GoldMining Inc. Confirms Additional Significant Gold-Antimony Results Including 3.51 g/t AuEq over 93 metres (1.08 g/t Au and 0.69% Sb) in Historic Drilling at its Crucero Project, Peru
GoldMining Inc. Confirms Additional Significant Gold-Antimony Results
Including 3.51 g/t AuEq over 93 metres (1.08 g/t Au and 0.69% Sb) in
Historic Drilling at its Crucero Project, Peru
VANCOUVER, BC
,
Aug. 20, 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.
Highlights:
The Company has identified and confirmed significant antimony values in the Crucero drill database to date that are in addition to the current gold-only mineral
resource estimate.
Analysis of the drill hole sample assay database indicates numerous occurrences of antimony, including a selection of drill intercepts, which have been verified
by the Company:
DDH-36:
1.89 g/t AuEq
(0.94 g/t Au &
0.27% Sb
)
over 119 metres,
from 213 metres depth;
DDH-37:
4.34 g/t AuEq
(0.92 g/t Au &
0.97% Sb
)
over 60 metres
, from 244 metres depth;
DDH-38:
2.50 g/t AuEq
(1.28 g/t Au &
0.34% Sb
)
over 115 metres
, from 42 metres depth;
DDH-43:
3.51 g/t AuEq
(1.08 g/t Au &
0.69% Sb
)
over 93 metres
, from 71 metres depth;
DDH-45:
6.79 g/t AuEq
(6.53 g/t Au &
0.07% Sb) over 44 metres,
from 199 metres depth; and
DDH-40:
2.85 g/t AuEq
(1.15 g/t Au &
0.48% Sb
)
over 64 metres
, from 303 metres depth.
The Company is actively advancing work to incorporate antimony into a new gold-antimony mineral resource estimate for the Project.
Antimony is a globally significant strategic metal, with current spot prices of approx.
US$55,000
per tonne representing a significant increase from
US$11,600
per tonne at the start of 2024.
*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%.
Alastair Still
, Chief Executive Officer of GoldMining, stated,
"We are very encouraged by the latest results that demonstrate the emerging opportunity to
unlock additional value at our 100%-owned Crucero Gold Project in
Peru
through the identification of significant antimony mineralization occurring alongside gold.
Historically, antimony, primarily present as stibnite, was noted at Crucero but not fully evaluated due to lower commodity prices. Today, with antimony prices near
record highs and growing recognition of its strategic importance in critical supply chains, we see compelling potential to enhance the economic profile of the
project by incorporating antimony mineralization into our existing gold models. Our latest work reinforces our view of Crucero as a prospective dual gold-antimony
system that contains a gold mineral resource estimate of approximately 1 million ounces in the Indicated category and a further 1.15 million ounces in the Inferred
category. We are actively advancing work to incorporate antimony into a new mineral resource estimate which we believe could lead to a meaningful increase in
the gold-equivalent metal content of the deposit."
Further to the Company's news releases on
April 23
and
June 17, 2025
, which presented assay intercepts for historic drillholes DDH-01 to -35, 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 29 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, which the latter is an antimony-bearing
mineral. The mineralization is contained within altered meta-sedimentary rocks belonging to the Ananea Formation of Lower Paleozoic age.
The mineral resource estimate for Crucero (see
Table 1
) contains Indicated mineral resources estimated to total 30.65 million tonnes ("
Mt
") at an average grade
of 1.00 gram per tonne gold ("
g/t Au
") containing approximately 993,000 ounces ("
oz
") gold. An additional 35.78 Mt at an average grade of 1.00 g/t Au
containing approximately 1,147,000 oz Au is estimated in the Inferred resource category. The mineral resource estimate is reported within a conceptual pit design
shell for the Project using a long-term average gold price of
US$1,500
/oz Au.
Table 1
Crucero Project Mineral Resource Estimate (Effective date:
December 20, 2017
)
Cut-off
g/t
Indicated
Inferred
Tonnage
Grade
Metal
Tonnage
Grade
Metal
Mt
g/t
oz
Mt
g/t
oz
0.4
30.65
1.00
993,000
35.78
1.00
1,147,000
Notes to Table 1:
1.
There is no certainty that all or any part of the mineral resources estimated will be converted into mineral reserves.
2.
Open pit resources stated as contained within a conceptual open pit above a 0.40 g/t Au cut-off.
3.
