Highlights:
- Total consideration paid was $1,150,000, comprised of $575,000 in cash and issuing 337,619 common
shares at a deemed price of $1.70 per
share (subject to a 4-month hold and additional re-sale
restrictions);
- GoldMining has engaged a qualified person to complete a
technical report and current resource estimate for the Project
based on significant historic exploration, which includes
70,234 m of drilling; and
- GoldMining's project portfolio expands to 16 properties in 5
countries.
VANCOUVER, March 3, 2020 /CNW/ - GoldMining Inc. (the
"Company" or "GoldMining") (TSX: GOLD; OTCQX:
GLDLF) is pleased to announce the completion of its previously
announced indirect acquisition of the Almaden Gold Project (the
"Almaden Project"), located in west-central Idaho, from Sailfish Royalty Corp. and its
wholly-owned subsidiary.
The total purchase price under the transaction was $1,150,000, which was satisfied by the Company
paying $575,0000 in cash and issuing
337,619 GoldMining shares at a deemed price of $1.70 per share.
The shares issued under the transaction are subject to a four
month and one day hold period and certain additional ongoing resale
restrictions pursuant to the terms of the agreement.
The Company has engaged an independent qualified person to
complete a technical report and current resource estimate for the
Almaden Project. The qualified person will review and verify
historic sampling and results, examine the cut-off grade with
reference to today's metal prices, and update the historical
resource estimate on the Almaden Project completed by Western
Standard Metals Ltd. in 2009.
The Project
The Almaden Project covers approximately 1,724 Ha and is located
approximately 140 km by road north of Boise and approximately 24 km east of
Weiser in Washington County, Idaho.
The Almaden Project is one of several low-sulphidation
epithermal gold deposits related to the Northern Nevada Rift that
includes Hecla Mining Company's Hollister and Midas Mines in northern
Nevada, and Integra Resources
Corp.'s Delamar and Florida Canyon projects in southwest
Idaho.
Gold mineralization at the Almaden Project is hosted in sinter
and silicified (opal) sedimentary rocks of the Miocene Payette
Formation that are underlain by chalcedonic veins and stockworks
that form a near surface, relatively flat lying deposit. Gold
mineralization is associated with intense silicification and
argillic alteration that measures approximately 1,900 m long by 500
m wide by 150 m
thick.
For further information regarding the transaction and the
Almaden Project, please refer to the Company's news release dated
February 24, 2020.
Qualified Person
Paulo Pereira, President of
GoldMining, 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.
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.
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.
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 historical exploration results will be confirmed.
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 its projects, and
that GoldMining may not be able to confirm historical exploration
results or complete an updated 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.
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SOURCE GoldMining Inc.