Mike Fagan,
Editor
June 20, 2022
GoldMining Inc. (TSX: GOLD)(NYSE-American: GLDG) — currently trading around C$1.45 per share — has optioned its Idaho-based Almaden gold project to Nevgold Corp. for total cash and/or share consideration of C$16.5 million.
GoldMining, which picked up the Almaden project just two short years ago for only C$1.15 million, will also maintain direct exposure to any future advancement of the project.
GoldMining Inc. CEO Alastair Still — whom you’re about to hear from directly in our exclusive interview — commented via press release:
“In March, 2020, with gold near $1,620 per ounce, we acquired the Almaden project for $1.15-million and, currently, Almaden represents only 3 percent of our current overall resource base. Today's transaction with Nevgold for total consideration of $16.5-million represents a significant return for our shareholders and demonstrates the substantial value embedded in our large resource portfolio which was acquired for the most part when gold was less than $1,350 per ounce and copper near $2 per pound. The structure of this deal with Nevgold presents a win-win, providing us with exposure to the future success and upside potential of the Almaden project and providing Nevgold with a new strategic investment. Furthermore, through our strategic investment and Nevgold share consideration, we have additional exposure to work conducted by Nevgold to advance its portfolio of assets in the region, including its active exploration drilling at Limousine Butte in Nevada.”
Additionally, the GoldMining team continues to deliver a steady stream of development news across its impressive resource inventory of ~32 million gold-equivalent ounces (M&I plus Inferred) across the Americas.
View Map
That includes a newly-released first-pass PEA (Preliminary Economic Assessment) on its La Mina gold-silver-copper project located in Antioquia, Colombia, where phase-one drilling is underway.
The study envisions an open pit mining scenario at a production rate of 102,000 gold-equivalent ounces per annum over a 10.4-year mine life from the La Cantera and Middle Zone deposits with additional potential via further advancement of the La Garrucha deposit area.
The company is already on to its fourth drill hole there with assays pending soon. All of that and much more is discussed in our exclusive interview with GoldMining Inc. CEO Alastair Still.
Enjoy!
Yours in profits,
Mike Fagan
Editor, Resource Stock Digest