GoldMining Inc (TSX: GOLD) this morning released resource estimate data for its 100% owned Almaden Gold Project, located 140 kilometres north of Boise, Idaho. The resource estimated conducted by the firm gave results of 910,000 ounces of gold indicated at 0.65 grams per tonne, while there were 160,000 ounces of gold at 0.56 grams per tonne inferred.
The estimate was conducted by a firm from Vancouver, Global Mineral Resource Services, with the results indicating a resource of 43,470,000 tonnes grading 0.65 g/t gold and an inferred resources of 9,150,000 tonnes grading 0.56 g/t gold. The estimate utilized a 0.3 g/t gold cut off.
With resource estimates in hand, GoldMining has now indicated that it will potentially conduct economic studies on the project, due to 85% of the resource being within the indicated category. Further exploration on the property is required to model metallurgical recoveries, in addition to further metallurgical work to determine processing capabilities before moving to a preliminary economic assessment.
Despite not yet conducting a preliminary economic assessment, it should be noted that reasonable prospects for economic extraction of the gold exists at the project, which were achieved by reporting the resource in a conceptual pit shell. The company used an assumed gold price of US$1,500 per ounce, a pit slope of 45 degrees, mining cost of US$2.25/t and processing cost of US$10.00/t.
GoldMining anticipates filing a 43-101 technical report within 45 days to provide further data on the project. The resource estimate was generated through a wire frame model, with the deposit modeled on east-west cross sections approximately 30.5 metres apart.
GoldMining last traded at $1.49 on the TSX.
Information for this briefing was found via Sedar and GoldMining Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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