Highlights:
- GoldMining consolidates leading gold-copper porphyry portfolio
in the underexplored Mid Cauca Belt of Colombia, with the addition of La Mina to its
existing asset base that includes the Titiribi gold-copper project
and adjacent concession applications;
- GoldMiningꞌs Colombian portfolio now has total contained
resources of 5.3 Moz gold (7.2 Moz gold equivalent) in the measured
and indicated categories and 3.5 Moz gold (3.9 Moz gold equivalent)
in the inferred category as detailed in Table 2 below and includes
over 10 gold-copper porphyry prospects for follow-up exploration as
shown in Figures 1 and 2;
- La Mina hosts the Middle Zone and La Cantera deposits,
as well as several high-priority prospects including La
Garrucha, El Limon, El Oso, Media Luna and Buenavista;
- La Mina pit-constrained resource totals 1.01 Moz gold
equivalent grading 1.12 g/t gold equivalent in the indicated
category and 0.43 Moz gold equivalent grading 1.07 g/t gold
equivalent in the inferred category at a 0.25 g/t gold cut-off as
detailed in Table 1 below;
- La Garrucha aeromagnetic anomaly is substantially larger
than those associated with either the La Cantera or Middle Zone
deposits. The last drill hole completed at La Garrucha intersected
271 m grading 1.03 g/t gold and 0.13% copper as reported in
Bellhavenꞌs news release dated September 10,
2013;
- A total of 106 diamond drill holes in 36,815 m have been
completed to date at La Mina;
- Bellhaven acquired for total consideration of 7,339,303 common
shares of GoldMining, representing 5.8% dilution to existing
GoldMining shareholders; and
- GoldMiningꞌs global estimated resources now includes 8.5 Moz
gold (11.4 Moz gold equivalent) in the measured and indicated
categories and 10.6 Moz gold (13.0 Moz gold equivalent) in the
inferred category as detailed in Table 2 below.
VANCOUVER, May 30, 2017 /CNW/ - GoldMining Inc.
("GoldMining" or the "Company") (TSX-V: GOLD; OTCQX: GLDLF) and
Bellhaven Copper and Gold Inc. ("Bellhaven") (TSX-V: BHV) are
pleased to announce that, further to their news release dated
April 12, 2017, GoldMining has
completed its acquisition of Bellhaven.
Amir Adnani, Chairman of
GoldMining, commented: "We are pleased to be closing our second
major transaction in Colombia,
which will further expand our significant land package within the
Mid Cauca Belt, one of the most prospective and underexplored gold
belts in the world. Beyond the current defined resource base, La
Mina and Titiribi collectively host several underexplored porphyry
targets, which we believe offer excellent opportunities for
potential new gold discoveries in an area with excellent
infrastructure. On behalf of the Company, we welcome Bellhaven
shareholders of GoldMining and we look forward to advancing our
asset base together for the benefit of all shareholders."
Garnet Dawson, CEO of GoldMining,
commented: "The Mid Cauca Belt has seen increased activity in 2017
with Newmontꞌs strategic investment in Continental Goldꞌs Buritica
project, IAMGOLDꞌs option of Gran Colombiaꞌs Zancudo project and
the joint exploration success at San Matias by Cordoba Minerals and
High Power Exploration.In the months ahead, we will review previous
exploration results and work with Dr. Paul
Zweng, the former Chairman and CEO of Bellhaven, who has
joined our Advisory Board, to outline a drill program at La
Garrucha to provide data to complete a maiden resource estimate for
this prospect."
The Transaction
The transaction was completed by way of a plan of arrangement
pursuant to an arrangement agreement between the parties dated
April 11, 2017. Under the
arrangement, GoldMining acquired all of the issued and outstanding
common shares of Bellhaven (the "Bellhaven Shares") for total
consideration of 7,339,303 common shares of the Company (the "GOLD
Shares"), which included 1,842,750 GOLD Shares issued to the
Toquepala Fund LP in exchange for 6,300,000 units of Bellhaven,
each unit consisting of one Bellhaven Share and one warrant to
purchase a Bellhaven Share, and 0.25 GOLD Shares issued to
Bellhaven shareholder for each outstanding Bellhaven Share. As a
result of the transaction, Bellhaven will also pay US$100,000 and US$247,000 to Bellhaven's former Chairman and
Chief Executive officer and its former Chief Financial Officer,
respectively, in connection with certain change of control and
termination provisions under their consulting agreements with
Bellhaven.
The Company further announces the completion of Bellhavenꞌs
previously announced acquisition of the remaining 24% equity
interest in the entity that owns certain concessions underlying the
La Mina Project ("La Mina" or the "Project") in exchange for a
payment of US$300,000 and the
delivery of 162,500 GOLD Shares to Monpal S.A.S., a company
controlled by Alejandro
Montoya-Palacios, a former director of Bellhaven. As a
result, the Company now holds a 100% interest in La Mina.
