(GoldMining Inc., 13.Sep.2022) — GoldMining Inc. (TSX: GOLD) (NYSE American: GLDG) announced additional assay results from its recently completed five hole 3,485 metre (m) drilling program on the La Garrucha target, located less than one kilometre to the east of existing mineral resources on the company’s 100% owned La Mina Project, located in the Middle Cauca Porphyry Belt, Antioquia, Colombia.
- The 2022 drilling program has discovered extensions of previously identified gold-copper porphyry mineralization at the La Garrucha target, which is within the La Mina Project.
- Assay results returned to date from the 2022 drilling program have almost doubled the size of the La Garrucha gold-copper porphyry mineral system to at least 400 m strike and 775 m below surface, with the system remaining open to the southeast and to depth.
- LME1108 includes a ‘Main Zone’ intercept of: 431.23 m at 0.55 grams per tonne (g/t) gold (Au) and 0.12 percent (%) copper (Cu), or alternatively expressed as 0.73 g/t gold equivalent (AuEq), from 181.27 m downhole.
- La Garrucha lies approximately one kilometre east of existing estimated mineral resources within the La Cantera and Middle Zone deposits.
- Pending receipt of all drill assays the La Garrucha gold-copper porphyry mineral system will undergo geological modelling and will be included in an updated mineral resource estimate for the La Mina Project expected to be initiated in the fourth quarter of 2022, with the intention to initiate an updated La Mina Preliminary Economic Assessment (“PEA”) in 2023.
Alastair Still, CEO of GoldMining, commented, “Our team has competed our first exploration drilling program in Colombia safely and on budget, and we are very pleased with the initial drill results to date, targeting the expansion of the La Garrucha discovery at the La Mina Project. Results from LME1108 will help define the size of the mineralized system, which extends for hundreds of metres and remains open for further expansion. While we still have assay results pending from the final hole drilled in the program, we currently plan to initiate an update to the mineral resource estimate in the fourth quarter of 2022, consistent with our focused approach to unlocking value from our portfolio of gold and gold-copper projects located throughout the Americas.”
Tim Smith, VP Exploration of GoldMining, commented, “The re-entry of LME1108 has extended gold-copper porphyry mineralization over 300 metres deeper than all previous drilling completed at La Garrucha and represents the deepest drilling completed thus far for the entire La Mina Project. This continuity of mineralization to depth provides a new vector for the ongoing exploration of the broader La Mina mineral system. We expect that the synthesis of geological, geochemical and geophysical data amassed from the historic and recent drilling will allow the GoldMining team to identify and prioritize additional targets for future exploration campaigns.”
Drill Program Details and Geological Description
From late March through to mid-August 2022 GoldMining completed a diamond core drilling program, comprising five drill holes for 3,485 m at its La Garrucha target within the La Mina Project (see Figures 1 & 2). On 23 June 2022, the company announced interim results from the first two holes of the drilling program, including the initial entry of LME1108 which returned 345.54 m at 0.57 g/t Au and 0.12% Cu (0.74 g/t AuEq), from 254.95 m depth. As of the previous reporting date, LME1108 ended in mineralization and up-hole assays had not yet been returned. The company has subsequently completed a re-entry extension of LME1108 to a total depth of 915.49 m and is now pleased to present comprehensive results for LME1108 which extends mineralization up-hole via additional assay results received, and from the deeper down-hole extension via re-entry drilling.