GoldMining Updates Crucero Project Mineral Resource Estimate in Peru
GoldMining Inc. (“GoldMining” or the “Company”) has released an updated Mineral Resource Estimate (MRE) for its wholly owned Crucero Project located in Carabaya Province, Peru. The revised estimate has been prepared in accordance with National Instrument 43-101 (NI 43-101) disclosure standards.
Key Highlights
Key Highlights
- Indicated Resources: 42.7 million tonnes (Mt) grading 1.26 g/t gold equivalent (AuEq), containing approximately 1.74 million ounces (Moz) of AuEq.
- Inferred Resources: 34.9 Mt at 0.93 g/t AuEq, totaling about 1.04 Moz AuEq.
- Antimony has been incorporated into the resource model for the first time and represents roughly 25% of indicated AuEq ounces and 29% of inferred AuEq ounces.
- Indicated gold-equivalent ounces have grown by around 75% compared with the 2017 resource estimate.
- The estimate is constrained within a conceptual open-pit shell using long-term pricing assumptions of US$3,110 per ounce for gold and US$28,700 per tonne for antimony.
GoldMining CEO Alastair Still stated that the updated estimate marks a significant milestone, particularly with the inclusion of antimony, a globally recognized critical mineral. He noted that indicated resources have increased substantially based on conservative gold pricing assumptions that are well below current market levels, highlighting the project’s potential for further value creation through co-occurring gold and antimony mineralization.
For reference, the prior 2017 MRE reported 30.6 Mt at 1.0 g/t gold for 0.99 Moz indicated resources and 35.8 Mt at 1.0 g/t gold for 1.1 Moz inferred resources, using a gold price of US$1,500 per ounce and a 0.40 g/t cutoff.
Updated Technical Overview
Global Mineral Resource Services (GMRS) was commissioned to prepare the revised MRE and an independent technical report, with an effective date of February 4, 2026. The NI 43-101 technical report is expected to be filed within 45 days and will detail the estimation methodology.
The Crucero Project is situated in southeastern Peru and hosts orogenic gold-antimony mineralization within Lower Paleozoic metasedimentary rocks of the Ambo and Ananea Groups. Historical exploration between 1996 and 2012 included mapping, geochemical sampling, trenching, geophysical surveys, drilling, and metallurgical testing, with drilling primarily focused on the A1 Zone.
The property comprises eight mining concessions covering approximately 4,600 hectares and is fully owned by GoldMining through its subsidiary, Blue Rock Mining S.A.C.
The A1 Zone extends roughly 750 meters along strike, about 100 meters in width, and has been traced to a depth of around 400 meters. Mineralization occurs mainly in mudstones and siltstones, with gold associated with sulphide minerals such as pyrite, pyrrhotite, arsenopyrite, and stibnite. Although quartz veins are not widespread, the highest gold grades are linked to quartz veining.
Summary of 2026 Mineral Resource Estimate (0.3 g/t AuEq Cutoff)
For reference, the prior 2017 MRE reported 30.6 Mt at 1.0 g/t gold for 0.99 Moz indicated resources and 35.8 Mt at 1.0 g/t gold for 1.1 Moz inferred resources, using a gold price of US$1,500 per ounce and a 0.40 g/t cutoff.
Updated Technical Overview
Global Mineral Resource Services (GMRS) was commissioned to prepare the revised MRE and an independent technical report, with an effective date of February 4, 2026. The NI 43-101 technical report is expected to be filed within 45 days and will detail the estimation methodology.
The Crucero Project is situated in southeastern Peru and hosts orogenic gold-antimony mineralization within Lower Paleozoic metasedimentary rocks of the Ambo and Ananea Groups. Historical exploration between 1996 and 2012 included mapping, geochemical sampling, trenching, geophysical surveys, drilling, and metallurgical testing, with drilling primarily focused on the A1 Zone.
The property comprises eight mining concessions covering approximately 4,600 hectares and is fully owned by GoldMining through its subsidiary, Blue Rock Mining S.A.C.
The A1 Zone extends roughly 750 meters along strike, about 100 meters in width, and has been traced to a depth of around 400 meters. Mineralization occurs mainly in mudstones and siltstones, with gold associated with sulphide minerals such as pyrite, pyrrhotite, arsenopyrite, and stibnite. Although quartz veins are not widespread, the highest gold grades are linked to quartz veining.
Summary of 2026 Mineral Resource Estimate (0.3 g/t AuEq Cutoff)
| Category | Tonnage (t) | AuEq Grade (g/t) | Au Grade (g/t) | Sb Grade (%) | Contained AuEq (oz) | Contained Au (oz) | Contained Sb (t) |
|---|---|---|---|---|---|---|---|
| Indicated | 42,707,000 | 1.26 | 0.95 | 0.12 | 1,736,000 | 1,308,000 | 51,000 |
| Inferred | 34,882,000 | 0.93 | 0.65 | 0.11 | 1,038,000 | 732,000 | 37,000 |
Notes:
- Mineral Resources are not Mineral Reserves and do not demonstrate economic viability.
- Resources are constrained within a conceptual pit using assumed commodity prices, recovery rates, and operating costs.
- Grades and tonnages are reported undiluted and rounded for accuracy.
- Gold-equivalent calculations incorporate antimony contributions and assumed recoveries.
Qualified Persons
Gregory Z. Mosher, P.Geo., Principal Geologist at GMRS, reviewed and approved the MRE data as an independent qualified person under NI 43-101. Tim Smith, Vice President Exploration at GoldMining, supervised and verified the remaining technical information and also serves as a qualified person.
Companies