GoldMining Inc. Confirms Additional Significant Gold-Antimony Results in Historic Drilling, Including 4.01 g/t AuEq over 56 metres (2.06 g/t Au & 0.55% Sb) and 2.54 g/t AuEq over 107 metres (1.44 g/t Au & 0.31% Sb), at its
GoldMining Inc. Confirms Additional Significant Gold-Antimony Results in
Historic Drilling, Including 4.01 g/t AuEq over 56 metres (2.06 g/t Au &
0.55% Sb) and 2.54 g/t AuEq over 107 metres (1.44 g/t Au & 0.31% Sb), at its
Crucero Project, Peru
VANCOUVER, BC
,
June 17, 2025
/CNW/ - GoldMining Inc.
(the
"
Company
" or "
GoldMining
"
) (
TSX: GOLD) (NYSE American: GLDG
)
is pleased to report
additional strong historic drill intercepts from its 100% owned Crucero Project ("
Crucero
" or the "
Project
") in
Peru
. These results are reported as part of the
Company's previously announced ongoing review and validation of historic assay results, which has continued to show significant antimony ("
Sb
") mineralization, in
conjunction with the known gold ("
Au
") mineralization, expanding the project's potential for multi-metal value creation.
Drill Intercept Highlights:
CPC 10-1:
2.03 g/t gold equivalent* ("AuEq")
(1.58 g/t Au &
0.13% Sb
)
over 133.1 metres
from 4 metres depth;
CPC 10-3:
2.25
g/t AuEq
(1.54 g/t Au &
0.20% Sb
)
over 88 metres,
from 72 metres depth;
DDH-07:
30.41 g/t AuEq
(3.72 g/t Au &
7.58% Sb
)
over 2 metres,
from 49 metres depth;
DDH-24:
2.54 g/t AuEq
(1.44 g/t Au &
0.31% Sb
)
over 107 metres
, from 108 metres depth;
DDH-27:
4.01 g/t AuEq
(2.06 g/t Au &
0.55% Sb
)
over 56 metres
, from 133 metres depth; and,
DDH-34:
6.25 g/t AuEq
(1.88 g/t Au &
1.24% Sb
)
over 20 metres
, from 385 metres depth.
*AuEq is calculated using the formula AuEq (g/t) = Au grade (g/t) + 3.52 * Sb grade (%). Au price of $2,200/oz and Sb price of $35,600/tonne (both approximately 35% below current spot price). Reports gold recovery at 100% and uses a notional antimony recovery of 70%.
"These results strengthen our confidence in Crucero's potential as a dual gold-antimony system,"
said
Alastair Still
, CEO of GoldMining
. "With antimony price
near record highs and gold mineralization already confirmed, we are working to uncover new value in a project that has been underexplored for critical metals
potential. Antimony, primarily occurring as the mineral stibnite, co-exists with gold mineralization at the Project. We believe that thorough continued analysis of the
historic gold and antimony results within the existing assay database there is an opportunity to enhance the economic value for the 100% owned Crucero Project."
Further to the Company's
April 23, 2025
, news release, which presented assay intercepts for historic drillholes DDH-01 to -04, the Company has continued to
systematically compile Sb assay results within the Project drill database. This work has included the validation of historic assays against original independent
laboratory certificates. Presented herein are assays for a further 20 drill holes that have been validated by the Company to date.
The updated and revised Crucero database now contains assay data for 79 drill holes as well as 657 trench assays including over 17,000 assay records, 13,296
of which have independent laboratory certificates available. The Company is working with the laboratories to locate additional archived assay certificates, in order
to build a comprehensive database and undertake further analysis of the distribution and grade of antimony throughout the Project.
Crucero Project
The Crucero Project (see
Figure 1
) is located in the Andes mountain range in Carabaya Province, in southeastern
Peru
. The village of Caserio de Oscoroque is
located approximately 10 km to the west of the Project by road, and the nearest major community is the city of Juliaca, about 150 km to the south-southwest,
which has an airport that provides domestic flights that connect throughout
Peru
.
