GoldMining Inc. Advances Rea Uranium Project With Exploration Drilling Approval, Alberta, Canada
GoldMining Inc. Advances Rea Uranium Project With Exploration
Drilling Approval, Alberta, Canada
VANCOUVER, BC
,
May 1, 2025
/CNW/ - GoldMining
Inc.
(the "
Company
" or "
GoldMining
") (TSX: GOLD) (NYSE American: GLDG) is pleased to report
that its proposed metallic minerals exploration application for the Rea Uranium Project ("
Rea Project
") located in the
Western Athabasca
Basin, has been
reviewed and authorized as an approved exploration program by the Alberta Energy Regulator.
The Rea Project is owned 75% by the Company and 25% by Orano Canada Inc. ("
Orano
") (for location see Figure 1). The large land package of
approximately 125,328 hectares surrounds Oranoꞌs high-grade
Dragon Lake
prospect at its Maybelle River project. World-class uranium deposits located
60 km to the southeast of the Rea Project include Paladin Energy Limited's Triple R deposit and NexGen Energy Inc.'s Arrow deposit, which are currently
in development.
Highlights:
GoldMining's proposed uranium exploration program at the Rea Project has been approved to proceed by the Alberta Energy Regulator.
The proposed exploration program includes diamond core drilling comprised of up to 15 drillholes. Drilling could potentially be completed by either a
small portable tracked or skid-mounted drill rig for a ground-based program, or by a helicopter-portable rig.
The proposed drillholes are anticipated to reach a maximum 500 metres depth for an approximate total drilling program of up to 7,500 metres.
GoldMining has received a consultation adequacy decision from the Aboriginal Consultation Office of
Alberta
for the proposed exploration program.
Although this decision on adequacy has been received, the Company is committed to further engagement and dialogue.
Alastair Still
, Chief Executive Officer of GoldMining, commented:
"The receipt of this approval to advance exploration at our prospective Rea uranium
project is an important milestone and consistent with our strategy of seeking to unlock further value for our shareholders. Earlier work by our team
highlighted the areas for follow-up exploration, outlined within three distinct corridors totaling over 70 km and each containing several individual drill targets
exhibiting geophysical signatures consistent with known
Athabasca
Basin uranium deposits. We are extremely encouraged by the targets we have
generated within the
Athabasca
Basin, an area that contains some of the world's largest and highest-grade uranium deposits.
From the early project planning stages, GoldMining has taken a proactive approach to Indigenous consultation and relationship building, and the Company
is committed to further engagement and dialogue as we advance our exploration plans."
Rea Uranium Project
The Rea Project consists of 16 contiguous exploration permits covering approximately 125,328 hectares surrounding Oranoꞌs Maybelle River project, which
hosts the relatively shallow,
Dragon Lake
prospect. The Rea Project is located approximately 175 km north-northeast of
Fort McMurray, Alberta
, which is
serviced daily by commercial flights from
Edmonton
and
Calgary
. Access to the Project is by winter roads connecting Fort McKay and
Fort Chipewyan
, or
by air charter flight.
Figure 1.
Rea Project location map (CNW Group/GoldMining Inc.)
Historic exploration programs were completed by Eldorado Nuclear Ltd. and Uranerz Exploration and Mining Limited ("Uranerz") from the mid-1970ꞌs to the
late 1990ꞌs on ground now mostly covered by the Rea Project. The programs included various geochemical surveys, boulder prospecting, airborne and
ground geophysics and diamond core drilling (137 drill holes totaling 28,751 metres). These programs led to the discovery of the
Dragon Lake
prospect in
1988 where Uranerz reported high-grade drill intersections including 17.7% U
3
O
8
over 5.0 metres in MR-39 and 4.7% U
3
O
8
over 1.7 metres in MR-34.
Since that time, Orano has maintained a narrow zone of mineral leases, the 'Maybelle River' project, that covers the north to northwest trending
electromagnetic ("EM") conductor that is directly associated with the
Dragon Lake
prospect.
In 2005 a large land package of mineral permits surrounding the entire Maybelle River project was staked by Brazilian Gold Corporation ("BGC") (formerly
Red Dragon Resources Corp.), which became the 'Rea Project'. From 2005 to 2009 Orano (formerly Uramin Inc. and Areva Resources Canada Inc.)
earned a 25% interest in the Rea Project under the terms of an option agreement. BGC, which retained 75% of the Rea Project, was subsequently
acquired by Brazil Resources Inc. in 2013, which was then renamed GoldMining Inc. in 2016.
