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Goldmining Inc
Symbol GOLD
Shares Issued 148,732,142
Close 2021-06-01 C$ 2.16
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Goldmining releases Sao Jorge mineral resource estimate

2021-06-01 13:14 ET - News Release

Mr. Alastair Still reports


Goldmining Inc. is initiating a preliminary economic assessment (PEA) on its 100-per-cent-owned Sao Jorge gold project in Para state, Brazil, and has released the results of an updated mineral resource estimate (MRE).


  • Indicated mineral resources of 710,000 ounces gold (14.27 million tonnes grading 1.55 grams per tonne gold);
  • Inferred mineral resources of 720,000 ounces gold (17.58 million tonnes grading 1.27 grams per tonne gold);
  • The MRE utilizes an optimized pit shell to constrain resources, a database of 145 drill holes totalling more than 37,000 metres and uses modernized cost and pricing assumptions, including a $1,600 (U.S.) gold price;
  • Goldmining has initiated work on a PEA at Sao Jorge to further evaluate the economic potential of an open-pit operation and advance opportunities to upgrade and expand the current resource base.

Alastair Still, chief executive officer of Goldmining, commented: "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 Sao Jorge. The new MRE utilizes an optimized pit shell to constrain resources [and] 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."

The Sao Jorge gold project is located within gold exploration concessions totalling approximately 45,997 hectares in the southeast of Para state, Brazil, in the municipality of Novo Progresso. The region is known as the Tapajos and Sao Jorge is located four kilometres west of Highway BR163 and is accessed by several gravel roads that cross the property. Eldorado Gold's feasibility-stage Tocantinzinho deposit and Serabi's Palito mine occur along the same major structural zone that hosts the Sao Jorge deposit. Gold mineralization at Sao Jorge is hosted in granitic rocks and is associated with a northwest-southeast-striking shear zone.

The MRE disclosed herein was prepared by Porfirio Rodriguez, MAIG, of GE21 Consultoria Mineral Ltda. (Brazil) and has an effective date of May 31, 2021. Mineral resources are reported using a 0.3-gram-per-tonne-gold cut-off. The MRE was constrained using a Lerchs-Grossman (LG) optimized pit shell using maximum pit slopes of 35 degrees in saprolite and 52 degrees in fresh rock and based on an assumed gold price of $1,600 (U.S.) per ounce, average metallurgical recoveries of 90 per cent, average mining costs of $2 (U.S.) per tonne, average processing costs of $8.50 (U.S.) per tonne and average general and administrative costs of $2.10 (U.S.) per tonne processed. Mineral resources were estimated using a block model utilizing multiple indicator kriging using a selective mining unit block size of five metres by five metres by five metres. Net smelter return royalties of 3.5 per cent in aggregate have been included in the constrained pit model.

          ABOVE A 0.30 G/T AU CUT-OFF GRADE 

Category        Tonnes      Au grade        Au ounces 
                 (000s)         (g/t)           (000s)

Indicated       14,275          1.55            711.8      
Inferred        17,582          1.27            716.8

The MRE updates and replaces the prior historic MRE of the company contained in its technical report, titled "Sao Jorge Gold Project, Para State, Brazil: Independent Technical Report on Mineral Resources," dated effective Nov. 22, 2013.

NI 43-101 technical report

Goldmining will file within 45 days an updated technical report for the Sao Jorge gold project, including a description of the Sao Jorge MRE contained herein. Further information regarding the MRE will be set forth in such report.

Qualified persons

The qualified person for the Sao Jorge mineral resource estimate is Porfirio Rodriguez, MAIG, of GE21 Consultoria Mineral (Brazil), who is independent of the company, who has reviewed and approved the scientific and technical information herein regarding the Sao Jorge mineral resource estimate. Paulo Pereira, PGeo, president of Goldmining, has supervised the preparation of this news release and has reviewed and approved the scientific and technical information contained herein. Each of Mr. Rodriquez and Mr. Pereira are qualified persons as defined in National Instrument 43-101.

Notice to readers

Disclosure regarding mineral resource estimates included herein have been prepared by the company in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by issuer of scientific and technical information concerning mineral projects. NI 43-101 differs significantly from the disclosure requirements of the U.S. Securities and Exchange Commission (SEC) generally applicable to U.S. companies subject to the SEC's disclosure requirements. For example, the terms "indicated mineral resource" and "inferred mineral resource" are defined in NI 43-101 by reference to the guidelines set out in the CIM (Canadian Institute of Mining, Metallurgy and Petroleum) definition standards on mineral resources and mineral reserves. These definitions differ from the definitions in the disclosure requirements promulgated by the SEC. Accordingly, information contained herein or in the company's descriptions of its projects may not be comparable with similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.

About Goldmining Inc.

Goldmining is a public mineral exploration company focused on the acquisition and development of gold assets in the Americas. Through its disciplined acquisition strategy, Goldmining now controls a diversified portfolio of resource-stage gold and gold-copper projects in Canada, the United States, Brazil, Colombia and Peru.

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