VANCOUVER, Feb. 14, 2018 /CNW/ - GoldMining Inc.
(the"Company" or "GoldMining") (TSX-V: GOLD;
OTCQX: GLDLF) today issued a Letter to Shareholders regarding
the Company's plans and outlook for 2018. The full report
from the Company's Chairman, Amir
Adnani, follows.
Dear Shareholder,
First, I want to thank you for your ongoing support of our
efforts over the last 12-months, which led to a significant
expansion of our project portfolio. With three acquisitions
of gold and gold-copper resource stage projects in 2017 – the La
Mina Gold-Copper Project ("La Mina") in Colombia, the Yellowknife Gold Project ("YGP")
in Canada and the Crucero Gold
Project ("Crucero") in Peru – it
was a very busy and exciting year for our Company.
Since our first acquisition in 2012, our efforts to consolidate
assets have now placed us in the top tier of junior mining
companies with respect to the amount of global gold
resources. GoldMining's global resources have grown to 9.5
million ounces gold (12.4 million ounces gold equivalent) in the
measured and indicated categories and 11.7 million ounces gold
(14.2 million ounces gold equivalent) in the inferred
category. The table at the end of this letter provides
additional details on our resources, including grades,
gold-equivalents and tonnages for each of our projects (Table
1).
With no debt, strong treasury and disciplined cost structure, we
are ideally positioned for value realization, with the flexibility
to aggressively advance our existing projects with resource
expansion and development activities in the event the price of gold
makes a clear breakout in 2018.
For now, despite the gold price showing signs of improvement –
from US$1,158/ounce at the start of
2017 to over US$1,300 today – we
continue to identify and actively assess numerous opportunities for
accretive acquisitions.
In 2018, we plan to continue creating value for shareholders and
believe we have the means, assets and opportunities to do
so.
Building a large and diversified resource base in the
Americas
Expansion in Colombia
With the acquisition of the La Mina and Titiribi Gold-Copper
Project ("Titiribi") in Colombia,
we have consolidated a significant land package with gold-copper
resources and multiple drill-targets for future exploration.
La Mina and Titiribi are only 6 kilometres apart, are situated
within the Mid Cauca Belt, one of the most prospective and
under-explored gold belts in the world. In addition to the
already defined gold and copper resource at La Mina, the project
hosts several under-explored porphyry targets that we believe offer
excellent opportunities for new discoveries in a region with
excellent infrastructure.
Targets such as La Garrucha, that saw some of the longest and
highest-grade gold and copper intersections before drilling was
suspended in 2013 due to lack of funding by the previous owner,
will be evaluated to determine the amount of additional drilling
required to complete a maiden resource estimate. Several
other geophysical and geochemical anomalies are untested by
drilling, but clearly there is good potential to identify
additional areas of gold-copper mineralization on the property.
Entry into Canada and
Peru
Canadaꞌs Northwest Territories
is an exciting and under-explored region of Canada with geopolitical stability. With
two acquisitions in this region, we've consolidated over 11,000
hectares that comprise the Yellowknife Gold Project ("YGP").
The YGP is an advanced-stage gold project covering over 30
kilometres of the Yellowknife Greenstone Belt, which historically
produced more than 15 million ounces of gold from the Con, Giant
and Discovery Mines. The Discovery Mine, located on the YGP
land package, historically produced over 1 million ounces of gold
from high-grade ore from 1950 to 1969. Historic production is
not necessarily indicative of potential future results and is
referenced for information purposes only.
The YGP has been the focus of extensive historical work
including drilling (231,609 metres in 1,061 holes), underground
development at two deposits (2,400 metres), bulk sampling, and
metallurgical test work. The potential to expand the existing
resource base and identify new areas of gold mineralization is
considered high by our technical team.
Our focus in 2018 will be to compile and review the existing
extensive database to gain a better understanding of the potential
of the Yellowknife Greenstone Belt covered by our project. An
independent engineering group will be engaged to complete a
technical report, including the completion of resource estimates,
for several of the deposits that have been identified on the
project.
