Exploration and Resources

CAUTIONARY NOTICE : FORWARD LOOKING STATEMENTS

The information in this website contains forward looking statements, including statements about anticipated operating and financial performance and geological estimates. Such statements are no guarantees of future performance which is subject to risks and uncertainties only some of which are within the Company’s control, and any or all of which could cause the Company’s performance to be materially different from what directors may believe. Given the uncertainties associated with forward looking statements, readers are cautioned not to place undue reliance on them. The Company does not undertake to update any forward looking statements contained herein.

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GEOLOGY : Introduction

The geology of the Omagh Minerals License area OM1 is composed of rocks of Dalradian (a division of the pre Cambrian) age. They are composed of metamorphosed siltstones and sandstones, with some ultra-basic intrusives. Steeply dipping quartz veins are present, mostly on a north-south orientation, which carry more than one phase of mineralisation. The minerals present in the quartz veins are calcite, pyrite, galena, gold and silver with minor sphalerite, arsenopyrite and chalcopyrite. The rocks have been up-faulted in a block known as the Lack Inlier and part of the lithological sequence has been inverted by means of a thrust fault.
The Lack Inlier is faulted by the Omagh Thrust Fault which is a major feature and it is thought that the mineralisation is related to this structure.
The geology of OM4 is considered to overlie Dalradian rocks.
Geological Map of License Areas : Omagh Minerals Ltd

RESOURCES

The CIM / NI.43–101 compliant mineral resources as summarized in an independent report by ACA Howe (12^th June 2008) are as follows : (see full report : http://www.galantas.com/corporate/i/pdf/ACA_Howe_2008.pdf)

Two new vein discoveries are reported upon, named as McCombs vein and Eastern Lagoon vein, though no estimate of resources have been included for these discoveries.

EXPLORATION POTENTIAL

                                     

Omagh Minerals Ltd is engaged in examining some of the 50 plus targets that have already been identified. 

The Howe report  (link above) contains estimates of potential tonnage and grade of some of the available targets and classifies these by Resource Extension or Exploration. The potential quantity and grade is conceptual in nature and there has been insufficient exploration to define mineral resources in these areas. It is uncertain if further exploration will result in the targets being delineated as mineral resource. The exploration potential does not represent a mineral resource, does not have demonstrated economic viability and is disclosed in accordance with NI 43-101 Rules and Policies, Section 2.3, disclosed as potential quantity and grade, expressed as ranges, of a potential mineral deposit that is to be the target of future exploration. The report states, “However, the disclosed potential quantity and grade has been determined on the basis of reasonable extrapolation from known and defined resources and/or favorable geochemical/geophysical signatures and float/surface sampling, the results of which make these areas highly prospective”.

Table of Exploration Potential * (The 2008 Howe Report)

Target Name	Potential Tonnes  Range (t)		Potential Grade Range (g/t Gold)
RESOURCE EXTENSION TARGETS
	Low	High	Low	High
Kearney	400,000	600,000	4.5	9.0
Elkins	200,000	400,000	2.0	4.0
Joshua’s	190,000	380,000	2.0	4.0
Kerr	180,000	360,000	2.0	4.0
Gormley	230,000	460,000	3.3	6.5
Sammy’s	30,000	60,000	2.1	4.2
Prince’s	20,000	40,000	19	38
Garry’s	80,000	160,000	0.7	1.3
Total	1,330,000	2,460,000
EXPLORATION TARGETS
Peter’s	4,000	13,000	4.5	9.0
“63 gram”	33,000	101,000	4.5	9.0
North of Sammy’s Barn / East Cousins	135,000	810,000	4.5	9.0
Cornavarrow Burn East	60,000	360,000	4.5	9.0
Corlea Burn	60,000	360,000	4.5	9.0
Legphressy	60,000	360,000	4.5	9.0
Cousins	48,000	145,000	4.5	9.0
Total	400,000	2,149,000
TOTAL EXPLORATION POTENTIAL *	1,730,000	4,609,000

EXPLORATION PROGRAM

Omagh Minerals Limited has an active exploration program. Following a channel sampling program in the latter half of 2010, a drilling contractor has been engaged, starting at the end of February 2011 to core drill priority targets. Two rigs are operating on a contractor basis and a third rig has been purchased new. The new rig is commissioned, the crew is trained and the rig operating satisfactorily. The three rigs are expected to have a capacity of some 300 metres of core drilling per week. Up to 15,000 metres of core drilling is anticipated in the current program. The initial phase of the  program includes the Kearney vein, Joshua Vein, Kerr Vein and Elkins Vein systems.
The rig purchased is an Atlas Copco CS14 diamond coring rig. (As featured left) It has a drilling capability of 800 metres (when vertical), with an H size drill string. (1200 metres at N size) It is capable of drilling at angles between 45 and 90 degrees. It is diesel powered and is towable behind a tractor or excavator.
A fourth tracked rig has been purchased. A used machine, it requires conversion and refurbishment and this is underway.