Pit constraints are based on an assumed gold price of US$1,500/oz, mining cost of US$1.60/t and processing cost of US$16.00/t.
4.
Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
5.
Mineral resource tonnages and grades are reported as undiluted.
6.
Contained Au ounces are in-situ and do not include recovery losses.
For further information regarding the Crucero Project and the mineral resource estimate referenced herein, refer to the technical report summary titled "43-101
Technical Report, Crucero Property, Carabaya Province,
Peru
" with an effective date of
December 20, 2017
, available under the Company's profile at
www.sedarplus.ca
.
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 2
– Crucero Project historical drill assay intercepts for DDH-036 to -064. 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)*
DDH-36
41.00
46.00
5.00
2.02
0.29
3.02
Also
173.00
198.00
25.00
1.56
0.01
1.59
Also
213.10
332.00
118.90
0.94
0.27
1.89
including
259.00
272.00
13.00
1.49
0.50
3.25
Also
394.00
426.00
32.00
1.21
0.12
1.63
Also
445.00
473.00
28.00
0.54
0.27
1.49
Also
528.00
540.00
12.00
1.09
0.00
1.09
DDH-37
155.00
178.00
23.00
1.42
0.31
2.50
including
165.00
170.00
5.00
2.67
1.19
6.86
Also
200.00
236.00
36.00
2.11
0.71
4.60
including
215.00
231.00
16.00
3.05
1.47
8.24
including
226.00
227.00
1.00
11.85
10.60
49.16
Also
244.00
304.00
60.00
0.92
0.97
4.34
including
273.00
297.00
24.00
1.16
2.01
8.24
Also
416.00
456.00
40.00
0.56
0.02
0.63
Also
468.00
494.35
26.35
0.68
0.42
2.15
including
471.65
481.00
9.35
0.23
1.12
4.17
DDH-38
42.00
157.00
115.00
1.28
0.34
2.50
including
98.00
99.00
1.00
35.00
2.81
44.89
including
137.00
141.00
4.00
0.32
3.92
14.10
Also
166.70
183.00
16.30
1.23
0.00
1.23
Also
199.40
248.00
48.60
1.31
0.38
2.66
DDH-39
252.00
310.00
58.00
0.99
0.51
2.79
including
294.00
299.00
5.00
2.28
2.53
11.19
Also
393.00
422.00
29.00
0.75
0.01
0.78
Also
447.00
480.00
33.00
0.70
0.02
0.76
Also
520.00
543.00
23.00
0.74
0.06
0.96
DDH-40
303.00
367.00
64.00
1.15
0.48
2.85
including
317.00
342.00
25.00
1.44
1.13
5.43
Also
390.00
406.00
16.00
0.87
0.13
1.33
Also
550.00
576.90
26.90
1.31
0.05
1.50
DDH-41
107.00
185.00
78.00
1.33
0.28
2.31
Also
211.00
235.00
24.00
3.14
0.34
4.33
including
215.00
219.00
4.00
6.14
1.85
12.66
DDH-42
73.50
133.00
59.50
0.90
0.11
1.31
Also
179.00
180.00
1.00
13.50
0.53
15.36
DDH-43
71.00
164.00
93.00
1.08
0.69
3.51
including
85.00
90.30
5.30
3.88
4.11
18.35
including
87.30
87.65
0.35
28.20
39.60
167.59
Also including
112.00
113.00
1.00
15.70
6.14
37.31
Also
186.00
226.00
40.00
0.86
0.04
0.98
DDH-44
98.00
127.00
29.00
1.39
0.28
2.38
including
111.00
112.00
1.00
11.40
6.51
34.32
Also
163.00
164.00
1.00
27.80
0.01
27.84
DDH-45
120.00
172.00
52.00
0.81
0.13
1.26
Also
199.00
243.00
44.00
6.53
0.07
6.79
including
238.00
240.00
2.00
123.15
0.02
123.21
Also including
239.00
240.00
1.00
196.00
0.02
196.06
Also
280.00
285.00
5.00
7.88
0.29
8.89
DDH-46
87.00
136.00
49.00
1.18
0.12
1.61
including
112.00
117.00
5.00
4.78
1.06
8.52
DDH-47
No Significant Intercept
DDH-48
No Significant Intercept
DDH-49
No Significant Intercept
DDH-50
109.00
155.00
46.00
1.77
0.24
2.63
including
138.00
139.00
1.00
15.05
4.69
31.56
DDH-51
225.00
293.00
68.00
1.34
0.14
1.83
DDH-52
136.00
156.00
20.00
0.82
0.02
0.87
DDH-53
No Significant Intercept
DDH-54
131.00
158.00
27.00
5.35
0.13
5.81
including
135.00
149.00
14.00
9.54
0.20
10.25
DDH-55
326.00
330.00
4.00
3.13
0.10
3.50
DDH-56
140.00
164.00
24.00
3.66
0.02
3.73
including
149.00
155.00
6.00
10.23
0.06
10.43
DDH-57
No Significant Intercept
DDH-58
345.00
357.00
12.00
3.17
0.31
4.27
including
351.00
352.00
1.00
20.07
1.11
23.98
DDH-59
330.00
333.00
3.00
4.66
2.20
12.41
DDH-60
294.00
295.00
1.00
26.36
0.00
26.37
DDH-61
No Significant Intercept
DDH-62
83.00
96.00
13.00
0.97
0.01
1.00
DDH-63
No Significant Intercept
DDH-64
18.00
26.00
8.00
1.82
0.27
2.77
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 3
– Crucero Project drill hole collar location coordinates for historical drill hole intercepts detailed in Table 2.
