Highlights:
- Creation of Gold Royalty Corp. (GRC), a new and wholly owned
gold-focused royalty company, to expose existing shareholders to an
additional and distinct form of value enhancement;
- Portfolio to include 14 newly created royalties comprised of 2%
NSRs on 2 gold projects, 1% NSRs on 11 gold projects, and a 0.5%
NSR on 1 gold project (Table 1);
- 11 of the 14 NSRs are associated with advance-stage resource
and development projects with exposure to the following aggregated
resources (Table 2):
-
- 11.4 Moz gold (14.3 Moz gold equivalent) in the
measured and indicated categories; and
- 13.8 Moz gold (16.6 Moz gold equivalent) in the
inferred category;
- GRC will retain exposure to future discoveries through its
precious metal focused portfolio covering over 1,290
km2 (139,000 Ha) in mining friendly jurisdictions
in five countries in the Americas; and
- Additional opportunities to expand royalty portfolio through
buy-backs of existing NSR royalties ranging from 0.5% to 2% from
third-party holders on up to 5 of the 14 projects.
VANCOUVER, BC, June 24, 2020 /CNW/ - GoldMining Inc. (the
"Company" or "GoldMining") (TSX: GOLD) (OTCQX:
GLDLF) is pleased to announce today the creation of Gold
Royalty Corp. ("GRC"), a newly incorporated wholly owned
subsidiary, that will hold 14 newly created net smelter return
("NSR") royalties on its extensive gold-focused asset portfolio in
the Americas.
Amir Adnani, Chairman, commented:
"Following a decade-long effort since forming the Company to
assemble an extensive portfolio of gold projects in mining friendly
jurisdictions in North and South
America, we believe that the timing is right to create this
royalty entity, which imparts an additional, and non-dilutive
layer, of value to existing shareholders. Over the long-term,
we intend to explore potential value-enhancing transactions for
Gold Royalty Corp., including a potential spin-off, initial public
offering, sale, merger or other transactions that may increase
shareholder value."
Garnet Dawson, CEO, commented:
"GoldMining's focus remains on our two-pronged strategy of
expanding our property portfolio through accretive transactions of
resource stage gold projects and their advancement towards
development. We believe Gold Royalty Corp. will be a
complementary platform to GoldMining's future acquisition and
development plans."
GRC's royalty portfolio is expected to comprise of 0.5% to 2.0%
NSR royalties on the Company's interest in 14 existing projects
with the opportunity to expand the royalty portfolio through the
Company's buy-back rights on existing NSR royalties ranging from
0.5% to 2% held by third-parties on up to 5 of the 14 projects
(Table 1).
Table 1: GRC Royalty Portfolio
Project
|
Country
|
Area
|
Ownership
|
Gold Equivalent
Ounces1
|
Intended GRC
Royalty2
|
Comment
|
|
Measured &
Indicated
|
Inferred
|
|
Ha
|
|
Whistler
|
USA
|
17,159
|
100%
|
2,797,000
|
6,731,000
|
- 1% NSR
- Company has rights
to acquire 0.75% NSR from 3rd party holder
|
- Gold-copper
porphyry and epithermal system
- District scale
property
- Several mineralized
porphyry centres require additional drilling
- Favourable
preliminary metallurgical test results
|
|
Almaden
|
USA
|
1,724
|
100%
|
910,000
|
160,000
|
|
- Low-sulphidation
epithermal system
- Extensive
metallurgical test work
- High-grade feeder
targets
|
|
Yellowknife
|
Canada
|
12,120
|
100%
|
1,059,000
|
739,000
|
|
- Orogenic gold
system
- Extensive
engineering studies
- Underground bulk
sample and metallurgical studies
- Historic
production
|
|
Titiribi
|
Colombia
|
3,919
|
100%
|
6,220,000
|
3,440,000
|
|
- Gold-copper
porphyry and epithermal system
- Three deposits and
six mineralized targets
|
|
La Mina
|
Colombia
|
3,200
|
100%
|
1,013,000
|
427,000
|
|
- Gold-copper
porphyry and epithermal system
- Three deposits and
several untested targets
- Favourable
preliminary metallurgical test results
- La Garrucha
porphyry center partially drilled
|
|
Yarumalito
|
Colombia
|
1,453
|
100%
|
-
|
1,502,000
|
- 1% NSR
- Company has rights
to acquire 1% NSR from 3rd party holder
|
- Gold-copper
porphyry and epithermal system
- Mineralization open
laterally and at depth
- Favorable
preliminary metallurgical results
|
|
Cachoeira
|
Brazil
|
4,742
|
100%
|
692,000
|
538,000
|
|
- Orogenic gold
system
- Environmental
permit submitted to government for review
