Highlights:
- The Crucero NI 43-101 resource estimate includes an
indicated resource of 1.0 Moz gold (30,653,000 tonnes at an
average grade of 1.0 g/t gold) and an inferred resource of 1.1
Moz gold (35,779,000 tonnes at an average grade of 1.0 g/t
gold) at a 0.4 g/t gold cut-off (See
Tables 1 and 2 for details); and
- This resource estimate increases GoldMining's global
measured and indicated resource to 9.5 Moz gold (12.4 Moz gold
equivalent) and inferred resource to 11.7 Moz gold (14.2 Moz
gold equivalent) across all of its projects resulting in a 13%
increase in the indicated category and an 11% increase in the
inferred category (see Table 4 for details).
VANCOUVER, Jan. 16, 2018 /CNW/ - GoldMining Inc. (the
"Company" or "GoldMining") (TSX-V: GOLD; OTCQX:
GLDLF) is pleased to announce the results of a National Instrument
43-101 ("NI 43-101") mineral resource estimate for its Crucero Gold
Project (the "Crucero Project" or the "Project") located in the
Department of Puno, southeastern Peru. The estimate includes an
indicated resource of 30,653,000 tonnes grading 1.0 g/t gold (1.0
Moz) and an inferred resource of 35,779,000 tonnes grading 1.0 g/t
gold (1.1 Moz) at a 0.4 g/t gold cut-off.
Amir Adnani, Chairman of
GoldMining, commented: "We are pleased to announce the resource
estimate for our Crucero Project, which represents another
milestone in the execution of our long-term growth strategy.
In 2017, we worked towards furthering this strategy by
successfully completing three acquisitions – the Crucero, La Mina
and Yellowknife Gold Projects. Our plan in 2018 is to
continue this strategy and build upon our vision of maximizing gold
leverage for our shareholders."
Garnet Dawson, CEO of GoldMining,
commented: "We are pleased to report this conceptual pit
constrained resource estimate for the A1 deposit, one of several
targets identified by geochemistry and geophysics on the Crucero
Project by previous owners. Future exploration programs will
look to expand the existing resource at the A1 deposit, test
several of the nearby targets and complete additional metallurgical
testwork."
The Project
The Crucero Project occurs within the Puno Orogenic Belt, which
is host to orogenic gold deposits and associated extensive alluvial
deposits in eastern Peru and
Bolivia. The Project is road
accessible by paved road from Juliaca to the town of Crucero,
approximately 150 km to the northeast, with the remaining 50 km to
the site by gravel road. High-power electrical lines pass
within 8 km of the property.
The Project is comprised of three mining and five exploration
concessions with an aggregate area of 4,600 hectares. The
three mining concessions are held indirectly by a subsidiary of
GoldMining through a 30-year assignment from a third party running
until 2038 and are subject to certain net smelter return royalties
of 1 to 5%, based on monthly gold prices.
The A1 deposit, as currently defined by trenching and drilling,
strikes northwest and dips vertically to steeply to the
northeast. The deposit is approximately 750 m long by 100 m
in width and has been traced to a vertical depth of 400 m, but most of the drilling is confined to
within 250 m of surface. The
deposit is open at depth and along strike to the northwest and
southeast. The structurally controlled gold mineralization is
associated with sulphide veins hosted within strongly deformed
metasedimentary rocks.
Historic exploration programs have focused on the A1 deposit,
however geophysical and geochemical surveys have identified
additional targets for follow-up exploration.
Crucero Resource Estimate
GoldMining engaged Global Mineral Resource Services to prepare
an independent NI 43-101 technical report for the Crucero Project,
including an updated pit constrained resource estimate for the A1
deposit. The indicated and inferred resource estimates, which
have an effective date of December 20,
2017, are shown in Tables 1 and 2, respectively. Assumptions
used for the pit modelling are shown in Table 3. A gold
cut-off grade of 0.40 g/t was utilized based on similar types of
mineralization found at other near surface deposits in the world
and is highlighted in the tables below.
Table 1: NI 43-101 indicated resource estimate for the A1
deposit.
Gold
Cut-off
|
Tonnage
|
Grade
|
Contained
Metal
|
(g/t)
|
(Mt)
|
Gold
(g/t)
|
Gold
(Moz)
|
2.0
|
876,000
|
2.3
|
64,000
|
1.0
|
13,504,000
|
1.4
|
606,000
|
0.8
|
19,617,000
|
1.2
|
783,000
|
0.6
|
25,378,000
|
1.1
|
912,000
|
0.4
|
30,653,000
|
1.0
|
993,000
|
0.2
|
33,019,000
|
1.0
|
1,013,000
|
0.0
|
33,341,000
|
0.9
|
1,013,000
|
Table 2: NI 43-101 inferred resource estimate for the A1
deposit.
