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GOLDMINING announces resource estimate for the Yellowknife Gold Project, Northwest Territories, Canada

ID: 1547340
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Updated mineral resource for the Yellowknife Project includes a measured and indicated resource of 1,059,000 ounces grading 2.33 g/t gold and an inferred resource of 739,000 ounces grading 2.47 g/t gold (Table 1);

This resource estimate increases GoldMining''s aggregated measured and indicated resource to 10,530,000 ounces gold (13,429,000 ounces gold equivalent) and aggregated inferred resource to 12,444,000 ounces gold (14,896,000 ounces gold equivalent) resulting in a 13% increase in the measured and indicated categories and an 11% increase in the inferred category across all of its Projects (Table 2);

Extensive historic exploration work completed on the Project including diamond drilling

Project is accessible by permitted winter road extending 95 km north from Yellowknife with nearby infrastructure including hydro-electric power, air transportation, service providers and skilled workforce; and

Located in the mining-friendly jurisdiction of the Northwest Territories, home to major mines operated by DeBeers, Rio Tinto, and The Washington Companies.

GoldMining Inc. (the "Company" or "GoldMining" - (TSX: GOLD; OTCQX: GLDLF) is pleased to announce an updated mineral resource estimate for its 100% owned Yellowknife Gold Project (the "Yellowknife Project" or the "Project"), Northwest Territories, Canada. "SRK") and includes a measured and indicated resource of 14,108,000 tonnes grading 2.33 g/t gold (1,059,000 ounces) and an inferred resource of 9,302,000 tonnes grading 2.47 g/t gold (739,000 ounces) using a variable cut-off of 0.5 and 1.5 g/t gold for pit constrained and underground resources, respectively.

This resource estimate updates the previously disclosed historic estimate completed by the previous owner of the Project, and importantly represents an 18% increase in the measured and indicated resource grade versus the historic estimate.

Commenting on today''s news release, Garnet Dawson, CEO of GoldMining commented, "The Yellowknife Gold Project is located in the underexplored Yellowknife Greenstone Belt, host to historic gold mines including the Con and Giant Mines located adjacent to the city of Yellowknife and the Discovery Mine, located on GoldMining''s property.cessary government approvals expected in the next few months, the Project is well positioned to advance to the next stage of economic study."

The Yellowknife Project includes five gold deposits with resource estimates, being Nicholas Lake, Bruce, Ormsby, Goodwin Lake and Clan Lake, which are located 50 to 95 km north of the city of Yellowknife.

Gold mineralization at Nicholas Lake is hosted in a sub-vertical shear zone that strikes east-west across a granodiorite body or within meta-sedimentary rocks in close proximity of the granodiorite. defined by 27,590 m of surface and underground diamond drilling in 141 holes and 820 m of underground development.

The Bruce and Ormsby deposits are hosted in a sub-vertical, northeast striking shear zone along the eastern margin of amphibolite near the contact with adjacent meta-sedimentary rocks.

Goodwin Lake deposit is hosted in a sub-vertical, northeast striking shear zone that cuts gabbroic rocks.

Clan Lake deposit is hosted in a sub-vertical, northwest striking shear zone that cuts felsic to mafic meta-volcanic rocks.

Sulphide mineralogy at Ormsby, Bruce, Goodwin Lake and Clan Lake consists of pyrrhotite, pyrite and arsenopyrite with minor chalcopyrite, sphalerite and galena.

Metallurgical test work has been performed on composite drill holes and bulk samples from the Nicholas Lake, Ormsby and Clan Lake deposits.

SRK obtained the drill hole databases from archived files used in the 2012 feasibility study mineral resource estimate."Leapfrog") on which SRK performed standard validation tests to ensure the integrity of the database.trends.

Wireframes produced in Leapfrog along with the drill hole databases were subsequently imported into Datamine? Studio RM Software (Datamine?) for block model estimation.ade gold outliers were analyzed at each of the deposits utilizing Phinar Software''s X10 software, which were then analyzed both visually and statistically for breaks in trend. lation at each deposit.

SRK completed Kriged (Ordinary Kriging), Inverse Distance Squared and Nearest Neighbor estimates for each deposit.

