Notice to reader: Please be advised that the news release dated S eptember 13, 2022, has been refiled to indicate that this is a “Designated News Release” which designation was inadvertently omitted from the original filing due to a formatting error. No other
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Notice to reader: Please be advised that the news release dated S eptember 13, 2022,
has been refiled to indicate that this is a “Designated News Release” which designation
was inadvertently omitted from the original filing due to a formatting error. No other
changes have been made to this news release.
DESIGNATED NEWS RELEASE
GOLDMINING EXTENDS MINERALIZATION
AT ITS LA GARRUCHA TARGET, LA MINA PROJECT, COLOMBIA:
DRILL RESULTS INCLUDE 431.23 M AT 0.73 g/t AUEQ
Vancouver, British Columbia – September 13, 2022 – GoldMining Inc. (the "Company"
or "GoldMining") (TSX: GOLD; NYSE American: GLDG) is pleased to announce
additional assay results from its recently completed five hole 3,485 metre (m) drilling
program on the La Garrucha target, located less than one kilometre to the east of existing
mineral resources on the Company’s 100% owned La Mina Project (“La Mina”), located
in the Middle Cauca Porphyry Belt, Antioquia, Colombia.
Highlights
• The 2022 drilling program has discovered extensions of previously identified gold-
copper porphyry mineralization at the La Garrucha target, which is within the La
Mina Project.
• Assay results returned to date from the 2022 drilling program have almost doubled
the size of the La Garrucha gold-copper porphyry mineral system to at least 400 m
strike and 775 m below surface, with the system rem aining open to the southeast
and to depth.
• LME1108 includes a ‘Main Zone’ intercept of:
431.23 m at 0.55 grams per tonne (g/t ) gold (Au) and 0.12 percent (%) copper
(Cu), or alternatively expressed as 0.73 g/t gold equivalent (AuEq), from 181.27
m downhole.
• La Garrucha lies approximately one kilometre east of existing estimated mineral
resources within the La Cantera and Middle Zone deposits.
• Pending receipt of all drill assays the La Garrucha gold-copper porphyry mineral
system will undergo geological modelling and will be included in an updated mineral
resource estimate for the La Mina Project expected to be initiated in the fourth
quarter of 2022, with the intention to initiate an updated La Mina Preliminary
Economic Assessment (“PEA”) in 2023.
Alastair Still, CEO of GoldMining, commented, “ Our team has completed our first
exploration drilling program in Colombia safely and on budget, and we are very pleased
with the initial drill results to date, targeting the expansion of the La Garrucha discovery at
the La Mina Project. Results from LME1108 will help define the size of the mineralized
system, which extends for hundreds of metres and remains open for further expansion.
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While we still have assay results pending from the final hole drilled in the program, we
currently plan to initiate an update to the mineral resource estimate in the fourth quarter
of 2022, consistent with our focused approach to unlocking value from our portfolio of gold
and gold-copper projects located throughout the Americas.”
Tim Smith, VP Exploration of GoldMining, commented, “The re-entry of LME1108 has
extended gold-copper porphyry mineralization over 300 metres deeper than all previous
drilling completed at La Garrucha and represents the deepest drilling completed thus far
for the entire La Mina Project. This continuity of mineralization to depth provides a new
vector for the ongoing exploration of the broader La Mina mineral system. We expect that
the synthesis of geological, geochemical and geophysical data amassed from the historic
and recent drilling will allow the GoldMining team to identify and prioritize additional targets
for future exploration campaigns.”
Drill Program Details and Geological Description
From late March through to mid-August 2022 GoldMining completed a diamond core
drilling program, comprising five drill holes for 3,485 m at its La Garrucha target within the
La Mina Project (see Figures 1 & 2). On June 23, 2022, the Company announced interim
results from the first two holes of the drilling program, including the initial entry of LME1108
which returned 345.54 m at 0.57 g/ t Au and 0.12% Cu (0.74 g/t AuEq) , from 254.95 m
depth. As of the previous reporting date, LME1108 ended in mineralization and up-hole
assays had not yet been returned. The Company has subsequently completed a re-entry
extension of LME1108 to a total depth of 915.49 m and is now pleased to present
comprehensive results for LME1108 which extends mineralization up-hole via additional
assay results received, and from the deeper down-hole extension via re-entry drilling.
