PSI submits dewatering application for Fraser Canyon placer project

  Saskatoon, Saskatchewan – TheNewswire - July 21, 2026 – Omineca Mining and Metals Ltd. (TSXV: OMM) (OTCQB: OMMSF) ("Omineca" or the "Company") is pleased to report that its mining partner PSI Group (“PSI”) has submitted the application for initial dewatering at the Fraser Canyon underground paleoplacer gold recovery project (the “Fraser Canyon Project”), located 12 kilometers northwest of Quesnel, BC. PSI is currently preparing a Notice of Work (“NOW”) submission inclusive of a long term mine plan and engineered ground support management program. Further updates will be announced as progress is made towards re-initiating underground paleoplacer gold recovery aimed to start later this year.

Once all preparation and permitting is in place, PSI plans to re-enter the underground workings and immediately begin mining the unrecovered placer gold bearing material (see Maps #2) remaining between the herring bone patterned historic crosscuts within the paleochannel.   PSI and Omineca are also pleased to announce that, 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 for the Fraser Canyon Project. PSI and Omineca are deeply committed to responsible development of the project to create meaningful, ongoing benefits for the Lhtako and Nazko First Nations, the City of Quesnel, and the Province of BC.   Click Image To View Full Size  Maps: PSI Group Readies Fraser Canyon Paleoplacer Gold Project PSI has begun preparatory work including mine engineering, planning, and equipment procurement to re-initiate placer gold recovery at the Fraser Canyon Project.  The project will benefit from the use of modern mining methods, technologies, and machinery, which will dramatically increase output from the operations when compared to drill and blast technology used previously.  Specifically, PSI will be using multiple self-propelled roadheaders designed for rock cutting and tunnelling, which will allow for continuous excavation and loading.

Additionally, a pre-sorting and gold recovery operation underground is also planned to further expedite processing time and facilitate continuous mining and processing all year round.   PSI’s activities and work completed and in process to date include:   Completed a mechanistic structural design and full 3-D stress-strain model of the Fraser Canyon underground workings and have established the mechanical mining systems and procedures required to enhance safety, materials handling efficiency, reduce environmental impact, and ensure cost effective mining.   Once dewatering is complete, PSI will be conducting a 3-D laser survey of the existing  underground workings to gain information required for accurate ground support design and analysis.   Along with ground support materials supply partner HMI Company, PSI has developed advanced ground support material systems specifically designed for the underground conditions at the Fraser Canyon Project. These systems will enable 100% extraction and real-time backfilling using mine tailings underground for a more productive, safer, reduced surface impact and lower carbon footprint mining method.   Completed an archaeological assessment in conjunction with Tracker GPS Survey Mapping Ltd at the Fraser Canyon Project site and have developed a go-forward plan for continued archaeological assessment as the project proceeds.   The archaeological assessment protocol has been shared with and well received by First Nations as appropriate measures to ensure respect and consultation.     Historic Paleoplacer Mining at the Fraser Canyon Project Area The Fraser Canyon Property claims extend 11 kilometers along the Fraser River encompassing a known buried paleochannel that trends south-southeast. Historically, up to 1986, the Canyon and Tertiary Mines collectively produced 1,482 oz of raw placer gold (see above Historical Workings Map).

In 1986, underground development was conducted at the Canyon Mine using conventional drill-and-blast methods. A 772-foot main drift was advanced along the center of the gold-enriched paleochannel, with 13 alternating left and right crosscuts each 50–100 feet long. That operation produced 10,804 loose cubic yards of pay gravel over a 100-day period.

The surface washplant operated for 51 of 100 total mining days, processing 9,932 loose cubic yards of pay gravel recovering 421.634 troy ounces of refined gold and 40.342 troy ounces of silver.   As Omineca’s mining partner, PSI will fully fund all costs associated with the exploration, development, engineering, mining, and operating capital and expenses of the Fraser Canyon Project in return for a 75% share of recovered metals from placer operations, with Omineca retaining a 25% zero-cost carried interest.   *The historical placer recovery figures disclosed in this news release are derived from past operator records, government filings and technical reports that pre-date the implementation of NI 43-101.   Qualified Person All scientific and technical information in this news release has been prepared by, or approved by Stephen Kocsis, P.Geo. Mr. Kocsis is an independent qualified person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.   About Omineca Mining and Metals Ltd.   Wingdam, BC Omineca’s flagship Wingdam hard rock exploration and placer gold recovery projects are located along the Barkerville Highway 45 km east of the City of Quesnel. The Wingdam Property includes mineral tenures totaling 61,392 hectares (613 square kms) and in excess of 15 linear kilometers of placer claims, both encompassing the Lightning Creek valley where topographic conditions created thick layers of overburden, which preserved a large portion of a buried paleochannel containing placer gold-bearing gravels.

Omineca also has a program exploring for the potential multiple hard rock sources of the placer gold at Wingdam.   Fraser Canyon, BC Part of Omineca’s original acquisitions in the Cariboo Mining District, the Fraser Canyon Project located 12 kilometers northwest of Quesnel, BC, is now slated to reinitiate the development of the underground paleochannel for the recovery of placer gold. Historically, two mines north and south of the Fraser River collectively produced 1,482 oz of raw placer gold.   For further information, please contact:   Tom MacNeill President and CEO 306-653-2692   Forward Looking Statements This release includes forward-looking statements regarding Omineca and its business.  Such statements are based on the current expectations and views of future events of Omineca’s management.  In some cases, the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements.  The forward-looking events and circumstances discussed in this release may not occur and could differ materially with other factors beyond the control of Omineca.  No forward-looking statement can be guaranteed.  Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information.  Accordingly, readers should not place undue reliance on any forward-looking statements or information.  Forward-looking statements speak only as of the date on which they are made and Omineca undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.   Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.   Copyright (c) 2026 TheNewswire - All rights reserved. TheNewsWire July 21, 2026 - 6:00 AM PDT News by QuoteMedia www.quotemedia.com