GoldMining Inc (NYSEAMERICAN:GLDG) continues to be in range bound as the stock fell slightly on Wednesday.
GoldMining Initiates Preliminary Economic Assessment and Announces an Updated Mineral Resource Estimate for the São Jorge Project, Brazil
- announce that it is initiating a preliminary economic assessment (“PEA”) on its 100% owned São Jorge Gold Project (“São Jorge”) in Pará State, Brazil and announces the results of an updated Mineral Resource Estimate (“MRE”).
- Indicated Mineral Resources of 0.71 million ounces gold (14.27 million tonnes grading 1.55 g/t gold) (see Table 1);
- Inferred Mineral Resources of 0.72 million ounces gold (17.58 million tonnes grading 1.27 g/t gold) (see Table 1);
- The MRE utilizes an optimized pit shell to constrain resources, a database of 145 drill holes totaling more than 37,000 metres and uses modernized cost and pricing assumptions including a US$1,600/oz gold price; and
- GoldMining has initiated work on a PEA at São Jorge to further evaluate the economic potential of an open-pit operation and advance opportunities to upgrade and expand the current resource base.
Alastair Still, Chief Executive Officer of GoldMining commented: “We are pleased with both the scale and grade of the new Mineral Resource Estimate. Building upon this solid foundation, the Company has launched a preliminary economic assessment and plans to initiate further work with the goal to upgrade and expand resources and evaluate underground mineral resource potential beneath the current open pit model at São Jorge.
Market Action
In the previous trading session, GLDG stock went down 0.56% to $1.77. The stock has traded 434K shares.
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