Highlights:
•Resource estimate completed for the Almaden Project with 910,000 ounces gold grading 0.65 g/t gold in the indicated category and 160,000 ounces gold grading 0.56 g/t gold in the inferred category (Table 1);
•Historic drilling (70,234 m in 934 holes) and metallurgical test work completed on the Project, which hosts outcropping, low-sulphidation epithermal gold mineralization;
•Similar mineralization occurs at Hecla Mining's Hollister and Midas Mines in northern Nevada, and Integra Resources' Delamar and Florida Canyon development projects in southwest Idaho; and
•Increases GoldMining's global (11 projects, 5 countries) aggregated mineral resource (Fig. 1 and Table 2) to: ?11.4 Moz gold (14.3 Moz gold equivalent) in the measured and indicated categories; and
?13.8 Moz gold (16.6 Moz gold equivalent) in the inferred category.


Vancouver, British Columbia – June 3, 2020 – GoldMining Inc. (the "Company" or "GoldMining") (TSX: GOLD; OTCQX: GLDLF) is pleased to announce a mineral resource estimate for its 100% owned Almaden Gold Project ("Almaden" or the "Project") located in Idaho.

The mineral resource estimate was prepared by Global Mineral Resource Services of Vancouver, Canada and includes a pit constrained indicated resource of 43,470,000 tonnes grading 0.65 g/t gold (910,000 ounces) and an inferred resource of 9,150,000 tonnes grading 0.56 g/t gold (160,000 ounces) using a 0.3 g/t gold cut-off.

Garnet Dawson, CEO of GoldMining, commented:

“Almaden's near surface resource is mostly in the indicated category (approximately 85%), which facilitates potential economic studies without the major expense of infill drill programs to upgrade inferred resources to measured and indicated categories.

Future exploration programs will look to model metallurgical recoveries across the deposit along with additional metallurgical test work to determine potential processing scenarios before undertaking a potential future preliminary economic assessment. Exploration potential and upside for future resource growth is believed to be high given the shallow average depth of existing drilling of approximately 75 metres.

Together with our resource estimate for our Yarumalito project, the Almaden resource estimate marks the second resource estimate completed by our team in 2020. This is a testament to our team's continued dedication to our long-term strategy and builds on the value generated by our recent acquisitions."

Figure 1: GoldMining's Gold Resource Acquisitions in the Americas from 2012 to 2020 (See Table 2 for information on individual estimates).

Almaden Project

The Almaden Project covers approximately 1,724 Ha and is located 140 km by road north of Boise and 24 km east of Weiser in Washington County, Idaho.

Almaden is one of several low-sulphidation epithermal gold deposits related to the Northern Nevada Rift that includes Hecla Mining Company's Hollister and Midas Mines in northern Nevada and Integra Resources Corp.'s Delmar and Florida Canyon projects in southwest Idaho.

Gold mineralization is associated with intense silicification and argillic alteration that measures approximately 1,900 m long by 500 m wide by 150 m thick. The deposit was intermittently drilled (70,234 m in 934 holes) from 1980 to 2012 by several companies including Homestake and Amax Gold Inc.

Resource Estimate

The following table sets forth the mineral resource estimate for the Almaden Gold Project, which has an effective date of April 1, 2020.

Table 1: Almaden Resource Estimate1 using a 0.3 g/t gold cut-off.

Classification Tonnes Gold Grade Gold Ounces
g/t oz
Indicated 43,470,000 0.65 910,000
Inferred 9,150,000 0.56 160,000


1)Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the
mineral resources will be converted into mineral reserves. The estimate of mineral resources may be materially affected by environmental permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.

The Almaden deposit was modelled on a series of east-west cross-sections spaced approximately 30.5 m (100 ft) apart from which a three-dimensional wireframe model was constructed for the mineralized zone at an approximate grade boundary of 0.035 g/t gold. Assay samples (37,734) within the mineralized solid were predominantly (95%) 1.5 m (5 ft) in length and therefore all samples were composited at 1.5 m (5 ft) for resource estimation. Variography was used to model the grade continuity and to determine the search ellipse orientations and dimensions for interpolation. Ordinary kriging was used to estimate gold grades in a single pass into blocks measuring 5.2 m (20 ft) by 9.1 m (30 ft) by 3.0 m (10 ft) in dimension. For a grade to be interpolated into a block it was necessary that a minimum of two and a maximum of six composites be located within the volume of the search ellipse. A maximum of one composite was allowed per drill hole to ensure that geological continuity was demonstrated by requiring that each block was informed by a minimum of two drill holes. The estimation process calculated a volume/block for each block within the constraining grade shell. Average bulk density of 2.50 g/cm3 (100 measurements) was used to convert block model volumes to tonnages.

The block model was validated in three ways:
1.Visual comparison of block values with underlying drill hole composite values,
2.Comparison of descriptive statistics for the gold block values with assay and composite values, and
3.Swath plots of gold composites, gold block grades and modeled tonnage.

Resources were classified as indicated and inferred based on drill hole spacing.

Reasonable prospects for eventual economic extraction of the resource were met by reporting the resource within a conceptual pit shell. The conceptual pit delineated resource is reported within a pit shell using an assumed gold price of US$1,500/oz, pit slope of 45º, mining cost of US$2.25/t and processing cost of US$10.00/t.

Further details regarding the foregoing estimate, including the estimation methods and procedures, will be available in a NI 43-101 Technical Report, which will be filed on SEDAR (www.sedar.com) under the Company's profile within 45 days from the date hereof.

Quality Control – Quality Assurance Program

The above resource estimate was based on drilling programs completed by previous operators. The drill programs incorporated control samples including blanks, duplicates and standards as part of their Quality Control – Quality Assurance Program. The control samples from the drill programs have been reviewed and verified by the Qualified Persons (as defined herein) and the assay results were deemed suitable for resource estimation.

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