Highlights:
- Yarumalito acquisition will further expand GoldMining's
portfolio of gold-copper projects in the Mid Cauca Belt of central
Colombia;
- Total consideration will be comprised of $1,200,000, payable in common shares, and
$200,000, payable in cash;
- The Mid Cauca Belt is host to several multi-million ounce gold
deposits including Buritica (Continental Gold Inc.), Titiribi and
La Mina (GoldMining), Nuevo Chaquiro (Anglogold Ashanti Limited –
B2Gold Corp.) and Marmato (Gran Colombia Gold Corp.);
- Yarumalito hosts both bulk-tonnage, gold-copper porphyry and
high-grade, intermediate sulphidation epithermal systems with six
geophysical and geochemical targets identified on the Project;
- 18,540 m of historic drilling (55
holes) completed on the Project, primarily focused on two targets;
and
- Upon closing, GoldMining intends to engage an independent
qualified person to verify historic exploration results and
undertake a resource estimate assuming sufficient sampling density,
which will be documented in an updated technical report.
VANCOUVER, Nov. 4, 2019 /CNW/ - GoldMining Inc. (the
"Company" or "GoldMining") (TSX: GOLD; OTCQX:
GLDLF) is pleased to announce that it has entered into an
agreement (the "Agreement") with Newrange Gold Corp.
("Newrange"), to indirectly acquire a 100% interest of the
Yarumalito Gold Project ("Yarumalito" or the
"Project") located in central Colombia.
Amir Adnani, Chairman of
GoldMining, commented: "With our third acquisition in the Mid Cauca
Belt, we continue to consolidate a district-scale property package,
which we believe will provide optionality through future
exploration, joint venture or cash-generating transactions."
Garnet Dawson, CEO of GoldMining,
commented: "Our team believes the Mid Cauca Belt of Colombia is one of the more underexplored
gold-copper belts in the world. Yarumalito has seen
significant exploration by Newrange and senior mining company
partners, including 18,540 metres of drilling in 55 holes,
metallurgical testwork and historic small-scale underground
development and production by the original owner. Upon
closing, we plan to commission an updated technical report for the
Project as well as identify opportunities for follow-up
exploration.
The Agreement
Pursuant to the Agreement, a wholly owned subsidiary of
GoldMining will acquire the Yarumalito Project and related assets
from a wholly-owned subsidiary of Newrange. Total
consideration payable by GoldMining to Newrange under the
transaction will be: (i) $1,200,000,
payable in common shares of GoldMining (the "GoldMining Shares");
and (ii) $200,000, payable in cash,
of which, $25,000 has been advanced
as a deposit. The issue price of the share consideration will be
based on the volume-weighted average price of the GoldMining Shares
on the Toronto Stock Exchange for the five trading days prior to
closing.
Newrange will retain a 1% net smelter returns royalty, which can
be purchased by GoldMining at any time before the completion of a
feasibility study on the Project for total consideration of
$1,000,000.
The GoldMining Shares to be issued under the transaction are
subject to a four month and one day hold period and certain
additional resale restrictions pursuant to the terms of the
Agreement.
The transaction is subject to customary closing conditions,
including receipt of requisite third party and regulatory consents
and approvals. The parties currently expect closing to occur
by December 2, 2019.
The Project
Yarumalito is located approximately 75 km southwest of the city
of Medellin in the Department of
Antioquia in Central Colombia and
approximately 40 km south of GoldMining's La Mina Project (Fig.
1). The Project is comprised of one concession for a total
area of approximately 1,453 Ha. Nearby projects include Anglogold
Ashanti Limited's advance-stage Nuevo Chaquiro copper-gold project
and Gran Colombia Gold Corp.'s Marmato Gold Mine. The Project is
accessible by paved road with nearby high-capacity power lines,
water and labour.
