Highlights:
- Acquisition of a 100% interest in the Crucero Gold Project in
Southeastern Peru;
- Lupaka previously reported a pit constrained indicated
resource of 1.00 million ounces grading 1.01 g/t gold and
aninferred resource of 1.03 million ounces grading 1.03 g/t
gold at a 0.4 g/t gold cut-off at the Project (see Table 1 below).
GoldMining is treating this estimate as a historic estimate and
plans to engage a qualified person to complete the necessary work
to verify the estimate and complete an independent technical report
(see below);
- Approximately 23,000 m of diamond drilling over 72 holes have
been completed historically; and
- Total consideration at closing will be 3,500,000 common shares
and $750,000 in cash representing
less than 3% dilution to GoldMining shareholders.
VANCOUVER, Nov. 21, 2017 /CNW/ -GoldMining Inc. (the
"Company" or "GoldMining") (TSX-V: GOLD; OTCQX:
GLDLF) is pleased to announce that, further to its news release
dated September 19, 2017, the Company
has completed its acquisition of the Crucero Gold Project (the
"Project") located in Southeastern
Peru from Lupaka Gold Corp. ("Lupaka"). This
transaction represents GoldMining's first acquisition in
Peru, which is among the world's
largest producers of gold, copper and silver, and ranks as one of
the most attractive jurisdictions for mining investment in
Latin America (Fraser Institute,
2016).
Amir Adnani, Chairman of
GoldMining, commented: "We are very pleased to close on our third
meaningful gold resource acquisition this year, a testament to the
hard work and dedication of our team in identifying and executing
on our vision of consolidating gold assets in the Americas.
Peru is a highly regarded mining jurisdiction, and we're keen
to establish our presence in-country with the acquisition of
Crucero. We look forward to working with our technical staff
and consultants to update the resource at Crucero in the coming
months, further building upon our already sizeable resource base to
maximize gold leverage for our shareholders."
Garnet Dawson, CEO of GoldMining,
commented: "The Project is in the Puno Orogenic Gold Belt, which is
seeing renewed exploration activity and is the source of extensive
alluvial placers in the region. With this acquisition, we
will be acquiring not only a project in a favourable mining
jurisdiction with a historic pit-constrained resource, but also one
that has had significant historical investment and exploration that
has identified numerous targets for follow-up exploration."
The Transaction
Pursuant to the Agreement, GoldMining has acquired all of the
shares of a wholly owned subsidiary of Lupaka, which holds a 100%
interest in the Project. Total consideration payable by
GoldMining to Lupaka under the transaction is 3,500,000 common
shares of GoldMining (the "GoldMining Shares") plus $750,000 in cash.
The GoldMining Shares issued under the transaction are subject
to certain resale restrictions pursuant to the terms of the
Agreement.
The Project
The Project is located 150 km northeast of the city of Juliaca
in the Department of Puno, in southeastern Peru. The Project is road accessible by
paved road from Juliaca to the town of Crucero, with the remaining
50 km to 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 1-5%, based on monthly gold prices.
Historic exploration programs have focused on the A1 deposit,
however geophysical and geochemical surveys have identified 10
additional targets (A2 to A11) for follow-up exploration. 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 orogenic gold mineralization is associated with sulphide
veins hosted within strongly deformed metasedimentary rocks.
The A1 deposit was the subject of a resource estimate published
by Lupaka in 2013 (Table 1), which will be treated as a historic
estimate by GoldMining. The conceptual pit delineated
resource was based on 72 diamond drill holes (approximately 23,000
m) and is reported within a conceptual pit shell. High-grade
gold values were capped at 17 g/t gold with 5 assays falling above
this value. Average bulk density of 2.85 g/cm3 was
used to convert block model volumes to tonnages.
Table 1: A1 deposit historical pit constrained resource estimate
published by Lupaka in 2013.
|
|
|
|
|
Cut-off
|
Tonnes &
Grade
|
Contained
Metal
|
Resource
Category
|
Au
(g/t)
|
Tonnes
(Mt)
|
Au
(g/t)
|
Au
(Moz)
|
Indicated
|
0.40
|
30.9
|
1.01
|
1.00
|
Inferred
|
0.40
|
31.2
|
1.03
|
1.03
|
The following assumptions / parameters were utilized by Lupaka
to establish the conceptual pit:
|
|
|
Parameter
|
Value
|
Unit
|
Gold Price
|
1,400
|
US$/oz
|
Mine Operating Cost
(Mineralization and Waste)
|
1.50
|
US$/t
milled
|
Process Operating
Cost
|
13.00
|
US$/t
milled
|
General &
Administrative
|
2.00
|
US$/milled
|
Overall Pit
Slope
|
47
|
Degrees
|
Gold Process
Recovery
|
90
|
%
|
Mining
Dilution
|
5
|
%
|
Mining
Recovery
|
100
|
%
|
The above resource estimate is historical in nature and will not
be treated as a current resource estimate by the Company as a
qualified person has not done sufficient work on behalf of the
Company to classify the historical estimate as a current mineral
resource. The Company believes the historical estimate provides an
indication of the potential of the property and is relevant to any
future exploration. The historical resource estimate for the
Project is set forth in the technical report completed for Lupaka
by Gregory Z. Mosher, M.Sc., P.Geo.
of Tetra Tech WEI Inc. and Anoush
Ebrahimi, P.Eng. of SRK Consulting (Canada) Inc. titled "Technical Report for the
Crucero Property, Carabaya Province, Peru" with an effective date of January 17, 2013 (amended and re-stated
October 22, 2013). No
new drilling or sampling has been completed on the A1 deposit since
the above resource estimate was completed. However,
GoldMining intends to engage an independent qualified person to,
among other things, examine the cut-off grade with reference to
today's metal prices, verify historic sampling and results and
complete a technical report, including a current resource estimate
on behalf of the Company.
Advisors
Haywood Securities Inc. ("Haywood") has advised GoldMining in
connection with the transaction, and Sangra Moller LLP and CMS Grau
are acting as legal counsel to GoldMining.
GoldMining has issued 90,587 common shares of the Company to
Haywood in connection with its
fees under the transaction.
Qualified Person
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 "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 feasibility or other
economic studies.
About GoldMining Inc.
GoldMining Inc. is a public mineral exploration company focused
on the acquisition and development of gold projects in the
Americas. GoldMining is advancing its Titiribi and La Mina
Gold-Copper Projects located in the Department of Antioquia,
Colombia, its São Jorge and
Cachoeira 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, its Yellowknife Gold Project located in the
Northwest Territories, Canada and
its Rea Uranium Project in the western Athabasca Basin in northeast Alberta, Canada.
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 completion
of a current resource estimate by GoldMining on the 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,
including that GoldMining will confirm historical exploration
results and historical resource estimates. 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
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, and that
GoldMining may not be able to confirm historical exploration
results or complete a current resource estimate for 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, the Toronto Stock Exchange
nor their Regulation Services Providers (as that term is defined in
the policies of the TSX Venture Exchange and the Toronto Stock
Exchange) accepts responsibility for the adequacy or accuracy of
this news release.
SOURCE GoldMining Inc.