VANCOUVER, BC, Sept. 13,
2022 /PRNewswire/ - GoldMining Inc. (the
"Company" or "GoldMining") (TSX: GOLD) (NYSE
American: GLDG) is pleased to announce additional assay results
from its recently completed five hole 3,485 metre (m) drilling
program on the La Garrucha target, located less than one kilometre
to the east of existing mineral resources on the Company's 100%
owned La Mina Project ("La Mina"), located in the Middle
Cauca Porphyry Belt, Antioquia, Colombia.
Highlights
- The 2022 drilling program has discovered extensions of
previously identified gold-copper porphyry mineralization at the La
Garrucha target, which is within the La Mina Project.
- Assay results returned to date from the 2022 drilling program
have almost doubled the size of the La Garrucha gold-copper
porphyry mineral system to at least 400
m strike and 775 m below
surface, with the system remaining open to the southeast and to
depth.
- LME1108 includes a 'Main Zone' intercept of:
431.23 m at
0.55 grams per tonne (g/t) gold (Au) and 0.12 percent (%) copper
(Cu), or alternatively expressed as 0.73 g/t gold equivalent
(AuEq), from 181.27 m
downhole.
- La Garrucha lies approximately one kilometre east of existing
estimated mineral resources within the La Cantera and Middle Zone
deposits.
- Pending receipt of all drill assays the La Garrucha gold-copper
porphyry mineral system will undergo geological modelling and will
be included in an updated mineral resource estimate for the La Mina
Project expected to be initiated in the fourth quarter of 2022,
with the intention to initiate an updated La Mina Preliminary
Economic Assessment ("PEA") in 2023.
Alastair Still, CEO of
GoldMining, commented, "Our team has competed our first
exploration drilling program in Colombia safely and on budget, and we are very
pleased with the initial drill results to date, targeting the
expansion of the La Garrucha discovery at the La Mina Project.
Results from LME1108 will help define the size of the mineralized
system, which extends for hundreds of metres and remains open for
further expansion. While we still have assay results pending from
the final hole drilled in the program, we currently plan to
initiate an update to the mineral resource estimate in the fourth
quarter of 2022, consistent with our focused approach to unlocking
value from our portfolio of gold and gold-copper projects located
throughout the Americas."
Tim Smith, VP
Exploration of GoldMining, commented, "The re-entry of LME1108
has extended gold-copper porphyry mineralization over 300 metres
deeper than all previous drilling completed at La Garrucha and
represents the deepest drilling completed thus far for the entire
La Mina Project. This continuity of mineralization to depth
provides a new vector for the ongoing exploration of the broader La
Mina mineral system. We expect that the synthesis of geological,
geochemical and geophysical data amassed from the historic and
recent drilling will allow the GoldMining team to identify and
prioritize additional targets for future exploration
campaigns."
Drill Program Details and
Geological Description
From late March through to mid-August
2022 GoldMining completed a diamond core drilling program,
comprising five drill holes for 3,485
m at its La Garrucha target within the La Mina Project (see
Figures 1 & 2). On June 23,
2022, the Company announced
interim results from the first two holes of the
drilling program, including the initial entry of LME1108 which
returned 345.54 m at 0.57 g/t Au
and 0.12% Cu (0.74 g/t AuEq), from 254.95
m depth. As of the previous reporting date, LME1108 ended in
mineralization and up-hole assays had not yet been returned. The
Company has subsequently completed a re-entry extension of LME1108
to a total depth of 915.49 m and is
now pleased to present comprehensive results for LME1108 which
extends mineralization up-hole via additional assay results
received, and from the deeper down-hole extension via re-entry
drilling.
