GoldMining Subsidiary, U.S. GoldMining More Than Doubles Indicated Mineral Resource Estimate to 6.48 Million AuEq Oz with an Additional 4.16 Million AuEq Oz Inferred for the Whistler Project, Alaska
GoldMining Subsidiary, U.S. GoldMining More Than Doubles Indicated
Mineral Resource Estimate to 6.48 Million AuEq Oz with an Additional 4.16
Million AuEq Oz Inferred for the Whistler Project, Alaska
Designated News Release
VANCOUVER, BC
,
Oct. 8, 2024
/CNW/ - GoldMining Inc. (the "
Company
" or "
GoldMining
") (TSX: GOLD) (NYSE American: GLDG) is pleased to highlight an
updated Mineral Resource Estimate ("
Whistler MRE
") that was announced by its publicly traded subsidiary, U.S. GoldMining Inc. ("
U.S. GoldMining
") (NASDAQ:
USGO) on
October 7, 2024
for U.S. GoldMining's Whistler Gold-Copper Project (the "
Project
") located in
Alaska
, U.S.A.
Highlights:
The highlights of U.S. Goldmining's announcement include:
Indicated Mineral Resource: 294 million tonnes ("
Mt
") at 0.68 grams per tonne ("
g/t
") gold equivalent ("
AuEq
") for 6.48 million ounces ("
Moz
") AuEq
Inferred Mineral Resource: 198 Mt at 0.65 g/t AuEq for an additional 4.16 Moz AuEq
Estimated gold equivalent ounces in the indicated category have increased by approximately 117% compared to the 2022 MRE*
The Whistler MRE was constrained using a series of conceptual pit design shells for the Whistler deposit, which assumed a first phase with an estimated
22.4 Mt of mineralized material at a grade of 1.04 g/t AuEq and a strip ratio of 0.08:1 (waste:ore)
The three Au-Cu-Ag porphyry deposits comprised within the Whistler MRE - Whistler, Raintree and Island Mountain - occupy approximately 1% of the U.S.
GoldMining's land holdings and occur within a cluster of high priority targets sharing key geological characteristics with the known deposits, thereby
highlighting the broader exploration potential of the Project
U.S. GoldMining
is currently systematically exploring nearby targets within the 'Whistler Orbit' where an additional 12 potential targets remain under-
explored
The Whistler MRE encompasses 2023 drilling as reported earlier this year (see U.S. GoldMining news release
January 16, 2024
), including the initial
intercept contained within WH23-03 which comprised
547 m
at 1.06 g/t AuEq
It excludes recently reported confirmatory assays from the re-entry of WH23-01 drilled in 2024 (see U.S. GoldMining announcement
September 30,
2024
) which now extends the mineralized intercept to
652.5m
at 1.00 g/t AuEq
The 2024 core drilling program has now concluded, achieving 4,006 meters of drilling in 6 holes.
Alastair Still
, Chief Executive Officer of GoldMining, commented:
"Since the initial public offering of U.S. GoldMining in
April 2023
, we are extremely pleased
by the progress of its exploration initiatives at the Whistler Project, which have resulted in strengthened confidence of the Whistler MRE by increasing the gold
equivalent ounces in the indicated category by approximately 117% from prior estimates. The Project now contains 6.5 Moz AuEq in the indicated resource
category and an additional 4.2 Moz AuEq in the inferred resource category. The successful 2023 drilling program and growth of the mineral resources at Whistler
is an example of how our spin-out strategy continues to unlock value for GoldMining shareholders. We now hold over
$175 million
in cash and equities
1
that help
position us to advance strategic initiatives across our portfolio, which globally holds 12.5 million AuEq ounces of measured and indicated resources and 9.7 million
AuEq ounces of inferred resources.
2"
1.Cash and Marketable Securities in NevGold Corp., Gold Royalty Corp., and U.S. GoldMining as of October 7, 2024, are presented in Canadian dollars, converted, as applicable, based on current exchange rates.
2. The above global resource numbers are provided for informational purposes only and are not intended to represent the viability of any project on a standalone or global basis. The exploration and development of each project, project geology and the assumptions and other factors
underlying each estimate, are not uniform and will vary from project to project. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves. The estimate of mineral resources may be materially affected by environmental permitting, legal, title,
taxation, sociopolitical, marketing or other relevant issues. Please refer to the Company's most recent annual information form, a copy of which is available under its profile at
www.sedarplus.ca
and
www.sec.gov
, for further information regarding such estimates.
