CEO.CA Chairman's Briefing

Results Support the Regional-Scale Exploration Potential of the 460km² Land Package

VANCOUVER, BC, Nov. 11, 2024 /CNW/ - GoldMining Inc. (the "Company" or "GoldMining") (TSX: GOLD) (NYSE American: GLDG) is pleased to report additional assay results from the 2024 auger drilling program at its 100% owned São Jorge Project ("São Jorge" or the "Project") in the Tapajós gold district ("Tapajós"), Pará State, Brazil.

Highlights:

• The auger drilling program successfully identified several new gold-in-bedrock targets, directly underlying large high-tenor surface soil anomalies at São Jorge.
• Peak assays exceeded expectations for this style of drilling, returning several +1 gram per tonne gold ("g/t Au") intercepts in shallow weathered bedrock, including highlight intercepts:
  • 1 metre ("m") at 10.2 g/t Au from 14 m depth;
  • 5 m at 2.78 g/t Au from 10 m depth; and
  • 3 m at 1.05 g/t Au from 12 m depth.
• At least three of the high-tenor contiguous gold-in-bedrock targets warrant additional follow-up drilling at the William South zone, part of an emerging multi-kilometre trend defined by soil and auger drill anomalies located approximately 2 km north of the São Jorge deposit. All targets remain open with potential for further expansion along strike.
• Only 13% of the broad gold-in-soil anomalies across the Project have been tested to date with top of bedrock auger drilling. The Company currently plans to continue with systematic auger drilling in 2025 with the objective of delineating additional gold-in-bedrock targets and to conduct follow-up deeper drilling with the objective to potentially discover additional gold resources at São Jorge. 

Tim Smith, Vice President of Exploration of GoldMining, commented: "To complement the previously reported encouraging gold intercepts from the 2024 São Jorge step-out core drilling program, the auger drilling program has yielded several new zones of shallow gold-in-bedrock mineralization. Mounting evidence appears to point to additional corridors of gold mineralization at the Project, which were initially identified by systematic grid pattern gold-in-soil sampling and which now have been confirmed through auger drilling to have a proximal bedrock source. The high-grade gold values intersected by auger drilling have exceeded our expectations and underpin the exploration potential and quality of the broader São Jorge mineral system. Several high priority targets have been identified for follow-up deeper drilling with the objective to further expand gold mineralization at the Project."

São Jorge Drill Program Overview

The Company commenced a systematic program of auger and diamond core drilling at São Jorge in May 2024 (see news release dated May 29, 2024). The objectives of the program included confirmatory drilling within and near the margins of the existing São Jorge gold deposit (the "Deposit"), as well as exploratory drilling of identified gold targets in areas with no previous drilling, located within 1-2 km of known mineralization.

The auger drilling program focused in an area located approximately 2 km north of the São Jorge deposit to follow up on the large, multi-kilometre high tenor 'William South' gold-in-soil anomaly. All assays have now been received and the results demonstrate very encouraging indications of primary gold mineralization in bedrock, which highlights that the large, regional-scale São Jorge property has the potential to host additional corridors of mineralization. Follow-up RC and/or diamond core drilling is required to test for deeper bedrock mineralization with the objective to potentially discover and define additional zones of gold mineralization at São Jorge.

São Jorge comprises an extensive land area of some 45,997 hectares that lies within the active and rapidly developing Tapajós gold district (see Figure 1), which is estimated to have produced over 20 million ounces of gold historically from artisanal mining of surface deposits, according to the Brazil National Mining Agency. The Tapajós is home to Serabi Gold Plc.'s producing high-grade underground Palito Mine and G Mining Ventures Corp.'s ("G Mining") Tocantinzinho Gold Mine, which recently declared commercial production (see G Mining news release September 3, 2024).

São Jorge has the advantage of being located near paved Hwy BR-163 and a new 138 kV powerline corridor, which ties into the district electrical grid recently constructed for the Tocantinzinho Gold Mine. Exploration activities at São Jorge are operated from a permanent camp near the existing deposit which is just 3 km from the highway.

Auger Drilling Program

The 2024 power auger drilling program comprised 3,098 meters for approximately 206 holes, which was completed in September 2024. The program primarily targeted the high priority 'William South' area located approximately 2 km north of the São Jorge deposit. William South comprises a broad high-tenor zone of anomalous gold-in-soil (see Figures 2 and 3), measuring approximately 2 km x 2 km with soil assays peaking at 2,163 ppb Au (2.163 g/t Au).

The auger drilling utilized a powered 20 centimetre diameter rotary drill head capable of penetrating to 15-20 m depth, with vertical drill holes completed on an approximately 25-50 m x 50 m grid pattern. A geologist or technician supervised the drilling to log the drill cuttings and distinguish transported overburden from in situ weathered bedrock. Sampling is conducted on 1 m intervals with assaying to 5 parts per billion ("ppb") Au detection. The drill method is open-hole, therefore contamination and/or dilution of precious metal grades by material from higher in the hole is possible. The advantages of the auger program include the low detection limit assay results, coupled with the interpretation of the geological profile to provide a quick, inexpensive and effective direct mapping for the presence of gold mineralization in the uppermost portion of the residual weathered bedrock profile. This information can be used to guide follow-up exploration drilling using larger equipment such as RC or diamond core drilling. The auger drilling assay results are illustrated in Figure 2 and Figure 3, and details are provided in Tables 1 & 2.

