GoldMining tables Colombia gold-copper estimates
GoldMining Inc. [GOLD-TSX, GLDG-NYSE American] on Monday announced the results of updated mineral resource estimates on each of its 100%-owned Titiribi and La Mina projects, which are both located in Antioquia, Colombia.
GoldMIning Inc. is a South America-focused exploration stage company with a rapidly diversifying asset base spanning Canada, Brazil, Colombia, Peru and the United States.
Additionally, GoldMining owns a 75% interest in the Rea Uranium Project, which is located in the Western Athabasca Basin of Alberta.
Titiribi hosts several gold-copper exploration targets in a historic gold mining district located in the Department of Antioquia, about 70 kilometres southwest of Medellin. Titiribi covers 3,919 hectares on a single mining concession.
On Monday, Goldmining said Titiribi contains a measured and indicated resource of 5.54 million ounces of gold, and 1.06 million pounds of copper (434.6 million tonnes, grading 0.40 g/t gold and 0.11% copper).
On top of that is an inferred resource of 3.15 million ounces of gold and 212.6 million pounds of copper (241.9 million tonnes, grading 0.40 g/t gold and 0.04% copper).
The La Mina property consists of two concession contracts and two concession contract applications covering 3,210 hectares located in the Department of Antioquia, about 51 kilometres southwest of Medellin.
La Mina is thought to contain an indicated mineral resource of 660,000 ounces of gold and 1.60 million ounces of silver, plus 150.5 million pounds of copper (28.2 million tonnes, grading 0.73 g/t gold, 1.76 g/t silver, and 0.24% copper.
On top of that is an inferred resource of 0.29 million ounces of gold, 0.77 million ounces of silver and 81.2 million pounds of copper (13.6 million tonnes, grading 0.65 g/t gold, 1.76 g/t silver, and 0.27% copper).
The resource estimates for La Mina incorporate the La Cantera and Middle Zone porphyry deposits located within 400 metres of each other. La Cantera and Middle Zone constitute two of the four drill-tested mineralized porphyry intrusive and breccia bodies on the La Mina property.
As a result of the proximity of Titiribi and La Mina, located only 17 kilometres apart, the company said it believes it is positioned to capitalize on potential synergies and scale its it continues to advance its projects.
On Monday, Goldmining shares eased 2.3% or $0.04 to $1.71 on volume of 136,770. The shares are currently trading in a 52-week range of $3.85 and $1.67.
Back in June, 2020, the company announced the creation of Gold Royalty Corp. [GROY-NYSE American], a new wholly-owned gold-focused royalty company, which recently agreed to acquire all the issues and outstanding shares of Ely Gold Royalties Inc. [ELY-TSXV, ELYGF-OTCQX].
David Garofalo, the former CEO of Goldcorp Inc. prior to its merger with Newmont Mining in 2019, has been named Chairman and CEO of Gold Royalty Corp.
Ian Telfer, the former Chairman of Goldcorp., was named Chairman of the Advisory Board of Gold Royalty Corp. Telfer was Chairman of the World Gold Council from 2009 to 2013. He built and led a series of very successful companies through strategically timed mergers and acquisitions, including Wheaton River, Goldcorp and Uranium One.