LME1108 Total Mineralized Porphyry Envelope (extended up- and down-hole via additional
core sampling and drill hole re-entry respectively):
754.67 m at 0.40 g/t Au and 0.11% Cu (0.56 g/t AuEq) from 136.20 m downhole
Including ‘Main Zone’ (Medium Grade):
431.23 m at 0.55 g/t Au and 0.12% Cu (0.73 g/t AuEq) from 181.27 m downhole
And Including 'Higher Grade Zones':
59.45 m at 0.76 g/t Au and 0.19% Cu (1.04 g/t AuEq) from 328.92m downhole
(previously reported intercept)
And 149.14 m at 0.69 g/t Au and 0.09% Cu (0.82 g/t AuEq) from 463.36 m downhole
(expanded from previously reported intercept)
And Including a new 'Deep Footwall Zone'
92.43 m at 0.31 g/t Au and 0.13% Cu (0.51 g/t AuEq) from 733.47 m downhole
In addition to re-entry of LME1108, a new fence of drilling located a further 100 metres
along strike targeted the edge of the magnetic high associated with the La Garrucha target
to test the extents of porphyry mineralization. Drill holes LME1109 and LME 1110
intersected broad low -grade porphyry mineralization and both holes ended in low -grade
mineralization. Although the underlying magnetic ‘high’ is waning to the southeast, the
edges of the host porphyry intrusion have not yet been defined and therefore the mineral
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system remains open along strike to the southeast. The drill logs and multi-element assay
results will be analyzed against a three-dimensional inversion model of the magnetic
response to determine whether the system could be extended further to the southeast by
drilling.
Comprehensive assay intercepts for LME1107 and LME1108, and partial assay results
from holes LME1109 and LME1110, can be found in Table 1.
The 2022 La Garrucha drilling targeted strike and depth extensions of the previously
intersected gold-copper mineralized porphyry intrusive system , last drilled in 2011 by
Bellhaven Copper & Gold Inc. ("Bellhaven") prior to its acquisition by GoldMining. Selected
intercepts from the previous drilling are listed below and a comprehensive summary of
historic La Garrucha intercepts is also provided in Table 1.
LME1100 216.80 m at 1.31 g/t Au and 0.15% Cu from 143.0 to 359.80 m downhole
LME1102 158.12 m at 1.01 g/t Au and 0.17% Cu from 66.50 to 224.62 m downhole
LME1104 71.0 m at 1.02 g/t Au and 0.14% Cu from 355.0 to 426.0 m downhole, and
106.60 m at 0.56 g/t Au and 0.11% Cu from 485.65 to 592.25 m downhole
A fifth and final drill hole of the 2022 program, LME1111, was drilled to provide improved
confidence of the continuity of the porphyry mineral system between the previous
Bellhaven drilling and the recently completed GoldMining drilling (see Figure 2) . Core
logging and sampling of LME1111 is currently being completed, with assays to be reported
as they become available.
La Garrucha gold and copper mineralization is coincident with potassic alteration in the
core of the porphyry intrusive complex. Potassic alteration is characterized by secondary
potassium feldspar and biotite, disseminated and vein magnetite, quartz stockwork veining
and both vein-hosted and disseminated sulphides that include pyrite, chalcopyrite and
lesser bornite.
With the 2022 step out drilling the La Garrucha porphyry mineral system now extends over
400 m strike and 300 m width. To depth, the re-entry extension of LME1008 has extended
mineralization from a previously intersected maximum depth of 450 m below surface, to
approximately 775 m below surface where the porphyry mineral system remains open to
depth (see Figure 3).
