Mr. Garnet Dawson reports
GOLDMINING ANNOUNCES RESOURCE ESTIMATE FOR THE YARUMALITO GOLD PROJECT IN COLOMBIA
Goldmining Inc. has completed a maiden mineral resource estimate for its 100-per-cent-owned Yarumalito gold-copper project, Antioquia, Colombia.
Highlights
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Maiden inferred resource estimate for the Yarumalito project of 1.24 million ounces gold grading 0.58 gram per tonne gold and 0.09 per cent copper or 1.5 million ounces gold equivalent grading 0.70 g/t gold equivalent (see attached table).
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The estimate furthers Goldmining's unique position of holding one of the largest global resource-stage gold portfolios among mid- and junior-tier mining companies.
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Yarumalito is Goldmining's third acquisition in the Mid Cauca belt of central Colombia, which also hosts several multimillion-ounce gold deposits owned by Zijin Mining, B2Gold and Anglogold Ashanti.
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Goldmining's global aggregated mineral resource now totals:
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10.5 million oz gold (13.4 million oz gold equivalent) in the measured and indicated categories;
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13.7 million oz gold (16.4 million oz gold equivalent) in the inferred category.
The mineral resource estimate was prepared by Global Mineral Resource Services of Vancouver, Canada, and includes a pit-constrained inferred resource of 66,271,000 tonnes grading 0.58 g/t gold (1,236,000 ounces) and 0.09 per cent copper (129,262,000 pounds) or 0.70 g/t gold equivalent (1,502,000 ounces) using a 0.5 g/t gold equivalent cut-off. See the "Inferred resource statement" table for information regarding the resource estimate.
Garnet Dawson, chief executive officer of Goldmining, commented: "We are excited to announce this maiden resource for Yarumalito -- another strategic acquisition our team identified and executed as part of our long-term plans of focused acquisitions in the Americas. These acquisitions have uniquely positioned us with one of the largest global resource-stage gold portfolios among mid- and junior-tier mining companies. While this has been a cornerstone of our strategy since inception, we see significant value in this position in the current environment of recent gold price improvements and decreasing worldwide gold discoveries.
"Yarumalito is located within the same Miocene age gold belt that hosts advance-stage multimillion-ounce gold deposits owned by Zijin Mining, B2Gold and Anglogold Ashanti; mineralization hosted on these projects is not necessarily indicative of the future mining potential of the project. Historic drilling at Yarumalito focused on delineating its gold-copper porphyry potential, however, in addition to intersecting long intervals of gold-copper mineralization, the drilling also intersected numerous high-grade, precious metal-rich base metal epithermal veins such as 33.75 g/t gold over 1.85 m intersected in drill hole YAR-11. Future exploration programs will look to expand and upgrade the gold-copper porphyry mineralization at the project, which remains open along strike and at depth, and to delineate the high-grade epithermal veins."
The project
Yarumalito is located approximately 75 kilometres southwest of the city of Medellin in the Department of Antioquia in central Colombia and approximately 40 km south of Goldmining's La Mina project. The project is accessible by paved road with nearby high-capacity power lines, water and labour. Yarumalito comprises one concession for a total area of approximately 1,453 hectares.
Exploration programs from 2008 to 2013 outlined several geophysical and geochemical anomalies across the property including the Obispo, La Suiza, Balastreras, Escuela, El Guaico and El Sucre targets. Diamond drill programs (18,540 metres in 55 holes) during that period primarily focused on the Balastreras-Escuela mineralization, which has a surface projection of approximately 1,700 m by 400 m and is intersected in drill holes and underground workings to a depth of 600 m.
Resource estimate
The attached table sets forth the mineral resource estimate for Yarumalito.
INFERRED RESOURCE STATEMENT (1) 0.5 G/T GOLD EQUIVALENT CUT-OFF FOR THE YARUMALITO
GOLD-COPPER PROJECT, COLOMBIA, GLOBAL MINERAL RESOURCE SERVICES
Grade Contained metal
Mineral Au Cu AuEq Au Cu AuEq
type Tonnes g/t % g/t oz lb oz
Oxide 9,057,000 0.54 0.09 0.66 157,000 17,283,000 192,000
Sulphide 57,214,000 0.59 0.09 0.71 1,085,000 111,979,000 1,310,000
Total 66,271,000 0.58 0.09 0.70 1,236,000 129,262,000 1,502,000
(1) Mineral resources are not mineral reserves and do not have demonstrated
economic viability. There is no certainty that all or any part of the mineral
resources will be converted into mineral reserves. The estimate of mineral
resources may be materially affected by environmental permitting, legal,
title, taxation, socio-political, marketing or other relevant issues.