We started 2018 by announcing our latest resource estimate on
the Crucero Gold Project ("Crucero") in southeastern Peru, which we acquired in late 2017.
Crucero is situated in a favourable mining jurisdiction with a
pit-constrained resource and several nearby exploration targets.
Our geologists are excited about the potential to expand the
existing near surface gold mineralization at the A1 deposit and
test several of the nearby targets.
Technical Team to Support Growing Portfolio
GoldMining's technical team was strengthened with appointments
of Dr. Ross Sherlock, Dr.
Paul Zweng and Mr. Curtis Clark to its Technical Advisory Board.
Collectively, they bring decades of exploration, development,
production and financial experience to provide insight and guidance
towards GoldMining's portfolio of resource-stage projects and to
help identify new opportunities for potential
acquisition.
With an expanding portfolio in new jurisdictions, we will
continue to consider additional key personnel to provide necessary
in-country expertise to manage the technical, stakeholder,
environmental, and permitting programs in order to keep our
properties in good standing with local communities and government
agencies.
Analyst Coverage
GoldMining is covered by several mining analysts, including
Rodman & Renshaw (a unit of H.C. Wainwright & Co.), Roth
Capital Partners and Cantor Fitzgerald. It is our intention
to attend a number of investor conferences in 2018 and look forward
to meeting current shareholders during these
opportunities.
Thank you again for your ongoing support. We welcome your
additional participation in the Company. Please call us at
1-855-630-1001, or email info@goldmining.com with any
comments. Visit www.goldmining.com or follow us on Twitter
@GoldMiningInc to learn more about the Company and to register for
upcoming news. We look forward to sharing further
developments with shareholders through another exciting year in
2018.
Yours truly,
Amir Adnani
Chairman
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, U.S.A., Brazil, Colombia and Peru. Additionally,
GoldMining owns a 75% interest in the Rea Uranium Project, located
in the Western Athabasca Basin of
Alberta, Canada.
Table 1: GoldMining's Global Estimated Measured, Indicated and
Inferred Resource Statement1,2,3.
Deposit
|
Cut-off4
(g/t)
|
Tonnage
(Mt)
|
Grade
|
Contained
Metal
|
Gold
(g/t)
|
Silver
(g/t)
|
Copper
(%)
|
Gold
Eq
(g/t)
|
Gold
(Moz)
|
Silver
(Moz)
|
Copper
(Mlbs)
|
Gold
Eq
(Moz)
|
Measured
Resources
|
Titiribi5
|
0.3
|
51.60
|
0.49
|
-
|
0.17
|
0.78
|
0.820
|
-
|
195.1
|
1.290
|
Indicated
Resources
|
Titiribi5
|
0.3
|
234.20
|
0.51
|
-
|
0.09
|
0.65
|
3.820
|
-
|
459.3
|
4.930
|
Sao
Jorge6
|
0.3
|
14.42
|
1.54
|
-
|
-
|
1.54
|
0.715
|
-
|
-
|
0.715
|
Cachoeira7
|
0.35
|
17.47
|
1.23
|
-
|
-
|
1.23
|
0.692
|
-
|
-
|
0.692
|
Whistler8
|
0.3
|
110.28
|
0.50
|
1.72
|
0.14
|
0.79
|
1.765
|
6.130
|
343.1
|
2.797
|
La
Mina9
|
0.25
|
28.17
|
0.74
|
1.77
|
0.24
|
1.12
|
0.667
|
1.607
|
150.2
|
1.013
|
Crucero12
|
0.4
|
30.65
|
1.00
|
-
|
-
|
1.01
|
0.993
|
-
|
-
|
0.993
|
|
|
435.19
|
0.62
|
0.55
|
0.10
|
0.79
|
8.651
|
7.737
|
952.7
|
11.080
|
Measured and
Indicated Resources