Resource Classification

Block model quantities and grade estimates for the Project were classified according to the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves (May 2014).

SRK''s classification system is similar to that used in the 2012 estimate with adjustments at some deposits based on re-interpretation of geology.

Nicholas Lake

Indicated Mineral Resources were blocks within the modelled veins above the 150 m elevation that were informed by a minimum of 2 drill holes on either the first or second search pass.

Inferred Mineral Resources were blocks in the model that do not meet the criteria for Indicated resources and have been informed by a minimum of one drill hole on the second or third estimation search pass.

Ormsby and Bruce

Measured Mineral Resources (Ormsby only) were blocks informed by a minimum of 2 drill holes within a drill spacing of 12.5 m and deemed to have sufficient geological confidence to confirm grade continuity.

Indicated Mineral Resources were blocks informed by a minimum of two drill holes internal to either the Measured or the Indicated classification solids and estimated on either the first or second estimation pass.

Inferred Mineral Resources were blocks in the model that do not meet the criteria for Measured or Indicated resources and have been informed by a minimum of one drill hole on the third estimation search pass.

Goodwin Lake

All blocks have been classified as Inferred Mineral Resources due to the relatively wide drill hole spacing.

Clan Lake

All blocks have been classified as Inferred Mineral Resources due to the relatively wide drill hole spacing, lack of geological continuity as displayed in the variography and during the geological modelling process.

Reasonable prospects for eventual economic extraction of the resource were met by reporting the resource within a conceptual pit shell using a cut-off grade of 0.5 g/t and resources below the pit using a cut-off grade of 1.5 g/t gold. G&A cost of US$23.00/t.

The SRK 2019 measured and indicated resource has seen a reduction in the in-situ ounces of 38%, but an increase in overall grade of 18%, while the inferred resource had a 52% increase in the in-situ ounces, but a 6% decrease in overall grade as compared to the SRK 2012 SRK resource estimate.

Further details regarding the foregoing estimate, including the estimation methods and procedures, will be available in a NI 43-101 Technical Report, which will be filed on SEDAR ( under the Company''s profile within 45 days from the date of this release.

Quality Control ? Quality Assurance Program

The above resource estimate was based on drilling programs completed by previous operators.

Qualified Person

The resource estimate disclosed herein on the Yellowknife Project was prepared for GoldMining by Ben Parsons, B.Sc., M.Sc., MAusIMM (CP), of SRK Consulting (U.S.), Inc. and Mr. Dominic Chartier, P.Geo. (APGO #2775 and OGQ #874), of SRK Consulting (Canada) Inc."NI 43-101"), are independent of the Company and have reviewed and approved the disclosure regarding the resource estimate for the Yellowknife Project disclosed herein.

SRK previously completed a resource estimate on the Project in 2012 as part of a feasibility study for the previous owner.

Paulo Pereira, President of GoldMining Inc. has reviewed and approved the technical information contained in this news release.

Cautionary Note

Investors are cautioned not to assume that any part or all of the mineral deposits in the "measured", "indicated" and "inferred" categories will ever be converted into mineral reserves with demonstrated economic viability or that inferred mineral resources will be converted to the measured and/or indicated categories through further drilling.ility studies.

About GoldMining Inc.

GoldMining is a public mineral exploration company focused on the acquisition and development of gold assets in the Americas.asin of Alberta, Canada.

The above aggregated resource statement is provided for information purposes only.

Forward-looking Statements

This document contains certain forward-looking statements that reflect the current views and/or expectations of GoldMining with respect to its business and future events, including expectations and future plans respecting the Project and statements with respect to the details of the mineral resource estimate. nt risks involved in resource estimation and the exploration and development of mineral properties, the uncertainties involved in resource estimation and interpreting drill results and other exploration data, the potential for delays in exploration or development activities, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with GoldMining?s expectations, accidents, equipment breakdowns, title and permitting matters, labour disputes or other unanticipated difficulties with or interruptions in ope

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published by: PresseBox
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Date: 03/05/2019 - 08:58
Language: English
News-ID 1547340
Character count: 3127
Firma: Swiss Resource Capital AG
Ansprechpartner: Feedback to about Pressrelease-id:
Stadt: Vancouver, British Columbia


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