VANCOUVER, BC, June 21, 2021 /CNW/ - GoldMining Inc. (the
"Company" or "GoldMining") (TSX: GOLD) (NYSE
American: GLDG) is pleased to announce the results of
an updated Mineral Resource Estimate ("MRE") on its 100%
owned Whistler Project ("Whistler") in south central
Alaska, U.S.A. consisting of
resource estimates for the Whistler, Island Mountain and Raintree
West gold-copper deposits with an effective date of June 11, 2021.
Whistler Updated Resource Highlights:
- Indicated Mineral Resources of 1.94 million ounces gold, 8.33
million ounces of silver and 422.0 million pounds of copper (118.2
million tonnes grading 0.51 g/t gold, 2.19 g/t silver and 0.16%
copper) (see Table 1);
- Inferred Mineral Resources of 4.67 million ounces gold, 16.06
million ounces silver and 711.4 million pounds of copper (317.0
million tonnes grading 0.46 g/t gold, 1.58 g/t silver and 0.10%
copper) (see Table 1);
- Compared to the prior reported estimate completed in 2016,
Indicated Mineral Resources for gold, copper and silver have
increased by 9.9%, 23.0% and 35.9% respectively;
- Compared to the prior estimate reported in 2016, Inferred
Mineral Resources for gold have increased 0.9%, and for copper and
silver have decreased by 0.3% and 29.0% respectively;
- The MRE utilizes pit shells to constrain resources at the
Whistler, Island Mountain and Raintree West gold-copper deposits,
as well as an underground potentially mineable shape to constrain
the resource estimate for the deeper portion of the Raintree West
deposit;
- The total Whistler Project area comprises a database of 250
drill holes totaling more than 70,000 metres with 182 drillholes
and 53,202m of assayed length within
the three deposit block models.
- The estimate has been updated with new metal prices of
US$1,600/oz gold price, US$3.25 copper and US$21/oz silver, updated recoveries, smelter
terms, costs, and geologic modelling with drilling and exploration
work completed prior to 2016. GoldMining is evaluating potential
exploration activities to better define and expand existing mineral
resources.
Alastair Still, Chief Executive
Officer of GoldMining commented: "The updated resource at Whistler
provides a clear and modernized view of the potential of this
large-scale gold-copper project. With approximately 3.0 million
ounces of Indicated gold equivalent resource and 6.5 million ounces
of Inferred gold equivalent resource, Whistler is currently one of
the largest known mineral resources in Alaska, a proven mining jurisdiction. The
updated resource estimate also includes approximately 422 million
pounds of copper in Indicated resources and approximately 711
million pounds of copper in Inferred resources, which enhances the
attractiveness of the project, especially given current copper
price and the long-term outlook for copper demand.
The new MRE is constrained by an optimized pit shell that
incorporates updated operating costs and metal price assumptions
that factor price increases since 2016. This work builds upon the
staged approach of advancing our portfolio of gold and gold-copper
projects throughout the Americas such as the previously announced
initiation of Preliminary Economic Assessments ("PEA") on our
Yellowknife, La Mina, and São
Jorge Projects in Canada,
Colombia, and Brazil respectively."
Table 1: The Whistler Project Mineral
Resources1-9 (effective date: June 11, 2021)
Deposit
|
|
|
Grade
|
Contained
Metal
|
NSR
Cutoff
|
Tonnes
|
Gold
|
Silver
|
Copper
|
Gold
Eq
|
Gold
|
Silver
|
Copper
|
Gold
Eq
|
(US$/tonne)
|
(Mt)
|
(g/t)
|
(g/t)
|
(%)
|
(g/t)
|
(Moz)
|
(Moz)
|
(Mlbs)
|
(Moz)
|
Indicated
Resources
|
Whistler
|
10.50
|
107.77
|
0.50
|
1.95
|
0.17
|
0.79
|
1.75
|
6.76
|
399.40
|
2.74
|
Raintree (Open
Pit)
|
10.50
|
7.76
|
0.49
|
4.88
|
0.09
|
0.67
|
0.12
|
1.22
|
14.89
|
0.17
|
Total
Indicated (Open Pit)
|
10.50
|
115.53
|
0.50
|
2.15
|
0.16
|
0.78
|
1.87
|
7.97
|
414.29
|
2.90
|
Raintree
(Underground)
|
25.00
|
2.68
|
0.79
|
4.18
|
0.13
|
1.03
|
0.07
|
0.36
|
7.69
|
0.09
|
Total
Indicated
|
varies
|
118.20
|
0.51
|
2.19
|
0.16
|
0.79
|
1.94
|
8.33
|
421.98
|
2.99
|
Inferred
Resources
|
Whistler
|
10.50
|
153.54
|
0.35
|
1.48
|
0.13
|
0.57
|
1.71
|
7.31
|
455.27
|
2.83
|
Island
Mountain
|
10.50
|
111.90
|
0.47
|
1.06
|
0.05
|
0.57
|
1.70
|
3.81
|
130.75
|
2.04
|
Raintree (Open
Pit)
|
10.50
|
11.77
|
0.62
|
4.58
|
0.07
|
0.77
|
0.23
|
1.73
|
17.99
|
0.29
|
Total
Inferred (Open Pit)
|
10.50
|
277.21
|
0.41
|
1.44
|
0.10
|
0.58
|
3.64
|
12.85
|
604.01
|
5.16
|
Raintree
(Underground)
|
25.00
|
39.77
|
0.80
|
2.51
|
0.12
|
1.00
|
1.03
|
3.21
|
107.41
|
1.28
|
Total
Inferred
|
varies
|
316.98
|
0.46
|
1.58
|
0.10
|
0.63
|
4.67
|
16.06
|
711.42
|
6.45
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
2.