The updated Whistler MRE is set forth in a technical report summary titled "S-K 1300 Technical Report Summary Initial Assessment for the Whistler Project,
South Central Alaska
" with an effective date of
September 12, 2024
, which was filed by U.S. GoldMining on
October 7, 2024
under subpart 1300 of Regulation S-
K ("SK-1300") and available under U.S. GoldMining's profile at
www.sec.gov
(the "S-K 1300 Report"). U.S. GoldMining and GoldMining plan to file a technical
report under Canadian National Instrument 43-101 ("NI 43-101") in respect of the updated Whistler MRE within 45 days of U.S. GoldMining's announcement.
Updated Mineral Resource Estimate Overview
The Whistler MRE was based on 43,096 meters of drill data available as of
January 16, 2024
(refer to U.S. GoldMining's news release dated
January 16, 2024
,
for further details), prior to the commencement of U.S. GoldMining's 2024 drill campaign. The author of the report conducted a site visit
August 6, 2024
, which
included collection of independent duplicate samples for umpire laboratory analysis. The effective date for the updated MRE is
September 12, 2024
. The Whistler
MRE is constrained within a revenue factor 1.5 pit shell and reported above a
US$10
/tonne cut-off value (equivalent to 0.27 g/t AuEq cut-off grade).
The
October 2024
updated Whistler MRE incorporates:
Revised mineral resource reporting at
US$10
/tonne cut-off (previously the 2022 MRE was reported at
US$10.50
/t) and using below 3-year trailing average
commodity assumptions of
US$1,850
/oz Au,
US$4.00
/lb Cu and
US$23
/oz Ag, across all three Project deposits: Whistler, Raintree and Island Mountain (see
Figure 1
).
The addition of three 2023 diamond core drill holes for 1,674 meters of drilling within the namesake
Whistler Deposit (see Figure 2)
, with revisions to the
geological interpretation and three dimensional mineralization modelling.
The following table sets forth a summary of the Whistler MRE update.
Table 1: Mineral Resource Estimate for the Total Whistler Project (Effective date:
September 12, 2024
)
Class
Deposit
Cut-off
Value
ROM
Tonnage
In situ Grades
In situ Metal
(US$/t)
(ktonnes)
NSR
(US$/t)
AuEqv
(g/t)
Au
(g/t)
Cu
(%)
Ag
(g/t)
AuEqv
(koz)
Au
(koz)
Cu
(mlbs)
Ag
(koz)
Indicated
Whistler Pit
10
282,205
22.84
0.68
0.41
0.16
1.89
6,201
3,724
999
17,166
Raintree Pit
10
8,905
21.08
0.63
0.46
0.08
4.81
180
131
16
1,378
Indicated Open Pit
varies
291,410
22.79
0.68
0.41
0.16
1.98
6,381
3,855
1,015
18,544
Raintree UG
25
3,064
34.41
1.03
0.79
0.13
4.49
101
78
9
443
Total Indicated
varies
294,474
22.91
0.68
0.42
0.16
2.01
6,482
3,933
1,024
18,987
Inferred
Whistler Pit
10
18,224
21.01
0.63
0.40
0.13
1.75
368
233
54
1,025
Island Mountain Pit
10
124,529
18.21
0.54
0.45
0.05
1.02
2,180
1,817
139
4,084
Raintree Pit
10
15,056
23.12
0.69
0.55
0.06
4.36
335
267
21
2,112
Inferred Open Pit
varies
157,809
19.00
0.57
0.45
0.06
1.42
2,883
2,317
214
7,221
Raintree UG
25
40,432
32.81
0.98
0.76
0.12
3.31
1,275
994
103
4,300
Total Inferred
varies
198,241
21.82
0.65
0.52
0.07
1.81
4,158
3,311
317
11,521
Notes to Table 1:
1.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves.
2.
Inferred mineral resources are subject to uncertainty as to their existence and as to their economic and legal feasibility. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the
prospects of economic extraction in a manner useful for evaluation of economic viability.
3.
The Mineral Resource Estimate for the Whistler, Island Mountain, and the upper portions of the Raintree West deposits have been confined by an open pit with "reasonable prospects of economic extraction" using the following assumptions:
Metal prices of US$1,850/oz Au, US$4.00/lb Cu and US$23/oz Ag;
Payable metal of 95% payable for Au and Ag, and 96.5% payable for Cu
Refining costs for Au of US$8.00/oz, for Ag of US$0.60/oz and for Cu of US$0.05/lb.