The Yarumalito deposit was modelled on a series of north-south cross-sections spaced 100 m apart from which a three-dimensional wireframe model was constructed for the mineralized zone at an approximate grade boundary of 0.1 g/t gold. Diamond drill holes (50) totalling approximately 16,635 m were used to define the model. High-grade gold values were capped at nine g/t gold with 12 assays falling above this value. Assay sample lengths were composited at 5.0 m. Gold, copper and gold equivalent grades were interpolated into the block model in a single pass using inverse distance square weighting. Individual blocks within the model measure five by 20 by 25 m in dimension. For a grade to be interpolated into a block it was necessary that a minimum of two and a maximum of four composites be located within the volume of the search ellipse. A maximum of one composite was allowed per drill hole to ensure that each block was informed by a minimum of two drill holes. Average bulk density of 2.3 and 2.7 grams per cubic centimetre were used to convert block model volumes to tonnages for oxides and sulphides, respectively. Gold equivalent grades were calculated based on the following formula:
AuEq is equal to ((Au parts per million multiplied by 48.2) plus (Cu ppm multiplied by 0.006)) divided by 48.2
where 41.8 equals the U.S.-dollar/gram price for gold based on a gold price of $1,500 (U.S.)/ounce and 0.006 equals the U.S.-dollar/ppm price for copper based on a copper price of $2.70 (U.S.)/pound. No allowance was made for metallurgical recoveries.
The block model was validated in three ways: (i) visual comparison of block values with underlying drill hole composite values; (ii) comparison of descriptive statistics for the gold and copper block values with assay and composite values; and (iii) swath plots of gold equivalent composites, gold equivalent block grades and modelled tonnage.
Resources were classified as inferred because the drilling is relatively widely spaced and there has been limited metallurgical test work. Additional infill drilling and metallurgical test work would be required to confirm grade continuity and metallurgical recoveries, respectively to potentially upgrade the existing resource to indicated or measured categories.
Reasonable prospects for eventual economic extraction were determined by reporting the resource within a conceptual pit shell. The conceptual pit delineated resource is reported within a pit shell using an assumed gold price of $1,500 (U.S.)/oz, copper price of $2.70 (U.S.)/lb, pit slope of 45 degrees, mining cost of $2 (U.S.)/t and processing cost of $8 (U.S.)/t.
Further details regarding the foregoing estimate, including the estimation methods and procedures, will be available in a Canadian National Instrument 43-101 technical report, which will be filed on SEDAR under the company's profile within 45 days of the date hereof.
Quality control/quality assurance program
The above resource estimate was based on drilling programs completed by previous operators. The drill programs incorporated control samples including blanks, duplicates and standards as part of their quality control/quality assurance program. The control samples from the drill programs have been reviewed and verified by the qualified persons (as defined herein) and the assay results were deemed suitable for resource estimation.
Qualified persons
The resource estimate disclosed herein on Yarumalito was prepared for Goldmining by Greg Z. Mosher, MSc, PGeo, of Global Mineral Resource Services, Vancouver, Canada. Mr. Mosher is recognized as a qualified person as defined in Canadian National Instrument 43-101, is independent of the company, and has reviewed and approved the disclosure regarding the resource estimate herein. Mr. Mosher completed a site visit to Yarumalito on Nov. 14 to Nov. 15, 2019.
Paulo Pereira, president of Goldmining, has reviewed and approved the technical information contained in this news release. Mr. Pereira holds a bachelor's degree in geology from Universidade do Amazonas in Brazil, is a qualified person as defined in NI 43-101 and is a member of the Association of Professional Geoscientists of Ontario.
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. Additionally, Goldmining owns a 75-per-cent interest in the Rea uranium project, located in the Western Athabasca basin of Alberta, Canada.