LME1108 Total Mineralized Porphyry Envelope
(extended up- and down-hole via additional core sampling and
drill hole re-entry respectively):
|
754.67 m at 0.40 g/t Au and 0.11% Cu (0.56 g/t AuEq)
from 136.20 m downhole
|
|
|
Including 'Main
Zone' (Medium Grade):
|
|
|
431.23 m at 0.55 g/t Au and 0.12% Cu (0.73 g/t AuEq)
from 181.27 m downhole
|
|
|
And Including
'Higher Grade Zones':
|
|
|
59.45 m at 0.76 g/t Au and 0.19% Cu (1.04 g/t AuEq)
from 328.92m downhole
|
|
(previously reported
intercept)
|
|
|
And
|
149.14 m at 0.69 g/t
Au and 0.09% Cu (0.82 g/t AuEq) from 463.36 m
downhole
(expanded from
previously reported intercept)
|
|
|
And Including a new
'Deep Footwall Zone'
|
|
|
92.43 m at 0.31 g/t
Au and 0.13% Cu (0.51 g/t AuEq) from 733.47 m
downhole
|
In addition to re-entry of LME1108, a new fence of drilling
located a further 100 metres along strike targeted the edge of the
magnetic high associated with the La Garrucha target to test the
extents of porphyry mineralization. Drill holes LME1109 and LME1110
intersected broad low-grade porphyry mineralization and both holes
ended in low-grade mineralization. Although the underlying magnetic
'high' is waning to the southeast, the edges of the host porphyry
intrusion have not yet been defined and therefore the mineral
system remains open along strike to the southeast. The drill logs
and multi-element assay results will be analyzed against a
three-dimensional inversion model of the magnetic response to
determine whether the system could be extended further to the
southeast by drilling.
Comprehensive assay intercepts for LME1107 and LME1108, and
partial assay results from holes LME1109 and LME1110, can be found
in Table 1.
The 2022 La Garrucha drilling targeted strike and depth
extensions of the previously intersected gold-copper mineralized
porphyry intrusive system, last drilled in 2011 by Bellhaven Copper
& Gold Inc. ("Bellhaven") prior to its acquisition by
GoldMining. Selected intercepts from the previous drilling are
listed below and a comprehensive summary of historic La Garrucha
intercepts is also provided in Table 1.
LME1100
|
216.80 m at 1.31 g/t Au
and 0.15% Cu from 143.0 to 359.80 m downhole
|
|
|
LME1102
|
158.12 m at 1.01 g/t Au
and 0.17% Cu from 66.50 to 224.62 m downhole
|
|
|
LME1104
|
71.0 m at 1.02 g/t Au
and 0.14% Cu from 355.0 to 426.0 m downhole, and
|
|
|
|
106.60 m at 0.56 g/t Au
and 0.11% Cu from 485.65 to 592.25 m downhole
|
A fifth and final drill hole of the 2022 program, LME1111,
was drilled to provide improved confidence of the continuity of the
porphyry mineral system between the previous Bellhaven
drilling and the recently completed GoldMining
drilling (see Figure 2). Core logging and sampling of LME1111
is currently being completed, with assays to be reported as they
become available.
La Garrucha gold and copper mineralization is coincident with
potassic alteration in the core of the porphyry intrusive complex.
Potassic alteration is characterized by secondary potassium
feldspar and biotite, disseminated and vein magnetite, quartz
stockwork veining and both vein-hosted and disseminated sulphides
that include pyrite, chalcopyrite and lesser bornite.
With the 2022 step out drilling the La Garrucha porphyry mineral
system now extends over 400 m strike
and 300 m width. To depth, the
re-entry extension of LME1008 has extended mineralization from a
previously intersected maximum depth of 450
m below surface, to approximately 775
m below surface where the porphyry mineral system remains
open to depth (see Figure 3).
Geological interpretation of the La Garrucha drilling program
will extend to encompass re-logging of the previous Bellhaven core,
to place copper and gold mineralization in spatial and temporal
context with the hosting La Garrucha porphyry intrusive complex and
also to compare against the other La Mina porphyry deposits at La
Cantera and Middle Zone. Geological three-dimensional modelling and
subsequent geostatistical modelling will be completed during Q4
2022 with the intention to initiate an updated mineral resource
estimate by year-end including the La Garrucha mineralization, with
current plans to update the La Mina PEA in 2023.
Additional information regarding the La Mina Project, including
existing resource estimates and historic 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
(the "Existing La Mina Technical Report"), which is
available on the Company's website at www.goldmining.com.
Table 1 – La Garrucha gold assay intercepts from
2022 drilling program received as of 13th September 2022 and drill intercepts for historic
Bellhaven drilling.
