#Brazil #GoldMining #Pará #São Jorge #Pre-Feasibility

GoldMining Inc. Initiates Major Study and Drilling at São Jorge Project

GoldMining Inc. has officially launched a Pre-Feasibility Study (PFS) at its São Jorge Gold Project, situated in the mineral-rich Tapajós district of Pará State, Brazil. This milestone marks a significant progression for the project, as the company embarks on a planned 6,000-meter infill drilling program intended to enhance resource confidence and provide vital data for future assessments.

Project Overview

The São Jorge Gold Project encompasses a promising granite-hosted, intrusion-related gold mineral system. The current PFS is set to build upon the fundamental economic analysis previously established in the preliminary economic assessment (PEA), which hinted at the potential for substantial returns from a well-planned open-pit mining operation.

In line with this vision, GoldMining aims to drill approximately 6,000 meters to gather critical geological data. The infill drilling program, actively utilizing three diamond core rigs, targets areas classified as inferred mineral resources to convert them into indicated resources. This improved classification is expected to yield a more accurate mineral resource estimate, a crucial component in the progression towards potential mine development.

Goals of the Infill Drilling Program

The infill drilling initiative primarily seeks to strengthen the geological continuity within the existing mineralized zones, particularly around the perimeters of the São Jorge deposit's main core. By refining data through closer drill spacing, the company aims to bolster the confidence in resource estimates and facilitate advanced mineralogical sampling for metallurgical testing. Additionally, this exercise will provide essential information for geotechnical stability studies concerning the planned open pit.

The results from this drilling campaign are anticipated to significantly inform the economic viability and operational blueprint for the São Jorge Project, aligning with the company's broader strategy to minimize risks and optimize project execution.

Statement from Leadership

Alastair Still, CEO of GoldMining, expressed excitement about the project's advancements. He noted that the onboarding of a new Project Director has energized the team and laid the groundwork for the ongoing PFS. Still remarked, “This initial 6,000-meter program is designed to improve our resource confidence and to supply essential geotechnical and metallurgical data that will help us refine our mine plan and operations.”

Future Prospects

The PFS is projected to be finalized within the first half of 2028, following the completion of the infill drilling and subsequent data analyses. Findings will be pivotal not only for preparing future production strategies but will also play a critical role in determining the project's environmental and operational frameworks.

GoldMining remains optimistic about the future of the São Jorge Project, especially given the robust base case projected in the earlier PEA, which showcased an after-tax net present value of USD 532 million and an internal rate of return of 42.4%—figures that have sparked interest within the investment community.

As the company forges ahead, stakeholders and investors will be watching closely to see how the infill drilling results contribute to resource estimates and overall project viability. GoldMining continues its commitment to responsible resource development, ensuring all potential economic benefits are weighed against environmental considerations and the well-being of local communities.

For More Information: Further insights and detailed data on the São Jorge Project can be accessed through the company’s public filings available on SEDAR+ and EDGAR.

Conclusion

GoldMining Inc.'s proactive measures at the São Jorge Gold Project signify a crucial step towards unlocking its full potential. The impending PFS, combined with informed drilling strategies, is poised to chart a promising course for future mineral extraction ventures in the region. As the market evolves, the success of GoldMining will depend on the effective harnessing of its geological resources while navigating the complexities of sustainable mining.