GoldMining's Crucero Project Indicated Resources Up 75% to 1.74Moz AuEq with Antimony
GoldMining expanded the Crucero Project indicated resource to 42.7Mt at 1.26g/t AuEq (1.74Moz AuEq) and inferred to 34.9Mt at 0.93g/t AuEq (1.04Moz AuEq). Antimony accounts for 25% of indicated AuEq ounces and 29% of inferred, driving a 75% increase in indicated gold equivalent ounces versus the 2017 estimate.
1. Updated Mineral Resource Estimate
GoldMining reported an updated MRE at Crucero with indicated resources of 42.7 million tonnes grading 1.26 g/t gold equivalent for 1.74 million ounces and inferred resources of 34.9 million tonnes at 0.93 g/t AuEq for 1.04 million ounces, based on a 0.3 g/t AuEq cut-off.
2. Antimony Contribution
For the first time antimony was modelled in the estimate, contributing 25% of the indicated AuEq ounces and 29% of inferred, reflecting the presence of stibnite and adding significant value to the deposit’s gold equivalent grade.
3. Pit Shell and Economic Assumptions
The MRE is constrained within a conceptual open pit using long-term average prices of US$3,110/oz for gold and US$28,700/t for antimony, with assumed metallurgical recoveries of 90%, mining costs of US$2.50/t and processing costs of US$20.00/t.
4. Next Steps
GoldMining plans to file a detailed NI 43-101 technical report within 45 days, which will include methodology and procedures, while future exploration will target additional zones beyond the current A1 Zone footprint.