VANCOUVER, BC (By GoldMining, 28.Oct.2026, Words: 665) — GoldMining Inc. announced commencement of a pre-feasibility study (PFS) and the start of a planned 6,000m infill diamond core drilling program at its 100%-owned São Jorge gold project, located in Pará state, Brazil.
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Highlights:
- Infill Drilling Underway: 3 diamond core drill rigs have commenced drilling at Sao Jorge to execute an initial 6,000m infill drilling campaign.
- Objective to Enhance existing Mineral Resource Confidence: The objective of the program is to provide additional data for an updated mineral resource estimate (MRE) with the goal of enhancing confidence in, and upgrading to indicated classification, the existing inferred resources within the pit shell currently contained in the project’s existing preliminary economic assessment (the PEA).
- the company anticipates that the results of the infill drilling will be used to prepare an updated MRE to support the PFS, which it currently anticipates will be completed in the first half 2028.
- Project Studies: the infill drilling will produce fresh core samples required for future metallurgical test work, which will inform trade-off studies to determine the optimum process path for São Jorge mineralized material.
- De-Risking: planning is also underway for geotechnical and hydrogeological drilling around the planned open pit mine, and condemnation drilling beneath proposed site infrastructure locations.
“Following the recent addition of our new Project Director to lead the Project’s advancement, we are thrilled to officially launch the Pre-Feasibility Study, and we now have three core drills turning at São Jorge. This initial 6,000-metre program is designed to improve our resource confidence and to provide the geotechnical and metallurgical data necessary to optimize our mine plan and flowsheet. We believe we are well-positioned to continue to advance and de-risk this asset.” — Alastair Still, Chief Executive Officer of GoldMining
2026 Infill Drilling Program
The planned initial 6,000m diamond drilling program is designed to reduce drill spacing to provide higher confidence in the continuity of mineralization in areas where mineral resources are presently classified as inferred mineral resources. These zones are generally located around the margins of the main mineralized core of the São Jorge deposit. The objective is to improve interpreted geological and geostatistical continuity in order to classify all mineral resources contained within the pit shell of the project’s PEA, and planned PFS open pit mine design in the measured or indicated mineral resource categories.
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In addition to resource conversion, the program will yield fresh core samples to facilitate advanced mineralogical sampling and metallurgical testing, as well as essential data for the geotechnical stability analysis of the proposed open pit and major site facilities. 3 rigs are now active on the program.
The PFS will build upon the base case established in the PEA and is intended to further evaluate the project’s economic viability and to refine capital and operating cost estimates.
About São Jorge
The São Jorge gold project is located in the Tapajós gold district in Pará State, Brazil, adjacent to regional highway BR-163. It is a granite-hosted, intrusion-related gold mineral system.
On 11 Jun. 2026, the company announced a PEA for São Jorge that envisaged a conventional open-pit operation and gravity/leach circuit processing 5,500 tonnes per day (TPD) (1.9 million tonnes per annum (MTPA)) over a 10.6-year mine life.
The PEA modelled a base case after-tax net present value at a 5% discount rate (NPV5%) of $532mn and an after-tax internal rate of return (IRR) of 42.4%, utilizing a base case gold price of $3,500 per ounce (oz), supported by a stable production profile averaging 51,250 oz of gold annually.
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The PEA is preliminary in nature and includes inferred mineral resources, which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA, including the conceptual economics set out therein, will be realized.
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