#Peru #Antimony #GoldMining #Crucero #Carabaya

GoldMining Inc. Discovers Significant Antimony Mineralization at Crucero Project

GoldMining Inc., a prominent player in mineral exploration, is excited to reveal a substantial finding from its 100%-owned Crucero Project located in the Carabaya Province of Peru. This discovery, which includes notable antimony mineralization, has the potential to significantly enhance the economic viability of the existing gold resources in the region.

Background of the Crucero Project

The Crucero Project is nestled in the Andes mountain range, approximately 10 kilometers from the village of Caserio de Oscoroque and 150 kilometers from Juliaca, the nearest major community with relevant transport facilities. The project site has shown promising orogenic gold mineralization linked to various sulfide minerals, including pyrite, pyrrhotite, arsenopyrite, and stibnite (the latter being an antimony-bearing mineral).

Exploration activities at Crucero span from geological mapping and soil geochemistry to trenching and diamond-drilling campaigns conducted between 1996 and 2012. Current estimates suggest an indicated resource of approximately 30.65 million tonnes of ore containing roughly 993,000 ounces of gold, with an inferred resource of about 35.78 million tonnes yielding an additional 1,147,000 ounces. This highlights Crucero's potential as a valuable gold asset in the region.

Recent Discoveries and Antimony Price Surge

Recent analyzes of historical drill data have unveiled significant occurrences of antimony, with individual assay results reaching as high as 39.6% Sb. For example, the drill holes DDH-02 and DDH-04 have demonstrated remarkable gold equivalent values, showcasing 44.37 g/t AuEq and 1.95 g/t AuEq respectively, with substantial gold and antimony grades across various depths.

The demand for antimony, now categorized as a strategic metal crucial for various technologies, especially in batteries and military applications, has dramatically increased. Antimony prices soared to approximately US$55,250 per tonne recently, compared to just US$11,600 per tonne at the start of 2024. Global supply primarily originates from China, Russia, and Tajikistan, increasing the metal’s strategic importance amid geopolitical uncertainties.

Enhancing Economic Value Through Antimony

Alastair Still, the Chief Executive Officer of GoldMining, remarked that recognizing antimony alongside gold within Crucero could lead to substantial additional value. Previously, evaluations underestimated antimony's economic significance when it occurred primarily as stibnite. With current market trends indicating surging prices and a strategic outlook towards antimony, the management is optimistic about reassessing and re-evaluating their existing data to quantify antimony as it partners with gold mineralization.

This initiative not only enhances the economic value of the Crucero Project but also emphasizes GoldMining's overarching strategy of establishing a diversified resource portfolio across gold and gold-copper projects throughout the Americas.

Future Directions

GoldMining is currently validating an extensive database to analyze the distribution and grade of antimony comprehensively throughout the Crucero Project. By leveraging existing data and harnessing the growing market for antimony, the company aims to unlock future economic opportunities and position itself strategically within the minerals market.

In conclusion, GoldMining Inc.’s findings at the Crucero Project underscore the evolving nature of mineral exploration where the intersection of traditional gold mining practices with emerging strategic minerals can lead to unexpected economic benefits, propelling the company forward in an increasingly competitive landscape.