Gold
Cut-off
|
Tonnage
|
Grade
|
Contained
Metal
|
(g/t)
|
(Mt)
|
Gold
(g/t)
|
Gold
(Moz)
|
2.0
|
827,000
|
2.4
|
63,000
|
1.0
|
14,265,000
|
1.4
|
656,000
|
0.8
|
21,662,000
|
1.3
|
874,000
|
0.6
|
28,958,000
|
1.1
|
1,038,000
|
0.4
|
35,779,000
|
1.0
|
1,147,000
|
0.2
|
38,706,000
|
0.9
|
1,173,000
|
0.0
|
39,479,000
|
0.9
|
1,174,000
|
Table 3: Assumptions utilized to establish the conceptual pit
for the purposes of the above resource estimate.
Parameter
|
Value
|
Unit
|
Gold Price
|
1,500
|
US$/oz
|
Mine Operating Cost
(Mineralization and Waste)
|
1.65
|
US$/t
milled
|
Process Operating
Cost
|
16.00
|
US$/t
milled
|
Overall Pit
Slope
|
47
|
Degrees
|
The A1 deposit was modelled on a series of cross-sections and
level plans from which a three-dimensional wireframe model was
constructed for the mineralized zone at an approximate grade
boundary of 0.1 g/t gold. Diamond drill holes (72) totaling
approximately 23,000 metres and eleven trenches totaling
approximately 3,285 metres were used to define the model (Figs. 1
and 2). High-grade gold values were capped at 17 g/t gold
with 19 assays falling above this value. Assay sample lengths
were composited at 2.5 metres within the domain. 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 into blocks
measuring 10 x 10 x 10 metres in dimension. Average bulk
density of 2.85 g/cm3 was used to convert block model
volumes to tonnages.
Validation of the model was completed by comparison of the block
model and drill hole grades by visual inspections in section and
plan across the deposit.
Figure 1: Plan Map showing A1 deposit drill holes, trenching
(rock channel samples) and projection of mineralized solid.
Figure 2: Cross-section through the A1 Zone showing drill hole
grade, block grades and conceptual pit outline.
Quality Control – Quality Assurance Program
The above resource estimate was based on drilling and trenching
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. No information is available regarding the Quality
Assurance – Quality Control Program from the trench sampling
carried out between 1996 and 2003, however these samples represent
only a small percentage (approx. 4%) of the overall assay database
used in the resource estimate. The Qualified Persons (as
defined herein) are of the opinion that the inclusion of these
samples would not have a material effect on the reliability of the
overall estimate.
Qualified Person
The resource estimate disclosed herein on the Crucero Project
was prepared for GoldMining by Mr. Greg Z.
Mosher, B.Sc., M.Sc., P.Geo., of Global Mineral
Resource Services (the "Qualified Person"). Mr. Mosher is
recognized as a qualified person as defined in NI 43-101, is
independent of the Company and has reviewed and approved the
disclosure regarding the resource estimate for the Crucero Project
disclosed herein.
A technical report respecting the above resource estimate will
be filed under the Company's profile on SEDAR in due course.
There is no new material scientific or technical information
respecting the Crucero Project since the effective date of the
resource estimate.
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
National Instrument 43-101 and is a member of the Association of
Professional Geoscientists of Ontario.
Cautionary Note
Investors are cautioned not to assume that any part or all of
the mineral deposits in the "measured", "indicated" and "inferred"
categories will ever be converted into mineral reserves with
demonstrated economic viability or that inferred mineral resources
will be converted to the measured and/or indicated categories
through further drilling. In addition, the estimation of
inferred resources involves far greater uncertainty as to their
existence and economic viability than the estimation of other
categories of resources. Under Canadian rules, estimates of
Inferred Mineral Resources may not form the basis of
pre-feasibility or feasibility studies.
About GoldMining Inc.
GoldMining 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 4: GoldMining's Global Estimated Measured, Indicated and
Inferred Resource Statement1,2,3.
