Highlights:
- Maiden inferred resource estimate for the Yarumalito Project of
1.24 Moz gold grading 0.58 g/t gold and 0.09% copper or
1.5 Moz gold equivalent grading 0.70 g/t gold equivalent
(Table 1);
- The estimate furthers GoldMining's unique position of holding
one of the largest global resource-stage gold portfolios among mid-
and junior-tier mining companies;
- Yarumalito is GoldMining's third acquisition in the Mid Cauca
Belt of central Colombia, which
also hosts several multi-million ounce gold deposits owned by Zijin
Mining, B2Gold and Anglogold Ashanti; and
- GoldMining's global aggregated mineral resource
(Fig.1 and Table 2) now totals:
-
- 10.5 Moz gold (13.4 Moz gold equivalent) in the measured
and indicated categories; and
- 13.7 Moz gold (16.4 Moz gold equivalent) in the inferred
category.
VANCOUVER, May 5, 2020 /CNW/ - GoldMining Inc. (the
"Company" or "GoldMining") (TSX: GOLD; OTCQX:
GLDLF) is pleased to announce that it has completed a
maiden mineral resource estimate for its 100% owned Yarumalito
Gold-Copper Project (the "Yarumalito" or the "Project"), Antioquia,
Colombia.
The mineral resource estimate was prepared by Global Mineral
Resource Services of Vancouver,
Canada and includes a pit constrained inferred resource of
66,271,000 tonnes grading 0.58 g/t gold (1,236,000 ounces) and
0.09% copper (129,262,000 pounds) or 0.70 g/t gold equivalent
(1,502,000 ounces) using a 0.5 g/t gold equivalent cut-off.
See Table 1 below for information regarding the resource
estimate.
Garnet Dawson, CEO of GoldMining,
commented, "We are excited to announce this maiden resource for
Yarumalito – another strategic acquisition our team identified and
executed as part of our long-term plans of focused acquisitions in
the Americas. These acquisitions have uniquely positioned us
with one of the largest global resource-stage gold portfolios among
mid- and junior-tier mining companies. While this has been a
cornerstone of our strategy since inception, we see significant
value in this position in the current environment of recent gold
price improvements and decreasing worldwide gold
discoveries.
Yarumalito is located within the same Miocene age gold belt
that hosts advance-stage multi-million ounce gold deposits owned by
Zijin Mining, B2Gold and Anglogold Ashanti; mineralization hosted
on these projects is not necessarily indicative of the future
mining potential of the Project. Historic drilling at
Yarumalito focused on delineating its gold-copper porphyry
potential, however, in addition to intersecting long intervals of
gold-copper mineralization, the drilling also intersected numerous
high-grade, precious metal-rich base metal epithermal veins such as
33.75 g/t gold over 1.85 m
intersected in drill hole YAR-11. Future exploration programs
will look to expand and upgrade the gold-copper porphyry
mineralization at the Project, which remains open along strike and
at depth, and to delineate the high-grade epithermal
veins."
The Project
Yarumalito is located approximately 75 km southwest of the city
of Medellin in the Department of
Antioquia in Central Colombia and
approximately 40 km south of GoldMining's La Mina Project.
The Project is accessible by paved road with nearby high-capacity
power lines, water and labour. Yarumalito is comprised of one
concession for a total area of approximately 1,453 Ha.
Exploration programs from 2008 to 2013 outlined several
geophysical and geochemical anomalies across the property including
the Obispo, La Suiza, Balastreras, Escuela, El Guaico and El Sucre
targets. Diamond drill programs (18,540 m in 55 holes) during that period
primarily focused on the Balastreras-Escuela mineralization, which
has a surface projection of approximately 1,700 m by 400 m
and is intersected in drill holes and underground workings to a
depth of 600 m.
Resource Estimate
The following table sets forth the mineral resource estimate for
Yarumalito.
Table 1: Inferred resource statement1 using a 0.5 g/t
gold equivalent cut-off for the Yarumalito Gold-Copper Project,
Colombia, Global Mineral Resource
Services.
Mineral
Type
|
Tonnes
|
Grade
|
Contained
Metal
|
Au
|
Cu
|
AuEq
|
Au
|
Cu
|
AuEq
|
g/t
|
%
|
g/t
|
Oz
|
Lbs
|
Oz
|
Oxide
|
9,057,000
|
0.54
|
0.09
|
0.66
|
157,000
|
17,283,000
|
192,000
|
Sulphide
|
57,214,000
|
0.59
|
0.09
|
0.71
|
1,085,000
|
111,979,000
|
1,310,000
|
Total
|
66,271,000
|
0.58
|
0.09
|
0.70
|
1,236,000
|
129,262,000
|
1,502,000
|
|
1Mineral
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.
