GoldMining reports 1M oz. resource at Almaden in Idaho

GoldMining (TSX: GOLD; US-OTC: GLDLF) has reported a mineral resource estimate for its wholly owned 17.2-sq.-km Almaden project, 140 km north of Boise in Idaho.

The pit-constrained estimate includes 43.5 million indicated tonnes grading 0.65 gram gold per tonne for a total of 910,000 contained oz. with a further 9.2 million tonnes inferred at 0.56 gram gold containing 160,000 gold ounces. The resources were derived using a cut-off grade of 0.3 gram gold.

“Almaden’s near-surface resource is mostly in the indicated category (approximately 85%), which facilitates potential economic studies without the major expense of infill drill programs to upgrade inferred resources to measured and indicated categories,” Garnet Dawson, the company’s CEO, said in a news release.

“Future exploration programs will look to model metallurgical recoveries across the deposit along with additional metallurgical test work to determine potential processing scenarios before undertaking a potential future preliminary economic assessment.”

Dawson highlighted the exploration potential of the deposit, given that the current drilling extends down to an average depth of approximately 75 metres.

According to the company, Almaden is an outcropping, low-sulphidation epithermal gold deposit related to the Northern Nevada Rift. Gold mineralization at the site is associated with a formation featuring silicification and argillic alteration that is approximately 1,900 metres long, 500 metres wide and 150 metres thick.

The deposit was previously drilled between 1980 and 2012 by Homestake and Amax Gold.
GoldMining has 11 projects within five countries in the Americas, all of which include existing gold deposits. The company also has a 75% interest in the Rea Uranium project (25% Orano Canada) in Alberta’s Western Athabasca Basin.

In May, GoldMining published a maiden resource for its Yarumalito project, 75 km southwest of the city of Medellin in the Antioquia department of central Colombia. Yarumalito has a pit-constrained inferred resource of 66.27 million tonnes grading 0.58 gram gold and 0.09% copper for 1.24 million oz. contained gold and 129.3 million lb. copper, using a 0.5 gram gold-equivalent per tonne cut-off grade.

GoldMining’s shares closed at $1.46 an have traded within a 52-week range of 82¢ and $2.05.

The junior has about 146 million common shares outstanding for a $213-million market capitalization.

— This article first appeared in the Canadian Mining Journal.