GoldMining Creates U.S. GoldMining for Advancing the Whistler Project, Alaska
GoldMining Creates U.S. GoldMining for Advancing the
Whistler Project, Alaska
(All Amounts expressed in U.S. dollars unless otherwise noted)
VANCOUVER, BC
,
Feb. 28, 2022
/CNW/ - GoldMining Inc. (the "
Company
" or "
GoldMining
") (TSX: GOLD) (NYSE-American:
GLDG) is pleased to announce that it has created a new subsidiary, U.S. GoldMining Inc. ("
U.S. GoldMining
"), which will be focused
on advancing the Company's Whistler gold-copper Project, located in
Alaska, USA
. The Company's board of directors has approved a
strategy to have U.S. GoldMining operated as a separate public company through an initial public offering or similar transaction.
Amir Adnani
, Chairman stated: "We acquired the Whistler project in the summer of 2015, when spot gold was
$1,000
per oz, near the
bottom of the last bear market. Today, with spot gold approaching
$2,000
per oz and copper price near a decade high, optimum market
conditions exist to immediately unlock substantial value by creating U.S. GoldMining without dilution to GoldMining's capital structure.
The new subsidiary will have a dedicated team and experienced board of directors to advance this large and exciting project.
Additionally, we're very encouraged by current attractive market valuations for Alaskan based resource stage gold and copper projects
that supports a potential re-rating for the Whistler project as the flagship asset of U.S. GoldMining as a standalone company. Finally,
our strategy with the creation of U.S. GoldMining is similar to the plan we successfully executed last year with Gold Royalty Corp.,
which today represents approximately
C$100,000,000
in equity holdings on our balance sheet and includes a recently announced
inaugural quarterly dividend of
$0.01
per share, which would result in approximately
C$1,000,000
of pre-tax dividend income to
GoldMining on an annualized basis."
Alastair Still
, CEO commented: "By any standard, Whistler is a large project, with indicated resources of 3.0 million gold equivalent
ounces and inferred resources of 6.5 million gold equivalent ounces covering an expansive regional land package. A base camp and
gravel airstrip is established for field programs. The last time Whistler saw drilling activity was almost a decade ago, which creates the
opportunity to apply new regional geologic models and technical findings by GoldMining and neighboring companies to unlock value for
Whistler, by a dedicated team following best practices with a dedication to safety, the environment and sustainable development for
local communities."
Whistler Project
The Whistler Project is a gold-copper exploration project consisting of at least three known deposits located in the Yentna Mining
District of
Alaska
, approximately 150 km northwest of
Anchorage
and comprises 304
State of Alaska
mining claims covering an
aggregate area of approximately 17,000 hectares (approximately 42,000 acres). The Whistler and Raintree West deposits are
connected to the camp and airstrip by an access road and the Island Mountain deposit is located 23 km south of the camp and access
is by helicopter.
The Whistler Project is underlain by a volcano-sedimentary sequence (Jura-Cretaceous Kahiltna Assemblage) that has been intruded by
the Late Cretaceous Whistler Intrusive Suite with associated gold-copper porphyry and epithermal mineralization, and the Late
Cretaceous to Paleocene Composite Intrusive Suite with associated intrusion-related gold mineralization.
A total of
70,247 m
of diamond drilling in 257 holes has been completed on the Whistler Project by Cominco, Kennecott, Geoinformatics
and Kiska from 1986 to the end of 2011. Of these drill holes,
21,132 m
in 52 holes have been drilled in the Whistler Deposit area,
20,479 m
in 94 holes have been drilled in the Raintree area and
14,410 m
in 36 holes comprise the Island Mountain resource area.
There are
14,226 m
in 75 holes in areas outside of the three resource areas.
Preliminary metallurgical testing indicated that the material tested is amenable to copper recovery by flotation and that the gold is
relatively free milling. Further metallurgical development and assessment work is warranted.
Mineral Resource Estimates
The following table sets forth the Mineral Resource estimate set forth in the Whistler Technical Report, with an effective date of
June
11, 2021
.