Geological interpretation of the La Garrucha drilling program will extend to encompass re-
logging of the previous Bellhaven core, to place copper and gold mineralization in spatial
and temporal context with the hosting La Garrucha porphyry intrusive complex and also
to compare against the other La Mina porphyry deposits at La Cantera and Middle Zone.
Geological three-dimensional modelling and subsequent geostatistical modelling will be
completed during Q4 2022 with the intention to initiate an updated mineral resource
estimate by year -end including the La Garrucha mineralization, with current plans to
update the La Mina PEA in 2023.
Additional information regarding the La Mina Project, including existing resource estimates
and historic work at the project, is set out in the technical report titled "NI 43-101 Technical
Report and Preliminary Economic Assessment, La Mina Project, Antioquia, Republic of
Colombia" with an effective date of January 12, 2022 (the " Existing La Mina Technical
Report"), which is available on the Company's website at www.goldmining.com.
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Figure 1 – La Mina Property, deposits and exploration targets, Antioquia, Colombia.
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Figure 2 – La Garrucha drill hole locations, La Mina Project, Antioquia, Colombia.
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Figure 3 – La Garrucha drill hole Section 1, facing northwest (see section trace on Figure
2).
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Table 1 – La Garrucha gold assay intercepts from 2022 drilling program received as of
13th September 2022 and drill intercepts for historic Bellhaven drilling.
Hole Number
Interval
From
(m)
Interval
To
(m)
Core
Length
(m)
Gold
Grade
(g/t)
Copper
Grade
(%)
Au Eq
(g/t)
LME1107 186.05 236.85 50.80 0.32 0.10 0.46
And 261.60 473.45 207.95 0.48 0.10 0.62
Including 282.75 339.92 57.17 0.60 0.13 0.79
Including 387.21 458.10 70.89 0.60 0.10 0.74
LME1108 136.20 890.87 754.67 0.40 0.11 0.56
Including 181.27 612.50 431.23 0.55 0.12 0.73
Including 328.92 388.37 59.45 0.76 0.19 1.04
Including 463.36 612.50 149.14 0.69 0.09 0.82
Including 733.47 825.90 92.43 0.31 0.13 0.51
LME1109 473.49 813.2 339.71 0.16 0.03 0.21
Including 473.49 491.93 18.44 0.34 0.06 0.42
Including 526.35 551.00 24.65 0.23 0.04 0.29
Including 572.35 602.00 29.65 0.22 0.06 0.31
Including 614.32 625.40 11.08 0.26 0.05 0.33
Including* 727.55 813.20 85.65 0.17 0.02 0.20
LME1110 368.05 663.22 295.17 0.13 0.05 0.20
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Including 368.05 387.95 19.90 0.21 0.09 0.34
Including 557.19 621.11 63.92 0.21 0.06 0.29
Including* 642.93 663.22 20.29 0.18 0.07 0.28
Historic (Bellhaven) Drill Intercepts:
LME‐1037 359.00 374.10 15.10 0.49 0.08 0.62
LME‐1039 No Significant Results
LME‐1040 161.00 169.00 8.00 0.30 0.18 0.60
And 192.00 210.50 18.50 0.35 0.17 0.64
And* 258.00 355.09 97.09 0.35 0.14 0.60
LME‐1042
No Significant Results
LME‐1044 269.10 281.94 12.84 12.84 0.09 0.99
LME‐1047 119.50 129.54 10.04 0.55 0.31 1.08
And 154.00 172.40 18.40 0.31 0.15 0.57
And* 178.25 242.31 64.06 0.55 0.15 0.80
LME‐1095* 248.20 280.11 31.91 0.47 0.09 0.81
LME‐1096 199.64 282.00 82.36 0.48 0.17 0.76
And* 322.96 349.81 26.85 0.64 0.13 0.85
LME‐1097 No Significant Results
LME‐1098 No Significant Results