GoldMining Inc. Advances Rea Uranium Project With Exploration Drilling Approval, Alberta, Canada

Rhea-AI Summary

GoldMining Inc. (NYSE: GLDG) has received approval from the Alberta Energy Regulator for its uranium exploration program at the Rea Uranium Project in Western Athabasca Basin. The company owns 75% of the project, with Orano Canada Inc. holding the remaining 25%. The exploration program includes diamond core drilling of up to 15 drillholes, reaching a maximum depth of 500 meters for approximately 7,500 meters total. The Rea Project covers 125,328 hectares and contains three distinct corridors totaling over 70 km of prospective trends: Maybelle River (11 km), Net Lake (20 km), and Keane Lake (40 km). The project is strategically located near world-class uranium deposits, including Paladin Energy's Triple R and NexGen Energy's Arrow deposits. GoldMining has also received consultation adequacy from the Aboriginal Consultation Office of Alberta and remains committed to Indigenous engagement.

Positive

• Strategic location near world-class uranium deposits in the Athabasca Basin
• Large land package of 125,328 hectares with 70 km of prospective trends
• Regulatory approval received for exploration program
• Historic high-grade uranium discoveries nearby, including 17.7% U3O8 over 5.0 metres at Dragon Lake
• Partnership with established uranium company Orano Canada Inc.

Negative

• Project is in early exploration stage with no defined resource
• Requires significant capital investment for drilling program
• Remote location with seasonal access limitations

Insights

Mining and Uranium Exploration Analyst

GoldMining advances uranium ambitions with key regulatory approval for drilling in prolific Athabasca Basin near high-grade deposits.

This regulatory approval for GoldMining's Rea Uranium Project represents a significant operational milestone. The authorization permits up to 15 drill holes reaching 500 meters depth (approximately 7,500 total meters) in Alberta's Western Athabasca Basin – home to some of the world's richest uranium deposits.

The technical aspects are particularly compelling. The company has identified over 70 linear kilometers of basement conductive trends across three distinct corridors: Maybelle River (11km), Net Lake (20km), and Keane Lake (40km). These electromagnetic conductors typically represent graphite-bearing shear zones that host unconformity-style uranium mineralization in the Athabasca Basin – the exact geological setting responsible for world-class deposits.

The project's location enhances its potential value. It surrounds Orano's Dragon Lake prospect where historical drilling reported exceptional grades (17.7% U₃O₈ over 5 meters). Additionally, it sits just 60km from development-stage world-class deposits including Paladin Energy's Triple R and NexGen's Arrow.

Limited historical drilling on GoldMining's claims has already identified anomalous uranium values and pathfinder minerals including clay alteration and dravite – a mineral association commonly found with significant uranium deposits in the region. With 75% ownership of this 125,328-hectare land package, GoldMining has substantial exploration upside if drilling confirms economic mineralization.

Environmental and Regulatory Expert

This approval from the Alberta Energy Regulator removes a critical regulatory hurdle for advancing GoldMining's Rea Project. The authorization validates that their exploration plan satisfies provincial environmental and operational requirements – a significant milestone for a uranium project.

Equally important is the consultation adequacy decision from the Aboriginal Consultation Office of Alberta, confirming GoldMining has met indigenous engagement standards. Their commitment to "further engagement and dialogue" signals awareness of social license considerations essential in Canadian resource development.

The operational approach demonstrates environmental consciousness. By providing flexibility between ground-based options ("small portable tracked or skid-mounted drill rig") and helicopter-portable equipment, the company can adapt their methodology to minimize environmental impacts based on site-specific conditions.

This regulatory progress enhances project certainty in a jurisdiction known for rigorous oversight. For context, uranium projects face particularly thorough regulatory scrutiny given the nature of the commodity. By securing these approvals, GoldMining has cleared significant administrative barriers that often cause delays for exploration companies.

While this news confirms regulatory permission to proceed, it's worth noting the press release doesn't specify the timeline for initiating drilling operations or financing arrangements for the program. These represent the next practical considerations for advancing from approval to active exploration.

VANCOUVER, BC, May 1, 2025 /PRNewswire/ - GoldMining Inc. (the "Company" or "GoldMining") (TSX: GOLD) (NYSE American: GLDG) is pleased to report that its proposed metallic minerals exploration application for the Rea Uranium Project ("Rea Project") located in the Western Athabasca Basin, has been reviewed and authorized as an approved exploration program by the Alberta Energy Regulator.