Hole
Number
Easting
Metres
(UTM
Zone 19S)
Northing
Metres
(UTM
Zone 19S)
Elevation
(m above
sea level)
Depth
(m)
Azi°
Dip°
Year
Drilled
DDH-36
410,797
8,432,935
4,460
543.5
55
-60
2011
DDH-37
410,732
8,433,011
4,467
494.4
53
-60
2011
DDH-38
410,724
8,433,081
4,459
315.0
50
-60
2011
DDH-39
410,686
8,432,925
4,456
561.7
52
-45
2012
DDH-40
410,551
8,433,015
4,427
576.9
54
-45
2012
DDH-41
410,754
8,433,262
4,427
265.0
236
-60
2011
DDH-42
410,753
8,433,262
4,427
224.9
236
-45
2011
DDH-43
410,732
8,433,286
4,418
296.4
236
-60
2011
DDH-44
410,731
8,433,285
4,418
280.0
236
-45
2011
DDH-45
410,723
8,433,342
4,413
300.2
236
-60
2011
DDH-46
410,723
8,433,345
4,413
200.0
236
-45
2011
DDH-47
410,755
8,433,262
4,427
270.0
56
-60
2011
DDH-48
410,733
8,433,285
4,418
300.0
56
-45
2011
DDH-49
410,714
8,433,377
4,416
369.5
236
-60
2011
DDH-50
410,713
8,433,377
4,416
350.0
236
-45
2011
DDH-51
410,693
8,433,406
4,415
360.2
236
-60
2011
DDH-52
410,694
8,433,406
4,415
300.5
236
-45
2011
DDH-53
410,679
8,433,430
4,414
351.0
236
-60
2012
DDH-54
410,678
8,433,430
4,414
320.2
236
-45
2012
DDH-55
410,664
8,433,459
4,412
336.3
236
-60
2012
DDH-56
410,664
8,433,459
4,412
340.0
236
-45
2012
DDH-57
410,649
8,433,489
4,409
300.4
236
-45
2012
DDH-58
410,650
8,433,490
4,409
387.7
236
-60
2012
DDH-59
410,619
8,433,512
4,406
375.0
236
-60
2012
DDH-60
410,619
8,433,512
4,406
361.4
236
-45
2012
DDH-61
410,562
8,433,591
4,402
350.9
236
-45
2012
DDH-62
410,903
8,433,093
4,472
505.1
360
-90
2012
DDH-63
410,494
8,433,672
4,361
272.6
236
-45
2012
DDH-64
410,903
8,433,093
4,472
451.5
52
-70
2012
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 preparation and analysis in
Lima, Peru
, for drill holes DDH-39, DDH-40, DDH-48, DDH-49, DDH-50, DDH-51, DDH-52, DDH-53, DDH-54,
DDH-55, DDH-56, DDH-57 DDH-58, DDH-59, DDH-60, DDH-61, DDH-62, DDH-63, DDH-64 (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 5,000 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 completed sample preparation and analysis in
Lima, Peru
, for drill holes DDH-36, DDH-37, DDH-38, DDH-41, DDH-42, DDH-43, DDH-44, DDH-45, DDH-46,
DDH-47 (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 24 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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%SEDAR: 00031036E
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 07:00e 20-AUG-25