|
The Yarumalito deposit was modelled on a series of north-south
cross-sections spaced 100 m apart
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 (50) totaling approximately
16,635 m were used to define the
model. High-grade gold values were capped at 9 g/t gold with
12 assays falling above this value. Assay sample lengths were
composited at 5.0 m. Gold,
copper and gold equivalent grades were interpolated into the block
model in a single pass using inverse distance square
weighting. Individual blocks within the model measure 5 x 20
x 25 m in dimension. For a
grade to be interpolated into a block it was necessary that a
minimum of two and a maximum of four composites be located within
the volume of the search ellipse. A maximum of one composite
was allowed per drill hole to ensure that each block was informed
by a minimum of two drill holes. Average bulk density of 2.3
and 2.7 g/cm3 were used to convert block model volumes
to tonnages for oxides and sulphides, respectively. Gold
equivalent grades were calculated based on the following
formula:
AuEq = ((Au ppm*48.2) + (Cu
ppm*0.006))/48.2
where 41.8 equals US$/gram for gold based on a gold price of
US$1,500/ounce and 0.006 equals
US$/ppm for copper based on a copper price of US$2.70/pound. No allowance was made for
metallurgical recoveries.
The block model was validated in three ways: (i) visual
comparison of block values with underlying drill hole composite
values; (ii) comparison of descriptive statistics for the gold and
copper block values with assay and composite values, and (iii)
swath plots of gold equivalent composites, gold equivalent block
grades and modeled tonnage.
Resources were classified as inferred because the drilling is
relatively widely spaced and there has been limited metallurgical
testwork. Additional infill drilling and metallurgical test
work would be required to confirm grade continuity and
metallurgical recoveries, respectively to potentially upgrade the
existing resource to indicated or measured categories.
Reasonable prospects for eventual economic extraction were
determined by reporting the resource within a conceptual pit shell.
The conceptual pit delineated resource is reported within a
pit shell using an assumed gold price of US$1,500/oz, copper price of US$2.70/lb, pit slope of 45º, mining cost of
US$2.00/t and processing cost of
US$8.00/t.
Further details regarding the foregoing estimate, including the
estimation methods and procedures, will be available in a Canadian
National Instrument 43-101 Technical Report, which will be filed on
SEDAR (www.sedar.com) under the Company's profile within 45 days of
the date hereof.
Quality Control – Quality Assurance Program
The above resource estimate was based on drilling 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.
Qualified Persons
The resource estimate disclosed herein on Yarumalito was
prepared for GoldMining by Greg Z.
Mosher, M.Sc., P.Geo., of Global Mineral Resource Services,
Vancouver, Canada. Mr.
Mosher is recognized as a qualified person as defined in Canadian
National Instrument 43-101, is independent of the Company and has
reviewed and approved the disclosure regarding the resource
estimate herein. Mr. Mosher completed a site visit to
Yarumalito on November 14 to 15,
2019.
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 NI
43-101 and is a member of the Association of Professional
Geoscientists of Ontario.
Note on Mineral Resource Estimates
Inferred mineral resources have a great amount of uncertainty as
to their existence and great uncertainty as to their economic and
legal feasibility. It cannot be assumed that all or any part
of an inferred mineral resource will ever be upgraded to a higher
category. Under applicable Canadian rules, estimates of
inferred mineral resources may not form the basis of feasibility or
pre-feasibility studies. It cannot be assumed that part or
all of an inferred mineral resource will be upgraded to a mineral
reserve.
The terms "mineral resource", "measured mineral resource",
"indicated mineral resource", "inferred mineral resource" used
herein are Canadian mining terms used in accordance with NI 43-101
under the guidelines set out in the Canadian Institute of Mining
and Metallurgy and Petroleum (the "CIM") Standards on Mineral
Resources and Mineral Reserves, adopted by the CIM Council, as may
be amended from time to time. These definitions differ from
the definitions in the United
States Securities & Exchange Commission ("SEC") Industry
Guide 7. As such, information contained herein concerning
descriptions of mineralization and resources under Canadian
standards may not be comparable to similar information made public
by U.S. companies in SEC filings.
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. Additionally,
GoldMining owns a 75% interest in the Rea Uranium Project, located
in the Western Athabasca Basin of
Alberta, Canada.
Figure 1: GoldMining's Gold Resource Acquisitions in the
Americas from 2012 to 2020 (Table 2).
Table 2: GoldMining's Aggregated Mineral Resource Statement
across all its Projects1,2,3.
