GoldMining Commences Pre-Feasibility Study and Begins Infill Drilling with Three Drills at the São Jorge Project, Brazil
The planned 6,000-metre campaign targets higher resource confidence and will supply samples for processing tests.
Sentiment and the balance of points
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Rhea-AI Summary
GoldMining (GLDG) has begun a pre-feasibility study and infill drilling at its wholly owned São Jorge gold project in Brazil.
Three rigs are active on an initial planned 6,000-metre program. GoldMining aims to improve resource confidence and upgrade inferred resources within the existing preliminary economic assessment's pit shell to higher-confidence categories. It expects drilling results to support an updated mineral resource estimate for the study, which it anticipates completing in the first half of 2028.
Fresh core samples will support metallurgical testing to help determine a processing route, while drilling data will inform open-pit stability analysis. Planning is also underway for geotechnical and groundwater drilling around the proposed pit and drilling beneath proposed infrastructure sites. The study is intended to further evaluate economic viability and refine capital and operating cost estimates.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate point. Forward-looking: it has not happened yet and may not happen.Pre-feasibility study commenced at São Jorge; GoldMining anticipates completion in the first half of 2028.
- Minor pointThree active rigs have begun an initial planned 6,000-metre infill drilling program.
- Minor point. Forward-looking: it has not happened yet and may not happen.Resource upgrade objective targets measured or indicated classification within the PEA pit shell and planned PFS pit.
- Minor point. Forward-looking: it has not happened yet and may not happen.Fresh core samples will support mineralogical and metallurgical testing to inform processing-route studies.
- Minor point. Forward-looking: it has not happened yet and may not happen.Geotechnical and groundwater drilling is being planned, alongside drilling beneath proposed infrastructure sites.
Negative
- None.
Key Figures
- Infill drilling program
- 6,000 metres
- Initial planned program at São Jorge
- Active drill rigs
- 3 rigs
- Diamond core drilling at São Jorge
- PFS expected completion
- First half of 2028
- Company-anticipated timeline
Historical Context
-
PFS work was starting and infill drilling preparation was nearing completion.
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Filed the São Jorge PEA technical report that provides the base case for the PFS.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
pre-feasibility study technical
mineral resource estimate technical
preliminary economic assessment technical
net present value financial
internal rate of return financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Highlights:
- Infill Drilling Underway: Three diamond core drill rigs have commenced drilling at Sao Jorge to execute an initial 6,000-metre infill drilling campaign.
- Objective to Enhance existing Mineral Resource Confidence: The objective of the program is to provide additional data for an updated mineral resource estimate ("MRE") with the goal of enhancing confidence in, and upgrading to indicated classification, the existing inferred resources within the pit shell currently contained in the Project's existing preliminary economic assessment (the "PEA").
- The Company anticipates that the results of the infill drilling will be used to prepare an updated MRE to support the PFS, which it currently anticipates will be completed in the first half of 2028.
- Project Studies: The infill drilling will produce fresh core samples required for future metallurgical test work, which will inform trade-off studies to determine the optimum process path for São Jorge mineralized material.
- De-Risking: Planning is also underway for geotechnical and hydrogeological drilling around the planned open pit mine, and condemnation drilling beneath proposed site infrastructure locations.
Alastair Still, Chief Executive Officer of GoldMining, commented: "Following the recent addition of our new Project Director to lead the Project's advancement, we are thrilled to officially launch the Pre-Feasibility Study, and we now have three core drills turning at São Jorge. This initial 6,000-metre program is designed to improve our resource confidence and to provide the geotechnical and metallurgical data necessary to optimize our mine plan and flowsheet. We believe we are well-positioned to continue to advance and de-risk this asset."
2026 Infill Drilling Program
The planned initial 6,000-metre diamond drilling program is designed to reduce drill spacing to provide higher confidence in the continuity of mineralization in areas where mineral resources are presently classified as inferred mineral resources. These zones are generally located around the margins of the main mineralized core of the São Jorge deposit. The objective is to improve interpreted geological and geostatistical continuity in order to classify all mineral resources contained within the pit shell of the Project's PEA, and planned PFS open pit mine design in the measured or indicated mineral resource categories.
