Goldmining Intersects 118 M Grading 1.01 G/T AuEq at Its LA Garrucha Target, LA Mina Project, Colombia
DESIGNATED NEWS RELEASE - GOLDMINING INTERSECTS 118 M
GRADING 1.01 g/t AUEQ AT ITS LA GARRUCHA TARGET, LA MINA
PROJECT, COLOMBIA
VANCOUVER, BC
,
Sept. 29, 2022
/CNW/ - GoldMining Inc. (the "
Company
" or "
GoldMining
") (TSX: GOLD) (NYSE American: GLDG) is pleased to announce
assay results from the final hole of its recently completed five hole 3,485 metre drilling program on the La Garrucha target, located less than one kilometre to the
east of existing mineral resources on the Company's 100% owned La Mina Project ("
La Mina
") in the Middle Cauca Porphyry Belt, Antioquia, Colombia.
Highlights
Drill Hole LME1111
results include;
251.46 m
@ 0.60 g/t Au and 0.08% Cu, or alternatively expressed as 0.72 g/t gold equivalent (AuEq), from
166.04 m
; including
118.31 m
@ 0.89 g/t Au and 0.08% Cu, or 1.01 g/t AuEq from
256.85 m
Including higher-grade intersections:
13.55 m
@ 1.32 g/t Au and 0.10% Cu, or 1.47 g/t AuEq from
266.85 m
29.80 m
@ 1.10 g/t Au and 0.07% Cu, or 1.20 g/t AuEq from
297.95 m
35.49 m
@ 1.03 g/t Au and 0.11% Cu, or 1.19 g/t AuEq from
339.67 m
Alastair Still
, CEO, commented, "The 2022 drilling program has successfully discovered extensions of previously identified gold-copper porphyry mineralization at
the La Garrucha target and has almost doubled the strike and depth of the system, which remains open to the southeast and at depth. The latest drill results help
demonstrate the geological continuity and higher-grade core of this mineralized system. These results along with drilling from historic exploration programs will be
used to initiate an updated mineral resource estimate for the La Mina Project in the fourth quarter of 2022 with the intention to complete an updated Preliminary
Economic Assessment ("PEA") in 2023."
Tim Smith
, VP Exploration, commented, "LME1111 provides geological continuity between the previous Bellhaven drill holes and the recently announced step out
drill holes completed by GoldMining, which include intercepts of
207.95 m
at 0.62 g/t AuEq in LME1107 and
431.23 m
at 0.73 g/t AuEq in LME1108. LME1111
intersected the hanging wall of the La Garrucha porphyry at the depth modelled, providing confirmation of our three-dimensional geological model and adding
confidence to future mineral resource estimation including the presence of a higher-grade core of the system."
Drill Program Details and Geological Description
From late March through to
mid-August 2022
, GoldMining completed a diamond core drilling program comprising five drill holes for
3,485 m
at its La Garrucha
target within the La Mina Project (see Figures 1 & 2). Comprehensive assay intercepts for the entire drill program, including the last hole of program LME1111,
can be found in Table 1.
LME1111 was drilled to improve confidence in the continuity of the porphyry mineral system between the previous Bellhaven drilling and the recently completed
GoldMining step out drilling (see Figure 2). Additionally, LME1111, was oriented to drill orthogonally across the steep easterly dip of the overall system compared
with previous Bellhaven drilling, which drilled obliquely. LME1111 intersected the core of the porphyry system providing important information about the continuity
and geometry of the higher-grade portions of the porphyry system.
Gold and copper mineralization in the La Garrucha porphyry intrusive complex is accompanied by strong potassic alteration, characterized by secondary
potassium feldspar and biotite, disseminated and vein magnetite, quartz stockwork veining and both vein-hosted and disseminated sulphides that include pyrite,
chalcopyrite and lesser bornite. LME1111 intersected a core zone of more intensive A-vein type quartz veining associated with higher gold grades.
The La Garrucha porphyry mineral system now measures over
400 m
in strike length by
300 m
in width and deeper drilling has extended mineralization from a
previously intersected maximum depth of
450 m
to approximately
775 m
below surface where the porphyry mineral system remains open.
