GoldMining publishes maiden resource for Yarumalito in Colombia

GoldMining (TSX: GOLD; US-OTC: GLDLF) has released a pit-constrained maiden resource estimate for the Yarumalito project, 75 km southwest of Medellin, Colombia, with total inferred resources of 66.3 million tonnes grading 0.7 gram gold-equivalent per tonne for a total of 1.5 million gold-equivalent ounces.

Notably, this statement includes 9.1 million tonnes at 0.66 gram gold-equivalent per tonne of oxide material, which contains 192,000 gold-equivalent ounces.

“We are excited to announce this maiden resource for Yarumalito – another strategic acquisition our team identified and executed as part of our long-term plans of focused acquisitions in the Americas,” Garnet Dawson, the company’s CEO, said in a news release. “These acquisitions have uniquely positioned us with one of the largest global resource-stage gold portfolios among mid- and junior-tier mining companies.”

Yarumalito is one of three deposits that GoldMining holds within central Colombia’s Mid-Cauca gold belt. This project is 40 km south of the company’s La Mina project, which hosts indicated resources of 28.2 million tonnes grading 1.12 gram gold-equivalent per tonne for a total of 1 million gold-equivalent oz., plus inferred resources of 12.4 million tonnes at 1.1 gram gold-equivalent per tonne.

The company’s Titiribi project, also within this prospective belt, features indicated resources of 234.2 million tonnes at 0.65 gram gold-equivalent per tonne for a total of 4.9 gold-equivalent oz. and an additional 207.9 million inferred tonnes at 0.51 gram gold-equivalent per tonne .

Past drilling at Yarumalito has focused on delineating a bulk tonnage target and returned additional intersections from high-grade epithermal veins. The company intends to focus its future work both on expanding the gold-copper porphyry as well as on delineating these high-grade structures.

The Balastreras-Escuela mineralized area at Yarumalito has been traced over an area of 1,700 metres by 400 metres to date and down to a depth of 600 metres. There are six additional targets for follow-up identified at the site.

In the last year, GoldMining has traded within a range of 75¢ and $2.05 per share and at press time was trading at $1.68. The company has about 146 million common shares outstanding for a market cap of about $245 million.

— This article first appeared in our sister publication, Canadian Mining Journal.