Mike Fagan,
Editor
Dec. 12, 2023
GoldMining Inc. (TSX: GOLD)(NYSE-American: GLDG) — currently trading around C$1.40 per share in a rising gold AND uranium environment — has announced plans for the advancement of its long-held Rea uranium project in Canada’s prolific Athabasca Basin.
GoldMining acquired the Rea project back in 2013 as part of its then acquisition of Brazilian Gold Corporation.
As you’re no doubt aware, uranium prices have been on an absolute tear in 2023, rising from US$50/lb to currently just north of US$80/lb — a 16-year high — making now an opportune time for the GoldMining team to advance the long-dormant yet high-potential exploration project.
GoldMining currently owns 75% of the 125,328-hectare Rea project with Orano Canada holding the other 25%. The expansive land package surrounds Orano’s high-grade Dragon Lake deposit (on the Maybelle River project at the western edge of the Athabasca Basin) with the world-class Triple R and Arrow uranium deposits situated to the south.
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In terms of mining address, it really doesn’t get any better, or safer, than Saskatchewan’s Athabasca Basin, which lays host to around 15% of the world’s uranium. Uranium mining has been happening in the basin for 60-plus years within an expansive geological formation that regularly produces uranium grades that are 10X to 20X the global average.
The basin contains the world’s largest and highest grade uranium mining and milling operations, including Cameco’s McArthur River and Cigar Lake mines, Fission Uranium’s Triple R deposit, NexGen Energy’s Arrow deposit, as well as the Key Lake and McClean Lake mills.
GoldMining Inc.’s Rea project is situated within an underexplored area of the western part of the basin where activity is heating up as a result of a number of recent near-surface, high-grade uranium discoveries by other operators in the Patterson Lake region.
The Rea project area has seen some historic exploration, including airborne and ground geophysics and drilling, which led to the discovery of Orano’s Dragon Lake deposit. Dragon Lake occurs within the north-northwest striking Maybelle River Shear Zone (“MRSZ”), which extends an additional 11 km north towards GoldMining’s Rea claims.
GoldMining CEO Alastair Still — whom you’re about to hear from directly in our exclusive interview coming right up — commented on the Rea project via press release:
“With GoldMining's portfolio of gold and gold-copper projects located throughout the Americas, it may come as a surprise to some that the Company owns the large and prospective Rea uranium project located in the Western Athabasca Basin, Canada. We are working to reactivate our exploration efforts and plan to work with local stakeholders as we develop a phased approach to daylight value from this largely unrecognized asset. In the coming months, we will make further announcements on our plans to target a major regional shear zone 9 kilometers along strike of the high-grade, near-surface uranium mineralization at the Dragon Lake deposit. Given that NexGen's Arrow and Purepoint Uranium Group's Spitfire discoveries are hosted within a similar regional shear zone approximately 7 and 13 km northeast of Fission's Triple R deposit, we believe that there is good potential to find additional deposits along the MRSZ.”
The GoldMining team is currently refining and prioritizing exploration targets and will be announcing details on its planned exploration activities for Rea over the coming few months.
On the gold side of the portfolio, GoldMining Inc. continues to advance its robust portfolio of resource-stage gold and gold-copper projects in the US, Canada, Brazil, Colombia, and Peru, which combine for an impressive resource inventory of ~32 million gold-equivalent ounces.
Importantly, the vast majority of GoldMining’s prospects were acquired when gold was trading below US$1,350 per ounce. Today, as noted, gold is well within striking distance of all time-highs right around US$2,000 per ounce.
Earlier this year, the company spun out US GoldMining Inc. (NASDAQ: USGO), which is focused on advancing its 100%-owned, resource-stage Whistler gold project in Alaska.
The project consists of several gold-copper porphyry deposits and exploration targets within a large regional land package totaling approximately 217 sq km. Assays are now due for three recently completed holes, and the company is currently drilling a new target (Rainmaker South) located ~1 km from the main Whistler deposit.
In September, GoldMining announced a positive PEA (Preliminary Economic Assessment) at its 100%-owned La Mina project, Colombia: projected life-of-mine production of 1.29Moz of gold, 203.9Mlb of copper, and 2.98Moz of silver at recoveries of 91%, 80%, and 64%, respectively. The project also offers robust exploration potential for additional discoveries within the broader gold-copper porphyry system.
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View PublicationsAt the company’s São Jorge gold project, Brazil, recently completed fieldwork has identified a number of high-priority exploration targets, which the GoldMining team intends to drill-test in 2024.
And if that weren’t enough, GoldMining Inc. owns 21 million shares of Gold Royalty (NYSE-Amer: GROY), 9.8 million shares of US GoldMining (NASDAQ: USGO), and 16.6 million shares of NevGold (TSX-V: NAU)(OTC: NAUFF).
- Gold Royalty is currently trading around US$1.50 per share
- US GoldMining is currently trading around US$.75 per share
- NevGold is currently trading around US$0.20 per share
With the math being pretty simple there, and with gold and uranium leading the broader commodities market higher, GoldMining Inc. is well positioned to deliver solid news flow with which to potentially move the needle in the new year.
To get all the skinny, our own Gerardo Del Real of Junior Resource Monthly caught up with GoldMining Inc. CEO Alastair Still to go over the plans and process for advancing the Rea uranium project, plus a look ahead to what’s shaping up to be a very exciting 2024 in the gold and uranium space.
For more on GoldMining Inc., be sure to contact Bruce Nicholson at the company’s IR department at 604-630-1000x312 or via email at bnicholson@goldmining.com.
Visit the GoldMining Inc. corporate website and sign up to receive updates directly from the company here.
Yours in profits,
Mike Fagan
Editor, Resource Stock Digest