(All Amounts expressed in U.S. dollars unless
otherwise noted)
VANCOUVER, BC, Feb. 28, 2022 /CNW/ - GoldMining Inc. (the
"Company" or "GoldMining") (TSX:
GOLD) (NYSE-American: GLDG) is pleased to announce that
it has created a new subsidiary, U.S. GoldMining Inc. ("U.S.
GoldMining"), which will be focused on advancing the Company's
Whistler gold-copper Project, located in Alaska, USA. The Company's board of directors
has approved a strategy to have U.S. GoldMining operated as a
separate public company through an initial public offering or
similar transaction.
Amir Adnani, Chairman stated: "We
acquired the Whistler project in the summer of 2015, when spot gold
was $1,000 per oz, near the bottom of
the last bear market. Today, with spot gold approaching
$2,000 per oz and copper price near a
decade high, optimum market conditions exist to immediately unlock
substantial value by creating U.S. GoldMining without dilution to
GoldMining's capital structure. The new subsidiary will have a
dedicated team and experienced board of directors to advance this
large and exciting project. Additionally, we're very encouraged by
current attractive market valuations for Alaskan based resource
stage gold and copper projects that supports a potential re-rating
for the Whistler project as the flagship asset of U.S. GoldMining
as a standalone company. Finally, our strategy with the
creation of U.S. GoldMining is similar to the plan we successfully
executed last year with Gold Royalty Corp., which today represents
approximately C$100,000,000 in equity
holdings on our balance sheet and includes a recently announced
inaugural quarterly dividend of $0.01
per share, which would result in approximately C$1,000,000 of pre-tax dividend income to
GoldMining on an annualized basis."
Alastair Still, CEO commented:
"By any standard, Whistler is a large project, with indicated
resources of 3.0 million gold equivalent ounces and inferred
resources of 6.5 million gold equivalent ounces covering an
expansive regional land package. A base camp and gravel
airstrip is established for field programs. The last time
Whistler saw drilling activity was almost a decade ago, which
creates the opportunity to apply new regional geologic models and
technical findings by GoldMining and neighboring companies to
unlock value for Whistler, by a dedicated team following best
practices with a dedication to safety, the environment and
sustainable development for local communities."
Whistler Project
The Whistler Project is a gold-copper exploration project
consisting of at least three known deposits located in the Yentna
Mining District of Alaska,
approximately 150 km northwest of Anchorage and comprises 304 State of Alaska mining claims covering an
aggregate area of approximately 17,000 hectares (approximately
42,000 acres). The Whistler and Raintree West deposits are
connected to the camp and airstrip 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.
A total of 70,247 m of diamond
drilling in 257 holes has been completed on the Whistler Project by
Cominco, Kennecott, Geoinformatics and Kiska from 1986 to the end
of 2011. Of these drill holes, 21,132
m in 52 holes have been drilled in the Whistler Deposit
area, 20,479 m in 94 holes have been
drilled in the Raintree area and 14,410
m in 36 holes comprise the Island Mountain resource area.
There are 14,226 m in 75 holes in
areas outside of the three resource areas.
Preliminary metallurgical testing indicated that the material
tested is amenable to copper recovery by flotation and that the
gold is relatively free milling. Further metallurgical development
and assessment work is warranted.
Mineral Resource Estimates
The following table sets forth the Mineral Resource estimate set
forth in the Whistler Technical Report, with an effective date of
June 11, 2021.