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
|
51.60
|
0.49
|
-
|
0.17
|
0.78
|
0.820
|
-
|
195.1
|
1.290
|
Indicated
Resources
|
Titiribi5
|
0.3
|
234.20
|
0.51
|
-
|
0.09
|
0.65
|
3.820
|
-
|
459.3
|
4.930
|
Sao
Jorge6
|
0.3
|
14.42
|
1.54
|
-
|
-
|
1.54
|
0.715
|
-
|
-
|
0.715
|
Cachoeira7
|
0.35
|
17.47
|
1.23
|
-
|
-
|
1.23
|
0.692
|
-
|
-
|
0.692
|
Whistler8
|
0.3
|
110.28
|
0.50
|
1.76
|
0.14
|
0.79
|
1.765
|
6.130
|
343.1
|
2.797
|
La
Mina9
|
0.25
|
28.17
|
0.74
|
1.77
|
0.24
|
1.12
|
0.667
|
1.607
|
150.2
|
1.013
|
Crucero12
|
0.4
|
30.65
|
1.00
|
-
|
-
|
1.00
|
0.993
|
-
|
-
|
0.993
|
|
|
435.19
|
0.62
|
0.55
|
0.10
|
0.79
|
8.651
|
7.737
|
952.7
|
11.080
|
Measured and
Indicated Resources
|
Total
|
|
486.79
|
0.61
|
0.49
|
0.11
|
0.79
|
9.471
|
7.737
|
1,147.8
|
12.370
|
Inferred
Resources
|
Titiribi5
|
0.3
|
207.90
|
0.49
|
-
|
0.02
|
0.51
|
3.260
|
-
|
77.9
|
3.440
|
Sao
Jorge6
|
0.3
|
28.19
|
1.14
|
-
|
-
|
1.14
|
1.035
|
-
|
-
|
1.035
|
Cachoeira7
|
0.35
|
15.67
|
1.07
|
-
|
-
|
1.07
|
0.538
|
-
|
-
|
0.538
|
Whistler8
|
0.3/0.6
|
311.26
|
0.47
|
2.26
|
0.11
|
0.68
|
4.626
|
22.617
|
713.5
|
6.731
|
La
Mina9
|
0.25
|
12.39
|
0.65
|
1.75
|
0.27
|
1.07
|
0.260
|
0.697
|
73.3
|
0.427
|
Boa
Vista10
|
0.5
|
8.47
|
1.23
|
-
|
-
|
1.23
|
0.336
|
-
|
-
|
0.336
|
Surubim11
|
0.3
|
19.44
|
0.81
|
-
|
-
|
0.81
|
0.503
|
-
|
-
|
0.503
|
Crucero12
|
0.4
|
35.78
|
1.00
|
-
|
-
|
1.00
|
1.147
|
-
|
-
|
1.147
|
Total
|
|
639.10
|
0.57
|
1.13
|
0.06
|
0.69
|
11.705
|
23.311
|
794.5
|
14.157
|
Table 4
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 global
resource estimate table is provided for informational purposes only
and is not intended to represent the viability of any project on a
standalone or global 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, which is gold equivalent
cut-off.
|
|
|
5.
|
Notes for
Titiribi:
|
|
|
|
|
|
- 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.
|
|
|
- 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.
|
Notesfor Sao
Jorge:
|
|
|
|
|
|
- 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:
|
|
|
|
|
|
- Based on technical report titled "Technical Report and
Resource Estimate on the Cachoeira Property, Pará State, Brazil"
prepared by Gregory Z. Mosher, P.Geo. 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:
|
|
|
|
|
|
- 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.
|
|
|
- The Whistler Project is comprised of three deposits:
Whistler, Raintree West and Island Mountain.
|
|
|
- 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.
|
|
|
- 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.
|
|
|
- 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).
|
|
|
- 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:
|
|
|
|
|
|
- Based on technical report titled "Technical Report on
the La Mina Project" prepared by Scott E. Wilson, C.P.G. 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.
|
|
|
- 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:
|
|
|
|
|
|
- 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:
|
|
|
|
|
|
- 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:
|
|
|
|
|
|
- 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.
|
|
|
- A technical report documenting the Crucero resource
estimate, amongst other items, will be filed in due course and will
be available at www.sedar.com under GoldMining's SEDAR
profile.
|
The above global estimated 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 statements
with respect to the details of the mineral resource estimate.
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: the inherent risks
involved in resource estimation and the exploration and development
of mineral properties, the uncertainties involved in resource
estimation and 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, uncertainties relating to the
availability and costs of financing needed in the future, including
to fund any exploration programs on the Project. These risks, as
well as others, including those set forth in GoldMiningꞌs 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.
Neither the TSX Venture Exchange, nor its Regulation Services
Providers (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
SOURCE GoldMining Inc.