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
|
51.600
|
0.49
|
-
|
0.17
|
0.78
|
0.820
|
-
|
195.1
|
1.290
|
Yellowknife13
|
0.5/1.5
|
1.176
|
2.10
|
-
|
-
|
2.10
|
0.080
|
-
|
-
|
0.080
|
Total
|
|
|
|
|
|
|
0.900
|
-
|
195.1
|
1.370
|
Indicated
Resources
|
Titiribi5
|
0.3
|
234.200
|
0.51
|
-
|
0.09
|
0.65
|
3.820
|
-
|
459.3
|
4.930
|
Sao
Jorge6
|
0.3
|
14.420
|
1.54
|
-
|
-
|
1.54
|
0.715
|
-
|
-
|
0.715
|
Cachoeira7
|
0.35
|
17.470
|
1.23
|
-
|
-
|
1.23
|
0.692
|
-
|
-
|
0.692
|
Whistler8
|
0.3
|
110.280
|
0.50
|
1.76
|
0.14
|
0.79
|
1.765
|
6.130
|
343.1
|
2.797
|
La
Mina9
|
0.25
|
28.170
|
0.74
|
1.77
|
0.24
|
1.12
|
0.667
|
1.607
|
150.2
|
1.013
|
Crucero12
|
0.4
|
30.653
|
1.00
|
-
|
-
|
1.00
|
0.993
|
-
|
-
|
0.993
|
Yellowknife13
|
0.5/1.5
|
12.933
|
2.35
|
-
|
-
|
2.35
|
0.979
|
-
|
-
|
0.979
|
Total
|
|
|
|
|
|
|
9.630
|
7.737
|
952.7
|
12.059
|
Measured and
Indicated Resources
|
Total
|
|
|
|
|
|
|
10.530
|
7.737
|
1,147.8
|
13.429
|
Inferred
Resources
|
Titiribi5
|
0.3
|
207.900
|
0.49
|
-
|
0.02
|
0.51
|
3.260
|
-
|
77.9
|
3.440
|
Sao
Jorge6
|
0.3
|
28.190
|
1.14
|
-
|
-
|
1.14
|
1.035
|
-
|
-
|
1.035
|
Cachoeira7
|
0.35
|
15.667
|
1.07
|
-
|
-
|
1.07
|
0.538
|
-
|
-
|
0.538
|
Whistler8
|
0.3/0.6
|
311.260
|
0.47
|
2.26
|
0.11
|
0.68
|
4.626
|
22.617
|
713.5
|
6.731
|
La
Mina9
|
0.25
|
12.394
|
0.65
|
1.75
|
0.27
|
1.07
|
0.260
|
0.697
|
73.3
|
0.427
|
Boa
Vista10
|
0.5
|
8.470
|
1.23
|
-
|
-
|
1.23
|
0.336
|
-
|
-
|
0.336
|
Surubim11
|
0.3
|
19.440
|
0.81
|
-
|
-
|
0.81
|
0.503
|
-
|
-
|
0.503
|
Crucero12
|
0.4
|
35.779
|
1.00
|
-
|
-
|
1.00
|
1.147
|
-
|
-
|
1.147
|
Yellowknife13
|
0.5/1.5
|
9.302
|
2.47
|
-
|
-
|
-
|
0.739
|
-
|
-
|
0.739
|
Yarumalito
|
0.5
|
66.271
|
0.58
|
-
|
0.09
|
0.70
|
1.236
|
-
|
129.3
|
1.502
|
Total
|
|
|
|
|
|
|
13.680
|
23.311
|
993.9
|
16.398
|
Table 2 Notes:
- 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.
- The above aggregated resource table is provided for
informational purposes only and is not intended to represent the
viability of any project on a standalone or aggregated 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.
- All quantities are rounded to the appropriate number of
significant figures; consequently, sums may not add up due to
rounding.
- Gold cut-off for all projects except for Whistler and
Yarumalito, which is gold equivalent cut-off.
- 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.
- 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.
- 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 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.
- 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).
- Notes for La Mina:
- Based on technical report titled "Technical Report on the La
Mina Project" prepared by Scott E. Wilson 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.
- 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.
- 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.
- 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.
- Based on technical report titled "Technical Report on the
Crucero Property, Carabaya Province, Peru" prepared by Greg
Z. Mosher with an effective date of December 20, 2017, which is available at
www.sedar.com under GoldMining's SEDAR
profile.
- Notes for Yellowknife:
- Pit constrained resources with reasonable prospects of
eventual economic extraction reported above a 0.50 g/t Au
cut-off.
- Pit optimization is based on an assumed gold price of
US$1,500/oz, metallurgical recovery
of 90%, mining cost of US$2.00/t and
processing and G&A cost of US$23.00/t.
- Underground resources with reasonable prospects of eventual
economic extraction stated as contained within gold grade shapes
above a 1.50 g/t Au cut-off.
- Mineral resource tonnage and grade with reasonable prospects
of eventual economic extraction are reported as undiluted and
reflect a bench height of 3.0 m.
- Based on a technical report titled "Independent Technical
Report for the Yellowknife Gold Project, Northwest Territories, Canada" prepared by
Ben Parsons (SRK Consulting (U.S.)
Inc.) and Dominic Chartier
(SRK Consulting (Canada) Inc. and
Eric Olin (SRK Consulting (U.S.)
Inc.) with an effective date of March 1,
2019, which is available at www.sedar.com under GoldMining's
SEDAR profile.
The above aggregated 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 any future
exploration programs and other work 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 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, 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, 2019 and other 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.