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
|
136.20
|
890.87
|
754.67
|
0.40
|
0.11
|
0.56
|
Including
|
181.27
|
612.50
|
431.23
|
0.55
|
0.12
|
0.73
|
Including
|
328.92
|
388.37
|
59.45
|
0.76
|
0.19
|
1.04
|
Including
|
463.36
|
612.50
|
149.14
|
0.69
|
0.09
|
0.82
|
Including
|
733.47
|
825.90
|
92.43
|
0.31
|
0.13
|
0.51
|
LME1109
|
473.49
|
813.2
|
339.71
|
0.16
|
0.03
|
0.21
|
Including
|
473.49
|
491.93
|
18.44
|
0.34
|
0.06
|
0.42
|
Including
|
526.35
|
551.00
|
24.65
|
0.23
|
0.04
|
0.29
|
Including
|
572.35
|
602.00
|
29.65
|
0.22
|
0.06
|
0.31
|
Including
|
614.32
|
625.40
|
11.08
|
0.26
|
0.05
|
0.33
|
Including*
|
727.55
|
813.20
|
85.65
|
0.17
|
0.02
|
0.20
|
LME1110
|
368.05
|
663.22
|
295.17
|
0.13
|
0.05
|
0.20
|
Including
|
368.05
|
387.95
|
19.90
|
0.21
|
0.09
|
0.34
|
Including
|
557.19
|
621.11
|
63.92
|
0.21
|
0.06
|
0.29
|
Including*
|
642.93
|
663.22
|
20.29
|
0.18
|
0.07
|
0.28
|
Historic (Bellhaven)
Drill Intercepts:
|
LME‐1037
|
359.00
|
374.10
|
15.10
|
0.49
|
0.08
|
0.62
|
LME‐1039
|
No Significant
Results
|
LME‐1040
|
161.00
|
169.00
|
8.00
|
0.30
|
0.18
|
0.60
|
And
|
192.00
|
210.50
|
18.50
|
0.35
|
0.17
|
0.64
|
And*
|
258.00
|
355.09
|
97.09
|
0.35
|
0.14
|
0.60
|
LME‐1042
|
No Significant
Results
|
LME‐1044
|
269.10
|
281.94
|
12.84
|
12.84
|
0.09
|
0.99
|
LME‐1047
|
119.50
|
129.54
|
10.04
|
0.55
|
0.31
|
1.08
|
And
|
154.00
|
172.40
|
18.40
|
0.31
|
0.15
|
0.57
|
And*
|
178.25
|
242.31
|
64.06
|
0.55
|
0.15
|
0.80
|
LME‐1095*
|
248.20
|
280.11
|
31.91
|
0.47
|
0.09
|
0.81
|
LME‐1096
|
199.64
|
282.00
|
82.36
|
0.48
|
0.17
|
0.76
|
And*
|
322.96
|
349.81
|
26.85
|
0.64
|
0.13
|
0.85
|
LME‐1097
|
No Significant
Results
|
LME‐1098
|
No Significant
Results
|
LME‐1100
|
99.06
|
107.28
|
8.22
|
0.51
|
0.08
|
0.62
|
And
|
143.00
|
359.80
|
216.80
|
1.31
|
0.15
|
1.55
|
And
|
379.00
|
397.76
|
18.76
|
0.59
|
0.09
|
0.74
|
LME‐1101
|
94.87
|
174.95
|
80.08
|
0.49
|
0.06
|
0.57
|
And
|
216.71
|
253.59
|
36.88
|
0.45
|
0.03
|
0.49
|
And
|
278.58
|
374.50
|
95.92
|
0.50
|
0.13
|
0.73
|
LME‐1102
|
7.62
|
13.71
|
6.09
|
0.71
|
0.03
|
0.76
|
And
|
19.81
|
25.90
|
6.09
|
0.53
|
0.03
|
0.57
|
And
|
52.30
|
60.40
|
8.10
|
0.40
|
0.26
|
0.80
|
And
|
66.50
|
224.62
|
158.12
|
1.01
|
0.17
|
1.26
|
And
|
242.00
|
278.00
|
36.00
|
0.34
|
0.13
|
0.54
|
LME‐1103
|
66.00
|
377.00
|
311.00
|
0.84
|
0.10
|
1.00
|
And
|
392.80
|
421.20
|
28.40
|
0.34
|
0.04
|
0.41
|
And
|
436.77
|
458.30
|
21.53
|
0.41
|
0.04
|
0.48
|
And
|
476.09
|
537.80
|
61.70
|
0.56
|
0.04
|
0.62
|
LME‐1104
|
236.50
|
268.00
|
31.50
|
0.44
|
0.11
|
0.60
|
And
|
355.00
|
426.00
|
71.00
|
1.02
|
0.14
|
1.24
|
And
|
485.65
|
592.25
|
106.60
|
0.56
|
0.11
|
0.72
|
LME‐1105
|
0.00
|
145.00
|
145.00
|
0.51
|
0.15
|
0.73
|
And
|
168.60
|
200.25
|
31.65
|
0.38
|
0.04
|
0.44
|
LME‐1106
|
38.10
|
50.29
|
12.19
|
0.43
|
0.07
|
0.54
|
And
|
171.00
|
441.96
|
270.96
|
1.03
|
0.13
|
1.23
|
Notes:
|
1.