Deposit
In Situ Grade
In Situ Metal
Tonnage
Gold
Silver
Copper
Gold
Eq
Gold
Silver
Copper
Gold
Eq
(Mt)
(g/t)
(g/t)
(%)
(g/t)
(Moz)
(Moz)
(Mlbs)
(Moz)
Indicated Resources
Whistler
107.8
0.50
1.95
0.17
0.79
1.8
6.8
399.0
2.7
Raintree (Open Pit)
7.8
0.49
4.88
0.09
0.67
0.1
1.2
15.0
0.2
Total Indicated (Open Pit)
115.5
0.50
2.15
0.16
0.78
1.9
8.0
414.0
2.9
Raintree (Underground)
2.7
0.79
4.18
0.13
1.03
0.1
0.4
8.0
0.1
Total Indicated
118.2
0.51
2.19
0.16
0.79
1.9
8.3
422.0
3.0
Inferred Resources
Whistler
153.5
0.35
1.48
0.13
0.57
1.7
7.3
455.0
2.8
Island Mountain
111.9
0.47
1.06
0.05
0.57
1.7
3.8
131.0
2.0
Raintree (Open Pit)
11.8
0.62
4.58
0.07
0.77
0.2
1.7
18.0
0.3
Total Inferred (Open Pit)
277.2
0.41
1.44
0.10
0.58
3.6
12.9
604.0
5.2
Raintree (Underground)
39.8
0.80
2.51
0.12
1.00
1.0
3.2
107.0
1.3
Total Inferred
317.0
0.46
1.58
0.10
0.63
4.7
16.1
711.0
6.5
Notes:
1
.
The Mineral Resource for Whistler, Island Mountain, and the upper portions of the Raintree West deposits have been confined by
an open pit with "reasonable prospects of eventual economic extraction" using the following assumptions:
Metal prices of
$1,600
/oz Au,
$3.25
/lb Cu and
$21
/oz Ag;
Payable metal of 99% payable Au, 90% payable Ag and 1% deduction for Cu;
Offsite costs (refining, transport and insurance) of
$136
/wmt proportionally distributed between Au, Ag and Cu;
Royalty of 3% NSR;
Pit slopes are 50 degrees;
Mining cost of
$1.80
/t for waste and
$2.00
/t for mineralized material; and
Processing, general and administrative costs of
$10.50
/t.
2
.
The lower portion of the Raintree West deposit has been constrained by a mineable shape with "reasonable prospects of eventual
economic extraction" using a
$25.00
/t cutoff.
3
.
Metallurgical recoveries are: 70% for Au, 83% for Cu, and 65% Ag for Ag grades below 10 g/t. The Ag recovery is 0% for values
above 10 g/t for all deposits.
4
.
The NSR equations are: below 10 g/t Ag: NSR ($/t) = (100%-3%)*((Au*70%*
$49.273
g/t) + (Cu*83%*
$2.966
*2204.62 +
Ag*65%*
$0.574
)), and above 10g/t Ag: NSR ($/t) = (100%-3%)*((Au*70%*
$49.256
g/t) + (Cu*83%*
$2.965
*2204.62)); The Au
Equivalent equations are: below 10 g/t Ag: AuEq = Au + Cu*1.5733 +0.0108Ag, and above 10 g/t Ag: AuEq = Au + Cu*1.5733.
5
.
The Au Equivalent equations are: below 10 g/t Ag: AuEq = Au + Cu*1.5733 +0.0108Ag, and above 10 g/t Ag: AuEq = Au +
Cu*1.5733
6
.
Numbers may not add due to rounding.
For further information on the Whistler Project, please refer to the technical report titled "NI 43-101 Mineral Resource Estimate for the
Whistler Project", dated effective
June 11, 2021
and with an amended date of issue of
October 29, 2021
, a copy of which is available
under GoldMining's profile at
www.sedar.com
.
Qualified Person
Paulo Pereira
, P. Geo., President of GoldMining Inc., a Qualified Person as defined in NI 43-101 has supervised the preparation of this
news release and has reviewed and approved the scientific and technical information contained herein.
About GoldMining Inc.
The Company is a public mineral exploration company focused on the acquisition and development of gold assets in the Americas.
Through its disciplined acquisition strategy, the Company 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 20 million shares of Gold Royalty Corp. (NYSE
American: GROY).
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 U.S.
GoldMining's business plans and strategies. Forward-looking statements are based on the then-current expectations, beliefs,
assumptions, estimates and forecasts about the business and the markets in which GoldMining and U.S. GoldMining operate.
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, 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, 2021
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. 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.
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SOURCE
GoldMining Inc.
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http://www.newswire.ca/en/releases/archive/February2022/28/c5518.html
%SEDAR: 00031036E
For further information:
GoldMining Inc., Amir Adnani, Chairman; Alastair Still, CEO; Telephone: (855) 630-1001, Email:
CO: GoldMining Inc.
CNW 07:00e 28-FEB-22