Highlights:
- Acquisition of Almaden, a historic resource-stage gold project
in west-central Idaho will further
expand GoldMining's portfolio of gold projects located in mining
friendly jurisdictions of the Americas;
- 70,234 m of historic drilling
(934 holes) completed on the Project, which hosts outcropping,
low-sulphidation epithermal gold mineralization;
- Projects with similar style of mineralization to Almaden
include Hecla Mining's Hollister
and Midas Mines in northern Nevada, and Integra Resources' Delamar and
Florida Canyon projects in southwest Idaho;
- The total purchase price will be $1,150,000, comprised of common shares and cash;
and
- GoldMining intends to engage an independent qualified person to
complete a technical report including a current resource estimate
upon closing.
VANCOUVER, Feb. 24, 2020 /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 Sailfish Royalty Corp. and
its subsidiary (collectively, "Sailfish"), to indirectly
acquire a 100% interest in the Almaden Gold Project
("Almaden" or the "Project"), located in west-central
Idaho.
Garnet Dawson, CEO of GoldMining,
commented: "This acquisition continues our strategy of
consolidating quality resource-stage projects in the Americas.
The transaction is a win for both companies as it is
accretive to GoldMining, while allowing Sailfish to focus on its
royalty business. Our next step after completing this
acquisition will be to complete a current resource estimate on the
Project."
The Agreement
Pursuant to the Agreement, the total consideration payable by
GoldMining on closing of the transaction will be $1,150,000, comprising of: (i) $575,000, payable in common shares of GoldMining
(the "GOLD Shares"); and (ii) $575,000, payable in cash.
The issue price of the share consideration will be based on the
volume-weighted average price of the GOLD Shares on the Toronto
Stock Exchange for the five trading days prior to closing.
Such shares will be 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,
amongst others, including receipt of requisite Toronto Stock
Exchange approval. The parties currently expect closing to
occur in March 2020.
Almaden Project
The Almaden Project is located approximately 140 road km north
of Boise and approximately 24 km
east of Weiser in Washington County, Idaho. Access to the
project is by well-maintained paved and gravel roads, which exit
east of U.S. Highway 95 at Weiser. The closest high-voltage
power transmission line (230 kV) is located 10 km east of the
Project. The Project is comprised of two lease holdings (12
patented mining claims and one mining lease) and 210 unpatented
lode mining claims for a total area of approximately 1,724 Ha.
The Almaden Project is one of several low-sulphidation
epithermal gold deposits related to the Northern Nevada Rift that
includes Hecla Mining Company's Hollister and Midas Mines in northern
Nevada, Integra Resources Corp.'s
Delamar and Florida Canyon projects in southwest Idaho and Paramount Gold Nevada Corp.'s
development-stage project across the border in Oregon.
The relatively flat lying, near surface, disseminated gold
mineralization at Almaden is hosted in sinter and silicified (opal)
sedimentary rocks of the Miocene Payette Formation that are
underlain by chalcedonic veins and stockworks. Mineralization
is interpreted to have formed in a hot-springs environment in the
upper levels of an epithermal system. Gold mineralization is
associated with intense silicification and argillic alteration that
measures approximately 1,900 m long
by 500 m wide by 150 m thick. The deposit was intermittently
drilled from 1980 to 2012 by several companies including Homestake
and Amax Gold Inc. Most of this drilling was by vertical
holes within 100 m of surface with
over 200 holes ending in mineralization.
The Project was the subject of a historic resource estimate
completed by Western Standard Metals Ltd. ("Western Standard") in
2009. The historical resource estimate was based on 886 drill
holes (61,980 m of drilling) that
included both rotary and reverse circulation (87%) and diamond
drilling (13%). The resource estimate is historical in nature
and will not be treated as a current resource estimate by the
Company as a qualified person has not done sufficient work on
behalf of the Company to classify the historical estimate as a
current mineral resource. Western Standard disclosed the
historic estimate in a technical report completed for it by
Paul Tietz, P.Geo. and Michael M. Gustin, P.Geo. of Mine Development
Associates titled "Technical Report, Almaden Project, Washington County, Idaho", with an effective
date of August 31, 2009, a copy of
which is available under Western Standard's profile on
SEDAR.
Subsequent to the historical resource estimate, Western Standard
completed an additional 48 diamond drill holes (8,254 m of drilling) in 2011 and 2012 to test for
high-grade feeder mineralization, provide sample material for
metallurgical test work and confirm historic rotary and reverse
circulation sampling results. Selected drill intercepts from
the 2011 to 2012 drill program are shown in Table 1.
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.
GoldMining intends to engage an independent qualified person to,
among other things, verify historic sampling and results, examine
the cut-off grade with reference to today's metal prices, and
complete a technical report, including a current resource
estimate.
Table 1: Almaden Project – select drill hole intercepts from the
2011 and 2012 programs.
Drill
Hole
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
TAL-751C
|
0.0
|
53.3
|
53.3
|
1.083
|
Including
|
7.6
|
19.8
|
12.2
|
2.225
|
TAL-752C
|
9.1
|
94.5
|
85.4
|
0.840
|
MET-1
|
1.4
|
69.8
|
68.4
|
1.301
|
TAL-775C
|
0.0
|
61.6
|
61.6
|
1.223
|
Including
|
9.1
|
48.8
|
39.7
|
1.503
|
MET-2
|
0.0
|
76.2
|
76.2
|
1.195
|
Including
|
13.9
|
40.9
|
27.0
|
2.168
|
TAL-781C
|
0.0
|
61.6
|
61.6
|
1.100
|
Including
|
10.6
|
18.3
|
7.7
|
1.488
|
Including
|
21.3
|
39.6
|
18.3
|
1.408
|
TAL-785C
|
3.0
|
47.3
|
44.2
|
1.182
|
Including
|
10.7
|
29.0
|
18.3
|
2.032
|
MET-4
|
9.4
|
90.8
|
81.4
|
0.754
|
Including
|
26.2
|
52.9
|
26.7
|
1.020
|
TAL-787C
|
3.7
|
64.0
|
60.4
|
1.065
|
Including
|
16.8
|
38.1
|
21.3
|
1.881
|
TAL-792C
|
0
|
76.8
|
76.8
|
0.939
|
Including
|
4.6
|
16.8
|
12.2
|
1.435
|
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 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 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.