GoldMining outlines 1m oz resource at Almaden

The Almaden project is Located 140 km north of Boise, Idaho, pictured here. (Adobe Stock)

GoldMining has announced a mineral resource estimate for its wholly owned 17.2-sq.-km Almaden project, 140 km north of Boise, Idaho.

The pit-constrained estimate includes 43.5 million indicated tonnes grading 0.65 g/t gold for a total of 910,000 contained oz. with a further 9.2 million tonnes inferred at 0.56 g/t gold containing 160,000 gold oz. These resources were derived using a cut-off grade of 0.3 g/t 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 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 also highlighted the exploration potential of the deposit, given that the current drilling extends down to an average depth of approximately 75 metres.

The current deposit was previously drilled between 1980 and 2012 by Homestake and Amax Gold

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 current deposit was previously drilled between 1980 and 2012 by Homestake and Amax Gold.

GoldMining holds 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 the Western Athabasca Basin in Alberta.

Midday Wednesday, GoldMining's stock was down nearly 2% on the TSE. The company has a C$212 million market capitalization.

(This article first appeared in the Canadian Mining Journal)