|
For historical
drilling, since acquiring an option on the property in mid-2010 and
until 2016, Bellhaven advanced exploration by conducting detailed
mapping and trenching at La Cantera and Middle Zone, mapping and
channel sampling at La Garrucha, mapping, rock-chip sampling and
trenching throughout the project area, various ground geophysical
surveys, and re-logging and re-interpretation of drill core from
previous drilling campaigns. Please see Existing La Mina Technical
Report for further details.
|
|
|
2.
|
AuEq calculated using
metal prices of US$1,600/oz gold and US$3.39/lb copper, as per the
La Mina PEA (see January 12, 2022 press release and the Existing La
Mina Technical Report). Results are presented as core length and
assays are uncut as there are no high-grade outliers in the sample
population. Results to date are insufficient to determine true
width.
|
|
|
3.
|
*Hole ended in
mineralized porphyry envelope.
|
Table 2 –La Garrucha drillhole collar location
coordinates.
Hole
Number
|
Easting
Metres
(UTM Zone
18)
|
Northing
Metres (UTM Zone
18)
|
Elevation
(metres
above sea
level)
|
Depth
(metres)
|
Azimuth
(Degrees)
|
Dip
(Degrees)
|
Status
|
LME1107
|
420207.0
|
654691.0
|
1999.5
|
500.49
|
225°
|
-50°
|
All assays
received
|
LME1108
|
420207.0
|
654691.0
|
1999.5
|
914.70
|
225°
|
-70°
|
All assays
received
|
LME1109
|
420356.0
|
654723.0
|
2088.0
|
818.12
|
221°
|
-50°
|
Partial assays
received
|
LME1110
|
420356.0
|
654723.0
|
2088.0
|
620.0
|
221°
|
-40°
|
Partial assays
received
|
LME1111
|
420207.0
|
654691.0
|
1999.5
|
550.17
|
250°
|
-45°
|
Drilling complete;
assays pending
|
Historic (Bellhaven)
Drill Collars:
|
LME‐1037
|
419822.2
|
654598.6
|
2008.49
|
380.08
|
090°
|
‐70°
|
Historic
|
LME‐1039
|
419822.4
|
654598.5
|
2008.76
|
509.93
|
360°
|
‐90°
|
Historic
|
LME‐1040
|
419833.2
|
654703.3
|
2013.51
|
355.09
|
090°
|
‐70°
|
Historic
|
LME‐1042
|
419833.3
|
654703.1
|
2013.54
|
391.66
|
360°
|
‐90°
|
Historic
|
LME‐1044
|
419832.6
|
654702.8
|
2013.41
|
502.92
|
045°
|
‐70°
|
Historic
|
LME‐1047
|
419833.7
|
654703.2
|
2011.88
|
242.31
|
090°
|
‐60°
|
Historic
|
LME‐1095
|
419840.8
|
654507.2
|
1994.24
|
280.11
|
045°
|
‐51°
|
Historic
|
LME‐1096
|
419830.1
|
654667.6
|
2007.1
|
349.81
|
90°
|
-65°
|
Historic
|
LME-1097
|
419829.9
|
654415.9
|
1981.45
|
360.27
|
090°
|
‐70°
|
Historic
|
LME-1098
|
419873.0
|
654308.1
|
1980.78
|
297.18
|
045°
|
‐65°
|
Historic
|
LME-1100
|
420026.3
|
654714.3
|
1961.06
|
414.52
|
225°
|
‐75°
|
Historic
|
LME-1101
|
420026.6
|
654716.9
|
1961.05
|
422.45
|
270°
|
‐76°
|
Historic
|
LME-1102
|
420026.3
|
654715.7
|
1961.15
|
320.04
|
225°
|
‐60°
|
Historic
|
LME-1103
|
419940.2
|
654620.1
|
1990.95
|
565.4
|
045°
|
‐75°
|
Historic
|
LME-1104
|
420194.5
|
654811.9
|
2004.27
|
614.17
|
225°
|
‐55°
|
Historic
|
LME-1105
|
420004.2
|
654621.4
|
1954.82
|
285,59
|
225°
|
‐68°
|
Historic
|
LME-1106
|
419902.3
|
654519.6
|
1983.19
|
441.96
|
45°
|
-55°
|
Historic
|
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 0.50 m to a
maximum of 2.10 m. 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 information' and
'forward-looking statements' within the meaning of applicable
Canadian and U.S. securities laws ("forward-looking statements")
that reflect the current views and/or expectations, including
statements regarding the ' future work programs and planned
activities and studies at the Company's La Mina Project and
expectations regarding the 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 (the "SEC"), 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.