Figure 1 – Crucero Project, Department of Puno, Province of Carabaya, Peru. (CNW Group/GoldMining Inc.)
The Project contains orogenic gold mineralization that is associated with pyrite, pyrrhotite, arsenopyrite and stibnite mineralization. The mineralization is contained
within altered meta-sedimentary rocks belonging to the Ananea Formation of Lower Paleozoic age.
Exploration programs from 1996 to 2012 by previous operators included geological mapping, soil and rock geochemistry, trenching, surface geophysical surveys,
diamond drilling and metallurgical testwork. Drilling across the Project totals 79 core holes for 24,705 metres completed from 2003 to 2012.
To date, exploration of the Project has concentrated on the A1 Zone which dips vertically to steeply to the east, is approximately 750 metres along strike by 100
metres in width and is traced to a vertical depth of approximately 400 metres. The A1 Zone is hosted within meta-sediments (mudstones and siltstones) of the
Ananea Group. Pyrite is the most abundant sulphide mineral and typically occurs as blebs, the distribution of which commonly appears to be along foliation or
bedding. Quartz veins are uncommon and are not necessarily gold-bearing, although the highest-grade gold found to date is within quartz veins with stibnite.
Prior geological studies have interpreted that the A1 Zone has been subjected to two phases of gold mineralization of which the major gold-mineralizing event
formed during isoclinal folding, is largely conformable with bedding and is associated primarily with pyrite and pyrrhotite. The second phase of gold mineralization
is associated with later deformation characterized by brittle deformation that resulted in the development of faulting and remobilization of gold that is associated
with arsenopyrite and antimony mineralization. This later phase of gold mineralization is volumetrically minor compared to the first phase; however, it is more
significant because the higher gold and antimony grades occur with this later phase.
Figure 2 – Crucero plan map showing location of drill holes and an outline of mineralization exposed at surface within the A1 Zone. (CNW Group/GoldMining Inc.)
For further information regarding the Crucero Project, please refer to the technical report summary titled "43-101 Technical Report, Crucero Property, Carabaya
Province,
Peru
" with an effective date of
December 20, 2017
, (the "Technical Report"), available under the Company's profile at
www.sedarplus.ca
.
Table 1
– Crucero Project historical drill assay intercepts. Bold intervals correspond with those reported in the 'highlights' section above.
Hole Number
Interval
From
(m)
Interval
To
(m)
Core
Length
(m)
Gold Grade
(g/t)
Antimony
Grade (%)
AuEq (g/t)*
CPC 10-1
4.00
137.10
133.10
1.58
0.13
2.03
including
49.00
73.00