Geological interpretation of the La Garrucha drilling program is now underway and includes comprehensive lithological, alteration and structural logging of new
core and re-logging of historic Bellhaven core. This work will be used to place the copper and gold mineralization in spatial and temporal context with the hosting
La Garrucha porphyry intrusive complex and other La Mina porphyry deposits at La Cantera and Middle Zone. Metallurgical testwork, three-dimensional modelling
of geology and subsequent geostatistical modelling will be completed during fourth quarter 2022 to initiate an updated pit constrained mineral resource estimate
by year-end. Current plans are to complete an updated PEA for La Mina in 2023 that will include resources outlined at Middle Zone, La Cantera and La
Garrucha.
Additional information regarding the La Mina Project, including existing resource estimates and historical work at the project, is set out in the technical report titled
"NI 43-101 Technical Report and Preliminary Economic Assessment, La Mina Project, Antioquia, Republic of
Colombia
" with an effective date of
January 12, 2022
("La Mina Technical Report and PEA"), which is available on the Company's website at
www.goldmining.com
and under the Company's profile on
www.sedar.com
.
Figure 1 – La Mina Project, deposits and exploration targets, Antioquia, Colombia. (CNW Group/GoldMining Inc.)
Figure 2 – La Garrucha drill hole locations, La Mina Project, Antioquia, Colombia. (CNW Group/GoldMining Inc.)
Figure 3 – La Garrucha drill hole Section 3, facing north (see section trace on Figure 2). (CNW Group/GoldMining Inc.)
Table 1
– La Garrucha assay intercepts from the 2022 drilling program received as of
September 28, 2022
.
Hole Number
Interval
From
(m)
Interval
To
(m)
Core
Length
(m)
Gold
Grade
(g/t)
Copper
Grade
(%)
Au Eq
(g/t)
LME1107
186.05
236.85
50.80
0.32
0.10
0.46
And
261.60
473.45
207.95
0.48
0.10
0.62
Including
282.75
339.92
57.17
0.60
0.13
0.79
And
387.21
458.10
70.89
0.60
0.10
0.74
LME1108
136.20
890.87
754.67
0.40
0.11
0.56
Including
181.27
612.50
431.23
0.55
0.12
0.73
Incl. High Grade
328.92
388.37
59.45
0.76
0.19
1.04
And
463.36
612.50
149.14
0.69
0.09
0.82
And
733.47
825.90
92.43
0.31
0.13
0.51
LME1109
473.49
813.2
339.71
0.16
0.03
0.21
Including
473.49
491.93
18.44
0.34
0.06
0.42
And
526.35
551.00
24.65
0.23
0.04
0.29
And
572.35
602.00
29.65
0.22
0.06
0.31
And
614.32
625.40
11.08
0.26
0.05
0.33
And
727.55
813.20
85.65
0.17
0.02
0.20
LME1110
368.05
663.22
295.17
0.13
0.05
0.20
Including
368.05
387.95
19.90
0.21
0.09
0.34
And
557.19
621.11
63.92
0.21
0.06
0.29
And
642.93
663.22
20.29
0.18
0.07
0.28
LME1111
166.04
417.50
251.46
0.60
0.08
0.72
Including HW Zone
173.97
239.50
65.53
0.50
0.08
0.62
Incl. High Grade
188.30
208.04
19.74
0.87
0.04
0.93
And
220.26
225.55
5.29
1.28
0.05
1.35
Including Main Zone
256.85
375.16
118.31
0.89
0.08
1.01
Incl. High Grade
266.85
280.40
13.55
1.32
0.10
1.47
And
297.95
327.75
29.80
1.10
0.07
1.20
And
339.67
375.16
35.49
1.03
0.11
1.19
Notes:
1
.
AuEq calculated using metal prices of US$1,600/oz gold and US$3.39/lb copper, as per the La Mina Technical Report and PEA (see January 12, 2022 press release and the La Mina Technical Report and PEA). Results are presented as core length and assays are uncut as there are no
high-grade outliers
in the sample population. Results to date are insufficient to determine true width.
Table 2
– La Garrucha 2022 drill hole collar location coordinates.
Hole Number
Easting
Metres
(UTM Zone
18)
Northing
Metres
(UTM Zone
18)
Elevation
(m above
sea level)
Depth
(m)
Azimuth
(
Degrees
)
Dip
(
Degrees
)
Status
LME1107
420,207
654691
1,999.5
500.49
225°
-50°
All assays received
LME1108
420,207
654,691
1,999.5
914.70
225°
-70°
All assays received
LME1109
420,356
654,723
2,088.0
818.12
221°
-50°
Partial assays received
LME1110
420,356
654,723
2,088.0
701.37
221°
-40°
Partial assays received
LME1111
420,207
654,691
1,999.5
550.17
250°
-45°
All assays received
Qualified Person
Paulo Pereira
, P. Geo., President of GoldMining, has reviewed and approved the technical information contained in this news release. Mr. Pereira is a Qualified
Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").