Offsite costs for Au of US$77.50/wmt, for Ag of US$3.50/wmt and for Cu of US$55.00/wmt.
Royalty of 3% NSR;
Pit slopes are 50 degrees;
Mining cost of US$2.25/t for waste and mineralized material; and
Processing, general and administrative costs of US$7.90/t.
4.
The lower portion of the Raintree West deposit has been constrained by a mineable shape with "reasonable prospects of eventual economic extraction" using a US$25.00/t cut-off.
5.
Metallurgical recoveries are: 70% for Au, 83% for Cu, and 65% Ag for Ag grades below 10g/t. The Ag recovery is 0% for values above 10g/t for all deposits.
6.
The NSR equations are: below 10g/t Ag: NSR (US$/t)=(100%-3%)*((Au*70%*US$54.646/t) + (Cu*83%*US$3.702*2204.62 + Ag*65%*US$0.664)), and above 10g/t Ag: NSR (US$/t)=(100%-3%)*((Au*70%*US$56.646g/t) + (Cu*83%*US$3.702*2204.62))
7.
The Au Equivalent equations are: below 10g/t Ag: AuEq=Au + Cu*1.771 +0.0113Ag, and above 10g/t Ag: AuEq=Au + Cu*1.771
8.
The specific gravity for each deposit and domain ranges from 2.76 to 2.91 for Island Mountain, 2.60 to 2.72 for Whistler with an average value of 2.80 for Raintree West.
9.
The SEC definitions for Mineral Resources in S-K 1300 were used for Mineral Resource classification which are consistent with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (CIM (2014) definitions).
10.
Numbers may not add due to rounding.
Additional details of the mineral resource estimate are set forth in the S-K 1300 Report and U.S. GoldMining's news release dated
October 7, 2024
.
*For comparison, the previous 2022 MRE (Effective Date
September 22, 2022
) comprised
118 Mt
at 0.79 g/t AuEq for 2.99 Moz AuEq Indicated resources, and
317 Mt
at 0.63 g/t Au for 6.45 Moz AuEq Inferred resources, at a
US$10.50
/t cutoff value for open pit resources and
US$25
/t for underground resources.
Figure 1 – Plan map of the Whistler Project showing the location of the Whistler, Raintree and Island Mountain gold-copper-silver deposits which cumulatively
make up the Whistler MRE. (CNW Group/GoldMining Inc.)
Figure 2 – Plan view map of the Whistler Deposit showing the geological interpretation of the Whistler Intrusive Suite and highlighting the location of 2023 drilling
used in the October 2024 Whistler MRE. (CNW Group/GoldMining Inc.)
Whistler Project High-Grade Core
The updated 2024 Whistler MRE is underpinned by a significant component of higher-grade mineralization within the core of the three deposits.
Table 2
illustrates
the Whistler MRE at a range of cut-offs which provide optionality for potential future mine development scenarios. For example, using an elevated cut-off value of
US$20
/t (equivalent to 0.37 g/t AuEq cut-off grade) for open pit resources, the Whistler MRE contains a robust higher grade subset resource of:
134 Mt
at 0.98 g/t AuEq for 4.2 Moz AuEq Indicated (includes Raintree UG resource)
87 Mt at 0.96 g/t AuEq for 2.7 Moz AuEq Inferred (includes Raintree UG resource)
Class
Source
Cutoff
ROM Tonnage
In situ Grades
In situ metal
(US$/t)
(ktonnes)
NSR (US$/t)
AuEqv (g/t)
Au (g/t)
Cu (%)
Ag (g/t)
AuEqv (Koz)
Au (koz)
Cu (klbs)
Ag (koz)
Indicated
Open Pit
6
333,200
20.98
0.63
0.37
0.15
1.99
6,717
3,999
1,088,419
20,822
7
327,336
21.24
0.63
0.38
0.15
1.99
6,680
3,983
