Highlights:
- Yarumalito acquisition further expands GoldMining's portfolio
of gold-copper projects in the Mid Cauca Belt of central
Colombia;
- The Mid Cauca Belt is host to several multi-million ounce gold
deposits including Buritica (Continental Gold Inc. – Zijin Mining
Group Co., Ltd.), 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
mineralization;
- 18,540 m of historic drilling (55
holes) completed on the Project;
- GoldMining has engaged an independent qualified person to
verify historic exploration results and undertake a resource
estimate, which will be documented in an updated technical report;
and
- Total consideration of $1,200,000, payable in common shares, and
$200,000, payable in cash.
VANCOUVER, Dec. 3, 2019 /CNW/ - GoldMining Inc. (the
"Company" or "GoldMining") (TSX: GOLD; OTCQX:
GLDLF) is pleased to announce that, further to its news
release dated November 4, 2019, the
Company has completed its indirect acquisition of the Yarumalito
Gold Project located in Central
Colombia (the "Project").
Pursuant to the agreement, the Company's indirect subsidiary
paid $200,000 in cash and delivered
1,118,359 newly issued common shares of the Company to Newrange
Gold Corp. (the "Vendor" or "Newrange") in
consideration for the Project. In addition, the Company's
subsidiary granted the Vendor a 1% net smelter returns royalty,
which can be re-purchased by it at any time before the completion
of a feasibility study on the Project in consideration for
$1,000,000.
The GoldMining Shares issued under the transaction are subject
to a four month and one day hold period and certain additional
ongoing resale restrictions pursuant to the terms of the
agreement.
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.
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 has engaged an independent qualified person to, among
other things, complete a technical report for GoldMining on the
Project, including verifying historic exploration results and
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 four additional 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 Bachelor 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 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.
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 any future
exploration programs and other work on 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 historical
exploration results will be confirmed. Investors are cautioned that
all forward-looking statements involve risks and uncertainties,
including: 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
with respect to the Project, and that GoldMining may not be able to
confirm historical exploration results or complete an updated
resource estimate for 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.