Data Verification
For this drill core sampling program, samples were taken from the NQ/HQ core by sawing the drill core in half, with one-half sent to ALS Colombia LTDA in
Medellín for assaying and the other half retained for future reference. Sample lengths downhole range from a minimum of
0.50 m
to a maximum of
2.10 m
. ALS
Colombia LTDA is a certified commercial laboratory located in Medellín, Antioquia,
Colombia
, independent of GoldMining. GoldMining has implemented a stringent
quality assurance and quality-control (QA/QC) program for the sampling and analysis of drill core including insertion of duplicates, mineralized standards and blank
samples for each batch of 100 samples. The gold analyses were completed by ALS Au-AA23 method (fire-assay with an atomic absorption finish on 30 grams of
material). Copper analyses were completed by ALS ME-ICP61 method (four acid digest with ICP analysis).
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
. The Company also owns more than 20 million shares of Gold Royalty Corp. (NYSE American: GROY).
Abbreviations
Gold
A
u
Grams per tonne
g
/t
Copper
C
u
Gold equivalent
AuEq
Metres
m
Forward-looking Statements
This document contains certain 'forward-looking information' and 'forward-looking statements' within the meaning of applicable Canadian and U.S. securities laws
("forward-looking statements") that reflect the current views and/or expectations, including statements regarding the future work programs and planned activities
and studies at the Company's La Mina Project and expectations regarding the La Mina 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. Investors are cautioned that all
forward-looking statements involve risks and uncertainties, including: delays to plans caused by restrictions and other future impacts of COVID-19 or any other
inability of the Company to meet expected timelines for planned project activities; results of exploration programs may not confirm expectations; the inherent risks
involved in the exploration and development of mineral properties, fluctuating metal prices, unanticipated costs and expenses, risks related to government and
environmental regulation, social, permitting and licensing matters, 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, 2021
, and other filings with Canadian
securities regulators and the U.S. Securities and Exchange Commission (the "SEC"), 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. The Company does not undertake any obligations to
release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
Cautionary Note to US Investors
The disclosure in this news release and referred to herein was prepared in accordance with NI 43-101 which differs significantly from the requirements of the
SEC. The terms "proven mineral reserve", "probable mineral reserve" and "mineral reserves" used in this news release are in reference to the mining terms
defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the "CIM Definition Standards"), which definitions have been adopted by NI 43-
101. Accordingly, information contained in this news release providing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable
to similar information made public by other U.S. companies subject to
the United States
federal securities laws and the rules and regulations thereunder.
Investors are cautioned not to assume that any part or all of mineral resources will ever be converted into reserves. Pursuant to CIM Definition Standards,
"Inferred mineral resources" are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence
and sampling. Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level
of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. However, it is reasonably expected that the
majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part
of an inferred mineral resource is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian
regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and
grade without reference to unit measures.
Canadian standards, including the CIM Definition Standards and NI 43-101, differ significantly from standards in the SEC Industry Guide 7. Effective
February 25,
2019
, the SEC adopted new mining disclosure rules under subpart 1300 of Regulation S-K of the United States Securities Act of 1933, as amended (the "SEC
Modernization Rules"), with compliance required for the first fiscal year beginning on or after
January 1
, 2021. The SEC Modernization Rules replace the
historical property disclosure requirements included in SEC Industry Guide 7. As a result of the adoption of the SEC Modernization Rules, the SEC now
recognizes estimates of "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources". In addition, the SEC has amended its
definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves" to be substantially similar to corresponding definitions under the CIM Definition
Standards. During the period leading up to the compliance date of the SEC Modernization Rules, information regarding mineral resources or reserves contained or
referenced in this news release may not be comparable to similar information made public by companies that report according to U.S. standards. While the SEC
Modernization Rules are purported to be "substantially similar" to the CIM Definition Standards, readers are cautioned that there are differences between the SEC
Modernization Rules and the CIM Definitions Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may
report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources"
under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization
Rules.
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For further information:
GoldMining Inc., Amir Adnani, Chairman, Alastair Still, CEO, Telephone: (855) 630-1001, Email: [email protected]
CO: GoldMining Inc.
CNW 06:55e 29-SEP-22