In addition to resource conversion, the program will yield fresh core samples to facilitate advanced mineralogical sampling and metallurgical testing, as well as essential data for the geotechnical stability analysis of the proposed open pit and major site facilities. Three rigs are now active on the Program.
The PFS will build upon the base case established in the PEA and is intended to further evaluate the Project's economic viability and to refine capital and operating cost estimates.
About São Jorge
The São Jorge Gold Project is located in the Tapajós gold district in Pará State,
On June 11, 2026, the Company announced a PEA for São Jorge that envisaged a conventional open-pit operation and gravity/leach circuit processing 5,500 tonnes per day ("tpd") (1.9 million tonnes per annum ("Mtpa")) over a 10.6-year mine life. The PEA modelled a base case after-tax net present value at a
The PEA is preliminary in nature and includes inferred mineral resources, which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the PEA, including the conceptual economics set out therein, will be realized.
Further information regarding the Project, including the PEA referenced in this news release, please refer to the technical report titled "NI 43-101 Technical Report and Preliminary Economic Assessment for the São Jorge Gold Project, Pará State,
Qualified Person
Imola Götz, M.Sc., P.Eng., F.E.C., Vice President, Project Development, a "qualified person" as defined in NI 43-101, has supervised the preparation of, verified and approved the scientific and technical information contained in this news release.
About GoldMining Inc.
GoldMining Inc. is a public mineral exploration company focused on acquiring and developing 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, the U.S.A., Brazil, Colombia and Peru.
Cautionary Statement on Forward-looking Statements
Certain of the information contained in this news release constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws ("forward-looking statements"), which involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements regarding the scope, timing and expected outcomes of the PFS, including its anticipated completion in the first half of 2028; the timing, scope and objectives of the infill drilling program, and the objective to upgrade existing mineral resource estimates; the potential for any future development decision; the results of the PEA; the Company's plans and expectations regarding future opportunities and proposed work and future studies at the Project; and the Company's other plans and expectations regarding the Project. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in which GoldMining operates, including assumptions that drilling and study work will proceed as planned, that contractors, equipment and personnel will be available on a timely basis, that drilling results will support the planned resource conversion, and that required permits and financing will be obtained. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: the inherent risks involved in the exploration and development of mineral properties; fluctuating metal prices; unanticipated costs, expenses and delays; risks related to government and environmental regulation, social, permitting and licensing matters; and uncertainties relating to the availability and costs of financing needed in the future. These risks, as well as others, including those set forth in GoldMining's Annual Information Form for the year ended November 30, 2025, and other filings with Canadian securities regulators and the SEC, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements. There can be no assurance that forward-looking statements, or the material factors or assumptions used to develop such forward-looking statements, will prove to be accurate. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities law.
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SOURCE GoldMining Inc.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
When does GoldMining expect to complete the São Jorge pre-feasibility study?
GoldMining anticipates completing the São Jorge pre-feasibility study in the first half of 2028. Results from the infill drilling are expected to support an updated mineral resource estimate for the study.
What is the goal of GoldMining's São Jorge infill drilling program?
The initial planned 6,000-metre program aims to improve resource confidence by reducing drill spacing. GoldMining's objective is to classify all resources within the existing preliminary economic assessment's pit shell and planned pre-feasibility open-pit design as measured or indicated resources.
What economic assumptions underpin GoldMining's existing São Jorge preliminary assessment?
The preliminary assessment modelled an after-tax net present value of US$532 million at a 5% discount rate and an after-tax internal rate of return of 42.4%, using gold at US$3,500 per ounce. It envisaged a 10.6-year mine life averaging 51,250 ounces annually. These preliminary economics include inferred resources and are not certain to be realized.