GOLDMINING'S AGGREGATED MINERAL RESOURCE STATEMENT ACROSS ALL ITS PROJECTS (1) (2) (3)
Cut-off (4) Tonnage Gold Silver Copper AuEq
Deposit (g/t) (Mt) (g/t) (g/t) (%) (g/t)
Measured resources
Titiribi (5) 0.3 51.600 0.49 - 0.17 0.78
Yellowknife (13) 0.5/1.5 1.176 2.10 - - 2.10
Total
Indicated resources
Titiribi (5) 0.3 234.200 0.51 - 0.09 0.65
Sao Jorge (6) 0.3 14.420 1.54 - - 1.54
Cachoeira (7) 0.35 17.470 1.23 - - 1.23
Whistler (8) 0.3 110.280 0.50 1.76 0.14 0.79
La Mina (9) 0.25 28.170 0.74 1.77 0.24 1.12
Crucero (12) 0.4 30.653 1.00 - - 1.00
Yellowknife (13) 0.5/1.5 12.933 2.35 - - 2.35
Total
Measured and
indicated resources
Total
Inferred resources
Titiribi (5) 0.3 207.900 0.49 - 0.02 0.51
Sao Jorge (6) 0.3 28.190 1.14 - - 1.14
Cachoeira (7) 0.35 15.667 1.07 - - 1.07
Whistler (8) 0.3/0.6 311.260 0.47 2.26 0.11 0.68
La Mina (9) 0.25 12.394 0.65 1.75 0.27 1.07
Boa Vista (10) 0.5 8.470 1.23 - - 1.23
Surubim (11) 0.3 19.440 0.81 - - 0.81
Crucero (12) 0.4 35.779 1.00 - - 1.00
Yellowknife (13) 0.5/1.5 9.302 2.47 - - -
Yarumalito 0.5 66.271 0.58 - 0.09 0.70
Total
GOLDMINING'S AGGREGATED MINERAL RESOURCE STATEMENT ACROSS ALL ITS PROJECTS (1) (2) (3)
Cut-off (4) Tonnage Gold Silver Copper AuEq
Deposit (g/t) (Mt) (Moz) (Moz) (Mlb) (Moz)
Measured resources
Titiribi (5) 0.3 51.600 0.820 - 195.1 1.290
Yellowknife (13) 0.5/1.5 1.176 0.080 - - 0.080
Total 0.900 - 195.1 1.370
Indicated resources
Titiribi (5) 0.3 234.200 3.820 - 459.3 4.930
Sao Jorge (6) 0.3 14.420 0.715 - - 0.715
Cachoeira (7) 0.35 17.470 0.692 - - 0.692
Whistler (8) 0.3 110.280 1.765 6.130 343.1 2.797
La Mina (9) 0.25 28.170 0.667 1.607 150.2 1.013
Crucero (12) 0.4 30.653 0.993 - - 0.993
Yellowknife (13) 0.5/1.5 12.933 0.979 - - 0.979
Total 9.630 7.737 952.7 12.059
Measured and
indicated resources
Total 10.530 7.737 1,147.8 13.429
Inferred resources
Titiribi (5) 0.3 207.900 3.260 - 77.9 3.440
Sao Jorge (6) 0.3 28.190 1.035 - - 1.035
Cachoeira (7) 0.35 15.667 0.538 - - 0.538
Whistler (8) 0.3/0.6 311.260 4.626 22.617 713.5 6.731
La Mina (9) 0.25 12.394 0.260 0.697 73.3 0.427
Boa Vista (10) 0.5 8.470 0.336 - - 0.336
Surubim (11) 0.3 19.440 0.503 - - 0.503
Crucero (12) 0.4 35.779 1.147 - - 1.147
Yellowknife (13) 0.5/1.5 9.302 0.739 - - 0.739
Yarumalito 0.5 66.271 1.236 - 129.3 1.502
Total 13.680 23.311 993.9 16.398
Notes
(1) Mineral resources are not mineral reserves and do not have demonstrated economic viability. There
is no certainty that all or any part of the mineral resources will be converted into mineral
reserves. The estimate of mineral resources may be materially affected by environmental permitting,
legal, title, taxation, socio-political, marketing or other relevant issues.
(2) The aggregated resource table is provided for informational purposes only and is not intended to
represent the viability of any project on a stand-alone or aggregated basis. The exploration and
development of each project, project geology, and the assumptions and other factors underlying each
estimate, are not uniform and will vary from project to project. Please refer to the technical
report for each respective project, as referenced herein, for detailed information respecting each
individual project.
(3) All quantities are rounded to the appropriate number of significant figures; consequently, sums may
not add up due to rounding.
(4) Gold cut-off for all projects except for Whistler and Yarumalito, which is gold equivalent cut-off.
(5) Notes for Titiribi
(a) Based on technical report titled "Technical Report on the Titiribi Project Department of
Antioquia, Colombia" prepared by Joseph A. Cantor and Robert E. Cameron of Behre Dolbear &
Company (USA), Inc., with an effective date of Sept. 14, 2016, which is available at SEDAR
under Goldmining's SEDAR profile.
(b) Gold equivalent estimated for the Titiribi deposit assumes metal prices of $1,300 (U.S.)/oz gold
and $2.90 (U.S.)/lb copper, and recoveries of 83 per cent for gold and 90 per cent for copper.
(6) Notes for Sao Jorge
(a) Based on technical report titled "Technical Report and Resource Estimate on the Sao Jorge Gold
Project, Para State, Brazil" prepared by Porfirio Rodriguez and Leonardo de Moraes of Coffey
Mining Pty. Ltd., with an effective date of Nov. 22, 2013, which is available at SEDAR under
Goldmining's SEDAR profile.
(7) Notes for Cachoeira
(a) Based on technical report titled "Technical Report and Resource Estimate on the Cachoeira
Property, Para State, Brazil" prepared by Gregory Z. Mosher of Tetratech Inc. with an effective
date of April 17, 2013, and amended and restated Oct. 2, 2013, which is available at SEDAR
under Goldmining's SEDAR profile.
