This news release constitutes a "designated news release" for
the purposes of the Company's prospectus supplement dated
December 10, 2021 to its short form
base shelf prospectus dated October 27,
2021.
VANCOUVER, BC, June 23,
2022 /PRNewswire/ - GoldMining Inc. (the
"Company" or "GoldMining") (TSX: GOLD) (NYSE: GLDG)
is pleased to announce initial assay results from the first two
holes of a six hole 3,600 metre (m) drilling program on the La
Garrucha target, located less than one kilometre to the east and
immediately adjacent to existing mineral resources on the Company's
100% owned La Mina project ("La Mina"), located in
Antioquia, Colombia.
Highlights
The assays presented herein are for the first step-out drill
section located 100 metres along strike of previously identified
porphyry-style mineralization at La Garrucha.
LME1107
|
207.95 m at 0.48 g/t Au
and 0.10% Cu (0.62 g/t AuEq) from 261.60 m depth
|
Including
|
57.17 m at 0.60 g/t Au
and 0.13% Cu (0.79 g/t AuEq) from 282.75m depth
|
And
|
70.89 m at 0.60 g/t Au
and 0.10% Cu (0.74 g/t AuEq) from 387.21 m depth
|
LME1108
|
345.54 m at 0.57 g/t Au
and 0.12% Cu (0.74 g/t AuEq) from 254.95 m depth*
|
Including
|
59.45 m at 0.76 g/t Au
and 0.19% Cu (1.04 g/t AuEq) from 328.92 m depth
|
And
|
61.8 m at 0.81 g/t Au
and 0.11% Cu (0.97 g/t AuEq) from 538.69 m depth*
|
*LME1108 ended in
mineralization
|
Alastair Still, CEO of
GoldMining, commented, "This is a great start for our 2022 La
Garrucha drilling program at the La Mina Project in Colombia and our broader strategy to unlock
value from our portfolio of gold and gold-copper projects located
throughout the Americas. This also builds upon the La Mina
Preliminary Economic Assessment* announced earlier this year that
focused on the La Cantera and Middle Zone deposits of the project
which are located 1 kilometre to the west of La Garrucha. Our team
believes that the La Garrucha target remains open for expansion and
is shaping up as a third possible porphyry deposit which could
contribute potential additional resources to lead the growth of the
La Mina Project."
Tim Smith, VP Exploration of
GoldMining, commented, "These results from the first two holes of
our 3,600 metre drilling program (announced April 12, 2022) confirm that the La Garrucha
porphyry mineralization extends to the southeast along strike as
modelled from our geophysical dataset and interpreted by our
technical team. Drilling is continuing on the next two drill fences
located on 100 metre step outs southeast along strike. We expect
that those assay results will be released in the coming months as
they become available. With the association between bedrock
magnetic highs and porphyry-style mineralization now confirmed, we
are further encouraged by the presence of additional magnetic
targets located within the broader La Mina property which will be
systematically explored for additional Au-Cu porphyry
mineralization."
*The Preliminary Economic Assessment referenced above, announced
January 12, 2022, is preliminary in
nature and includes inferred mineral resources that are considered
too speculative geologically to have economic considerations
applied to them that would enable them to be categorized as mineral
reserves, and there is no certainty that the preliminary economic
assessment will be realized.
Drill Program Details and
Geological Description
The ongoing La Garrucha drilling program is targeting a large
(1km x 1km) magnetic high associated with a granodiorite porphyry
intrusive complex that hosts gold and copper mineralization at La
Garrucha (see Figure 1). A smaller discrete magnetic high is also
coincident with the nearby La Cantera Au-Cu porphyry deposit.
Previous La Garrucha drilling completed in 2011 by Bellhaven Copper
& Gold Inc. ('Bellhaven'; prior to acquisition by GoldMining)
returned gold-copper porphyry intercepts of 216.80 metres at 1.31
g/t Au and 0.15% Cu from 143.0 to 359.80 metres depth in LME1100;
158.12 metres at 1.01 g/t Au and 0.17% Cu from 66.50 to
224.62 metres depth in LME1102; and 71.0 metres at 1.02 g/t
Au and 0.14% Cu from 355.0 to 426.0 metres depth and 106.60 metres
at 0.56 g/t Au and 0.11% Cu from 485.65 to 592.25 metres depth in
LME1104.
Drill holes LME1107 & 1108 were drilled on a NE-SW oriented
section located 100 metres southeast of the previous Bellhaven
drilling at an azimuth of 220⁰ and at hole inclination of -50⁰ and
-70⁰ hole respectively (see Figure 2). Drilling has confirmed the
continuation of porphyry mineralization southeast along strike.
Gold and copper mineralization is coincident, and higher grades are
associated with a core potassic alteration zone within the porphyry
intrusive complex, quartz stockwork veining and both vein-hosted
and disseminated sulphides including pyrite, chalcopyrite and
lesser bornite. Detailed core logging is ongoing, including
re-logging of the previous Bellhaven core, to place copper and gold
mineralization in spatial and temporal context with the hosting
porphyry intrusive complex. Geological 3D modelling and subsequent
resource modelling will take place in the latter part of the year
following conclusion of the drilling program.
