GoldMining Inc. (TSE: GOLD) (NYSE American: GLDG) (FRA: BSR) has mobilized its drilling equipment and geology staff to start its exploration program at its São Jorge Project in the Tapajós gold district, Pará State, Brazil.
The company announced on Monday that its intended planned core drilling campaign is slated for up to 5,000 meters.
The company plans to complete up to 3,000 metres of additional auger drilling and collect up to 6,000 soil samples as part of its ongoing exploration efforts. It will also conduct an airborne Lidar survey and implement ground geophysical work, including Induced Polarisation (IP). Field activities will operate out of the existing São Jorge exploration camp, which accommodates 35 people, is connected to grid power, and lies approximately two kilometres from paved Highway 163.
The São Jorge Gold Project sits within the Tapajós gold district in the south-central region of the Amazon Craton. The mineral deposit at São Jorge is best classified as a granite-hosted, intrusion-related gold system, similar in nature to the Tocantinzinho gold deposit located approximately 80 kilometres to the northwest.
Over the past two years, the company has actively advanced exploration activities that successfully identified several new targets. These targets are defined by gold, copper, molybdenum and silver soil geochemical anomalies. These together outline a potentially large mineral system. Furthermore, this system spans a geochemical footprint of approximately 12 kilometres by 7 kilometres surrounding the main deposit.
The company has started fieldwork, including soil sampling, mapping, and prospecting, and is now mobilizing drill rigs and crews. It plans to use two diamond core drill rigs for the 2025 program. Layne Drilling, which completed the 2024 program efficiently and without safety or environmental incidents, will carry out the work.
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High grade intercepts at William South found new targets
The initial drill program will include fences of drill holes targeting potential extensions of the deposit to the northwest and southeast. Based on results, the GoldMining may add step-out drill fences along strike to continue testing the structural corridor.
“The excellent infrastructure of the project including an existing 35-person camp, easy access to paved highway and grid power, as well as local supply chain, services and workers, has allowed a rapid ramp-up of our exploration activities,” said Alastair Still, CEO of GoldMining.
“Systematic drilling to target expansion of the São Jorge deposit along strike and to test new zones highlighted by geochemical and geophysical targets, has us ideally positioned to better quantify the gold endowment of a highly prospective regional-scale property in the rapidly emerging Tapajós gold district.”
Additionally, in 2024, high-grade shallow auger intercepts at the William South prospect identified compelling new gold targets. These results showed strong potential for new discoveries within the broader São Jorge mineral system. The 2025 program will also include the first deeper drill testing of these targets.
In addition, GoldMining released its latest consolidated interim financial statements earlier this month.
The report shows that cash and cash equivalents fell from USD$11.8 million in November 2024 to USD$9.2 million in February 2025. This decline signals reduced liquidity.
Meanwhile, total equity attributable to shareholders rose slightly from USD$113.7 million to USD$116.7 million. Despite lower liquidity, the company maintained a stable financial position. This update offers stakeholders a clearer view of the company’s financial health and recent operational decisions.
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