GoldMining Inc. (TSX: GOLD) (NYSE American: GLDG) is pleased to announce assay results from the final hole of its recently completed five hole 3,485 metre drilling program on the La Garrucha target, located less than one kilometre to the east of existing mineral resources on the Company’s 100% owned La Mina Project in the Middle Cauca Porphyry Belt, Antioquia, Colombia.

Highlights

Drill Hole LME1111 results include;

• 251.46 m @ 0.60 g/t Au and 0.08% Cu, or alternatively expressed as 0.72 g/t gold equivalent (AuEq), from 166.04 m; including
• 118.31 m @ 0.89 g/t Au and 0.08% Cu, or 1.01 g/t AuEq from 256.85 m

Including higher-grade intersections:

• • 13.55 m @ 1.32 g/t Au and 0.10% Cu, or 1.47 g/t AuEq from 266.85 m
  • 29.80 m @ 1.10 g/t Au and 0.07% Cu, or 1.20 g/t AuEq from 297.95 m
  • 35.49 m @ 1.03 g/t Au and 0.11% Cu, or 1.19 g/t AuEq from 339.67 m

Alastair Still, CEO, commented, “The 2022 drilling program has successfully discovered extensions of previously identified gold-copper porphyry mineralization at the La Garrucha target and has almost doubled the strike and depth of the system, which remains open to the southeast and at depth. The latest drill results help demonstrate the geological continuity and higher-grade core of this mineralized system. These results along with drilling from historic exploration programs will be used to initiate an updated mineral resource estimate for the La Mina Project in the fourth quarter of 2022 with the intention to complete an updated Preliminary Economic Assessment in 2023.”

Tim Smith, VP Exploration, commented, “LME1111 provides geological continuity between the previous Bellhaven drill holes and the recently announced step out drill holes completed by GoldMining, which include intercepts of 207.95 m at 0.62 g/t AuEq in LME1107 and 431.23 m at 0.73 g/t AuEq in LME1108.  LME1111 intersected the hanging wall of the La Garrucha porphyry at the depth modelled, providing confirmation of our three-dimensional geological model and adding confidence to future mineral resource estimation including the presence of a higher-grade core of the system.”

Drill Program Details and Geological Description

From late March through to mid-August 2022, GoldMining completed a diamond core drilling program comprising five drill holes for 3,485 m at its La Garrucha target within the La Mina Project (see Figures 1 & 2). Comprehensive assay intercepts for the entire drill program, including the last hole of program LME1111, can be found in Table 1.

LME1111 was drilled to improve confidence in the continuity of the porphyry mineral system between the previous Bellhaven drilling and the recently completed GoldMining step out drilling (see Figure 2). Additionally, LME1111, was oriented to drill orthogonally across the steep easterly dip of the overall system compared with previous Bellhaven drilling, which drilled obliquely. LME1111 intersected the core of the porphyry system providing important information about the continuity and geometry of the higher-grade portions of the porphyry system.

Gold and copper mineralization in the La Garrucha porphyry intrusive complex is accompanied by strong potassic alteration, characterized by secondary potassium feldspar and biotite, disseminated and vein magnetite, quartz stockwork veining and both vein-hosted and disseminated sulphides that include pyrite, chalcopyrite and lesser bornite. LME1111 intersected a core zone of more intensive A-vein type quartz veining associated with higher gold grades.

The La Garrucha porphyry mineral system now measures over 400 m in strike length by 300 m in width and deeper drilling has extended mineralization from a previously intersected maximum depth of 450 m to approximately 775 m below surface where the porphyry mineral system remains open.

Geological interpretation of the La Garrucha drilling program is now underway and includes comprehensive lithological, alteration and structural logging of new core and re-logging of historic Bellhaven core. This work will be used to place the copper and gold mineralization in spatial and temporal context with the hosting La Garrucha porphyry intrusive complex and other La Mina porphyry deposits at La Cantera and Middle Zone. Metallurgical testwork, three-dimensional modelling of geology and subsequent geostatistical modelling will be completed during fourth quarter 2022 to initiate an updated pit constrained mineral resource estimate by year-end. Current plans are to complete an updated PEA for La Mina in 2023 that will include resources outlined at Middle Zone, La Cantera and La Garrucha.

Additional information regarding the La Mina Project, including existing resource estimates and historical work at the project, is set out in the technical report titled “NI 43-101 Technical Report and Preliminary Economic Assessment, La Mina Project, Antioquia, Republic of Colombia” with an effective date of January 12, 2022 (“La Mina Technical Report and PEA”), which is available on the Company’s website at www.goldmining.com and under the Company’s profile on www.sedar.com.

Table 1 – La Garrucha assay intercepts from the 2022 drilling program received as of September 28, 2022.

Table 2 – La Garrucha 2022 drill hole collar location coordinates.

Qualified Person

Paulo Pereira, P. Geo., President of GoldMining, has reviewed and approved the technical information contained in this news release. Mr. Pereira is a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Data Verification

For this drill core sampling program, samples were taken from the NQ/HQ core by sawing the drill core in half, with one-half sent to ALS Colombia LTDA in Medellín for assaying and the other half retained for future reference. Sample lengths downhole range from a minimum of 0.50 m to a maximum of 2.10 m. ALS Colombia LTDA is a certified commercial laboratory located in Medellín, Antioquia, Colombia, independent of GoldMining. GoldMining has implemented a stringent quality assurance and quality-control (QA/QC) program for the sampling and analysis of drill core including insertion of duplicates, mineralized standards and blank samples for each batch of 100 samples. The gold analyses were completed by ALS Au-AA23 method (fire-assay with an atomic absorption finish on 30 grams of material). Copper analyses were completed by ALS ME-ICP61 method (four acid digest with ICP analysis).

About GoldMining Inc.

GoldMining Inc. is a public mineral exploration company focused on the acquisition and development of gold assets in the Americas. Through its disciplined acquisition strategy, GoldMining now controls a diversified portfolio of resource-stage gold and gold-copper projects in Canada, U.S.A., Brazil, Colombia, and Peru. The Company also owns more than 20 million shares of Gold Royalty Corp. (NYSE American: GROY).

Figure 1 – La Mina Project, deposits and exploration targets, Antioquia, Colombia. (CNW Group/GoldMining Inc.)

Figure 2 – La Garrucha drill hole locations, La Mina Project, Antioquia, Colombia. (CNW Group/GoldMining Inc.)

Figure 3 – La Garrucha drill hole Section 3, facing north (see section trace on Figure 2). (CNW Group/GoldMining Inc.)