The La Garrucha porphyry mineral system now extends over at
least 300 metres strike, where it is open to the southeast, and
over at least 200 metres width. Drilling has tested to a maximum
vertical depth of 450 metres below surface where the porphyry
mineral system remains open to depth.
Step-out drilling is currently ongoing on a second drill fence
located 100 metres along strike to the southeast of LME1107 &
1108. A third fence is planned an additional 100 metres southeast
along strike pending visual observations of the drill cores. In
addition, the drill will return to the LME1107 & 1108 drill pad
to re-enter and deepen LME 1108 given that core assays indicate
that the hole ended in mineralization.
Additional information regarding the La Mina Project, including
existing resource estimates and past work at the project, is set
out in the technical report titled "NI 43-101 Technical Report and
Preliminary Economic Assessment, La Mina Project, Antioquia,
Republic of Colombia" with an
effective date of January 12, 2022,
which is available at the Company's website at
www.goldmining.com.
Table 1 – 2022 La Garrucha gold assay results for the
first two holes of the drilling program received as of
22nd June 2022.
Hole
Number
|
Interval
From
(m)
|
Interval To
(m)
|
Core Length
(m)
|
Gold Grade
(g/t)
|
Copper Grade
(%)
|
Au
Eq* (g/t)
|
LME1107
|
186.05
|
236.85
|
50.80
|
0.32
|
0.10
|
0.46
|
And
|
261.60
|
473.45
|
207.95
|
0.48
|
0.10
|
0.62
|
Including
|
282.75
|
339.92
|
57.17
|
0.60
|
0.13
|
0.79
|
Including
|
387.21
|
458.10
|
70.89
|
0.60
|
0.10
|
0.74
|
LME1108
|
254.95
|
600.49
|
345.54
|
0.57
|
0.12
|
0.74
|
Including
|
328.92
|
388.37
|
59.45
|
0.76
|
0.19
|
1.04
|
Including
|
538.69
|
600.49
|
61.80
|
0.81
|
0.11
|
0.97
|
|
*Au Eq calculated using
US$1600/oz gold and US$3.39/lb copper, as per the La Mina PEA (see
January 12, 2022 press release and 'NI 43-101 Technical Report and
Preliminary Economic Assessment, La Mina Project, Antioquia,
Republic of Colombia' with an effective date of January 12, 2022).
Results are presented as core length and assays uncut as there are
no high grade outliers in the sample population. Results to date
are insufficient to determine true width.
|
Table 2 – 2022 La Garrucha drillhole collar location
coordinates.
Hole
Number
|
Easting
|
Northing
|
Elevation
|
Depth
|
Azimuth
|
Dip
|
Status
|
LME1107
|
420207.0
|
654691.0
|
1999.50
|
500.49
|
225°
|
-50
|
All assays
received
|
LME1108
|
420207.0
|
654691.0
|
1999.50
|
600.49
|
225°
|
-70
|
One assay batch
pending
|
LME1109
|
420356.0
|
654723.0
|
2088.00
|
818.12
|
221°
|
-50
|
Drilling complete;
assays pending
|
LME1110
|
420356.0
|
654723.0
|
2088.00
|
620.0
|
221°
|
-40
|
Drilling
ongoing:
target depth
620m
|
Qualified Person
Paulo Pereira, P. Geo., President
of GoldMining, has reviewed and approved the technical information
contained in this news release. Mr. Pereira is a Qualified Person
as defined in National Instrument 43-101.
Data Verification
For this program of drill core sampling, samples were taken from
the NQ/HQ core by sawing the drill core in half, with one-half sent
to ALS Colombia LTDA in Medellín for assaying and the other
half retained for future reference. Sample lengths downhole range
from a minimum of 0.50m to a maximum
of 2.10m. ALS Colombia LTDA is a
certified commercial laboratory located in Medellín, Antioquia,
Colombia and is independent of
GoldMining. GoldMining has implemented a stringent quality
assurance and quality-control (QA/QC) program for the sampling and
analysis of drill core which includes insertion of duplicates,
mineralized standards and blank samples for each batch of 100
samples. The gold analyses were completed by ALS Au-AA23 method
(fire-assay with an atomic absorption finish on 30 grams of
material). Repeats were also carried out by fire-assay. Copper
analyses were completed by ALS ME-ICP61 method (four acid digest
with ICP analysis).
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. The Company also owns more than 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, including statements
regarding the Company's expectation, future potential and future
work programs at the Company's La Mina 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. 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; results of
exploration programs may not confirm expectations; the inherent
risks involved in the exploration and development of mineral
properties, fluctuating metal prices, unanticipated costs and
expenses, risks related to government and environmental regulation,
social, permitting and licensing matters, 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 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.