Highlights:
- Resource estimate completed for the Almaden Project with
910,000 ounces gold grading 0.65 g/t gold in the indicated
category and 160,000 ounces gold grading 0.56 g/t gold in
the inferred category (Table 1);
- Historic drilling (70,234 m in
934 holes) and metallurgical test work completed on the Project,
which hosts outcropping, low-sulphidation epithermal gold
mineralization;
- Similar mineralization occurs at Hecla Mining's Hollister and Midas Mines in northern
Nevada, and Integra Resources'
Delamar and Florida Canyon development projects in southwest
Idaho; and
- Increases GoldMining's global (11 projects, 5 countries)
aggregated mineral resource (Fig. 1 and Table 2) to:
-
- 11.4 Moz gold (14.3 Moz gold equivalent) in the measured
and indicated categories; and
- 13.8 Moz gold (16.6 Moz gold equivalent) in the inferred
category.
VANCOUVER, June 3, 2020 /CNW/ - GoldMining Inc. (the
"Company" or "GoldMining") (TSX: GOLD; OTCQX:
GLDLF) is pleased to announce a mineral resource estimate
for its 100% owned Almaden Gold Project ("Almaden" or the
"Project") located in Idaho.
The mineral resource estimate was prepared by Global Mineral
Resource Services of Vancouver,
Canada and includes a pit constrained indicated resource of
43,470,000 tonnes grading 0.65 g/t gold (910,000 ounces) and an
inferred resource of 9,150,000 tonnes grading 0.56 g/t gold
(160,000 ounces) using a 0.3 g/t gold cut-off.
Garnet Dawson, CEO of GoldMining,
commented:
"Almaden's near surface resource is mostly in the indicated
category (approximately 85%), which facilitates potential economic
studies without the major expense of infill drill programs to
upgrade inferred resources to measured and indicated
categories.
Future exploration programs will look to model metallurgical
recoveries across the deposit along with additional metallurgical
test work to determine potential processing scenarios before
undertaking a potential future preliminary economic assessment.
Exploration potential and upside for future resource growth
is believed to be high given the shallow average depth of existing
drilling of approximately 75 metres.
Together with our resource estimate for our Yarumalito
project, the Almaden resource estimate marks the second resource
estimate completed by our team in 2020. This is a testament
to our team's continued dedication to our long-term strategy and
builds on the value generated by our recent
acquisitions."
Figure 1: GoldMining's Gold Resource Acquisitions in the
Americas from 2012 to 2020 (See Table 2 for information on
individual estimates).
Almaden Project
The Almaden Project covers approximately 1,724 Ha and is located
140 km by road north of Boise and
24 km east of Weiser in
Washington County, Idaho.
Almaden 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 and
Integra Resources Corp.'s Delmar and Florida Canyon projects in
southwest Idaho.
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 (70,234 m in 934 holes) from 1980 to 2012 by
several companies including Homestake and Amax Gold Inc.
Resource Estimate
The following table sets forth the mineral resource estimate for
the Almaden Gold Project, which has an effective date of
April 1, 2020.
Table 1: Almaden Resource Estimate1 using a 0.3 g/t
gold cut-off.
Classification
|
Tonnes
|
Gold
Grade
|
Gold
Ounces
|
g/t
|
oz
|
Indicated
|
43,470,000
|
0.65
|
910,000
|
Inferred
|
9,150,000
|
0.56
|
160,000
|
1Mineral
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.
|
The Almaden deposit was modelled on a series of east-west
cross-sections spaced approximately 30.5
m (100 ft) apart from which a three-dimensional wireframe
model was constructed for the mineralized zone at an approximate
grade boundary of 0.035 g/t gold. Assay samples (37,734)
within the mineralized solid were predominantly (95%) 1.5 m (5 ft) in length and therefore all samples
were composited at 1.5 m (5 ft) for
resource estimation. Variography was used to model the grade
continuity and to determine the search ellipse orientations and
dimensions for interpolation. Ordinary kriging was used to
estimate gold grades in a single pass into blocks measuring
5.2 m (20 ft) by 9.1 m (30 ft) by 3.0
m (10 ft) in dimension. For a grade to be interpolated
into a block it was necessary that a minimum of two and a maximum
of six composites be located within the volume of the search
ellipse. A maximum of one composite was allowed per drill
hole to ensure that geological continuity was demonstrated by
requiring that each block was informed by a minimum of two drill
holes. The estimation process calculated a volume/block for
each block within the constraining grade shell. Average bulk
density of 2.50 g/cm3 (100 measurements) was used to
convert block model volumes to tonnages.
The block model was validated in three ways:
- Visual comparison of block values with underlying drill hole
composite values,
- Comparison of descriptive statistics for the gold block values
with assay and composite values, and
- Swath plots of gold composites, gold block grades and modeled
tonnage.