Reinterpretation of historic geophysical surveys, in addition to reprocessing and inversion modelling, has identified over 70 linear kilometres of basement
conductive trends within the Company's Rea Project permits. The linear conductive trends are interpreted as geological basement-hosted graphite-bearing
shear zones which are the primary structures that localize unconformity-style uranium mineralization in the overlying
Athabasca
Basin sediments. The total
of 70 linear kilometres of prospective trend occurs across three distinct northwest trending corridors (see news releases dated
June 13, 2024
):
The Maybelle River Corridor (11 km) trends northward from Orano's Maybelle River Project, which hosts shallow high-grade uranium mineralization at
the
Dragon Lake
prospect.
Five historic drill holes tested a portion of the Maybelle River Corridor on the Company's Rea Project claims, intersecting anomalous uranium
values in two holes. The remaining three drill holes intersected anomalous pathfinder elements and minerals, including clay alteration and dravite,
a distinctive accessory mineral associated with many major
Athabasca
uranium occurrences.
The Net Lake Corridor (20 km) has seen only wide spaced drilling (comprising 20 historic holes), with five holes intersecting anomalous uranium values
and associated pathfinder elements and minerals.
The Keane Lake Corridor (40 km) is largely untested except for two historic drill holes that intersected anomalous uranium values in the south-central
area of the Rea Project.
Each of the three prospective corridors are interpreted as potentially significant and deeply rooted basement structures, which are known to be
fundamental to the formation of
Athabasca
uranium deposits. Drill-proven fault and shear zones have been intersected in historical drilling on both the
Maybelle River and Net Lake corridors.
The Company's proposed exploration programs will include additional geophysical surveying and processing to refine uranium targets in advance of the
proposed drilling program.
For details on the Rea Project please see "Technical Report on the Rea Property.
Northeastern Alberta, Canada
", dated effective
September 12, 2014
(the "Rea Report"), available under the Company's profile at
www.sedarplus.ca
.
Qualified Person
Tim Smith
, P. Geo., Vice President Exploration of GoldMining, has supervised the preparation of, and verified and approved, all other scientific and
technical information herein this news release. Mr. Smith is also a qualified person as defined in National Instrument 43-101 – Standards of Disclosure for
Mineral Projects ("
NI 43-101
").
About GoldMining Inc.
GoldMining Inc. is a public mineral exploration company focused on acquiring and developing 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
, the
U.S.A.
,
Brazil
,
Colombia
, and
Peru
. The Company also owns approximately 21.5 million shares of Gold Royalty Corp. (NYSE American: GROY), 9.9 million shares of
U.S. GoldMining Inc. (Nasdaq: USGO) and 26.3 million shares of NevGold Corp. (TSXV: NAU). See
www.goldmining.com
for additional information.
Notice to Readers
Technical disclosure regarding
the Project
has been prepared by the Company in accordance with NI 43-101. NI 43-101 is a rule of the Canadian
Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning
mineral projects. These standards differ from the requirements of the U.S. Securities and Exchange Commission ("SEC") and the scientific and
technical information contained in this news release may not be comparable to similar information disclosed by domestic
United States
companies
subject to the SEC's reporting and disclosure requirements.
Cautionary Statement on Forward-looking Statements
Certain of the information contained in this news release constitutes "forward-looking information" and "forward-looking statements" within the meaning
of applicable Canadian and U.S. securities laws ("forward-looking statements"), which involve known and unknown risks, uncertainties and other factors
that may cause the Company's actual results, performance and achievements to be materially different from the results, performance or achievements
expressed or implied therein. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited
to, statements respecting the Company's expectations regarding the Project and expected work programs and often contain words such as "anticipate",
"intend", "plan", "will", "would", estimate", "expect", "believe", "potential" and variations of such terms. Such 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, which may
prove to be incorrect. Investors are cautioned that forward-looking statements involve risks and uncertainties, including, without limitation: 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, any inability to complete work programs as expected, the Company's
plans with respect to the Project may change as a result of further planning or otherwise, 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 most recent Annual Information Form and other
filings with Canadian securities regulators and the SEC, could cause actual results and events to vary significantly. Accordingly, readers should not
place undue reliance on forward-looking statements. There can be no assurance that forward-looking statements, or the material factors or assumptions
used to develop such forward-looking statements, will prove to be accurate. The Company does not undertake to update any forward-looking
statements, except in accordance with applicable securities law.
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For further information:
For additional information, please contact: GoldMining Inc., Amir Adnani, Co-Chairman; David Garofalo, Co-Chairman; Alastair
Still, CEO, Telephone: (855) 630-1001, Email: [email protected]
CO: GoldMining Inc.
CNW 06:00e 01-MAY-25