|
|
Sao Jorge
|
Brazil
|
45,997
|
100%
|
715,000
|
1,035,000
|
- 1% NSR
- Company has rights
to acquire 0.75% NSR over existing deposit area and 1% NSR over
claim outside such area, each from 3rd party
holders
|
- Orogenic gold
system
- Favourable
metallurgical studies
- Final exploration
report submitted to government for review
|
|
Surubim
|
Brazil
|
14,611
|
100%
|
-
|
503,000
|
- 1% NSR
- Company has rights
to acquire NSRs ranging from 0.5% to 1.5% over various claim areas
from 3rd party holders
|
- Orogenic gold
system
- Early-stage
exploration project
|
|
Boa Vista
|
Brazil
|
12,888
|
84%
|
-
|
336,000
|
|
- Orogenic gold
system
- Early-stage
exploration project
|
|
Batistao
|
Brazil
|
5,108
|
100%
|
-
|
-
|
- 1% NSR
- Company has rights
to acquire 2% NSR from 3rd party holders
|
- Orogenic gold
system
- Early-stage
exploration project
|
|
Montes
Aureos
|
Brazil
|
2,000
|
51%
|
-
|
-
|
- 1% NSR on the Company's interest
|
- Orogenic gold
system
- Early-stage
exploration project
|
|
Trinta
|
Brazil
|
9,568
|
51%
|
-
|
-
|
- 1% NSR on the Company's interest
|
- Orogenic gold
system
- Early-stage
exploration project
|
|
Crucero
|
Peru
|
4,600
|
100%
|
993,000
|
1,147,000
|
|
- Orogenic gold
system
- Mineralization open
laterally and at depth
|
|
1
|
Further details
regarding individual resource estimates, including metal
equivalents, are shown in Table 2.
|
2
|
Option to purchase
existing third-party royalties on individual projects are detailed
in their respective technical report.
|
Qualified Persons
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.
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 and royalties 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.
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
|
Almaden
|
0.3
|
43.370
|
0.65
|
-
|
-
|
0.65
|
0.910
|
-
|
-
|
0.910
|
Total
|
|
|
|
|
|
|
10.540
|
7.737
|
952.7
|
12.969
|
Measured and
Indicated Resources
|
Total
|
|
|
|
|
|
|
11.440
|
7.737
|
1,147.8
|
14.339
|
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
|
Yarumalito14
|
0.5
|
66.271
|
0.58
|
-
|
0.09
|
0.70
|
1.230
|
-
|
129.3
|
1.502
|
Almaden
|
0.3
|
9.150
|
0.56
|
-
|
-
|
0.56
|
0.160
|
-
|
-
|
0.160
|
Total
|
|
|
|
|
|
|
13.840
|
23.311
|
993.9
|
16.558
|
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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- Notes for Yarumalito
- Pit constrained resource estimate based on US$1,500/oz gold and US$2.70/lb copper, mining cost of US$2.00/t, processing cost of US$8.00/t and pit slope of 45 degrees.
- Based on technical report titled "Technical Report:
Yarumalito Gold-Copper Property, Departments of Antioquia and
Caldas, Republic of Colombia" prepared by
Greg Z. Mosher with an effective
date of April 1, 2020.
- Notes for Almaden
- Pit constrained resource estimate based on US$1,500/oz gold and US$2.70/lb copper, mining cost of US$2.25/t, processing cost of US$10.00/t and pit slope of 45 degrees. 0.3 g/t
Au cut-off.
- See News Release titled "GoldMining Announces Resource
Estimate for Almaden Gold Project, Idaho,
USA" on June 3, 2020, which is
available at www.sedar.com under GoldMining's SEDAR profile. A
technical report documenting this work is currently in preparation
and will be available at www.sedar.com under GoldMining's SEDAR
profile in due course.
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 each of GoldMining's and
GRC, business plans and strategies, including expectations and
plans regarding future acquisitions and value-enhancing
transactions, and resource estimates. Forward-looking
statements are based on the then-current expectations, beliefs,
assumptions, estimates and forecasts about the business and the
markets in which GoldMining including GRC, operates.
Investors are cautioned that all forward-looking statements
involve risks and uncertainties, including: the ability of the
Company to identify and execute additional transactions, including
any potential spin-off, sale or merger, on acceptable terms or at
all, the ability of the Company to realize or enhance value through
its GRC strategy as envisioned, 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
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, management's
discussion and analysis for the three months ended February 29, 2020 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.