Omineca Signs MOU To Fully Fund Fraser Canyon, The Company's Second Placer Gold Recovery and Exploration Project

Core Viewpoint - Omineca Mining and Metals Ltd. has signed a Memorandum of Understanding (MOU) with PSI Group, where PSI will fully fund the Fraser Canyon Project in exchange for a 75% share of recovered metals, while Omineca retains a 25% zero-cost carried interest [1][9]. Project Overview - The Fraser Canyon Project is located 12 kilometers northwest of Quesnel, BC, and encompasses a known, buried paleochannel along the Fraser River [2][3]. - Historically, the Canyon Mine and Tertiary Mine produced a total of 1,482 ounces of raw placer gold before 1986 [2][3][16]. Strategic Partnership Details - PSI Group will assume full responsibility for all capital and operational expenditures, including engineering, exploration, development, mining operations, and site reclamation [9]. - The partnership aims to expedite the initiation of a trial mining and placer gold recovery program in 2026, with a Notice of Work (NOW) submission targeted for Q1 2026 and trial mining expected to begin by Q4 2026, pending regulatory approvals [8][9]. Mining Operations and Technology - PSI plans to utilize modern technologies, including multiple roadheaders, to enhance excavation efficiency and reduce processing time [5][6]. - A pre-sorting and gold recovery operation is planned to facilitate continuous mining and processing throughout the year [6]. Ownership and Future Plans - The MOU allows PSI to earn up to a 50% ownership interest in the project components through performance-based milestones [10]. - Omineca and PSI are working towards a definitive agreement based on the MOU terms, which will be announced once finalized [10]. Historical Context - The Fraser Canyon Project has a history of mining operations, with the Canyon Mine employing conventional methods to produce significant amounts of gold and silver in the past [4][11].