Feb. 2, 2023
GoldMining Inc. (TSX: GOLD)(NYSE-American: GLDG) — currently trading around C$1.55 per share in a rising gold market — has tripled the Inferred Mineral Resource Estimate (MRE) at its 100%-owned La Mina gold-silver-copper project located in Antioquia, Colombia, to 1.45 million ounces of gold equivalent (AuEq).
The newly-updated MRE includes a maiden resource estimate for the La Garrucha deposit area — a new discovery zone from 2022 drilling — effectively adding approximately 1.0M/oz AuEq in the Inferred category and 0.2M/oz AuEq in the Indicated category.
In total, the La Mina MRE now stands at 1.15M/oz AuEq Indicated and 1.45M/oz AuEq Inferred.
GoldMining CEO Alastair Still commented via press release:
“We are extremely pleased that the Company's first exploration drilling program at La Mina has identified a significant discovery at the La Garrucha deposit that has added over 1,000,000 gold equivalent ounces of estimated Inferred Resources and 200,000 gold equivalent ounces of estimated Indicated Resources to an already robust Mineral Resource estimate on our La Mina project. This exciting discovery has exceeded our expectations and builds upon the positive economics set out in our 2022 Preliminary Economic Assessment, which was based on the prior resource estimate for the project, exclusive of La Garrucha…”
Next steps include updating the La Mina Preliminary Economic Assessment (PEA), which is slated for completion in mid-2023.
Additionally, GoldMining has 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 4.4 million 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 were acquired when gold was trading below US$1,350 per ounce.
Not only is gold trading 40% higher at the current US$1,900 per ounce plus level but the company’s resource base, as noted in the above table, is among the largest we’ve seen in the junior gold sector.
With gold prices heating up, GoldMining Inc. continues to be one of the more active companies in the junior gold space.
As always, we’ll keep you posted as new developments arise… and be sure to contact Bruce Nicholson at the company’s IR department at 604-630-1000x312 or via email at firstname.lastname@example.org for additional updates on the company’s suite of early-stage exploration projects.
Editor, Resource Stock Digest