GoldMining announces Almaden resource estimate

GoldMining Inc. [GOLD-TSX; GLDLF-OTCQX] has released a mineral resource estimate for its 100%-owned Almaden gold project located in Idaho.

The mineral resource estimate was prepared by Global Mineral Resource Services of Vancouver, Canada and includes a pit constrained Indicated Resource of 43,470,000 tonnes grading 0.65 g/t gold (910,000 ounces) and an Inferred Resource of 9,150,000 tonnes grading 0.56 g/t gold (160,000 ounces) using a 0.3 g/t gold cut-off.

Garnet Dawson, CEO of GoldMining, commented: “Almaden’s near surface resource is mostly in the indicated category (approximately 85%), which facilitates potential economic studies without the major expense of infill drill programs to upgrade inferred resources to measured and indicated categories.

“Future exploration programs will look to model metallurgical recoveries across the deposit along with additional metallurgical test work to determine potential processing scenarios before undertaking a potential future preliminary economic assessment. Exploration potential and upside for future resource growth is believed to be high given the shallow average depth of existing drilling of approximately 75 metres.

“Together with our resource estimate for our Yarumalito Project, the Almaden resource estimate marks the second resource estimate completed by our team in 2020. This is a testament to our team’s continued dedication to our long-term strategy and builds on the value generated by our recent acquisitions.”

The Almaden Project covers approximately 1,724 hectares and is located 140 km by road north of Boise and 24 km east of Weiser in Washington County, Idaho.

Almaden is one of several low-sulphidation epithermal gold deposits related to the Northern Nevada Rift that includes Hecla Mining Company’s Hollister and Midas Mines in northern Nevada and Integra Resources Corp.’s Delmar and Florida Canyon projects in southwest Idaho.

Gold mineralization is associated with intense silicification and argillic alteration that measures approximately 1,900 metres long by 500 metres wide by 150 metres thick. The deposit was intermittently drilled (70,234 metres in 934 holes) from 1980 to 2012 by several companies including Homestake and Amax Gold Inc.

GoldMining Inc. is focused on the acquisition and development of gold assets in the Americas. The company 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.

In late trading on June 4, shares of GoldMining Inc. gained $0.04 to $1.50 on a volume of 519,700 shares traded.