1,080,877
20,541
7.9
319,301
21.59
0.65
0.39
0.15
1.99
6,623
3,958
1,068,264
20,024
10
291,410
22.79
0.68
0.41
0.16
1.99
6,381
3,855
1,015,095
18,544
15
206,236
27.03
0.81
0.51
0.18
1.99
5,356
3,382
798,024
13,449
20
131,449
32.55
0.97
0.65
0.19
2.08
4,111
2,728
561,495
8,809
25
85,710
38.03
1.14
0.79
0.21
2.18
3,132
2,166
393,659
5,985
30
57,629
43.30
1.29
0.92
0.22
2.27
2,397
1,706
281,879
4,184
Underground
25
3,064
34.41
1.03
0.79
0.13
4.49
101
78
8,613
443
Total Indicated
varies
294,474
22.91
0.68
0.42
0.16
2.02
6,482
3,933
1,023,708
18,987
Inferred
Open Pit
6
247,250
14.99
0.45
0.36
0.05
1.24
3,563
2,827
276,142
9,874
7
222,529
15.94
0.48
0.38
0.05
1.28
3,408
2,718
260,061
9,168
7.9
202,534
16.78
0.50
0.40
0.06
1.31
3,267
2,614
245,757
8,536
10
157,809
19.00
0.57
0.45
0.06
1.43
2,883
2,317
213,970
7,221
15
83,445
24.97
0.75
0.60
0.08
1.74
2,003
1,611
149,376
4,638
20
46,184
31.30
0.94
0.76
0.10
1.98
1,389
1,129
99,917
2,923
25
28,112
37.12
1.11
0.91
0.11
2.19
1,003
827
68,000
1,983
30
16,408
44.16
1.32
1.11
0.12
2.35
696
590
41,316
1,242
Underground
25
40,432
32.81
0.98
0.76
0.12
3.31
1,275
994
102,953
4,300
Total Inferred
varies
198,241
21.82
0.65
0.52
0.07
1.81
4,158
3,311
316,923
11,521
Table 2: Whistler MRE sensitivity to cut-off values. The Whistler MRE which is stated at $10/t cutoff value for
open pit resources (equivalent to 0.27 g/t AuEq cutoff grade), and $25/t cutoff value for underground
resources, is highlighted.
In particular, U.S. GoldMining's flagship Whistler Deposit, a component of the Whistler MRE, contains a high-grade core defined by coincident approximately
≥0.40 g/t gold and ≥0.20% Cu grade contours that extend approximately
500 m
in the north-south dimension,
250 m
in the east-west dimension and extend to
600
m
depth (from surface), where it remains open down dip. The Whistler Deposit high-grade core offers the option to consider low strip ratio, higher – grade
starter-pit scenarios.
Table 3
provides an incremental breakdown of the Whistler Deposit as contained within sequentially expanding pit shells which are illustrated
in
Figure 3
.
PIT PHASE
CLASS
Mineralized Tonnage
NSR
AuEQ
Au
Cu
Ag
In Situ Metal
Waste Tonnage
Strip Ratio
(ktonnes)
(US$/tonne)
(g/t)
(g/t)
( %)
(g/t)
(AuEq koz)
(ktonnes)
Waste:Minz
PHASE 1
Indicated
22,425
34.81
1.04
0.65
0.23
2.30
750
1,776
0.08
Inferred
-
-
-
-
-
-
---
PHASE 2
Indicated
42,703
29.4
0.88
0.56
0.19
2.00
1,206
17,684
0.41
Inferred
910
16.28
0.49
0.26
0.13
2.00
14
PHASE 3
Indicated
106,892
23.71
0.71
0.43
0.16
1.80
2,435
117,922
1.04
Inferred
6,722
22.39
0.67
0.44
0.14
1.70
145
PHASE 4
Indicated
69,425
17.61
0.53
0.29
0.14
1.80
1,175
145,808
1.96
Inferred
4,944
19.81
0.59
0.36
0.14
1.60
94
PHASE 5
Indicated
41,061
16.08
0.48
0.257
0.13
1.8
634
238,127
5.10
Inferred
5,648
21.18
0.633
0.409
0.13
1.9
115
Total Indicated
282,506
22.84
0.68
0.41
0.16
1.87
6,201
521,317
1.73
Total Inferred
18,224
21.01
0.63
0.40
0.13
1.75
368
Table 3: Whistler Deposit incremental breakdown within conceptual phased pit shells contained
within the Whistler MRE.
Figure 3 – Cross section through Whistler Deposit showing the September 2024 block model and conceptual phased pit shells corresponding with Table 3. (CNW
Group/GoldMining Inc.)
