Key Highlights
More Gold Intercepted from Surface That Suggests The Project Will Be Amenable To Heap Leach Processing: the Company intercepted 80 g/t Au over 51.5 meters from Surface (oxide), including 1.40 g/t Au over 11.3 meters from 9.8 meters depth (oxide) (Hole NMD0004). Assays are pending for the remaining approximate 130 meters of this hole.
Metallurgical Testwork Has Commenced: Hole NMD0004 was drilled to commence metallurgical testwork at the Project. The Company has engaged
Building Large, Near Surface, Mineralized Footprint: other drill results released from the 2023 drill program include 72 g/t Au over 79.3 meters from 10.4 meters depth (oxide), including 2.32 g/t Au over 13.4 meters from 25.6 meters depth (oxide) (Hole NMD0003), and 0.56 g/t Au over 23.9 meters from 24.1 meters depth, including 0.89 g/t Au over 11.4 meters from 25.6 meters depth with 4.33 g/t Au intercepted near the bottom of the hole (Hole NMD0001, hole was lost in mineralization) (See news release from
Current Drill Program Update: the orientated core drilling portion of the drill program is now complete, and the program will shift to Reverse Circulation ("RC") drilling.
Advancing Mineral Resource Estimate: the Company is well-advanced in completing a current MRE at the Project, with targeted completion in early July.
Drill Results
Hole ID Length, m* g/t
NMD0001** 23.9 0.56 24.1 48.0 hole terminated in mineralization
including 11.4 0.89 25.6 37.0
NMD0001a** 53.3 0.20 29.0 82.3 poor core recovery
NMD0001a** 24.2 0.28 135.2 159.4 poor core recovery
NMD0002** 10.0 0.16 4.8 14.8 intercepted up to 0.43 g/t Au down to 93.6m
NMD0003** 79.3 0.72 10.4 89.6
including 13.4 2.32 25.6 39.0
NMD0004 51.5 0.80 0.0 51.5
including 11.3 1.40 9.8 21.0
128.5 pending 51.5 180.0 Assays pending
* Downhole thickness reported; true width varies depending on drill hole dip and is approximately 70% to 90% of downhole thickness. All holes were completed with core drilling. Any apparent errors in arithmetic are due to rounding.
** Assays released on
Figure 1 - Cross-section looking east through
Figure 2 - Plan view map of
To view image please click here
Figure 3 - Core Photos - NMD0004 from 12.2 meters to 13.7 meters (40 to 45 ft.), included in the zone that assayed 11.3 meters of 1.4 g/t Au. To view image please click here
Updated Mineral Resource Estimate
The Company has engaged Global Mineral Resource Services from
Geology Summary
Hole NMD0004 was a metallurgical drillhole and based on the core logging completed, the hole shows strong oxidation in the mineralized zone. The hole was split into quarters, and part of the hole was sent to
The remainder of assays from Hole NMD0003 were received. Along with the previously announced 0.72 g/t Au over 79.3 meters from 10.4 meters depth, the hole contained multiple zones of anomalous mineralization with grades up to 0.61 g/t Au. The textures and alterations logged in the core exhibit positive characteristics and highlight that the Company is vectoring in on the potential high-grade feeder structure at the Project. More core drilling will be incorporated into further drilling at the Project in 2023.
Drillhole Orientation Details
Hole ID Azimuth degrees Dip degrees Total Depth feet Total Depth meters
NMD0001 95 55 157.5* 48.0*
NMD0001a 95 55 1498.5* 456.7*
NMD0002 85 45 587 178.9
NMD0003 130 70 1656.5 504.9
NMD0004 350 80 599 182.6
* Did not reach target depth.
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance: All sampling was conducted under the supervision of the Company's geologists and the chain of custody from the Project to the independent sample preparation facility,
Note 1:
On
Classification Cutoff Grade
Au g/tonne Tonnes Gold Grade
g/tonne Ounces Gold
Indicated 0.30 43,470,000 0.65 910,000
Inferred 0.30 9,150,000 0.56 160,000
Table 1: Mineral Resource from GoldMining's NI 43-101 technical report filed on SEDAR on
The Historical Mineral Resource Estimate is believed to be reliable and relevant and professionally calculated under the assumptions made in 2020. A Nevgold Qualified Person has not done sufficient work to classify GoldMining's Mineral Resource Estimate as current mineral resources, and
ON BEHALF OF THE BOARD
"Signed"
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Technical information contained in this news release has been reviewed and approved by
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Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Forward looking statements in this news release include statements regarding planned further exploration activities at the Project, and the planned completion of the MRE. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
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