The company is pleased to announce the results of updated Mineral Resource estimates (“MREs“) on each of its 100% owned Titiribi Project (“Titiribi“) and its La Mina Project, both located in Antioquia, Colombia.
Highlights:
Titiribi
- Measured and Indicated Mineral Resources of 5.54 million ounces gold, and 1,061.2 million pounds of copper (434.6 million tonnes grading 0.40 g/t gold and 0.11% copper) (see Table 1);
- Inferred Mineral Resources of 3.15 million ounces gold and 212.6 million pounds of copper (241.9 million tonnes grading 0.40 g/t gold and 0.04% copper) (see Table 1);
La Mina
- Indicated Mineral Resources of 0.66 million ounces gold, 1.60 million ounces of silver and 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) (see Table 2); and
- Inferred Mineral Resources of 0.29 million ounces gold, 0.77 million ounces 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) (see Table 2);
Global Mineral Resources
- Pursuant to the updated MREs, GoldMining’s global aggregate of Mineral Resources totals (see Table 3 for details):
- 16.24 million ounces gold equivalent in the Measured and Indicated categories; and
- 16.17 million ounces gold equivalent in the Inferred category.
Alastair Still, CEO of GoldMining, commented: “We are very pleased to announce these updated Mineral Resource estimates for Titiribi and La Mina, both of which have been estimated using contemporary metal prices and cost assumptions. With estimated gold equivalent resources of 7.88 million ounces in the Measured and Indicated category and 3.62 million ounces in the Inferred category, this estimate re-affirms Titiribi’s standing as a significant gold-copper deposit in our portfolio. At the same time, the updated estimate for La Mina provides a clearer view of the potential of the high-grade gold-copper porphyry deposits at La Cantera and the Middle Zone as we execute our previously announced preliminary economic assessments and refine plans for work programs in the second half of this year.”
Mr. Still continued: “Our acquisition strategy has created a leading portfolio of exploration and development stage holdings (Titiribi, La Mina and Yarumalito) in the mid-Cauca belt, which is emerging as an attractive region for major mining companies as evidenced by recent investments by Newmont, Agnico Eagle Mines, Wheaton Precious Metals, and Zijin Mining. Additionally, as a result of the proximity of Titiribi and La Mina, located only 17 km apart, we believe we are positioned to capitalize on potential synergies and scale as we continue to advance our projects.
Our global gold equivalent Mineral Resources of approximately 16.24 million ounces in the Measured and Indicated categories and 16.17 million gold equivalent ounces in the Inferred category are an industry leading foundation upon which we will execute our plans to build additional value.”
Titiribi Updated Mineral Resource Highlights:
- Measured and Indicated Mineral Resources of 5.54 million ounces gold, and 1,061.2 million pounds of copper (434.6 million tonnes grading 0.40 g/t gold and 0.11% copper) (see Table 1);
- Inferred Mineral Resources of 3.15 million ounces gold and 212.6 million pounds of copper (241.9 million tonnes grading 0.40 g/t gold and 0.04% copper) (see Table 1);
- Compared to the prior reported estimate completed in 2016, which was not pit-constrained:
- Indicated Mineral Resource tonnage has increased by 55.6%, while metal content for gold and copper has increased by 23.1% and 51.5% respectively due to changes in cut-off grade and metal price parameters;
- Inferred Mineral Resources tonnes have increased 16.4%, while metal content for gold and copper have increased by 3.1% and 172.9% respectively due to changes in cut-off grade and metal price parameters;
- The updated MRE utilizes a pit shell to constrain resources and takes into account updated operating cost assumptions and updated metal price assumptions, including US$1,600/oz gold and US$3.25/pound copper; and
- A total of 270 diamond drill holes, totaling 144,779 metres, have been drilled at Titiribi with 184 diamond drill holes, totaling 106,250 meters drilled at Cerro Vetas, NW Breccia, and Chisperos, the deposits which host the MRE.
