VANCOUVER, Feb. 22, 2018 /CNW/ - GoldMining Inc.
(the "Company" or "GoldMining") (TSX-V: GOLD; OTCQX:
GLDLF) is pleased to announce BRI Mineração Ltda.
("BRI"), a wholly-owned subsidiary of the Company, has
entered into a royalty purchase agreement (the "Agreement")
with certain royalty holders (the "Vendors") on the
Cachoeira Project. In addition, further to its press release
dated January 16, 2018, the Company
has filed a National Instrument 43-101 ("NI 43-101") technical
report (the "Technical Report") for its Crucero Project located in
the Department of Puno, southeastern Peru.
Paulo Pereira, President of
GoldMining, commented: "We are pleased to have reached an agreement
with several of the royalty holders on the Cachoeira Project, which
extinguishes a portion of the current advance royalty payment, as
well as making it more attractive in the future when the deposit is
developed or sold. In 2018, we will continue to look at
innovative ways to advance our portfolio of resource-stage gold
projects in the Americas to maximize value for our
shareholders".
Royalty Purchase Agreement
Pursuant to the Agreement, BRI will acquire the Vendors' 66.66%
interest in the existing 4.0% net production royalty (the
"Royalty") on the Company's Cachoeira Project, in
consideration (the "Consideration") for US$133,320 payable in cash to the Vendors, and
698,161 common shares of the Company.
The common shares of the Company to be issued under the
transaction are subject to a four month and one day hold period and
certain resale restrictions pursuant to the terms of the
Agreement.
Crucero Technical Report
The Technical Report, dated effective December 20, 2017, is titled "Technical Report on
the Crucero Property, Carabaya Province, Peru". The Technical Report was authored
by Mr. Greg Z. Mosher, M.Sc., P.Geo.
of Global Mineral Resource Services, who is a qualified person
within the meaning of NI 43-101 and is independent of the
Company.
The Technical Report includes the following resource estimate
for the Crucero Project at a 0.4 g/t gold cut-off (Tables 1 to
3).
Table 1: NI 43-101 indicated resource estimate for the A1
deposit.
Gold
Cut-off
|
Tonnage
|
Grade
|
Contained
Metal
|
(g/t)
|
(Mt)
|
Gold
(g/t)
|
Gold
(Moz)
|
2.0
|
876,000
|
2.3
|
64,000
|
1.0
|
13,504,000
|
1.4
|
606,000
|
0.8
|
19,617,000
|
1.2
|
783,000
|
0.6
|
25,378,000
|
1.1
|
912,000
|
0.4
|
30,653,000
|
1.0
|
993,000
|
0.2
|
33,019,000
|
1.0
|
1,013,000
|
0.0
|
33,341,000
|
0.9
|
1,013,000
|
Table 2: NI 43-101 inferred resource estimate for the A1
deposit.
Gold
Cut-off
|
Tonnage
|
Grade
|
Contained
Metal
|
(g/t)
|
(Mt)
|
Gold
(g/t)
|
Gold
(Moz)
|
2.0
|
827,000
|
2.4
|
63,000
|
1.0
|
14,265,000
|
1.4
|
656,000
|
0.8
|
21,662,000
|
1.3
|
874,000
|
0.6
|
28,958,000
|
1.1
|
1,038,000
|
0.4
|
35,779,000
|
1.0
|
1,147,000
|
0.2
|
38,706,000
|
0.9
|
1,173,000
|
0.0
|
39,479,000
|
0.9
|
1,174,000
|
Table 3: Assumptions utilized to establish the conceptual pit
for the purposes of the above resource estimate.
Parameter
|
Value
|
Unit
|
Gold Price
|
1,500
|
US$/oz
|
Mine Operating Cost
(Mineralization and Waste)
|
1.60
|
US$/t
mined
|
Process Operating
Cost
|
16.00
|
US$/t
milled
|
Overall Pit
Slope
|
47
|
Degrees
|
The Crucero Project occurs within the Puno Orogenic Belt, which
is host to orogenic gold deposits and associated extensive alluvial
deposits in eastern Peru and
Bolivia. The Project is road accessible by paved road from
Juliaca to the town of Crucero, approximately 150 km to the
northeast, with the remaining 50 km to the site by gravel
road. High-power electrical lines pass within 8 km of the
property.
