GoldMining Inc. (TSX: GOLD) (NYSE American: GLDG) is pleased to announce additional assay results from its recently completed five hole 3,485 metre (m) 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, located in the Middle Cauca Porphyry Belt, Antioquia, Colombia.

Highlights

• The 2022 drilling program has discovered extensions of previously identified gold-copper porphyry mineralization at the La Garrucha target, which is within the La Mina Project.
• Assay results returned to date from the 2022 drilling program have almost doubled the size of the La Garrucha gold-copper porphyry mineral system to at least 400 m strike and 775 m below surface, with the system remaining open to the southeast and to depth.
• LME1108 includes a ‘Main Zone’ intercept of:

431.23 m at 0.55 grams per tonne gold and 0.12 percent copper, or alternatively expressed as 0.73 g/t gold equivalent, from 181.27 m downhole.

• La Garrucha lies approximately one kilometre east of existing estimated mineral resources within the La Cantera and Middle Zone deposits.
• Pending receipt of all drill assays the La Garrucha gold-copper porphyry mineral system will undergo geological modelling and will be included in an updated mineral resource estimate for the La Mina Project expected to be initiated in the fourth quarter of 2022, with the intention to initiate an updated La Mina Preliminary Economic Assessment (“PEA”) in 2023.

Alastair Still, CEO of GoldMining, commented, “Our team has competed our first exploration drilling program in Colombia safely and on budget, and we are very pleased with the initial drill results to date, targeting the expansion of the La Garrucha discovery at the La Mina Project. Results from LME1108 will help define the size of the mineralized system, which extends for hundreds of metres and remains open for further expansion. While we still have assay results pending from the final hole drilled in the program, we currently plan to initiate an update to the mineral resource estimate in the fourth quarter of 2022, consistent with our focused approach to unlocking value from our portfolio of gold and gold-copper projects located throughout the Americas.”

Tim Smith, VP Exploration of GoldMining, commented, “The re-entry of LME1108 has extended gold-copper porphyry mineralization over 300 metres deeper than all previous drilling completed at La Garrucha and represents the deepest drilling completed thus far for the entire La Mina Project. This continuity of mineralization to depth provides a new vector for the ongoing exploration of the broader La Mina mineral system. We expect that the synthesis of geological, geochemical and geophysical data amassed from the historic and recent drilling will allow the GoldMining team to identify and prioritize additional targets for future exploration campaigns.”

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). On June 23, 2022, the Company announced interim results from the first two holes of the drilling program, including the initial entry of LME1108 which returned 345.54 m at 0.57 g/t Au and 0.12% Cu (0.74 g/t AuEq), from 254.95 m depth. As of the previous reporting date, LME1108 ended in mineralization and up-hole assays had not yet been returned. The Company has subsequently completed a re-entry extension of LME1108 to a total depth of 915.49 m and is now pleased to present comprehensive results for LME1108 which extends mineralization up-hole via additional assay results received, and from the deeper down-hole extension via re-entry drilling.

LME1108 Total Mineralized Porphyry Envelope (extended up- and down-hole via additional core sampling and drill hole re-entry respectively):

In addition to re-entry of LME1108, a new fence of drilling located a further 100 metres along strike targeted the edge of the magnetic high associated with the La Garrucha target to test the extents of porphyry mineralization. Drill holes LME1109 and LME1110 intersected broad low-grade porphyry mineralization and both holes ended in low-grade mineralization. Although the underlying magnetic ‘high’ is waning to the southeast, the edges of the host porphyry intrusion have not yet been defined and therefore the mineral system remains open along strike to the southeast. The drill logs and multi-element assay results will be analyzed against a three-dimensional inversion model of the magnetic response to determine whether the system could be extended further to the southeast by drilling.

Comprehensive assay intercepts for LME1107 and LME1108, and partial assay results from holes LME1109 and LME1110, can be found in Table 1.

The 2022 La Garrucha drilling targeted strike and depth extensions of the previously intersected gold-copper mineralized porphyry intrusive system, last drilled in 2011 by Bellhaven Copper & Gold Inc. prior to its acquisition by GoldMining. Selected intercepts from the previous drilling are listed below and a comprehensive summary of historic La Garrucha intercepts is also provided in Table 1.

A fifth and final drill hole of the 2022 program, LME1111, was drilled to provide improved confidence of the continuity of the porphyry mineral system between the previous Bellhaven drilling and the recently completed GoldMining drilling (see Figure 2). Core logging and sampling of LME1111 is currently being completed, with assays to be reported as they become available.

La Garrucha gold and copper mineralization is coincident with potassic alteration in the core of the porphyry intrusive complex. Potassic alteration is 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.

With the 2022 step out drilling the La Garrucha porphyry mineral system now extends over 400 m strike and 300 m width. To depth, the re-entry extension of LME1008 has extended mineralization from a previously intersected maximum depth of 450 m below surface, to approximately 775 m below surface where the porphyry mineral system remains open to depth (see Figure 3).

Geological interpretation of the La Garrucha drilling program will extend to encompass re-logging of the previous Bellhaven core, to place copper and gold mineralization in spatial and temporal context with the hosting La Garrucha porphyry intrusive complex and also to compare against the other La Mina porphyry deposits at La Cantera and Middle Zone. Geological three-dimensional modelling and subsequent geostatistical modelling will be completed during Q4 2022 with the intention to initiate an updated mineral resource estimate by year-end including the La Garrucha mineralization, with current plans to update the La Mina PEA in 2023.

Additional information regarding the La Mina Project, including existing resource estimates and historic 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, which is available on the Company’s website at www.goldmining.com.

Table 1 – La Garrucha gold assay intercepts from 2022 drilling program received as of 13^th September 2022 and drill intercepts for historic Bellhaven drilling.

Table 2 –La Garrucha drillhole 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.

Data Verification

For this program of drill core sampling, 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 and is independent of GoldMining.  GoldMining has implemented a stringent quality assurance and quality-control (QA/QC) program for the sampling and analysis of drill core which includes 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).  Repeats were also carried out by fire-assay.  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.