Resources were classified as indicated and inferred based on
drill hole spacing.
Reasonable prospects for eventual economic extraction of the
resource were met by reporting the resource within a conceptual pit
shell. The conceptual pit delineated resource is reported
within a pit shell using an assumed gold price of US$1,500/oz, pit slope of 45º, mining cost of
US$2.25/t and processing cost of
US$10.00/t.
Further details regarding the foregoing estimate, including the
estimation methods and procedures, will be available in a NI 43-101
Technical Report, which will be filed on SEDAR (www.sedar.com)
under the Company's profile within 45 days from the date
hereof.
Quality Control – Quality Assurance Program
The above resource estimate was based on drilling programs
completed by previous operators. The drill programs
incorporated control samples including blanks, duplicates and
standards as part of their Quality Control – Quality Assurance
Program. The control samples from the drill programs have
been reviewed and verified by the Qualified Persons (as defined
herein) and the assay results were deemed suitable for resource
estimation.
Qualified Persons
The resource estimate disclosed herein on the Almaden Project
was prepared for GoldMining by Greg Z.
Mosher, M.Sc., P.Geo., of Global Mineral Resource Services,
Vancouver, Canada. Mr.
Mosher is recognized as a qualified person as defined in Canadian
National Instrument 43-101 ("NI 43-101"), is independent of the
Company and has reviewed and approved the disclosure regarding the
resource estimate for the Almaden Project disclosed herein.
Mr. Mosher completed a site visit to the Almaden Project from
February 24 to 25, 2020.
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.
Note on Mineral Resource Estimates
Inferred mineral resources have a great amount of uncertainty as
to their existence and great uncertainty as to their economic and
legal feasibility. It cannot be assumed that all or any part
of an inferred mineral resource will ever be upgraded to a higher
category. Under applicable Canadian rules, estimates of
inferred mineral resources may not form the basis of feasibility or
pre-feasibility studies. It cannot be assumed that part or
all of an inferred mineral resource will be upgraded to a mineral
reserve.
The terms "mineral resource", "measured mineral resource",
"indicated mineral resource", "inferred mineral resource" used
herein are Canadian mining terms used in accordance with NI 43-101
under the guidelines set out in the Canadian Institute of Mining
and Metallurgy and Petroleum (the "CIM") Standards on Mineral
Resources and Mineral Reserves, adopted by the CIM Council, as may
be amended from time to time. These definitions differ from
the definitions in the United
States Securities & Exchange Commission ("SEC") Industry
Guide 7. As such, information contained herein concerning
descriptions of mineralization and resources under Canadian
standards may not be comparable to similar information made public
by U.S. companies in SEC filings.
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.
Table 2: GoldMining's Aggregated Mineral Resource Statement
across all its Projects1,2,3.
Deposit
|
Cut-off4
(g/t)
|
Tonnage
(Mt)
|
Grade
|
Contained
Metal
|
Gold
(g/t)
|
Silver
(g/t)
|
Copper
(%)
|
Gold
Eq
(g/t)
|
Gold
(Moz)
|
Silver
(Moz)
|
Copper
(Mlbs)
|
Gold
Eq
(Moz)
|
Measured
Resources
|
Titiribi5
|
0.3
|
51.600
|
0.49
|
-
|
0.17
|
0.78
|
0.820
|
-
|
195.1
|
1.290
|
Yellowknife13
|
0.5/1.5
|
1.176
|
2.10
|
-
|
-
|
2.10
|
0.080
|
-
|
-
|
0.080
|
Total
|
|
|
|
|
|
|
0.900
|
-
|
195.1
|
1.370
|
Indicated
