interpreted potential for sedex-type base-metal mineralization at depth.
Diamond drilling to test the nature of the gravity anomaly commenced in late March 2012 and it is expected to take approximately 30 days to reach target depth.