Whistler Project Geology
The
Whistler Deposit
is hosted within the Whistler Intrusive Suite (see
Figure 2
), a composite suite of diorite stocks and dykes with cross-cutting relationships
that divide the suite broadly into an early Main Stage Porphyry ("
MSP
"), a later cross-cutting Intermineral Porphyry Suite ("
IMP
") and the latest cross-cutting
intrusive phase referred to as the Late Stage Porphyry ("
LSP
"). Gold and copper mineralization is characterized by presence of disseminated sulphide and quartz
+ sulphide vein stockworks (including classic porphyry diagnostic 'A', 'B', 'D', and 'M' type veins), and potassic alteration which is variably overprinted by later
phyllic alteration. The early-stage MSP suite is most strongly altered, veined and mineralized, with the IMP being less intensely altered and veined but remaining
consistently mineralized, and the late or post-mineralization LSP generally being below cutoff grade or unmineralized. The 'high-grade core' correlates with intense
potassic alteration and highest frequency of A and B veining within the MSP.
Based on re-logging of historical drill core in conjunction with the 2023 drilling program, the Whistler Deposit three-dimensional geological model was re-
interpreted to include adjustments to geometry, extents and continuity of the MSP, IMP and LSP suites. These were used as a guide to create mineralization
shells for both Au-Ag and Cu separately. The shells include a higher grade 'core', with lower grade shells also generated to constrain both Au-Ag and Cu
mineralization. A significant change in the 2024 geological model is the removal of the 'Divide Fault', which defined a hard boundary between geological and
geostatistical domains in previous iterations of the Whistler deposit model. Relogging and 2023 drilling has confirmed there is no compelling evidence for this fault,
thus the previously modelled Divide Fault is no longer seen to influence the mineralization. Subsequently, gold and copper grade shells have been constructed to
constrain the Whistler Deposit mineral block model, honoring the geological boundaries defined by the limits of the productive MSP and ISP, and taking into
account the weakly to non-mineralized LSP.
Mineralization at
Raintree West
occurs as two main types: 1) porphyry-style gold-copper mineralization hosted by diorite porphyry stocks and consisting of quartz
and magnetite stockwork veining, with vein and disseminated chalcopyrite associated with potassic alteration, and 2) later cross-cutting silver-gold-lead-zinc
mineralization in quartz-carbonate veins with occasional banded epithermal-like textures. The early gold-copper mineralization is best developed within, and
controlled by, early diorite porphyry intrusions (akin to MSP at the Whistler Deposit), whereas the later silver-gold-lead-zinc veins surround and locally overprint
the porphyry mineralization and are most abundant in the host andesitic composition volcanic.
The
Island Mountain
deposit, located 20 km south of the Whistler-Raintree deposits, is comprised of a suite of nested intrusions, ranging compositionally from
hornblende diorite to hornblende-biotite monzonite, with mineralization occurring predominantly within the 'Breccia Zone', comprising intrusive breccias occurring as
sub-vertical 100-
150 m
diameter 'pipes' with pyrrhotite-pyrite-chalcopyrite mineralization, that host the bulk of gold-copper porphyry mineralization.
Visit
www.goldmining.com
or
www.usgoldmining.us
for more information, including Technical Reports.
Technical Information
The technical work of the Whistler MRE was completed by
Sue Bird
, P.Eng., of Moose Mountain Technical Services ("MMTS"), an independent qualified person
as defined by NI 43-101.
Sue Bird
has reviewed, verified and approved the technical information related to the Whistler MRE in this news release.
Tim Smith
, P.Geo., Vice President Exploration, GoldMining, has supervised reviewed and approved the preparation of all other scientific and technical information
contained herein. Mr. Smith is a qualified person as defined by in NI 43-101.
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 and strategic investments in
Canada
,
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 26.7 million shares of NevGold Corp. (TSXV: NAU). See
www.goldmining.com
for additional information.
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 potential future plans and expectations of the Company and/or U.S. GoldMining regarding the Whistler Project and the Company's strategies and
plans, including to unlock value for shareholders. 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. 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, risks related to government and environmental regulation, social, permitting and licensing matters, any inability to commence and complete work as
expected, the Company's and U.S. GoldMining's exploration and development plans may change in the future 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
Annual Information Form for the year ended
November 30, 2023
, 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.
View original content to download multimedia:
https://www.prnewswire.com/news-releases/goldmining-subsidiary-us-goldmining-more-than-doubles-indicated-mineral-resource-estimate-to-6-48-million-aueq-oz-with-an-additional-4-16-million-aueq-oz-inferred-for-the-whistler-project-alaska-302269586.html
SOURCE
GoldMining Inc.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/October2024/08/c3912.html
%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 06:30e 08-OCT-24