Resources
|
Titiribi5
|
0.3
|
234.200
|
0.51
|
-
|
0.09
|
0.65
|
3.820
|
-
|
459.3
|
4.930
|
Sao
Jorge6
|
0.3
|
14.420
|
1.54
|
-
|
-
|
1.54
|
0.715
|
-
|
-
|
0.715
|
Cachoeira7
|
0.35
|
17.470
|
1.23
|
-
|
-
|
1.23
|
0.692
|
-
|
-
|
0.692
|
Whistler8
|
0.3
|
110.280
|
0.50
|
1.76
|
0.14
|
0.79
|
1.765
|
6.130
|
343.1
|
2.797
|
La
Mina9
|
0.25
|
28.170
|
0.74
|
1.77
|
0.24
|
1.12
|
0.667
|
1.607
|
150.2
|
1.013
|
Crucero12
|
0.4
|
30.653
|
1.00
|
-
|
-
|
1.00
|
0.993
|
-
|
-
|
0.993
|
Yellowknife13
|
0.5/1.5
|
12.933
|
2.35
|
-
|
-
|
2.35
|
0.979
|
-
|
-
|
0.979
|
Almaden
|
0.3
|
43.370
|
0.65
|
-
|
-
|
0.65
|
0.910
|
-
|
-
|
0.910
|
Total
|
|
|
|
|
|
|
10.540
|
7.737
|
952.7
|
12.969
|
Measured and
Indicated Resources
|
Total
|
|
|
|
|
|
|
11.440
|
7.737
|
1,147.8
|
14.339
|
Inferred
Resources
|
Titiribi5
|
0.3
|
207.900
|
0.49
|
-
|
0.02
|
0.51
|
3.260
|
-
|
77.9
|
3.440
|
Sao
Jorge6
|
0.3
|
28.190
|
1.14
|
-
|
-
|
1.14
|
1.035
|
-
|
-
|
1.035
|
Cachoeira7
|
0.35
|
15.667
|
1.07
|
-
|
-
|
1.07
|
0.538
|
-
|
-
|
0.538
|
Whistler8
|
0.3/0.6
|
311.260
|
0.47
|
2.26
|
0.11
|
0.68
|
4.626
|
22.617
|
713.5
|
6.731
|
La
Mina9
|
0.25
|
12.394
|
0.65
|
1.75
|
0.27
|
1.07
|
0.260
|
0.697
|
73.3
|
0.427
|
Boa
Vista10
|
0.5
|
8.470
|
1.23
|
-
|
-
|
1.23
|
0.336
|
-
|
-
|
0.336
|
Surubim11
|
0.3
|
19.440
|
0.81
|
-
|
-
|
0.81
|
0.503
|
-
|
-
|
0.503
|
Crucero12
|
0.4
|
35.779
|
1.00
|
-
|
-
|
1.00
|
1.147
|
-
|
-
|
1.147
|
Yellowknife13
|
0.5/1.5
|
9.302
|
2.47
|
-
|
-
|
-
|
0.739
|
-
|
-
|
0.739
|
Yarumalito14
|
0.5
|
66.271
|
0.58
|
-
|
0.09
|
0.70
|
1.236
|
-
|
129.3
|
1.502
|
Almaden
|
0.3
|
9.150
|
0.56
|
-
|
-
|
0.56
|
0.160
|
-
|
-
|
0.160
|
Total
|
|
|
|
|
|
|
13.840
|
23.311
|
993.9
|
16.558
|
|
Table 2
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.
|
The above
aggregated resource table is provided for informational purposes
only and is not intended to represent the viability of any project
on a standalone or aggregated basis. The exploration and
development of each project, project geology and the assumptions
and other factors underlying each estimate, are not uniform and
will vary from project to project. Please refer to the technical
report for each respective project, as referenced herein, for
detailed information respecting each individual
project.
|
3.
|
All quantities are
rounded to the appropriate number of significant figures;
consequently, sums may not add up due to rounding.
|
4.
|
Gold cut-off for
all projects except for Whistler and Yarumalito, which is gold
equivalent cut-off.
|
5.
|
Notes for
Titiribi:
|
|
a.
|
Based on technical
report titled "Technical Report on the Titiribi Project Department
of Antioquia, Colombia" prepared by Joseph A. Cantor and Robert E.
Cameron of Behre Dolbear & Company (USA), Inc., with an
effective date of September 14, 2016, which is available at
www.sedar.com under GoldMiningꞌs SEDAR profile.
|
|
b.
|
Gold equivalent
estimated for the Titiribi deposit assumes metal prices of
US$1,300/oz gold and US$2.90/lb copper and recoveries of 83% for
gold and 90% for copper.
|
6.
|
Notes for Sao
Jorge:
|
|
a.
|
Based on technical
report titled "Technical Report and Resource Estimate on the São
Jorge Gold Project, Pará State, Brazil" prepared by Porfirio
Rodriguez and Leonardo de Moraes of Coffey Mining Pty Ltd.
("Coffey"), with an effective date of November 22, 2013, which is
available at www.sedar.com under GoldMiningꞌs
SEDAR profile.
|
7.
|
Notes for
Cachoeira:
|
|
a.
|
Based on technical
report titled "Technical Report and Resource Estimate on the
Cachoeira Property, Pará State, Brazil" prepared by Gregory Z.