The Project
La Mina is located approximately 41 km southwest of the city of
Medellin in the Department of
Antioquia, in central Colombia and
approximately 6 km southeast of GoldMiningꞌs Titiribi Project (Fig.
1). The Project is comprised of two concessions that cover an area
of 32 km2. Northern Antioquia has seen steadily
increasing activity over the last several years including, but not
limited to success by Cordoba Minerals and High Power Exploration
at the San Matias copper-gold project, Continental Goldꞌs recently
permitted high-grade Buritica gold project and investment by
GoldCorp, IAMGOLDꞌs recent option agreement with Gran Colombia Gold
on the past producing Zancudo gold mine, and AngloGold Ashanti and
B2Goldꞌs development stage Nuevo Chaquiro project. The Project is
road accessible by paved highway to a junction with an 11 km gravel
road that leads to site. Water, power and labour are readily
available at the Project site.
La Mina includes the Middle Zone and La Cantera gold-copper
porphyry deposits as well as the highly prospective La Garrucha
prospect located approximately 800 m to the east. The aeromagnetic
anomaly over the nearby La Garrucha prospect is substantially
larger than those over both the La Cantera and Middle Zone
deposits. It has been partially tested by drilling (6,734 m in 17
holes) and future exploration programs will focus on expanding the
area of mineralization in order to complete a revised resource
estimate. In addition, there are several prospects including El
Limon, El Oso, Media Luna and Buenavista that require additional
follow-up exploration (Fig. 2).
The Middle Zone and La Cantera deposits occur within 400 m of
each other and were the subject of a resource estimate published by
Bellhaven in October 2016 (Table 1).
The resource was based on 14,284 m of drilling in 88 drill holes.
Block models were created with parent blocks measuring 5
m3 for the Middle Zone and 10 m3 for La
Cantera. Inverse distance squared was used to interpolate grade
into blocks at the Middle Zone and ordinary kriging was used to
interpolate grade into blocks at La Cantera, which in both cases
were constrained by geology. Indicated mineral resources, which
comprise approximately 70% of the resource, were defined as blocks
that are within 35 m of a drill hole and where a minimum of two
drill holes were used to estimate grade. Grade-capping was employed
at the Middle Zone to limit the impact of high-grade outlier
samples. Gold was capped at 4.2 ppm, silver at 25.5 ppm and copper
at 3,000 ppm. Densities of 2.65 t/m3 for the Middle Zone
and 2.70 t/m3 for La Cantera were used to convert
volumes to tonnages and were based on 636 individual measurements
of drill-core samples.
The conceptual pit delineated resource used a Whittle-Pit
algorithm with the following input parameters to calculate the
in-pit resources:
- Median consensus long-term projected metal prices of
US$1,275/oz gold, US$17.75/oz silver, and US$2.75/lb copper;
- G&A of US$0.98/t;
- Open-pit mining costs of US$1.72/t;
- Processing costs of US$5.83/t;
- Metallurgical recoveries of 93% for gold and 90% for copper;
and
- Average pit-slope of 50 degrees.
Table 1: Indicated and Inferred Resource at a 0.25 g/t gold
cut-off for La Mina.
Deposit
|
Tonnage
|
Grade
|
Contained
Metal
|
Mt
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
(%)
|
AuEq
(g/t)
|
Au
(oz)
|
Ag
(oz)
|
Cu
(Mlbs)
|
AuEq
(oz)
|
Indicated
Resource
|
La Cantera
|
17.984
|
0.87
|
2.06
|
0.32
|
1.37
|
503,021
|
1,191,062
|
125.344
|
789,953
|
Middle
Zone
|
10.186
|
0.50
|
1.27
|
0.11
|
0.68
|
163,740
|
415,899
|
24.898
|
223,232
|
Total
Indicated
|
28.170
|
0.74
|
1.77
|
0.24
|
1.12
|
666,761
|
1,606,962
|
150.242
|
1,013,185
|
Inferred
Resource
|
La Cantera
|
10.806
|
0.69
|
1.83
|
0.29
|
1.15
|
239,715
|
635,766
|
70.256
|
400,099
|
Middle
Zone
|
1.588
|
0.39
|
1.19
|
0.09
|
0.53
|
19,911
|
60,754
|
3.038
|
27,309
|
Total
Inferred
|
12.394
|
0.65
|
1.75
|
0.27
|
1.07
|
259,626
|
696,520
|
73.294
|
427,408
|
|
|
|
Table 1
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.
|
|
2.
|
Gold-equivalent
grades were calculated using the following formula: AuEq = [{Au
(g/t) + [Cu(%)} x {%Recoverable Cu / %Recoverable Au} x {Cu
Price/Au Price} x 22.0462 x 31.1035] + [Ag (g/t) x {Ag Price/Au
Price}]. Metal prices used were the median consensus long-term
prices as of July, 2016 for gold (US$1,275/oz), silver
(US$17.75/oz), and copper (US$2.75/lb). Metal prices are not
constant and are subject to change. Metal recoveries of 93% Au and
90% Cu are estimates based on metallurgical results announced in
Bellhavenꞌs news release dated September 21, 2016.
|
|
3.
|
All quantities are
rounded to the appropriate number of significant figures;
consequently sums may not add up due to rounding.
|
The resource estimate for La Mina is based on a technical report
completed for Bellhaven by Scott E.