|
Total
|
|
486.79
|
0.61
|
0.49
|
0.11
|
0.79
|
9.471
|
7.737
|
1,147.8
|
12.370
|
Inferred
Resources
|
Titiribi5
|
0.3
|
207.90
|
0.49
|
-
|
0.02
|
0.51
|
3.260
|
-
|
77.9
|
3.440
|
Sao
Jorge6
|
0.3
|
28.19
|
1.14
|
-
|
-
|
1.14
|
1.035
|
-
|
-
|
1.035
|
Cachoeira7
|
0.35
|
15.67
|
1.07
|
-
|
-
|
1.07
|
0.538
|
-
|
-
|
0.538
|
Whistler8
|
0.3/0.6
|
311.26
|
0.47
|
2.26
|
0.11
|
0.68
|
4.626
|
22.614
|
713.5
|
6.731
|
La
Mina9
|
0.25
|
12.39
|
0.65
|
1.75
|
0.27
|
1.07
|
0.260
|
0.697
|
73.3
|
0.427
|
Boa
Vista10
|
0.5
|
8.47
|
1.23
|
-
|
-
|
1.23
|
0.336
|
-
|
-
|
0.336
|
Surubim11
|
0.3
|
19.44
|
0.81
|
-
|
-
|
0.81
|
0.503
|
-
|
-
|
0.503
|
Crucero12
|
0.4
|
35.78
|
1.00
|
-
|
-
|
1.00
|
1.147
|
-
|
-
|
1.147
|
Total
|
|
639.10
|
0.57
|
1.13
|
0.06
|
0.69
|
11.705
|
23.313
|
864.7
|
14.157
|
Table 1
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, sociopolitical,
marketing or other relevant issues.
|
2.
|
The above global
resource estimate table is provided for informational purposes only
and is not intended to represent the viability of any project on a
standalone or global 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, which is gold equivalent
cut-off.
|
5.
|
Notes for
Titiribi:
|
|
•
|
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 September 14, 2016, which is available at
www.sedar.com under GoldMiningꞌs SEDAR profile.
|
|
•
|
Gold equivalent
estimated for the Titiribi deposit assumes metal prices of
US$1,300/oz gold and US$2.90/lb copper and recoveries of 83% for
gold and 90% for copper.
|
6.
|
Notes for Sao
Jorge:
|
|
•
|
Based on technical
report titled "Technical Report and Resource Estimate on the São
Jorge Gold Project, Pará State, Brazil" prepared by Porfirio
Rodriguez and Leonardo de Moraes of Coffey Mining Pty Ltd.
("Coffey"), with an effective date of November 22, 2013, which is
available at www.sedar.com under GoldMiningꞌs SEDAR
profile.
|
7.
|
Notes for
Cachoeira:
|
|
•
|
Based on technical
report titled "Technical Report and Resource Estimate on the
Cachoeira Property, Pará State, Brazil" prepared by Gregory Z.
Mosher, P.Geo. of Tetratech, Inc. with an effective date of April
17, 2013 and amended and re-stated October 2, 2013, which is
available at www.sedar.com under GoldMiningꞌs SEDAR
profile.
|
8.
|
Notes for
Whistler:
|
|
•
|
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 www.sedar.com under
GoldMiningꞌs SEDAR profile.
|
|
•
|
The Whistler Project
is comprised of three deposits: Whistler, Raintree West and Island
Mountain.
|
|
•
|
Gold equivalent
estimated for the Whistler deposit assumes metal prices of
US$990/oz gold, US$15.40/oz silver and US$2.91/lb copper and
recoveries of 75% for gold and silver and 85% for
copper.
|
|
•
|
Gold equivalent
estimated for the Raintree West deposit assumes metal prices of
US$1,250/oz gold, US$16.50/oz silver and US$2.10/lb copper and
recoveries of 75% for gold, 85% for copper and 75% for
silver.
|
|
•
|
Gold equivalent
estimated for the Island Mountain deposit assumes metal prices of
US$1,250/oz gold, US$16.50/oz silver and US$2.10/lb copper and
recoveries of 75% for gold, 85% for copper and 25% for silver
(recovered in copper concentrate).