Mosher of Tetratech, Inc. with an effective date of April 17, 2013
and amended and re-stated October 2, 2013, which is available at
www.sedar.com under GoldMiningꞌs SEDAR profile.
|
8.
|
Notes for
Whistler:
|
|
a.
|
Based on technical
report titled "Technical Report on the Whistler Project" prepared
by Gary Giroux of Giroux Consultants Inc., with an effective date
of March 24, 2016, which is available at
www.sedar.com under GoldMiningꞌs SEDAR profile.
|
|
b.
|
The Whistler
Project is comprised of three deposits: Whistler, Raintree West and
Island Mountain.
|
|
c.
|
Gold equivalent
estimated for the Whistler deposit assumes metal prices of
US$990/oz gold, US$15.40/oz silver and US$2.91/lb copper and
recoveries of 75% for gold and silver and 85% for
copper.
|
|
d.
|
Gold equivalent
estimated for the Raintree West deposit assumes metal prices of
US$1,250/oz gold, US$16.50/oz silver and US$2.10/lb copper and
recoveries of 75% for gold, 85% for copper and 75% for
silver.
|
|
e.
|
Gold equivalent
estimated for the Island Mountain deposit assumes metal prices of
US$1,250/oz gold, US$16.50/oz silver and US$2.10/lb copper and
recoveries of 75% for gold, 85% for copper and 25% for silver
(recovered in copper concentrate).
|
|
f.
|
A gold equivalent
cut-off of 0.3 g/t was highlighted in the estimate as a possible
open pit cut-off (Whistler, Raintree-shallow and Island Mountain),
and a gold equivalent cut-off of 0.6 g/t was highlighted in the
estimate as a possible underground cut-off
(Raintree-deep).
|
9.
|
Notes for La
Mina:
|
|
a.
|
Based on technical
report titled "Technical Report on the La Mina Project" prepared
by Scott E. Wilson of Metals Mining Consultants, Inc.
("MMC") with an effective date of October 24, 2016, which is
available at www.sedar.com under GoldMiningꞌs SEDAR
profile.
|
|
b.
|
Gold equivalent
estimated for the La Mina project assumes metal prices of
US$1,275/oz gold, US$17.75/oz for silver and US$2.75/lb for copper
and recoveries of 93% for gold and 90% for copper.
|
10.
|
Notes for Boa
Vista:
|
|
a.
|
Based on technical
report titled "Technical Report on the Boa Vista Project and
Resource Estimate on the VG1 Prospect, Tapajos Area, Para State,
Northern Brazil" prepared by Jim Cuttle, Gary Giroux and Michael
Schmulian, with an effective date of November 22, 2013, which is
available at www.sedar.com under GoldMiningꞌs
SEDAR profile.
|
11.
|
Notes for
Surubim:
|
|
a.
|
Based on technical
report titled "Technical Report on the Rio Novo Gold Project and
Resource Estimate on the Jau Prospect, Tapajos Area, Para State,
Northern Brazil" ("Surubim Project") prepared by Jim Cuttle and
Gary Giroux, with an effective date of November 22, 2013, which is
available at www.sedar.com under GoldMiningꞌs
SEDAR profile.
|
12.
|
Notes for
Crucero:
|
|
a.
|
Pit constrained
resource estimate based on US$1,500/oz gold, mining cost of
US$1.60/t, processing cost of US$16.00/t and pit slope of 47
degrees.
|
|
b.
|
Based on technical
report titled "Technical Report on the Crucero Property, Carabaya
Province, Peru" prepared by Greg Z. Mosher with an effective date
of December 20, 2017, which is available at
www.sedar.com under GoldMining's SEDAR
profile.
|
13.
|
Notes for
Yellowknife:
|
|
a.
|
Pit constrained
resources with reasonable prospects of eventual economic extraction
reported above a 0.50 g/t Au cut-off.
|
|
b.
|
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.
|
|
c.
|
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.
|
|
d.
|
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.
|
|
e.
|
Based on a
technical report titled "Independent Technical Report for the
Yellowknife Gold Project, Northwest Territories, Canada" prepared
by Ben Parsons (SRK Consulting (U.S.) Inc.) and Dominic
Chartier (SRK Consulting (Canada) Inc. and Eric Olin (SRK
Consulting (U.S.) Inc.) with an effective date of March 1, 2019,
which is available at www.sedar.com under GoldMining's SEDAR
profile.
|
14.
|
Notes for
Yarumalito
|
|
a.
|
Pit constrained
resource estimate based on US$1,500/oz gold and US$2.70/lb copper,
mining cost of US$2.00/t, processing cost of US$8.00/t and pit
slope of 45 degrees.
|
|
b.
|
See News Release
titled "GoldMining Announces Resource Estimate for the Yarumalito
Gold Project in Colombia" on May 5, 2020, which is available at
www.sedar.com under GoldMining's SEDAR
profile. A technical report documenting this work is
currently in preparation and will be available at
www.sedar.com under GoldMining's SEDAR profile in due
course.
|
The above aggregated resource statement is provided for
information purposes only. Investors should refer to
the underlying technical reports referenced above for
project-specific factors relating to each resource estimate.
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, 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 Annual Information Form for the year ended
November 30, 2019 and other 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.