Wilson, C.P.G. titled "Technical Report for the La Mina
Project, Antioquia, Republic of Colombia", who is independent of Bellhaven and
GoldMining within the meaning of National Instrument 43-101, with
an effective date of October 24,
2016. Please refer to the technical report for further
information regarding the La Mina Project, a copy of which is
available under Bellhaven's profile at www.sedar.com.
Advisors
Haywood Securities Inc. advised GoldMining in connection with
the transaction, and Sangra Moller LLP acted as legal counsel to
GoldMining. Evans & Evans Inc. acted as financial advisor to
Bellhaven and McMillan LLP acted as legal counsel to Bellhaven.
Additional Information
As a result of completion of the arrangement set forth above,
GoldMining acquired ownership and control of 100% of the
outstanding Bellhaven Shares. In connection therewith, the Company
will file an early warning report pursuant to National Instrument
62-103 – The Early Warning System and Related Take-Over Bid and
Insider Reporting Issues containing additional information
respecting the foregoing matters. A copy of such report may be
obtained from Bellhaven's SEDAR profile at www.sedar.com or by
contacting the Company at the contact particulars set forth herein.
The Company did not own any Bellhaven Shares prior to completion of
the transaction. It is expected that the Bellhaven Shares will be
de-listed from the TSX Venture Exchange and that Bellhaven will
make an application to cease to be a reporting issuer in the
applicable jurisdictions.
Qualified Person
Paulo Pereira, President of
GoldMining has reviewed and approved the technical information
contained in this news release for GoldMining. Mr. Pereira holds a
Bachelorꞌs 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.
About GoldMining Inc.
GoldMining Inc. is a public mineral exploration company focused
on the acquisition and development of gold projects in Colombia and other regions of the Americas.
GoldMining Inc. is advancing its Titiribi Gold-Copper Project
located in the Department of Antioquia, Colombia, its Cachoeira and São Jorge Gold
Projects located in the State of Pará, northeastern Brazil, its Whistler Gold-Copper Project
located in the State of Alaska,
United States of America, and its
Rea Uranium Project in the western Athabasca Basin in northeast Alberta, Canada.
Table 2: GoldMining Inc. – Global 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
|
Total
|
|
404.54
|
0.59
|
0.48
|
0.09
|
0.78
|
7.658
|
7.737
|
952.7
|
10.147
|
Measured and
Indicated Resources
|
Total
|
|
456.14
|
0.58
|
0.43
|
0.10
|
0.78
|
8.478
|
7.737
|
1147.8
|
11.437
|
Inferred
Resources
|
Titiribi5
|
0.3
|
207.90
|
0.49
|
-
|
0.02
|
0.51
|
3.260
|
0.000
|
77.9
|
3.440
|
Sao
Jorge6
|
0.3
|
28.19
|
1.14
|
-
|
-
|
1.14
|
1.035
|
0.000
|
-
|
1.035
|
Cachoeira7
|
0.35
|
15.67
|
1.07
|
-
|
-
|
1.07
|
0.538
|
0.000
|
-
|
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
|
0.000
|
-
|
0.336
|
Surubim11
|
0.3
|
19.44
|
0.81
|
-
|
-
|
0.81
|
0.503
|
0.000
|
-
|
0.503
|
Total
|
|
603.32
|
0.55
|
1.20
|
0.07
|
0.67
|
10.558
|
23.313
|
864.7
|
13.010
|
|
|
Table 2
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.
|
Notes for 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
|
The above global estimated resource table is provided for
information purposes only.
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 respecting the La Mina Project, potential synergies
between the Company's and Bellhaven's projects and any future
exploration programs and other work on the La Mine project.
Forward-looking statements are based on the then-current
expectations, beliefs, assumptions, estimates and forecasts about
the business and the markets in which the Company operates,
including that historical exploration results will be
confirmed and potential synergies will be realized. 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, the
uncertainties involved in 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 the
Company's 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 and any inability to
realize upon expected synergies between the Company and Bellhaven .
These risks, as well as others, including those set forth in the
Company's 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 undertakes no 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.