Deposit
|
|
In Situ
Grade
|
In Situ
Metal
|
|
Tonnage
|
Gold
|
Silver
|
Copper
|
Gold
Eq
|
Gold
|
Silver
|
Copper
|
Gold
Eq
|
|
(Mt)
|
(g/t)
|
(g/t)
|
(%)
|
(g/t)
|
(Moz)
|
(Moz)
|
(Mlbs)
|
(Moz)
|
Indicated
Resources
|
Whistler
|
107.8
|
0.50
|
1.95
|
0.17
|
0.79
|
1.8
|
6.8
|
399.0
|
2.7
|
Raintree (Open
Pit)
|
7.8
|
0.49
|
4.88
|
0.09
|
0.67
|
0.1
|
1.2
|
15.0
|
0.2
|
Total
Indicated (Open Pit)
|
115.5
|
0.50
|
2.15
|
0.16
|
0.78
|
1.9
|
8.0
|
414.0
|
2.9
|
Raintree
(Underground)
|
2.7
|
0.79
|
4.18
|
0.13
|
1.03
|
0.1
|
0.4
|
8.0
|
0.1
|
Total
Indicated
|
118.2
|
0.51
|
2.19
|
0.16
|
0.79
|
1.9
|
8.3
|
422.0
|
3.0
|
Inferred
Resources
|
Whistler
|
153.5
|
0.35
|
1.48
|
0.13
|
0.57
|
1.7
|
7.3
|
455.0
|
2.8
|
Island
Mountain
|
111.9
|
0.47
|
1.06
|
0.05
|
0.57
|
1.7
|
3.8
|
131.0
|
2.0
|
Raintree (Open
Pit)
|
11.8
|
0.62
|
4.58
|
0.07
|
0.77
|
0.2
|
1.7
|
18.0
|
0.3
|
Total
Inferred (Open Pit)
|
277.2
|
0.41
|
1.44
|
0.10
|
0.58
|
3.6
|
12.9
|
604.0
|
5.2
|
Raintree
(Underground)
|
39.8
|
0.80
|
2.51
|
0.12
|
1.00
|
1.0
|
3.2
|
107.0
|
1.3
|
Total
Inferred
|
317.0
|
0.46
|
1.58
|
0.10
|
0.63
|
4.7
|
16.1
|
711.0
|
6.5
|
Notes:
- The Mineral Resource for Whistler, Island Mountain, and 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 $1,600/oz Au,
$3.25/lb Cu and $21/oz Ag;
- Payable metal of 99% payable Au, 90% payable Ag and 1%
deduction for Cu;
- Offsite costs (refining, transport and insurance) of
$136/wmt proportionally distributed
between Au, Ag and Cu;
- Royalty of 3% NSR;
- Pit slopes are 50 degrees;
- Mining cost of $1.80/t for waste
and $2.00/t for mineralized material;
and
- Processing, general and administrative costs of $10.50/t.
- The lower portion of the Raintree West deposit has been
constrained by a mineable shape with "reasonable prospects of
eventual economic extraction" using a $25.00/t cutoff.
- Metallurgical recoveries are: 70% for Au, 83% for Cu, and 65%
Ag for Ag grades below 10 g/t. The Ag recovery is 0% for values
above 10 g/t for all deposits.
- The NSR equations are: below 10 g/t Ag: NSR ($/t) =
(100%-3%)*((Au*70%*$49.273 g/t) +
(Cu*83%*$2.966*2204.62 +
Ag*65%*$0.574)), and above 10g/t Ag:
NSR ($/t) = (100%-3%)*((Au*70%*$49.256 g/t) + (Cu*83%*$2.965*2204.62)); The Au Equivalent equations
are: below 10 g/t Ag: AuEq = Au + Cu*1.5733 +0.0108Ag, and above 10
g/t Ag: AuEq = Au + Cu*1.5733.
- The Au Equivalent equations are: below 10 g/t Ag: AuEq = Au +
Cu*1.5733 +0.0108Ag, and above 10 g/t Ag: AuEq = Au +
Cu*1.5733
- Numbers may not add due to rounding.
For further information on the Whistler Project, please refer to
the technical report titled "NI 43-101 Mineral Resource Estimate
for the Whistler Project", dated effective June 11, 2021 and with an amended date of issue
of October 29, 2021, a copy of which
is available under GoldMining's profile at www.sedar.com.
Qualified Person
Paulo Pereira, P. Geo., President
of GoldMining Inc., a Qualified Person as defined in NI 43-101 has
supervised the preparation of this news release and has reviewed
and approved the scientific and technical information contained
herein.
About GoldMining Inc.
The Company is a public mineral exploration company focused on
the acquisition and development of gold assets in the Americas.
Through its disciplined acquisition strategy, the Company now
controls a diversified portfolio of resource-stage gold and
gold-copper projects in Canada,
U.S.A., Brazil, Colombia and Peru. The Company also owns 20 million shares
of Gold Royalty Corp. (NYSE American: GROY).
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 each of GoldMining's and
U.S. GoldMining's business plans and strategies. Forward-looking
statements are based on the then-current expectations, beliefs,
assumptions, estimates and forecasts about the business and the
markets in which GoldMining and U.S. GoldMining operate. 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, 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, 2021 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. 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.