The Rea Project is owned 75% by the Company and 25% by Orano Canada Inc. ("Orano") (for location see Figure 1). The large land package of approximately 125,328 hectares surrounds Oranoꞌs high-grade Dragon Lake prospect at its Maybelle River project. World-class uranium deposits located 60 km to the southeast of the Rea Project include Paladin Energy Limited's Triple R deposit and NexGen Energy Inc.'s Arrow deposit, which are currently in development.

Highlights:

• GoldMining's proposed uranium exploration program at the Rea Project has been approved to proceed by the Alberta Energy Regulator.
• The proposed exploration program includes diamond core drilling comprised of up to 15 drillholes. Drilling could potentially be completed by either a small portable tracked or skid-mounted drill rig for a ground-based program, or by a helicopter-portable rig.
• The proposed drillholes are anticipated to reach a maximum 500 metres depth for an approximate total drilling program of up to 7,500 metres.
• GoldMining has received a consultation adequacy decision from the Aboriginal Consultation Office of Alberta for the proposed exploration program. Although this decision on adequacy has been received, the Company is committed to further engagement and dialogue.

Alastair Still, Chief Executive Officer of GoldMining, commented: "The receipt of this approval to advance exploration at our prospective Rea uranium project is an important milestone and consistent with our strategy of seeking to unlock further value for our shareholders. Earlier work by our team highlighted the areas for follow-up exploration, outlined within three distinct corridors totaling over 70 km and each containing several individual drill targets exhibiting geophysical signatures consistent with known Athabasca Basin uranium deposits. We are extremely encouraged by the targets we have generated within the Athabasca Basin, an area that contains some of the world's largest and highest-grade uranium deposits.

From the early project planning stages, GoldMining has taken a proactive approach to Indigenous consultation and relationship building, and the Company is committed to further engagement and dialogue as we advance our exploration plans."

Rea Uranium Project

The Rea Project consists of 16 contiguous exploration permits covering approximately 125,328 hectares surrounding Oranoꞌs Maybelle River project, which hosts the relatively shallow, Dragon Lake prospect. The Rea Project is located approximately 175 km north-northeast of Fort McMurray, Alberta, which is serviced daily by commercial flights from Edmonton and Calgary. Access to the Project is by winter roads connecting Fort McKay and Fort Chipewyan, or by air charter flight.

Historic exploration programs were completed by Eldorado Nuclear Ltd. and Uranerz Exploration and Mining Limited ("Uranerz") from the mid-1970ꞌs to the late 1990ꞌs on ground now mostly covered by the Rea Project. The programs included various geochemical surveys, boulder prospecting, airborne and ground geophysics and diamond core drilling (137 drill holes totaling 28,751 metres). These programs led to the discovery of the Dragon Lake prospect in 1988 where Uranerz reported high-grade drill intersections including 17.7% U₃O₈ over 5.0 metres in MR-39 and 4.7% U₃O₈ over 1.7 metres in MR-34. Since that time, Orano has maintained a narrow zone of mineral leases, the 'Maybelle River' project, that covers the north to northwest trending electromagnetic ("EM") conductor that is directly associated with the Dragon Lake prospect.

In 2005 a large land package of mineral permits surrounding the entire Maybelle River project was staked by Brazilian Gold Corporation ("BGC") (formerly Red Dragon Resources Corp.), which became the 'Rea Project'. From 2005 to 2009 Orano (formerly Uramin Inc. and Areva Resources Canada Inc.) earned a 25% interest in the Rea Project under the terms of an option agreement. BGC, which retained 75% of the Rea Project, was subsequently acquired by Brazil Resources Inc. in 2013, which was then renamed GoldMining Inc. in 2016.

Reinterpretation of historic geophysical surveys, in addition to reprocessing and inversion modelling, has identified over 70 linear kilometres of basement conductive trends within the Company's Rea Project permits. The linear conductive trends are interpreted as geological basement-hosted graphite-bearing shear zones which are the primary structures that localize unconformity-style uranium mineralization in the overlying Athabasca Basin sediments. The total of 70 linear kilometres of prospective trend occurs across three distinct northwest trending corridors (see news releases dated June 13, 2024):

• The Maybelle River Corridor (11 km) trends northward from Orano's Maybelle River Project, which hosts shallow high-grade uranium mineralization at the Dragon Lake prospect.
  