24.00
2.27
0.56
4.23
CPC 10-2
27.50
97.50
70.00
0.86
0.03
0.96
CPC 10-3
72.00
160.00
88.00
1.54
0.20
2.25
including
110.00
120.00
10.00
2.75
0.54
4.65
DDH-06
52.00
54.00
2.00
4.21
0.00
4.21
DDH-07
49.00
51.00
2.00
3.72
7.58
30.41
including
50.00
50.40
0.40
14.90
30.90
123.67
Also
124.00
162.00
38.00
0.74
0.08
1.03
DDH-08
134.00
151.46
17.46
5.11
0.00
5.11
including
139.00
141.00
2.00
34.50
0.01
34.53
Also
160.00
202.00
42.00
0.82
0.31
1.91
including
174.00
190.00
16.00
1.39
0.80
4.19
Also
214.00
298.00
84.00
0.38
0.14
0.88
including
218.00
243.00
25.00
0.18
0.46
1.80
DDH-09
109.00
141.00
32.00
1.54
0.01
1.56
Also
152.90
206.00
53.10
1.42
0.51
3.21
DDH-18
No Significant Intercept
DDH-19
143.00
179.00
36.00
1.55
0.03
1.66
Also
199.00
275.00
76.00
1.58
0.09
1.90
including
202.00
250.00
48.00
2.09
0.14
2.60
including
232.00
233.00
1.00
13.38
2.51
22.22
Also
356.00
378.00
22.00
0.77
0.12
1.18
Also
408.00
460.00
52.00
0.68
0.25
1.56
including
414.00
427.00
13.00
0.50
0.97
3.93
DDH-20
63.00
70.00
7.00
4.34
0.01
4.37
Also
78.00
86.00
8.00
1.15
0.06
1.34
Also
146.00
155.00
9.00
1.32
0.12
1.73
Also
163.00
180.00
17.00
1.71
0.01
1.75
Also
190.00
201.00
11.00
2.86
0.37
4.14
Also
318.00
352.00
34.00
0.76
0.01
0.79
Also
363.00
392.00
29.00
0.80
0.03
0.91
DDH-21
80.00
102.80
22.80
1.58
0.18
2.21
Also
114.00
207.00
93.00
1.25
0.02
1.32
Also
235.00
288.00
53.00
0.61
0.04
0.75
Also
323.00
338.05
15.05
1.39
0.00
1.39
DDH-23
49.00
86.00
37.00
1.07
0.04
1.20
DDH-24
108.00
215.00
107.00
1.44
0.31
2.54
including
132.00
141.00
9.00
1.46
0.95
4.80
including
189.00
209.00
20.00
0.98
0.98
4.43
DDH-26
119.00
159.00
40.00
1.77
0.10
2.12
and
185.00
206.00
21.00
1.21
0.01
1.23
DDH-27
133.00
189.00
56.00
2.06
0.55
4.01
including
139.00
144.00
5.00
1.97
1.55
7.43
including
150.00
162.00
12.00
2.47
1.61
8.14
Also
202.00
237.00
35.00
1.02
0.01
1.04
DDH-31
3.55
70.00
66.45
1.32
0.16
1.88
including
4.00
33.00
29.00
1.67
0.36
2.93
DDH-32
No Significant Intercept
DDH-33
223.00
233.00
10.00
0.99
0.04
1.14
Also
248.00
275.00
27.00
0.87
0.01
0.90
Also
413.00
448.00
35.00
0.82
0.01
0.86
DDH-34
385.00
405.00
20.00
1.88
1.24
6.25
including
393.00
404.00
11.00
2.65
2.13
10.15
DDH-35
35.00
43.00
8.00
0.93
0.10
1.27
Also
94.00
110.00
16.00
1.27
0.00
1.27
Also
136.00
188.00
52.00
1.62
0.33
2.78
including
142.00
179.00
37.00
1.84
0.45
3.43
Notes:
Mineralized intercepts are estimated to be approximately two-thirds of true width.
*AuEq is calculated using the formula AuEq (g/t) = Au grade (g/t) + 3.52 * Sb grade (%), Uses – Au price of $2,200/oz and Sb price of $35,600/tonne (both approximately 35% below current spot). Reports gold recovery at 100% but uses a notional recovery of the Antimony of 70%.
Table 2
– Crucero Project drill hole collar location coordinates for historical drill hole intercepts detailed in Table 1.