The updated MRE for Titiribi utilized a 0.30 g/t gold equivalent cut-off grade for near-surface mineralization. The MRE was pit constrained to establish reasonable prospects of economic extraction with an optimized pit shell using maximum pit slopes of 50°. Cut-off grades were established by using an assumed US$1,600/oz gold price and copper price of US$3.25/pound copper; average metallurgical recoveries of 83% for gold and 90% for copper; average mining costs of US$1.60/tonne waste and, US$1.70/tonne ore; and average processing and general and administrative costs of US$6.80/tonne processed. Ordinary kriging was used to estimate gold and copper into blocks measuring 5 x 5 x 5 metres in dimension. Copper is included in the block models and MRE for Cerro Vetas, and although present at Chisperos and NW Breccia, it was not included in the resource estimate or cut-off grade estimations for these deposits.
Table 1: Titiribi Project Mineral Resource Estimate1-5 (effective date: June 14, 2021)
Titiribi hosts several gold-copper exploration targets in an historic gold mining district located in the Department of Antioquia about 70 kilometers southwest of Medellin, Colombia. Titiribi comprises a single mining concession covering an aggregate area of approximately 3,919 hectares.
The Titiribi Mineral Resources are hosted within the Cerro Vetas-NW Breccia-Chisperos complex as a bulk tonnage gold and copper porphyry deposit directly related to several interconnected Cerro Vetas diorite porphyry centers but also hosted in the immediate contact aureoles and adjacent breccias. Chisperos hosts intrusive and contact aureole mineralization. Mineralization hosted in the Cerro Vetas diorite porphyry is disseminated and fracture controlled. The principal metallic minerals are native gold, chalcopyrite, pyrite, and magnetite.
A second style of mineralization is gold-only mineralization developed in diatreme breccia in the NW Breccia and Chisperos zones. At NW Breccia, a separate diorite plug hosts gold and copper mineralization while the diatreme breccia hosts both gold-only and gold-copper mineralization. Similar to the NW Breccia, Chisperos hosts gold-copper mineralization in diorite plugs and dikes, gold-only mineralization in diatreme breccia, but also hosts substantial epithermal, lower-temperature generally gold-only mineralization (with sphalerite) within parallel to sub-parallel mineralized zones that are both stratigraphically and structurally controlled and hosted in a sedimentary-volcanic rock sequence.
The MRE disclosed herein for the Titiribi Project was prepared by Dr. Robert E. Cameron, Ph.D., MMSA 01357QP of Behr Dolbear and has an effective date of June 14, 2021.
The MRE updates and replaces the prior historic MRE of the Company contained in its technical report titled, “Technical Report on the Titiribi Project, Department of Antioquia, Colombia” dated effective September 14, 2016.
La Mina Updated Resource Highlights:
- Indicated Mineral Resources of 0.663 million ounces gold, 1.602 million ounces of silver and 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) (see Table 2);
- Inferred Mineral Resources of 0.287 million ounces gold, 0.772 million ounces 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) (see Table 2);
- Compared to the prior reported estimate completed in 2016, Indicated Mineral Resource tonnage has increased by 0.3%, while metal content for gold and silver have decreased by 0.8% and 0.3% respectively and copper has increased 0.2%;
- Compared to the prior estimate reported in 2016, Inferred Mineral Resources tonnage has increased 9.1%, while metal content for gold, silver and copper have increased by 9.5%, 9.8%, and 9.8% respectively;
- The estimate has been updated with metal prices of US$1,600/oz gold price, US$21/oz silver, and US$3.25/lb copper;
- The MRE utilizes pit shells to constrain resources at the La Cantera and Middle Zone deposits;
- The total La Mina Project area comprises a database of 106 drill holes totaling 36,694 metres with 80 drillholes and 27,130 metres drilled within the two deposit block models at La Cantera and Middle Zone; and
- The Mineral Resource estimate incorporates only La Cantera and Middle Zone prospects and does not include the La Garrucha prospect located approximately 800 m to the east.
Table 2: La Mina Project Mineral Resource Estimate1-6 (effective date: July 6, 2021).
