GoldMining Inc. Identifies Significant Antimony Mineralization Including 2.79 g/t AuEq (0.71 g/t Au and 0.59% Sb) over 79 metres and 1.91 g/t AuEq (1.56 g/t Au and 0.10% Sb) over 128 metres at its 100% Owned Crucero Project
GoldMining Inc. Identifies Significant Antimony Mineralization Including 2.79
g/t AuEq (0.71 g/t Au and 0.59% Sb) over 79 metres and 1.91 g/t AuEq (1.56
g/t Au and 0.10% Sb) over 128 metres at its 100% Owned Crucero Project
VANCOUVER, BC
,
April 23, 2025
/CNW/ - GoldMining Inc. (the "
Company
" or "
GoldMining
")
(
TSX: GOLD
) (
NYSE American: GLDG
)
is pleased to announce
that after reviewing historic drill results it has identified antimony ("
Sb
") mineralization occurring with gold mineralization on the Company's 100% owned Crucero
Project ("
Crucero
" or the "
Project
") in the Carabaya Province,
Peru
.
Highlights:
In addition to the established robust gold mineralized system, the Company has recently identified significant antimony values in the Crucero drill data base.
Due to shortages of this strategic metal, antimony spot price has increased substantially in recent periods to approximately
US$55,250
per tonne.
Gold mineralization at Crucero occurs with disseminated pyrite, pyrrhotite, arsenopyrite and stibnite, which the latter is an antimony-bearing mineral.
The indicated resource for Crucero is estimated to total 30.65 million tonnes ("
Mt
") at an average grade of 1.0 gram per tonne gold ("
g/t Au
") containing
approximately 993,000 ounces ("
oz
") gold with an additional inferred resource of 35.78 Mt at 1.0 g/t Au containing approximately 1,147,000 oz Au. The
Mineral Resource Estimate is reported within a conceptual pit design shell using an average gold price of
US$1,500
/oz.
Preliminary analysis of the drill hole sample assay data base indicates numerous occurrences of antimony, with individual assays as high as 39.6% Sb. A
selection of drill intercepts, which have been verified by the Company, include:
DDH-01:
2.49 g/t gold equivalent* ("AuEq")
(1.05 g/t Au & 0.41% Sb) over 47 metres (from
227 m
depth)
DDH-02:
44.37 g/t AuEq
(42.15 g/t Au & 0.63% Sb) over 7 metres (from
141 m
depth), including 1,075 g/t Au & 8.96 % Sb over 0.25 meters; and
2.79
g/t AuEq
(0.71 g/t Au & 0.59% Sb) over 79 metres (from
175 m
depth)
DDH-03:
1.87 g/t AuEq
(1.09 g/t Au & 0.22% Sb) over 22 metres (from
203 m
depth)
DDH-04:
1.95 g/t AuEq
(1.56 g/t Au & 0.11% Sb) over 128 metres (from
4 m
depth)
The Crucero database contains assay data for 72 drill holes as well as 657 trench assays including over 15,000 gold assays and over 10,000 antimony
assays. The Company is currently compiling and validating a comprehensive database to undertake further analysis of the distribution and grade of antimony
throughout the Project.
*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 (both approximately 35% of current spot price). Reports gold recovery at 100% and uses a notional antimony recovery of 70%.
Alastair Still
, Chief Executive Officer of GoldMining, commented:
"Identifying the presence of antimony within our 100% owned Crucero Project opens an
exciting opportunity to potentially recognize additional value from an already substantial estimated gold resource. Previous evaluations of the property identified
the occurrence of antimony, primarily occurring as the mineral stibnite, co-existing with and acting as a pathfinder for gold mineralization. However, with past
antimony prices, its economic importance was not recognized and with the growing strategic importance of antimony exemplified by an increase in the antimony
price to approximately
$50,000
per tonne, we believe that we can enhance the economic value for the Crucero Project thorough re-evaluation of our database to
quantify antimony as it occurs with the gold mineralization. This work augments our activities, and demonstrates optionality within our assets as we remain
focused on unlocking value within our portfolio of gold and gold-copper projects located throughout the Americas."
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 metasedimentary 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 was concentrated on one of the geophysical anomalies referred to as the 'A1 Zone' where a total of 72 core
holes for
22,712 m
were completed from 2003 to 2012.
The Indicated mineral resource for Crucero (see
Table 1
) is 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 MRE 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
.