Hole
Number
Easting
Metres
(UTM
Zone
19S)
Northing
Metres
(UTM
Zone 19S)
Elevation
(m
above
sea
level)
Depth
(m)
Azi°
Dip°
Year
Drilled
CPC 10-1
411013
8432920
4452.1
137.1
236
-45
2010
CPC 10-2
410769
8433177
4457.2
101.1
233
-45
2010
CPC 10-3
410799
8433199
4454.0
182.9
234
-60
2010
DDH-06
410513
8433320
4407.1
134.5
231
-45
2009
DDH-07
410510
8433320
4407.1
315
75
-45
2009
DDH-08
410583
8433156
4401.9
361.6
56
-45
2009
DDH-09
410771
8432933
4468.5
312.4
52
-45
2009
DDH-18
410480
8432832
4475.5
313.9
233
-45
2011
DDH-19
410829
8432889
4453.8
480.4
238
-45
2012
DDH-20
410841
8432818
4450.0
470
72
-44
2012
DDH-21
410870
8432865
4451.5
338
63
-46
2011
DDH-23
410810
8433100
4487.2
155
235
-45
2010
DDH-24
410733
8433011
4467.3
250
56
-45
2011
DDH-26
410879
8432867
4451.0
300
60
-60
2010
DDH-27
411031
8433011
4465.3
260
240
-45
2010
DDH-31
411013
8432920
4451.6
92.1
180
-60
2011
DDH-32
410942
8433220
4487.3
400
238
-75
2011
DDH-33
410766
8432774
4448.0
586.8
67
-45
2012
DDH-34
410452
8433156
4398.0
551
56
-56
2012
DDH-35
410797
8432935
4459.9
256
63
-45
2011
Data Verification
The Technical Report and the Company's historic exploration database, including verification of laboratory certificates, were used to verify the reported assay
intercepts. As detailed in the Technical Report, Crucero Project drill core sampling program comprised the following procedure: prior to processing, core was
photographed and measured for core loss, then logged geologically and marked for sampling. Sample lengths downhole were generally 1.0 metres within visually
mineralized core, to 2.0 metres outside mineralized zones, except where samples were taken to honor geological contacts. Samples were obtained by sawing the
core in half; half was placed in a numbered sample bag and the other half stored in the core box for reference. Normal security measures were taken throughout
the sampling and shipping processes. All drill programs used standards, duplicates and blanks that were introduced into the sample stream on the Property during
the sample preparation process, and/or introduced by the independent laboratory during the analysis. The sampled half-core was then sent for assay to either
ALS Peru S.A. ("ALS"), or SGS del Peru S.A.C. ("SGS"), each an independent assay laboratory.
SGS completed sample analysis in
Lima, Peru
, for drill holes DDH-19, DDH-20, DDH-32, DDH-33, DDH-34 (this release). Analysis utilized four standard SGS
analytical procedures: 1) gold was analyzed by fire assay of a 50-gram aliquot with an atomic absorption finish (FAA515); 2) if the sample contained more than
500 ppb gold the sample was re-analyzed using fire assay and a gravimetric finish (FAG505); 3) samples were also analyzed for a 33-element package using
four-acid digestion and inductively coupled plasma (ICP) with an atomic emission spectroscopy (AES) finish (ICP40B); and 4) if the sample contained more than
10,000 ppb arsenic or antimony, these elements were analyzed using atomic absorption (AAS41b).
ALS Global completed sample preparation and analysis in
Lima, Peru
, for drill holes CPC 10-1, CPC 10-2, CPC10-3, DDH-05, DDH-06, DDH-07, DDH-08, DDH-
09, DDH-10, DDH-18, DDH-21, DDH-23, DDH-24, DDH-26, DDH-27, DDH-31, DDH-35 (this release). Analysis utilized four standard ALS analytical procedures: 1)
gold analyses were completed by fire assay fusion with AAS finish (Au-AA24 method) on 50 grams test weight; 2) if the sample contained more than 10,000 ppb
gold the sample was re-analyzed using fire assay and a gravimetric finish (Au-GRA21); 3) antimony and other multi element analyses (total suite of 35 elements)
were assayed by aqua regia digestion and ICP-MS analysis (ME-ICP41 method) on 0.25 grams test weight; and 4) antimony which assayed at the upper level of
detection of 10,000 ppm, was generally re-assayed to percent level analysis via atomic absorption spectrometry (Sb-AA08 method).
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 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, the potential and demand for antimony 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 17-JUN-25