The A1 deposit, as currently defined by trenching and drilling,
strikes northwest and dips vertically to steeply to the
northeast. The deposit is approximately 750 m long by 100 m
in width and has been traced to a vertical depth of 400 m, but most of the drilling is confined to
within 250 m of surface. The
deposit is open at depth and along strike to the northwest and
southeast. The structurally controlled gold mineralization is
associated with sulphide veins hosted within strongly deformed
metasedimentary rocks.
Historic exploration programs have focused on the A1 deposit,
however geophysical and geochemical surveys have identified
additional targets for follow-up exploration.
Qualified Person
The resource estimate disclosed herein on the Crucero Project
was prepared for GoldMining by Mr. Greg Z.
Mosher, B.Sc., M.Sc., P.Geo., of Global Mineral
Resource Services (the "Qualified Person"). Mr. Mosher is
recognized as a qualified person as defined in NI 43-101, is
independent of the Company and has reviewed and approved the
disclosure regarding the resource estimate for the Crucero Project
disclosed herein.
Paulo Pereira, President of
GoldMining Inc. has reviewed and approved the technical information
contained in this news release. Mr. Pereira holds a Bachelors
degree in Geology from Universidade do Amazonas in Brazil, is a Qualified Person as defined in
National Instrument 43-101 and is a member of the Association of
Professional Geoscientists of Ontario.
Cautionary Note
Investors are cautioned not to assume that any part or all of
the mineral deposits in the "measured", "indicated" and "inferred"
categories will ever be converted into mineral reserves with
demonstrated economic viability or that inferred mineral resources
will be converted to the measured and/or indicated categories
through further drilling. In addition, the estimation of
inferred resources involves far greater uncertainty as to their
existence and economic viability than the estimation of other
categories of resources. Under Canadian rules, estimates of
Inferred Mineral Resources may not form the basis of
pre-feasibility or feasibility studies.
About GoldMining Inc.
GoldMining Inc. is a public mineral exploration company focused
on the acquisition and development of gold assets in the
Americas. Through its disciplined acquisition strategy,
GoldMining now controls a diversified portfolio of resource-stage
gold and gold-copper projects in Canada, U.S.A., Brazil, Colombia and Peru. Additionally,
GoldMining owns a 75% interest in the Rea Uranium Project, located
in the Western Athabasca Basin of
Alberta, Canada.
This document contains certain forward-looking statements
that reflect the current views and/or expectations of GoldMining
with respect to its business and future events, including
expectations and future plans respecting its acquisition strategy
and the completion of the acquisition of the royalty interest, and
future plans respecting the Project and statements with respect to
the details of the mineral resource estimate. Forward-looking
statements are based on the then-current expectations, beliefs,
assumptions, estimates and forecasts about the business and the
markets in which GoldMining operates, including: (i) that the
acquisition of the royalty interest will complete as contemplated
and that the conditions under the Agreement will be satisfied, and
(ii) the inherent risks involved in resource estimation and the
exploration and development of mineral properties, the
uncertainties involved in resource estimation and interpreting
drill results and other exploration data, the potential for delays
in exploration or development activities, the geology, grade and
continuity of mineral deposits, the possibility that future
exploration, development or mining results will not be consistent
with GoldMiningꞌs expectations, accidents, equipment breakdowns,
title and permitting matters, labour disputes or other
unanticipated difficulties with or interruptions in operations,
fluctuating metal prices, unanticipated costs and expenses,
uncertainties relating to the availability and costs of financing
needed in the future, including to fund any exploration programs on
the Project. Investors are cautioned that all forward-looking
statements involve risks and uncertainties, including: that the
parties may not satisfy all of the conditions under the Agreement,
the inherent risks involved in the exploration and development of
mineral properties and uncertainties relating to the availability
and costs of financing needed in the future. These risks, as well
as others, including those set forth in GoldMiningꞌs filings with
Canadian securities regulators, could cause actual results and
events to vary significantly. Accordingly, readers should not place
undue reliance on forward-looking statements and information. There
can be no assurance that forward-looking information, or the
material factors or assumptions used to develop such forward
looking information, will prove to be accurate. GoldMining does not
undertake any obligations to release publicly any revisions for
updating any voluntary forward-looking statements, except as
required by applicable securities law.
Neither the TSX Venture Exchange, nor its Regulation Services
Providers (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
SOURCE GoldMining Inc.