GoldMining to Acquire Almaden Gold Project in Idaho
GoldMining to Acquire Almaden Gold Project in
Idaho
Highlights:
Acquisition of Almaden, a historic resource-stage gold project in west-central
Idaho
will further expand
GoldMining's portfolio of gold projects located in mining friendly jurisdictions of the Americas;
70,234 m
of historic drilling (934 holes) completed on the Project, which hosts outcropping, low-sulphidation
epithermal gold mineralization;
Projects with similar style of mineralization to Almaden include Hecla Mining's
Hollister
and Midas Mines in
northern
Nevada
, and Integra Resources' Delamar and Florida Canyon projects in southwest
Idaho
;
The total purchase price will be
$1,150,000
, comprised of common shares and cash; and
GoldMining intends to engage an independent qualified person to complete a technical report including a
current resource estimate upon closing.
VANCOUVER
,
Feb. 24, 2020
/CNW/ - GoldMining Inc. (the "
Company
" or "
GoldMining
") (TSX: GOLD;
OTCQX: GLDLF) is pleased to announce that it has entered into an agreement (the
"Agreement"
) with Sailfish
Royalty Corp. and its subsidiary (collectively,
"Sailfish"
), to indirectly acquire a 100% interest in the Almaden
Gold Project (
"Almaden"
or the
"Project"
), located in west-central
Idaho
.
Garnet Dawson
, CEO of GoldMining, commented:
"This acquisition continues our strategy of consolidating
quality resource-stage projects in the Americas. The transaction is a win for both companies as it is accretive
to GoldMining, while allowing Sailfish to focus on its royalty business. Our next step after completing this
acquisition will be to complete a current resource estimate on the Project."
The Agreement
Pursuant to the Agreement, the total consideration payable by GoldMining on closing of the transaction will be
$1,150,000
, comprising of: (i)
$575,000
, payable in common shares of GoldMining (the "GOLD Shares"); and
(ii)
$575,000
, payable in cash.
The issue price of the share consideration will be based on the volume-weighted average price of the GOLD
Shares on the Toronto Stock Exchange for the five trading days prior to closing. Such shares will be subject to
a four month and one day hold period and certain additional resale restrictions pursuant to the terms of the
Agreement.
The transaction is subject to customary closing conditions, amongst others, including receipt of requisite Toronto
Stock Exchange approval. The parties currently expect closing to occur in
March 2020
.
Almaden Project
The Almaden Project is located approximately 140 road km north of
Boise
and approximately 24 km east of
Weiser
in
Washington County
, Idaho. Access to the project is by well-maintained paved and gravel roads,
which exit east of U.S. Highway 95 at Weiser. The closest high-voltage power transmission line (230 kV) is
located 10 km east of the Project. The Project is comprised of two lease holdings (12 patented mining claims
and one mining lease) and 210 unpatented lode mining claims for a total area of approximately 1,724 Ha.
The Almaden Project is one of several low-sulphidation epithermal gold deposits related to the Northern Nevada
Rift that includes Hecla Mining Company's
Hollister
and Midas Mines in northern
Nevada
, Integra Resources
Corp.'s Delamar and Florida Canyon projects in southwest
Idaho
and Paramount Gold Nevada Corp.'s
development-stage project across the border in
Oregon
.
The relatively flat lying, near surface, disseminated gold mineralization at Almaden is hosted in sinter and
silicified (opal) sedimentary rocks of the Miocene Payette Formation that are underlain by chalcedonic veins and
stockworks. Mineralization is interpreted to have formed in a hot-springs environment in the upper levels of an
epithermal system. Gold mineralization is associated with intense silicification and argillic alteration that
measures approximately
1,900 m
long by
500 m
wide by
150 m
thick. The deposit was intermittently drilled
from 1980 to 2012 by several companies including Homestake and Amax Gold Inc. Most of this drilling was by
vertical holes within
100 m
of surface with over 200 holes ending in mineralization.
The Project was the subject of a historic resource estimate completed by Western Standard Metals Ltd.
("Western Standard") in 2009. The historical resource estimate was based on 886 drill holes (
61,980 m
of
drilling) that included both rotary and reverse circulation (87%) and diamond drilling (13%). The resource
estimate is historical in nature and will not be treated as a current resource estimate by the Company as a
qualified person has not done sufficient work on behalf of the Company to classify the historical estimate as a
current mineral resource. Western Standard disclosed the historic estimate in a technical report completed for
it by
Paul Tietz
, P.Geo. and
Michael M. Gustin
, P.Geo. of Mine Development Associates titled "Technical
Report, Almaden Project,
Washington County, Idaho
", with an effective date of
August 31, 2009
, a copy of
which is available under Western Standard's profile on SEDAR.
