Junior Gold Firm Announces Mineral Resource Estimate on Brazilian Gold Project

by Mike Fagan

Mike Fagan

 
 
 
 
GoldMining Inc. (TSX: GOLD)(NYSE: GLDG) — currently trading around C$2.05 per share — has released an updated Mineral Resource Estimate for its 100%-owned São Jorge Gold Project in Pará State, Brazil, and is now moving forward with a PEA (Preliminary Economic Assessment).

Highlights from the resource update include:
 
  • 14.27 million tonnes Indicated grading 1.55 grams per tonne (g/t) gold for 710,000 oz/Au

  • 17.58 million tonnes Inferred grading 1.27 g/t gold for 720,000 oz/Au
GoldMining CEO, Alastair Still, commented via press release:
 
"We are pleased with both the scale and grade of the new Mineral Resource Estimate. Building upon this solid foundation, the Company has launched a preliminary economic assessment and plans to initiate further work with the goal to upgrade and expand resources and evaluate underground mineral resource potential beneath the current open pit model at São Jorge. The new MRE utilizes an optimized pit shell to constrain resources, modernizes cost and pricing assumptions, which positions us to proceed with unlocking the potential of this deposit. This work builds upon the staged approach of advancing our portfolio of gold and copper projects throughout the Americas such as the previously announced initiation of PEAs on our Yellowknife and La Mina Projects in Canada and Colombia, respectively.”
 
 
GoldMining Inc. represents one of the most well-rounded gold-copper exploration firms in the junior space.

Key milestones include:
 
  • Successful IPO launch of Gold Royalty Corp. (NYSE: GROY)

  • Resource inventory of ~30 million AuEq ounces (M&I plus Inferred)

  • Initiation of PEAs for La Mina, Yellowknife, and São Jorge gold projects 

  • Plans for fully-funded drill programs at Titiribi and La Mina gold projects 
With an impressive portfolio of early-stage gold-copper exploration projects in the Americas, speculators can expect a steady stream of news flow from GoldMining Inc. over the coming quarters with which to potentially move the needle higher. 
 
This week, H.C. Wainwright reiterated its US$5.75 price target on the stock, which is more than 240% higher than shares current trade. That target doesn’t include the economics from the upcoming PEA, which analyst Heiko F. Ihle expects to be “strong”.

You can learn more about GoldMining Inc. at its corporate website.

And you can access our feature report on the company here. 
 

Yours in profits,

 

Mike Fagan

Mike Fagan
Editor, Resource Stock Digest


Mike Fagan has mining in his blood. As a teenager he staked countless gold and silver properties in Nevada alongside his dad, Brian Fagan, who created the Prospect Generator model that’s still widely used today in the resource space. One of those staking projects was put into production by a major Canadian mining company — a truly rare and profitable experience. That background uniquely qualifies him as a mining stock speculator. One of the most well-known names in the business, Mike is now putting that experience to use for the benefit of Resource Stock Digest and Hard Asset Digest readers.


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