Background gold values in both residual weathered bedrock and overlying transported soils is expected to range from nil to 1-2 ppb Au, thus values of greater than 10-25 ppb Au are considered to be 'elevated', and values greater than 100 ppb Au interpreted to be 'highly anomalous'. The auger program at William South has to date returned several +1 g/t Au intercepts, including a best intercept of 17.14 g/t Au over 1 m from 12 meters depth (SJTRD-082-24).

Analysis of the auger program assay results indicates that approximately 17% of all holes returned highly anomalous assay results (greater than 100 ppb Au), confirming the presence of gold mineralization in weathered bedrock in several areas.  Furthermore, the grid drilling program has identified several areas with clusters of anomalous results interpreted to indicate semi-contiguous zones of mineralization over 100's metres and remaining open along strike.

Indications of multiple contiguous high tenor primary gold mineralization occurrences in bedrock is compelling for the potential discovery of new gold resources at William South and warrants deeper follow-up drilling which is planned for 2025. Positive confirmation of underlying mineralization in close proximity to surficial gold-in-soil anomalies is further encouraging for more widespread application of auger drilling – a cheap and rapid sub-surface geochemical test – across other gold-in-soil anomalies located throughout the Project. Several additional target areas are planned for systematic auger drill testing in 2025.

For additional information regarding the São Jorge Project, including existing resource estimates and historical work at the project, please refer to the technical report titled "São Jorge Gold Project, Pará State, Brazil: Independent Technical Report on Mineral Resources", prepared for the Company and dated effective May 31, 2021, which is available under the Company's profile at www.sedarplus.ca. 

Table 1           São Jorge bedrock assay intercepts from the 2024 auger drilling program (as of November 11, 2024).

^{1.  True widths are unknown due to the vertical hole angle and limited depth of drill penetration.}

Table 2           São Jorge 2024 auger drill hole collar location coordinates.¹ 

^{1.  All holes are collared at a vertical hole angle.}

Qualified Person

Paulo Pereira, P. Geo., President of GoldMining, has supervised the preparation of, and verified and approved, the scientific and technical information herein this news release. Mr. Pereira is a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

Data Verification

For drill core sampling samples were taken from the NQ/HQ core by sawing the drill core in half, with one-half sent to SGS Geosol Laboratórios Ltda. ("SGS") in Brazil for assaying, and the other half of the core retained at the site for future reference. Sample lengths downhole were uniformly 1.0 m. For the auger drilling program, samples were collected at 1 m sample intervals, with the material being dried, homogenized and split in the field to obtain a 1 kg representative sample which was sent to SGS for analysis. The remaining auger sample material is stored until the lab results are received, and a 1 kg sample duplicate is maintained in the archive. 

SGS is a certified commercial laboratory located in Vespasiano, Minas Gerais, Brazil, and is independent of GoldMining. GoldMining has implemented a quality assurance and quality control program for the sampling and analysis of drill core and auger samples, including duplicates, mineralized standards and blank samples for each batch of 100 samples. The gold analyses are completed by FAA505 method (fire-assay with an atomic absorption finish on 50 grams of material).

About GoldMining Inc.

GoldMining Inc. is a public mineral exploration company focused on acquiring and developing 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 U.S.A., Brazil, Colombia, and Peru. The Company also owns approximately 21.5 million shares of Gold Royalty Corp. (NYSE American: GROY), 9.9 million shares of U.S. GoldMining Inc. (Nasdaq: USGO), and 26.7 million shares of NevGold Corp. (TSXV: NAU). See www.goldmining.com for additional information.

Notice to Readers

Technical disclosure regarding São Jorge has been prepared by the Company in accordance with NI 43-101. NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.  These standards differ from the requirements of the U.S. Securities and Exchange Commission ("SEC") and the scientific and technical information contained in this news release may not be comparable to similar information disclosed by domestic United States companies subject to the SEC's reporting and disclosure requirements.

Cautionary Statement on Forward-looking Statements

Certain of the information contained in this news release constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws ("forward-looking statements"), which involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements respecting the Company's expectations regarding the project and expected work programs thereat and often contain words such as "anticipate", "intend", "plan", "will", "would", estimate", "expect", "believe", "potential" and variations of such terms. Such 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, which may prove to be incorrect. Investors are cautioned that forward-looking statements involve risks and uncertainties, including, without limitation: the inherent risks involved in the exploration and development of mineral properties, fluctuating metal prices, unanticipated costs and expenses, risks related to government and environmental regulation, social, permitting and licensing matters, any inability to complete work programs as expected, the Company's plans with respect to São Jorge may change as a result of further planning or otherwise,  and uncertainties relating to the availability and costs of financing needed in the future. These risks, as well as others, including those set forth in GoldMiningꞌs most recent Annual Information Form and other filings with Canadian securities regulators and the SEC, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements. There can be no assurance that forward-looking statements, or the material factors or assumptions used to develop such forward-looking statements, will prove to be accurate. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities law.

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SOURCE GoldMining Inc.

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