Mike Fagan,
Editor
Sept. 16, 2022
GoldMining Inc. (TSX: GOLD)(NYSE-American: GLDG) — currently trading around C$1.15 per share — has released additional assay results from its recently completed Phase-1 drill program at its 100%-owned La Mina gold-silver-copper project located in Antioquia, Colombia.
The 5-hole program — which focused on the La Garrucha target and included a highlight intercept of 0.73 grams per tonne gold equivalent over 431 meters — has nearly doubled the size of the porphyry mineral system to a minimum of 400 meters strike and 775 meters below surface.
GoldMining CEO Alastair Still commented via press release:
“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 meters and remains open for further expansion. 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.”
The program represents the deepest drilling completed to date at La Mina with the continuity of the mineral system now providing a new vector for the ongoing exploration of the 3,200-hectare property.
Results received thus far show that the system remains open to the southeast and to depth and will be included in an updated mineral resource estimate expected to be initiated in the coming quarter followed by a PEA (Preliminary Economic Assessment) in 2023.
Additionally, GoldMining has now completed the grant option of its Idaho-based Almaden gold project to NevGold for total cash and/or share consideration of up to C$16.5 million. GoldMining has received initial consideration of C$3.0 million via the receipt of 4,444,444 common shares of NevGold; a strategic investment.
In all, GoldMining is advancing an impressive resource inventory of ~32 million gold-equivalent ounces across the Americas — the vast majority of which was acquired when gold was trading below US$1,350 per ounce.
Not only is gold currently trading 25% above those levels at US$1,700 an ounce… the company’s resource base (as noted in the table above) is among the largest we’ve seen in the junior gold sector.
GoldMining Inc. continues to be one of the more active gold companies in the junior space despite a very challenging market environment. As always, we’ll keep you posted as new developments arise… and be sure to check out our most recent exclusive interview with CEO Alastair Still.
Yours in profits,
Mike Fagan
Editor, Resource Stock Digest