  
  • Five historic drill holes tested a portion of the Maybelle River Corridor on the Company's Rea Project claims, intersecting anomalous uranium values in two holes. The remaining three drill holes intersected anomalous pathfinder elements and minerals, including clay alteration and dravite, a distinctive accessory mineral associated with many major Athabasca uranium occurrences.
• The Net Lake Corridor (20 km) has seen only wide spaced drilling (comprising 20 historic holes), with five holes intersecting anomalous uranium values and associated pathfinder elements and minerals.
  
  
• The Keane Lake Corridor (40 km) is largely untested except for two historic drill holes that intersected anomalous uranium values in the south-central area of the Rea Project.

Each of the three prospective corridors are interpreted as potentially significant and deeply rooted basement structures, which are known to be fundamental to the formation of Athabasca uranium deposits. Drill-proven fault and shear zones have been intersected in historical drilling on both the Maybelle River and Net Lake corridors. 

The Company's proposed exploration programs will include additional geophysical surveying and processing to refine uranium targets in advance of the proposed drilling program.

For details on the Rea Project please see "Technical Report on the Rea Property. Northeastern Alberta, Canada", dated effective September 12, 2014 (the "Rea Report"), available under the Company's profile at www.sedarplus.ca.

Qualified Person

Tim Smith, P. Geo., Vice President Exploration of GoldMining, has supervised the preparation of, and verified and approved, all other scientific and technical information herein this news release. Mr. Smith is also a qualified person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

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. The Company also owns approximately 21.5 million shares of Gold Royalty Corp. (NYSE American: GROY), 9.9 million shares of U.S. GoldMining Inc. (Nasdaq: USGO) and 26.3 million shares of NevGold Corp. (TSXV: NAU). See www.goldmining.com for additional information.

Notice to Readers

Technical disclosure regarding the Project has been prepared by the Company in accordance with NI 43-101. NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the U.S. Securities and Exchange Commission ("SEC") and the scientific and technical information contained in this news release may not be comparable to similar information disclosed by domestic United States companies subject to the SEC's reporting and disclosure requirements.

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 respecting the Company's expectations regarding the Project and expected work programs and often contain words such as "anticipate", "intend", "plan", "will", "would", estimate", "expect", "believe", "potential" and variations of such terms. Such 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, which may prove to be incorrect. Investors are cautioned that forward-looking statements involve risks and uncertainties, including, without limitation: the inherent risks involved in the exploration and development of mineral properties, fluctuating metal prices, unanticipated costs and expenses, risks related to government and environmental regulation, social, permitting and licensing matters, any inability to complete work programs as expected, the Company's plans with respect to the Project may change as a result of further planning or otherwise, 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 GoldMiningꞌs most recent Annual Information Form 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

What is the scope of GoldMining's (GLDG) approved exploration program at the Rea Uranium Project?

The approved program includes diamond core drilling of up to 15 drillholes, reaching 500 meters depth for approximately 7,500 meters total, using either a tracked/skid-mounted drill rig or helicopter-portable rig.

Where is GoldMining's (GLDG) Rea Uranium Project located and how large is it?

The Rea Project is located in the Western Athabasca Basin, approximately 175 km north-northeast of Fort McMurray, Alberta. It covers 125,328 hectares across 16 contiguous exploration permits.

What is the ownership structure of GoldMining's (GLDG) Rea Uranium Project?

GoldMining Inc. owns 75% of the Rea Project, while Orano Canada Inc. owns the remaining 25%.

What are the three main exploration corridors identified at GoldMining's (GLDG) Rea Project?

The three main corridors are the Maybelle River Corridor (11 km), the Net Lake Corridor (20 km), and the Keane Lake Corridor (40 km), totaling over 70 km of prospective trends.

What historical uranium grades were discovered near GoldMining's (GLDG) Rea Project?

Historic drilling at the nearby Dragon Lake prospect reported high-grade intersections including 17.7% U3O8 over 5.0 metres in MR-39 and 4.7% U3O8 over 1.7 metres in MR-34.