|
Resources are
reported using the 2014 CIM Definition Standards and were estimated
using the 2019 CIM Best Practices Guidelines.
|
3.
|
The Mineral Resource
for Whistler, the upper portions of the Raintree West deposits have
been confined by an open pit with "reasonable prospects of eventual
economic extraction" using the following assumptions:
|
|
- Metal prices of US$1600/oz Au, US$3.25/lb Cu
and US$21/oz Ag;
- Payable metal of 99% payable Au, 90% payable
Ag and 1% deduction for Cu;
- Offsite costs (refining, transport and
insurance) of US$136/wmt proportionally distributed between Au, Ag
and Cu;
- Royalty of 3% NSR;
- Pit slopes are 50 degrees;
- Mining cost of US$1.80/t for waste and
US$2.00/t for mineralized material; and
- Processing, general and administrative costs
of US$10.50/t.
|
4.
|
The lower portion of
the Raintree West deposit has been constrained by a mineable shape
with "reasonable prospects of eventual economic extraction" using a
US$25.00/t cutoff.
|
5.
|
Metallurgical
recoveries are: 70% for Au, 83% for Cu, and 65% Ag for Ag grades
below 10g/t. The Ag recovery is 0% for values above 10g/t for
all deposits.
|
6.
|
The NSR equations
are: below 10g/t Ag: NSR (US$/t) =
(100%-3%)*((Au*70%*US$49.273g/t) + (Cu*83%*US$2.966*2204.62 +
Ag*65%*US$0.574)), and above 10g/t Ag: NSR (US$/t) =
(100%-3%)*((Au*70%*US$49.256g/t) + (Cu*83%*US$2.965*2204.62))
;
|
7.
|
The Au Equivalent
equations are: below 10g/t Ag: AuEq = Au + Cu*1.5733
+0.0108Ag, and above 10g/t Ag: AuEq = Au + Cu*1.5733
|
8.
|
The specific gravity
for each deposit and domain ranges from 2.76 to 2.91 for Island
Mountain, 2.60 to 2.72 for Whistler with an average value of 2.80
for Raintree West.
|
9.
|
Numbers may not add
due to rounding.
|
The estimate of Mineral Resources may be materially affected by
environmental permitting, legal, title, taxation, sociopolitical,
marketing or other relevant factors. The QP 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.
The Whistler Project is a gold-copper exploration project
located in the Yentna Mining District of Alaska, approximately 150km northwest of
Anchorage and comprises 304
State of Alaska mining claims
covering an aggregate area of approximately 17,159 hectares. A base
camp and gravel airstrip for wheel-based aircraft is established
for field programs. The Whistler and Raintree West deposits are
connected to the camp and runway by an access road and the Island
Mountain deposit is located 23 km south of the camp and access is
by helicopter. The Whistler Project is underlain by a
volcano-sedimentary sequence (Jura-Cretaceous Kahiltna Assemblage)
that has been intruded by the Late Cretaceous Whistler Intrusive
Suite with associated gold-copper porphyry and epithermal
mineralization, and the Late Cretaceous to Paleocene Composite
Intrusive Suite with associated intrusion-related gold
mineralization. Immediately west of the Whistler Project is the
Estelle Gold Project of Nova Minerals Limited, who recently
reported (April 7, 2020) an Inferred
JORC Mineral Resource Estimate for their Korbel Main deposit.
The Mineral Resource Estimate (MRE) disclosed herein was
prepared by Sue Bird, P.Eng., of
Moose Mountain Technical Services and has an effective date of
June 11, 2021.
Ordinary kriging was used to estimate gold, copper and silver.
Capping of each metal has been employed based on interpolation
domains statistics and cumulative probability plots to limit high
grade outliers. Outlier restriction has also been employed to
restrict the volume of influence of high grades within each deposit
and domain.
The MRE updates and replaces the prior historic MRE of the
Company contained in its technical report titled, "NI 43-101
Resource Estimate for the Whistler Project" dated effective
March 24, 2016 (amended and re-stated
May 30, 2016).
GoldMining will file within 45 days an updated technical report
for the Whistler Project, including a description of
the Whistler MRE contained herein. Further information
regarding the MRE will be set forth in such report.
Update on Titiribi Technical Disclosure
The Company announces that it is preparing an updated technical
report for its Titiribi project, to replace its
previous report for the project titled "Technical Report
on the Titiribi Project, Department of Antioquia,
Colombia" with an effective date
of September 14, 2016. This update
will include an updated resource estimate for the project
that will contain updated inputs, including
reflecting updated and increased metals prices and operating
cost assumptions. The prior estimate, which constituted
an update to a resource estimate filed by a prior owner was not pit
constrained to determine reasonable prospects of economic
extraction. Pending the announcement of the updated resource
estimate, the Company is not treating the existing resource as
current.
Similar to the updated mineral resources at Whistler,
the Company does not anticipate that the new
Titiribi estimate will represent a material change
to the previously reported estimate.
Qualified Persons
Sue Bird, P.Eng., of Moose
Mountain Technical Services, who is independent of the Company, has
reviewed and approved the scientific and technical information
herein regarding the Whistler Project. Ms. Bird was responsible for
the Whistler Mineral Resource Estimate along with other QPs and has
approved the information pertaining to the Whistler project in this
news release.
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 Ms. Bird, and Mr. Pereira are Qualified Persons as
defined in NI 43-101.
Notice to Readers
Disclosure regarding Mineral Resource estimates included herein
have been prepared by the Company in accordance with National
Instrument 43-101 ("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.