|
|
•
|
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:
|
|
•
|
Based on technical
report titled "Technical Report on the La Mina Project" prepared by
Scott E. Wilson, C.P.G. of Metals Mining Consultants, Inc. ("MMC")
with an effective date of October 24, 2016, which is available at
www.sedar.com under GoldMiningꞌs SEDAR profile.
|
|
•
|
Gold equivalent
estimated for the La Mina project assumes metal prices of
US$1,275/oz gold, US$17.75/oz for silver and US$2.75/lb for copper
and recoveries of 93% for gold and 90% for copper.
|
10.
|
Notes for Boa
Vista:
|
|
•
|
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 November 22, 2013, which is
available at www.sedar.com under GoldMiningꞌs SEDAR
profile.
|
11.
|
Notes for
Surubim:
|
|
•
|
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" ("Surubim Project") prepared by Jim Cuttle and
Gary Giroux, with an effective date of November 22, 2013, which is
available at www.sedar.com under GoldMiningꞌs SEDAR
profile.
|
12.
|
Notes for
Crucero:
|
|
•
|
Resource estimate
announced on January 16, 2018 in a News Release titled "GoldMining
Announces NI 43-101 Gold Resource for the Crucero Gold Project,
Peru", which is available at www.sedar.com under GoldMiningꞌs
SEDAR profile. The resource estimate was prepared by Mr. Greg
Mosher, M.Sc., P.Geo., recognized as a qualified person as defined
in NI 43-101, is independent of the Company and has reviewed and
approved the disclosure regarding the resource estimate for the
Crucero Project disclosed therein.
|
|
•
|
Pit constrained
resource estimate based on US$1,500/oz gold, mining cost of
US$1.60/t, processing cost of US$16.00/t and pit slope of 47
degrees.
|
|
•
|
A technical report
documenting the Crucero resource estimate, amongst other items,
will be filed in due course and will be available at
www.sedar.com under GoldMining's SEDAR profile.
|
The above global estimated 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.
Qualified Person
Paulo Pereira, President of
GoldMining Inc. has reviewed and approved the technical information
contained in this news release. Mr. Pereira holds a Bachelors
degree in Geology from Universidade do Amazonas in Brazil, is a Qualified Person as defined in
National Instrument 43-101 and is a member of the Association of
Professional Geoscientists of Ontario.
Forward-looking Statements
This document contains certain forward-looking statements
that reflect the current views and/or expectations of GoldMining
with respect to its business and future events, including
expectations and future plans respecting the Company, future work
programs and the exploration potential of its projects.
Forward-looking statements are based on the then-current
expectations, beliefs, assumptions, estimates and forecasts about
the business and the markets in which GoldMining operates,
including that GoldMining will confirm historical exploration
results and historical resource estimates. Investors are
cautioned that all forward-looking statements involve risks and
uncertainties, including: the inherent risks involved in the
exploration and development of mineral properties, the
uncertainties involved in interpreting drill results and other
exploration data, the potential for delays in exploration or
development activities, the geology, grade and continuity of
mineral deposits, the possibility that future exploration,
development or mining results will not be consistent with
GoldMiningꞌs expectations, accidents, equipment breakdowns, title
and permitting matters, labour disputes or other unanticipated
difficulties with or interruptions in operations, fluctuating metal
prices, unanticipated costs and expenses, uncertainties relating to
the availability and costs of financing needed in the future,
including to fund any exploration programs on the Project, and that
GoldMining may not be able to confirm historical exploration
results for its projects. These risks, as well as others,
including those set forth in GoldMiningꞌs filings with Canadian
securities regulators, could cause actual results and events to
vary significantly. Accordingly, readers should not place
undue reliance on forward-looking statements and information. There
can be no assurance that forward-looking information, or the
material factors or assumptions used to develop such forward
looking information, will prove to be accurate. GoldMining
does not undertake any obligations to release publicly any
revisions for updating any voluntary forward-looking statements,
except as required by applicable securities law.
Neither the TSX Venture Exchange nor their Regulation
Services Providers (as that term is defined in the policies of the
TSX Venture Exchange accepts responsibility for the adequacy or
accuracy of this news release.
SOURCE GoldMining Inc.