To date, exploration of the Project has concentrated on the A1 Zone. The A1 Zone dips vertically to steeply to the east, is approximately
750 m
long by
100 m
in
width and is traced to a vertical depth of approximately
400 m
. 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 concentrations of gold found to date have been found in quartz veins with stibnite.
Prior geological studies have interpreted that the area 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 grades and antimony occurs with this later phase.
Figure 2 – Left: Crucero camp site (left), 2009 -2012;
Right: Diamond core drill set up on DDH-03 at the A1 Zone, 2009. (CNW Group/GoldMining Inc.)
Strategic Importance of Antimony
Due to the scarcity of antimony and increased demand due to its versatility and declaration as a critical metal, particularly for battery technology, semiconductors
and a variety of military and defense technologies, the price of antimony has reached new highs. The current antimony spot price of approximately
US$55,250
per
tonne represents a significant increase from
US$11,600
per tonne at the start of 2024.
Globally, the majority of the world's antimony supply is controlled by
China
,
Russia
&
Tajikistan
. Antimony is now considered a strategic metal that necessitates
supply chain security, particularly during periods of geopolitical instability, that has garnered recent media attention with respect to
China
imposing restrictions on
the export of antimony.
Owing to its limited supply, antimony is declared a critical metal as designated by several countries, including
the United States
,
Canada
, the European Union,
Japan
,
Australia
, and the United Kingdom.
Due to its importance as a strategic metal, many governments are now prioritizing exploration and domestic production to help bolster supply chain certainty.
Projects demonstrating potential to provide antimony are increasing in relevance due to its potential economic and strategic benefits.
Table 2
– 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)*
DDH-01
150
192
42
1.29
0.15
1.82
And
227
274
47
1.05
0.41
2.49
DDH-02
141
148
7
42.15
0.63
44.37
Including
144
147
3
97.14
1.44
102.21
Including
144.95
145.2
0.25
1075.00
8.96
1106.57
And
175
254
79
0.71
0.59
2.79
Including
217
242
25
0.49
1.35
5.25
And
264
301
37
0.48
0.06
0.69
Including
297
301
4
0.87
0.54
2.77
DDH-03
203
225
22
1.09
0.22
1.87
DDH-04*
4
132
128
1.56
0.11
1.95
Including
52
80
28
1.30
0.31
2.39
Notes:
*DDH-04 contains two samples which assayed at the upper limit of detection for Sb (>10,000 ppm) and which were not re-assayed for Sb % and have thus been limited in the drill database to 10,000 ppm (1%) Sb.
The 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 (both approximately 35% of current spot). Reports gold recovery at 100% but uses a notional recovery of the Antimony of 70%.
Table 3
– Crucero Project historical drill hole collar location coordinates.
Hole Number
Easting
Metres
(UTM
Zone
19S)
Northing
Metres
(UTM
Zone
19S)
Elevation
(m
above
sea
level)
Depth
(m)
Azimuth
(Degrees)
Dip
(Degrees)
Year
Drilled
DDH-01
410,940.3
8,433,219
4487.28
350.00
234
-45
2009
DDH-02
410,592.3
8,433,123
4402.64
356.00
056
-45
2009
DDH-03
410,537.8
8,433,215
4401.83
350.00
056
-45
2009
DDH-04
411,002.7
8,432,928
4452.29
235.95
236
-45
2009
Data Verification
The Technical Report and the Company's database, including verification of available laboratory certificates, were used to verify the reported assay intercepts for
DDH-01 to -04. 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 was logged geologically and marked for sampling. 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. The sampled half-core was sent to ALS Global for preparation and
analysis in
Lima, Peru
. Sample lengths downhole were generally
1.0 m
within visually mineralized core, to
2.0 m
outside mineralized zones, except where samples
were taken to honor geological contacts. ALS Global is a certified commercial laboratory and is independent of GoldMining and the previous explorers at the
Project. Quality assurance and quality control for analysis of historic drill core samples (DDH-01 to -04) relied on ALS Global's internal procedures which included
duplicates, mineralized standards and blank samples for each batch of core samples. Gold analyses were completed by fire assay fusion with AAS finish (Au-
AA24 method) on 50 grams test weight. 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. Antimony which assayed at the upper level of detection of 10,000 ppm, was generally re-assayed to
percent level analysis (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 26.4 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 23-APR-25