Goldmining drills 1.01 g/t AuEq over 118 metres at La Mina, Colombia

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Goldmining Inc. [GOLD-TSX; GLDG-NYSE American] reported assay results from the final hole of its recently completed a five-hole, 3,485-metre, drilling program on the La Garrucha target, located less than 1 km east of existing mineral resources on the 100%-owned La Mina Project in the Middle Cauca Porphyry Belt, Antioquia, Colombia.

Highlights include drill hole LME1111 results include 251.46 metres at 0.60 g/t gold and 0.08% copper, or alternatively expressed as 0.72 g/t gold equivalent (AuEq), from 166.04 metres, including 118.31 metres at 0.89 g/t gold and 0.08% copper, or 1.01 g/t AuEq from 256.85 metres, including higher-grade intersections that returned 13.55 metres at 1.32 g/t gold and 0.10% copper, or 1.47 g/t AuEq from 266.85 metres; 29.80 metres at 1.10 g/t gold and 0.07% copper, or 1.20 g/t AuEq from 297.95 metres and 35.49 metres at 1.03 g/t gold and 0.11% copper, or 1.19 g/t AuEq from 339.67 metres.

Alastair Still, CEO, commented, “The 2022 drilling program has successfully discovered extensions of previously identified gold-copper porphyry mineralization at the La Garrucha target and has almost doubled the strike and depth of the system, which remains open to the southeast and at depth. The latest drill results help demonstrate the geological continuity and higher-grade core of this mineralized system. These results along with drilling from historic exploration programs will be used to initiate an updated mineral resource estimate for the La Mina Project in the fourth quarter of 2022 with the intention to complete an updated Preliminary Economic Assessment (PEA) in 2023.”

Tim Smith, VP Exploration, commented, “LME1111 provides geological continuity between the previous Bellhaven drill holes and the recently announced step-out drill holes completed by Goldmining, which include intercepts of 207.95 metres at 0.62 g/t AuEq in LME1107 and 431.23 metres at 0.73 g/t AuEq in LME1108. LME1111 intersected the hanging wall of the La Garrucha porphyry at the depth modelled, providing confirmation of our three-dimensional geological model and adding confidence to future mineral resource estimation including the presence of a higher-grade core of the system.”

From late March through to mid-August 2022, Goldmining completed a diamond core drilling program comprising five drill holes for 3,485 metres at its La Garrucha target within the La Mina Project.

LME1111 was drilled to improve confidence in the continuity of the porphyry mineral system between the previous Bellhaven drilling and the recently completed Goldmining step-out drilling.

The La Garrucha porphyry mineral system now measures over 400 metres in strike length by 300 metres in width and deeper drilling has extended mineralization from a previously intersected maximum depth of 450 metres to approximately 775 metres below surface where the porphyry mineral system remains open.

Geological interpretation of the La Garrucha drilling program is now underway. Metallurgical testwork, three-dimensional modelling of geology and subsequent geostatistical modelling will be completed during fourth quarter 2022 to initiate an updated pit constrained mineral resource estimate by year-end. Current plans are to complete an updated PEA for La Mina in 2023 that will include resources outlined at Middle Zone, La Cantera and La Garrucha.

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