VANCOUVER, BC, June 1, 2021 /CNW/ - GoldMining Inc. (the
"Company" or "GoldMining") (TSX: GOLD) (NYSE
American: GLDG) is pleased to announce that it is initiating a
preliminary economic assessment ("PEA") on its 100% owned
São Jorge Gold Project ("São Jorge") in Pará State,
Brazil and announces
the results of an updated Mineral Resource Estimate
("MRE").
Highlights:
- Indicated Mineral Resources of 0.71 million ounces gold (14.27
million tonnes grading 1.55 g/t gold) (see Table 1);
- Inferred Mineral Resources of 0.72 million ounces gold (17.58
million tonnes grading 1.27 g/t gold) (see Table 1);
- The MRE utilizes an optimized pit shell to constrain resources,
a database of 145 drill holes totaling more than 37,000 metres and
uses modernized cost and pricing assumptions including a
US$1,600/oz gold price; and
- GoldMining has initiated work on a PEA at São Jorge to further
evaluate the economic potential of an open-pit operation and
advance opportunities to upgrade and expand the current resource
base.
Alastair Still, Chief Executive
Officer of GoldMining commented: "We are pleased with both the
scale and grade of the new Mineral Resource Estimate. Building upon
this solid foundation, the Company has launched a preliminary
economic assessment and plans to initiate further work with the
goal to upgrade and expand resources and evaluate underground
mineral resource potential beneath the current open pit
model at São Jorge. The new MRE utilizes an optimized
pit shell to constrain resources, modernizes cost and pricing
assumptions, which positions us to proceed with unlocking the
potential of this deposit. This work builds upon the staged
approach of advancing our portfolio of gold and copper projects
throughout the Americas such as the previously announced
initiation of PEAs on our Yellowknife and La Mina Projects in
Canada and Colombia, respectively."
The São Jorge Gold Project is located within gold exploration
concessions totaling approximately 45,997 hectares in the southeast
of Pará State, Brazil, in the
municipality of Novo Progresso. The region is known as the Tapajós
and São Jorge is located 4 km west of Highway BR163 and is accessed
by several gravel roads that cross the property. Eldorado Goldꞌs
feasibility stage Tocantinzinho deposit and Serabiꞌs Palito mine
occur along the same major structural zone that hosts the São Jorge
deposit. Gold mineralization at São Jorge is hosted in granitic
rocks and is associated with a northwest-southeast striking shear
zone.
The MRE disclosed herein was prepared by Porfirio Rodriguez, MAIG, of GE21 Consultoria
Mineral LTDA (Brazil) and has an
effective date of May 31, 2021.
Mineral Resources are reported using a 0.3 g/t gold cut-off. The
MRE was constrained using a Lerchs-Grossman (LG) optimized pit
shell using maximum pit slopes of 35 degrees in saprolite and 52
degrees in fresh rock and based on an assumed US$1,600/oz gold price, average metallurgical
recoveries of 90%, average mining costs of US$2.00/tonne, average processing costs of
US$8.50/tonne and average general and
administrative costs of US$2.10/tonne
processed. Mineral Resources were estimated using a block model
utilizing multiple indicator kriging using a selective mining unit
block size of 5 x 5 x 5 metres. Net smelter return royalties of
3.5% in aggregate have been included in the constrained pit
model.
Table 1: Indicated and Inferred open pit constrained
resources reported above a 0.30 g/t Au cut-off grade
1.
Category
|
Tonnes
(000)
|
Au
Grade
(g/t)
|
Au
Ounces
(000)
|
Indicated
|
14,275
|
1.55
|
711.8
|
Inferred
|
17,582
|
1.27
|
716.8
|
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. The Company is not currently
aware of any known environmental, permitting, legal, title-related,
taxation, socio-political, marketing or other relevant issue that
could materially affect this MRE.
|
2.
|
Mineral Resources have been classified in
accordance with the Canadian Institute of Mining, Metallurgy and
Petroleum ("CIM") Definition Standards on Mineral Resources and
Mineral Reserves, whose definitions are incorporated by reference
into National Instrument NI 43-101.
|
The MRE updates and replaces the prior historic MRE of the
Company contained in its technical report titled "São Jorge Gold
Project, Pará State, Brazil:
Independent Technical Report on Mineral Resources", dated effective
November 22, 2013.
NI 43-101 Technical Report
GoldMining will file within 45 days an updated technical report
for the São Jorge Gold Project, including a description
of the São Jorge MRE contained herein. Further
information regarding the MRE will be set forth in such report.
Qualified Persons
The Qualified Person for the São Jorge Mineral
Resource Estimate is Porfirio
Rodriguez, MAIG, of GE21 Consultoria Mineral LTDA
(Brazil), who is independent of
the Company, who has reviewed and approved the scientific and
technical information herein regarding the São Jorge
Mineral Resource Estimate. Paulo
Pereira, P. Geo., President of GoldMining Inc. has
supervised the preparation of this news release and has reviewed
and approved the scientific and technical information contained
herein. Each of Messrs. Rodriquez and Pereira are Qualified Persons
as defined in National Instrument 43-101 ("NI 43-101").
Notice to Readers
Disclosure regarding Mineral Resource estimates included herein
have been prepared by the Company in accordance with NI 43-101. NI
43-101 is a rule developed by the Canadian Securities
Administrators that establishes standards for public disclosure by
issuer of scientific and technical information concerning mineral
projects. NI 43-101 differs significantly from the disclosure
requirements of the United States Securities and Exchange
Commission ("SEC") generally applicable to U.S. companies
subject to the SEC's disclosure requirements. For example, the
terms "Indicated Mineral Resource" and "Inferred Mineral Resource"
are defined in NI 43-101 by reference to the guidelines set out in
the CIM Definition Standards on Mineral Resources and Mineral
Reserves. These definitions differ from the definitions in the
disclosure requirements promulgated by the SEC. Accordingly,
information contained herein or in the Company's descriptions of
its projects may not be comparable to similar information made
public by U.S. companies reporting pursuant to SEC disclosure
requirements.
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.
Forward-looking Statements
This document contains certain forward-looking statements
that reflect the current views and/or expectations of GoldMining
with respect to its long-term strategy, proposed work and other
plans and expected timing of PEAs and other reports for its
projects. 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: delays to plans caused by
restrictions and other future impacts of COVID-19 or any other
inability of the Company to meet expected timelines for planned
project activities, including the proposed PEAs and reports; the
inherent risks involved in the exploration and development of
mineral properties, fluctuating metal prices, proposed studies may
not confirm GoldMining's expectations for its projects,
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, 2020, and other filings
with Canadian securities regulators and the U.S. Securities and
Exchange Commission, 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. The Company 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.