The Project is largely underlain by volcano-sedimentary rocks of
the Miocene Combia Formation and comagmatic intrusive bodies of
intermediate composition. Gold-copper porphyry stockwork
mineralization is spatially related to the intrusive bodies with
younger, intermediate sulphidation epithermal veins cross-cutting
the porphyry mineralization. The epithermal veins commonly trend
northwest and have steep to sub-vertical dips to the southwest.
Newrange has disclosed that exploration programs by Newrange and
their senior mining company partners from 2008 to 2013 outlined
several geophysical and geochemical anomalies across the property
including the Obispo, La Suiza, Balastreras, Escuela, El Guaico and
El Sucre targets. Diamond drill programs (18,540 m in 55 holes) during that period
primarily focused on the Balastreras-Escuela mineralization, which
has a surface projection of approximately 1,700 m by 400 m
and is intersected in drill holes and underground workings to a
depth of 600 m (Table 1).
Table 1: Selected historic drill intersections from the
Balastreras-Escuela targets.
Drill
Hole
|
From (m)
|
To (m)
|
Interval
(m)
|
Gold (g/t)
|
Copper (%)
|
Comment
|
YAR-06
|
0
|
257.0
|
257.0
|
0.50
|
0.10
|
Stockwork
Mineralization
|
Including
|
131.8
|
257.0
|
125.2
|
0.66
|
0.13
|
Stockwork
Mineralization
|
YAR-07
|
0
|
124.0
|
124.0
|
0.54
|
0.12
|
Stockwork
Mineralization
|
Including
|
75.0
|
124.0
|
49.0
|
0.63
|
0.13
|
Stockwork
Mineralization
|
YAR-08
|
0
|
250.0
|
250.0
|
0.51
|
0.13
|
Stockwork
Mineralization
|
Including
|
83.1
|
102.55
|
19.45
|
0.79
|
0.19
|
Stockwork
Mineralization
|
Including
|
175.0
|
232.6
|
57.6
|
0.82
|
0.17
|
Stockwork
Mineralization
|
YAR-11
|
0
|
141.4
|
141.4
|
0.77
|
0.09
|
Assays capped at 10
g/t gold
|
Including
|
55.5
|
141.4
|
85.9
|
1.02
|
0.08
|
Assays capped at 10
g/t gold
|
Including
|
138.15
|
140.00
|
1.85
|
33.75
|
0.04
|
Vein
|
YAR-14
|
75.10
|
170.60
|
95.50
|
0.70
|
0.09
|
Stockwork
Mineralization
|
YAR-23
|
4.00
|
120.80
|
116.80
|
0.49
|
0.08
|
Stockwork
Mineralization
|
Including
|
76.00
|
92.10
|
16.10
|
1.00
|
0.10
|
Stockwork
Mineralization
|
YAR-24
|
0
|
151.00
|
151.00
|
0.64
|
0.07
|
Stockwork
Mineralization
|
Including
|
41.90
|
44.00
|
2.10
|
12.67
|
-
|
Vein
|
Including
|
74.50
|
124.00
|
49.50
|
0.82
|
0.07
|
Stockwork
Mineralization
|
GoldMining has not completed sufficient work to verify these
exploration and drilling results, however the Company believes the
historical exploration work is relevant to any future exploration
and as an indication of the potential of the Project. A
technical report was completed prior to these exploration programs
for Newrange by Richard J. Thompson
of Thompson Consulting titled "Yarumalito Project Technical Report"
with an effective date of November
30, 2006.
GoldMining intends to engage an independent qualified person to,
among other things, complete a technical report for GoldMining on
the Project, including verifying historic exploration results and,
assuming sufficient sample density, completing a resource estimate
for the Project.
GoldMining expects future exploration programs will look to
expand mineralization outlined at the Balastreras-Escuela targets
and drill test the remaining four geophysical and geochemical
anomalies.
Qualified Person
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.
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 completion of the
acquisition of the Project. 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 that the acquisition of the Project will
complete as contemplated and that the conditions under the
Agreement will be satisfied. 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, the uncertainties involved
in 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
its projects, and that GoldMining may not be able to confirm
historical exploration results. 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.