#Canada #Vancouver #GoldMining #Boa Vista #Australian Mines

GoldMining Finalizes Earn-In Agreement with Australian Mines

GoldMining Inc. recently announced a fruitful partnership with Australian Mines Limited (AUZ), which could see AUZ acquire up to an 80% stake in GoldMining's Boa Vista Project, situated in Brazil's Pará State. This agreement is valued at up to $7 million and is a strategic move for both companies aiming to emphasize exploration and resource development.

Project Overview

The Boa Vista Project lies in the Tapajós Gold Province, around 350 km from the regional hub of Itaituba. Covering an extensive area of approximately 9,201 hectares, the project is rich in geological potential, including significant gold mineralization. GoldMining currently holds an 84.05% interest in Boa Vista, with the opportunity to maintain a 20% stake should the option be fully realized.

Agreement Highlights

Under the terms of the Earn-In Agreement, AUZ will first acquire a 51% interest by fulfilling specific conditions, including:

• - A non-refundable cash payment of $55,000.
• - Issuing AUZ Shares valued at approximately CAD 1 million, based on prior performance.
• - Committing $3.978 million to exploration activities, which must include at least 6,000 meters of diamond core drilling.
• - Announcing a compliant mineral resource estimate of a minimum of 500,000 gold ounces.

Once the initial milestones are successfully met, AUZ can further increase its stake to 70% by investing an additional AUD 1 million in exploration and completing a feasibility study confirming over 250,000 ounces of gold.

The third phase offers AUZ the chance to climb to an 80% interest by compensating GoldMining either through cash/equity or by facilitating the avoidance of dilution in the joint venture.

Strategic Benefits

This agreement is pivotal for GoldMining as it allows the company to focus its resources on advancing significant projects such as the São Jorge Project, which has recently launched one of its largest drilling campaigns to date. Alastair Still, the CEO of GoldMining, expressed optimism regarding this partnership, noting that it provides a platform to explore Boa Vista further while retaining a beneficial financial interest.

Exploration Potential

The Boa Vista Project is notable for its rich structural geology, primarily comprising granites and volcanics, intricate with shear zones containing quartz and sulfide veining. Historical explorations, beginning with the VG1 prospect in 2010, have revealed promising signs of gold, evidenced by extensive soil anomalies.
Tim Smith, GoldMining's Vice President of Exploration, oversees project developments ensuring adherence to industry standards as defined by the National Instrument 43-101 regulations.

About GoldMining Inc.

GoldMining Inc. is dedicated to the exploration and development of gold assets across the Americas, boasting a diverse portfolio spanning multiple countries, including Brazil, Colombia, and Peru. The strategic acquisition and partnerships underline GoldMining's commitment to advancing its position in the gold market, ultimately delivering shareholder value.

Conclusion

This strategic agreement marks a significant advancement in GoldMining's operations, emphasizing its readiness to leverage partnerships while advancing exploration ambitions. Future results from the Boa Vista Project could potentially yield significant returns and resource discoveries, benefiting both GoldMining and AUZ alike.