Cautionary Note to US
Investors
The disclosure in this news release and referred to herein was
prepared in accordance with NI 43-101 which differs significantly
from the requirements of the SEC. The terms "proven mineral
reserve", "probable mineral reserve" and "mineral reserves" used in
this news release are in reference to the mining terms defined in
the Canadian Institute of Mining, Metallurgy and Petroleum
Standards (the "CIM Definition Standards"), which definitions have
been adopted by NI 43-101. Accordingly, information contained
in this news release providing descriptions of our mineral deposits
in accordance with NI 43-101 may not be comparable to similar
information made public by other U.S. companies subject to
the United States federal
securities laws and the rules and regulations thereunder.
Investors are cautioned not to assume that any part or all of
mineral resources will ever be converted into reserves. Pursuant to
CIM Definition Standards, "Inferred mineral resources" are that
part of a mineral resource for which quantity and grade or quality
are estimated on the basis of limited geological evidence and
sampling. Such geological evidence is sufficient to imply but not
verify geological and grade or quality continuity. An inferred
mineral resource has a lower level of confidence than that applying
to an indicated mineral resource and must not be converted to a
mineral reserve. However, it is reasonably expected that the
majority of inferred mineral resources could be upgraded to
indicated mineral resources with continued exploration. Under
Canadian rules, estimates of inferred mineral resources may not
form the basis of feasibility or pre-feasibility studies, except in
rare cases. Investors are cautioned not to assume that all or
any part of an inferred mineral resource is economically or legally
mineable. Disclosure of "contained ounces" in a resource is
permitted disclosure under Canadian regulations; however, the SEC
normally only permits issuers to report mineralization that does
not constitute "reserves" by SEC standards as in place tonnage and
grade without reference to unit measures.
Canadian standards, including the CIM Definition Standards and
NI 43-101, differ significantly from standards in the SEC Industry
Guide 7. Effective February 25, 2019,
the SEC adopted new mining disclosure rules under subpart 1300 of
Regulation S-K of the United States Securities Act of 1933, as
amended (the "SEC Modernization Rules"), with compliance required
for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization
Rules replace the historical property disclosure requirements
included in SEC Industry Guide 7. As a result of the adoption of
the SEC Modernization Rules, the SEC now recognizes estimates of
"Measured Mineral Resources", "Indicated Mineral Resources" and
"Inferred Mineral Resources". In addition, the SEC has
amended its definitions of "Proven Mineral Reserves" and "Probable
Mineral Reserves" to be substantially similar to corresponding
definitions under the CIM Definition Standards. During the period
leading up to the compliance date of the SEC Modernization Rules,
information regarding mineral resources or reserves contained or
referenced in this news release may not be comparable to similar
information made public by companies that report according to U.S.
standards. While the SEC Modernization Rules are purported to be
"substantially similar" to the CIM Definition Standards, readers
are cautioned that there are differences between the SEC
Modernization Rules and the CIM Definitions Standards. Accordingly,
there is no assurance any mineral reserves or mineral resources
that the Company may report as "proven mineral reserves", "probable
mineral reserves", "measured mineral resources", "indicated mineral
resources" and "inferred mineral resources" under NI 43-101 would
be the same had the Company prepared the reserve or resource
estimates under the standards adopted under the SEC Modernization
Rules.
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SOURCE GoldMining Inc.