(8) Notes for Whistler
(a) Based on technical report titled "Technical Report on the Whistler Project" prepared by Gary
Giroux of Giroux Consultants Inc., with an effective date of March 24, 2016, which is available
at SEDAR under Goldmining's SEDAR profile.
(b) The Whistler project comprises three deposits: Whistler, Raintree West and Island Mountain.
(c) Gold equivalent estimated for the Whistler deposit assumes metal prices of $990 (U.S.)/oz gold,
$15.40 (U.S.)/oz silver and $2.91 (U.S.)/lb copper, and recoveries of 75 per cent for gold and
silver and 85 per cent for copper.
(d) Gold equivalent estimated for the Raintree West deposit assumes metal prices of $1,250 (U.S.)/oz
gold, $16.50 (U.S.)/oz silver and $2.10 (U.S.)/lb copper, and recoveries of 75 per cent for gold,
85 per cent for copper and 75 per cent for silver.
(e) Gold equivalent estimated for the Island Mountain deposit assumes metal prices of $1,250 (U.S.)/oz
gold, $16.50 (U.S.)/oz silver and $2.10 (U.S.)/lb copper and recoveries of 75 per cent for gold,
85 per cent for copper and 25 per cent for silver (recovered in copper concentrate).
(f) A gold equivalent cut-off of 0.3 g/t was highlighted in the estimate as a possible open-pit
cut-off (Whistler, Raintree-shallow and Island Mountain), and a gold equivalent cut-off of 0.6
g/t was highlighted in the estimate as a possible underground cut-off (Raintree-deep).
(9) Notes for La Mina
(a) Based on technical report titled "Technical Report on the La Mina Project" prepared by Scott E.
Wilson of Metals Mining Consultants Inc. (MMC) with an effective date of Oct. 24, 2016, which is
available at SEDAR under Goldmining's SEDAR profile.
(b) Gold equivalent estimated for the La Mina project assumes metal prices of $1,275 (U.S.)/oz gold,
$17.75 (U.S.)/oz for silver and $2.75 (U.S.)/lb for copper, and recoveries of 93 per cent for gold
and 90 per cent for copper.
(10) Notes for Boa Vista
(a) Based on technical report titled "Technical Report on the Boa Vista Project and Resource
Estimate on the VG1 Prospect, Tapajos Area, Para State, Northern Brazil" prepared by Jim Cuttle,
Gary Giroux and Michael Schmulian, with an effective date of Nov. 22, 2013, which is available at
SEDAR under Goldmining's SEDAR profile.
(11) Notes for Surubim
(a) Based on technical report titled "Technical Report on the Rio Novo Gold Project and Resource
Estimate on the Jau Prospect, Tapajos Area, Para State, Northern Brazil" prepared by Jim Cuttle
and Gary Giroux, with an effective date of Nov. 22, 2013, which is available at SEDAR under
Goldmining's SEDAR profile.
(12) Notes for Crucero
(a) Pit constrained resource estimate based on $1,500 (U.S.)/oz gold, mining cost of $1.60 (U.S.)/t,
processing cost of $16 (U.S.)/t and pit slope of 47 degrees.
(b) Based on technical report titled "Technical Report on the Crucero Property, Carabaya Province,
Peru" prepared by Greg Z. Mosher with an effective date of Dec. 20, 2017, which is available at
SEDAR under Goldmining's SEDAR profile.
(13) Notes for Yellowknife
(a) Pit-constrained resources with reasonable prospects of eventual economic extraction reported
above a 0.50 g/t Au cut-off.
(b) Pit optimization is based on an assumed gold price of $1,500 (U.S.)/oz, metallurgical recovery
of 90 per cent, mining cost of $2 (U.S.)/t, and processing and general and administration cost
of $23 (U.S.)/t.
(c) Underground resources with reasonable prospects of eventual economic extraction stated as
contained within gold grade shapes above a 1.50 g/t Au cut-off.
(d) Mineral resource tonnage and grade with reasonable prospects of eventual economic extraction
are reported as undiluted and reflect a bench height of 3.0 m.
(e) Based on a technical report titled "Independent Technical Report for the Yellowknife Gold Project,
Northwest Territories, Canada" prepared by Ben Parsons (SRK Consulting (U.S.) Inc.) and Dominic
Chartier (SRK Consulting (Canada) Inc. and Eric Olin (SRK Consulting (U.S.) Inc.) with an
effective date of March 1, 2019, which is available at SEDAR under Goldmining's SEDAR profile.
The aggregated resource statement is provided for information purposes only. Investors should refer to the underlying technical reports referenced above for project-specific factors relating to each resource estimate.
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