VANCOUVER, April 17, 2019 /CNW/ - GoldMining Inc. (the
"Company" or "GoldMining") (TSX: GOLD; OTCQX:
GLDLF) is pleased to announce that it has received a five-year
Type B Water Licence ("WL") and Type A Land Use Permit ("LUP") from
the Mackenzie Valley Land and Water Board ("MVLWB") for the
Nicholas Lake-Ormsby Property at its 100% owned, 12,120 hectare,
Yellowknife Gold Project (the "Yellowknife Project" or the
"Project"). The Company also announces that, further to its
press release dated March 4, 2019, it
has filed a National Instrument 43-101 ("NI 43-101") technical
report (the "Technical Report") documenting an updated mineral
resource for the Yellowknife Project.
The WL and LUP enable the Company to complete advanced
exploration work including diamond drilling, underground
development and operation of the existing camp, airstrip and winter
road. Additionally, two-year extensions were granted by the
MVLWB for two existing LUP's for the Goodwin Lake and Clan Lake
Properties.
Garnet Dawson, CEO of GoldMining
commented, "These new permits allow the Company to fast-track
surface and underground exploration and development programs to
further advance our Yellowknife Project. The ability to
mobilize equipment, fuel and other supplies from Yellowknife along the winter road will
substantially lower the overall cost of future exploration,
development and production compared to many other projects in
northern Canada that are not
accessible by road. The Company has executed on a disciplined
acquisition strategy of acquiring gold projects in the Americas.
Low-cost advancements such as these permitting milestones at
the Yellowknife Project de-risk and unlock value for future
development."
Yellowknife Project Technical Report
The Technical Report, dated effective March 1, 2019, is titled "Independent Technical
Report for the Yellowknife Gold Project, Northwest Territories, Canada." The
Technical Report was authored by Ben
Parsons, MAusIMM (CP), of SRK Consulting (U.S.) Inc.,
Dominic Chartier, PGeo, SRK
Consulting (Canada) Inc. and
Eric Olin (CP) of SRK Consulting
(U.S.) Inc., who are qualified persons within the meaning of NI
43-101, are independent of the Company and have reviewed and
approved the disclosure regarding the resource estimate for the
Yellowknife Project disclosed herein.
The Yellowknife Project is located in the northern portion of
the underexplored Yellowknife Greenstone Belt, host to historic
gold mines including the Con and Giant Mines located adjacent to
the city of Yellowknife and the
Discovery Mine, located on GoldMining's property. The Project
contains several gold deposits that were the subject of an updated
mineral resource estimate as documented in the Technical
Report. The mineral resource estimate includes a measured and
indicated resource of 14,108,000 tonnes grading 2.33 g/t gold
(1,059,000 ounces) and an inferred resource of 9,302,000 tonnes
grading 2.47 g/t gold (739,000 ounces) using a variable cut-off of
0.5 and 1.5 g/t gold for pit constrained and potential underground
resources, respectively (Table 1).
Table 1: Mineral Resource Statement1, Yellowknife
Gold Project, Northwest
Territories, SRK Consulting (U.S.), Inc., March 1, 20192.
Deposit
Type
|
Deposit
Area
|
Resource
Category
|
Quantity
|
Average
|
Contained
Metal
|
000's
|
Grade
|
000's
|
Tonnes
|
Au
g/t
|
Au
Oz
|
Pit
Constrained
|
Ormsby3,4
|
Measured
|
1,176
|
2.12
|
80
|
Subtotal
|
1,176
|
2.12
|
80
|
Ormsby3,4
|
Indicated
|
10,568
|
2.25
|
766
|
Bruce3,4
|
244
|
1.85
|
15
|
Clan
Lake3,4
|
0
|
0.00
|
0
|
Nicholas
Lake3,4
|
1,550
|
2.72
|
137
|
Subtotal
|
12,362
|
2.31
|
917
|
Subtotal
|
Measured &
Indicated
|
13,538
|
2.29
|
997
|
Ormsby3,4
|
Inferred
|
1,382
|
2.30
|
102
|
Bruce3,4
|
591
|
1.80
|
34
|
Clan
Lake3,4
|
1,548
|
1.82
|
91
|
Goodwin
Lake3,4
|
870
|
1.18
|
33
|
Nicholas
Lake3,4
|
1,073
|
2.15
|
74
|
Subtotal
|
5,464
|
1.90
|
334
|
Underground
|
Ormsby5,6
|
Indicated
|
524
|
3.41
|
57
|
Bruce5,6
|
37
|
2.87
|
3
|
Clan
Lake5,6
|
0
|
0.00
|
0
|
Nicholas
Lake5,6
|
10
|
2.95
|
1
|
Subtotal
|
571
|
3.36
|
62
|
Ormsby5,6
|
Inferred
|
1,423
|
3.69
|
169
|
Bruce5,6
|
502
|
2.94
|
48
|
Clan
Lake5,6
|
1,226
|
2.74
|
108
|
Nicholas
Lake5,6
|
687
|
3.59
|
80
|
Subtotal
|
3,838
|
3.28
|
405
|
All
|
Total
|
Measured &
Indicated
|
14,108
|
2.33
|
1,059
|
Total
|
Inferred
|
9,302
|
2.47
|
739
|
Table 1
Notes:
|
|
1.
|
Mineral resources are
not mineral reserves and do not have demonstrated economic
viability. There is no certainty that all or any part of the
mineral resources will be converted into mineral reserves. The
estimate of mineral resources may be materially affected by
environmental permitting, legal, title, taxation, sociopolitical,
marketing or other relevant issues.
|
2.
|
All quantities are
rounded to the appropriate number of significant figures;
consequently, sums may not add up due to rounding.
|
3.
|
Pit constrained
resources with reasonable prospects of eventual economic extraction
stated above a 0.50 g/t Au cut-off.
|
4.
|
Pit optimization is
based on an assumed gold price of US$1,500/oz, metallurgical
recovery of 90%, mining cost of US$2.00/t and processing and
G&A cost of US$23.00/t.
|
5.
|
Underground resources
with reasonable prospects of eventual economic extraction stated as
contained within gold grade shapes above a 1.50 g/t Au
cut-off.
|
6.
|
Mineral resource
tonnage and grade with reasonable prospects of eventual economic
extraction are reported as undiluted and reflect a bench height of
3.0 m.
|
Readers should refer to the Technical Report, a copy of which is
available under the Company's profile at www.SEDAR.com, for further
information regarding the resource estimate contained herein and
the Project.
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 NI
43-101 and is a member of the Association of Professional
Geoscientists of Ontario.
About GoldMining Inc.
GoldMining 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.
Forward-looking Statements
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 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.
Investors are cautioned that all forward-looking statements
involve risks and uncertainties, including: 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. 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.
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SOURCE GoldMining Inc.