Subsequent to the historical resource estimate, Western Standard completed an additional 48 diamond drill
holes (
8,254 m
of drilling) in 2011 and 2012 to test for high-grade feeder mineralization, provide sample material
for metallurgical test work and confirm historic rotary and reverse circulation sampling results. Selected drill
intercepts from the 2011 to 2012 drill program are shown in Table 1. GoldMining has not completed sufficient
work to verify these exploration and drilling results, however the Company believes the historical exploration
work is relevant to any future exploration and as an indication of the potential of the Project. GoldMining intends
to engage an independent qualified person to, among other things, verify historic sampling and results, examine
the cut-off grade with reference to today's metal prices, and complete a technical report, including a current
resource estimate.
Table 1: Almaden Project – select drill hole intercepts from the 2011 and 2012 programs.
Drill Hole
From (m)
To (m)
Interval (m)
Au (g/t)
TAL-751C
0.0
53.3
53.3
1.083
Including
7.6
19.8
12.2
2.225
TAL-752C
9.1
94.5
85.4
0.840
MET-1
1.4
69.8
68.4
1.301
TAL-775C
0.0
61.6
61.6
1.223
Including
9.1
48.8
39.7
1.503
MET-2
0.0
76.2
76.2
1.195
Including
13.9
40.9
27.0
2.168
TAL-781C
0.0
61.6
61.6
1.100
Including
10.6
18.3
7.7
1.488
Including
21.3
39.6
18.3
1.408
TAL-785C
3.0
47.3
44.2
1.182
Including
10.7
29.0
18.3
2.032
MET-4
9.4
90.8
81.4
0.754
Including
26.2
52.9
26.7
1.020
TAL-787C
3.7
64.0
60.4
1.065
Including
16.8
38.1
21.3
1.881
TAL-792C
0
76.8
76.8
0.939
Including
4.6
16.8
12.2
1.435
Qualified Person
Paulo Pereira
, President of GoldMining Inc. has reviewed and approved the technical information contained in
this news release. Mr. Pereira holds a Bachelors degree in Geology from Universidade do Amazonas in
Brazil
,
is a Qualified Person as defined in National Instrument 43-101 and is a member of the Association of
Professional Geoscientists of
Ontario
.
About GoldMining Inc.
GoldMining is a public mineral exploration company focused on the acquisition and development of 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
,
U.S.A.
,
Brazil
,
Colombia
and Peru. Additionally,
GoldMining owns a 75% interest in the Rea Uranium Project, located in the
Western Athabasca
Basin of
Alberta
, Canada.
Forward-looking Statements
This document contains certain forward-looking statements that reflect the current views and/or expectations
of GoldMining with respect to its business and future events, including expectations and future plans
respecting the completion of the acquisition of the Project and any future exploration programs and other work
on the Project. 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, including that the
acquisition of the Project will complete as contemplated and that the conditions under the Agreement will be
satisfied. Investors are cautioned that all forward-looking statements involve risks and uncertainties,
including: that the parties may not satisfy all of the conditions under the Agreement, the inherent risks involved
in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results
and other exploration data, the potential for delays in exploration or development activities, the geology, grade
and continuity of mineral deposits, the possibility that future exploration, development or mining results will not
be consistent with GoldMiningꞌs expectations, accidents, equipment breakdowns, title and permitting matters,
labour disputes or other unanticipated difficulties with or interruptions in operations, fluctuating metal prices,
unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the
future, including to fund any exploration programs on its projects, and that GoldMining may not be able to
confirm historical exploration results. These risks, as well as others, including those set forth in GoldMiningꞌs
filings with Canadian securities regulators, could cause actual results and events to vary significantly.
Accordingly, readers should not place undue reliance on forward-looking statements and information. There
can be no assurance that forward-looking information, or the material factors or assumptions used to develop
such forward looking information, will prove to be accurate. GoldMining does not undertake any obligations to
release publicly any revisions for updating any voluntary forward-looking statements, except as required by
applicable securities law.
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SOURCE
GoldMining Inc.
View original content:
http://www.newswire.ca/en/releases/archive/February2020/24/c5950.html
%SEDAR: 00031036E
For further information:
GoldMining Inc., Amir Adnani, Chairman, Garnet Dawson, CEO, Telephone: (855)
630-1001, Email: [email protected]
CO: GoldMining Inc.
CNW 16:30e 24-FEB-20