GoldMining has announced the completion of a maiden mineral resource estimate for the Yarumalito gold-copper project in Antioquia, Colombia.

Global Mineral Resource Services has prepared the mineral resource estimate for the project, which is 100% owned by GoldMining.

The estimates strengthens GoldMining’s position of holding one of the largest global resource-stage gold portfolios among mid- and junior-tier mining companies.

The mineral resource estimate includes a pit constrained inferred resource of 66,271,000 tonnes grading 0.58 g/t gold (1,236,000 ounces) and 0.09% copper (129,262,000 pounds).

Yarumalito project is GoldMining’s third acquisition in the Mid Cauca Belt

The Yarumalito project is located approximately 75km southwest of the city of Medellin in the Department of Antioquia in Central Colombia.

It is approximately 40km south of GoldMining’s La Mina project.

The project is comprised of one concession for a total area of approximately 1,453ha.

GoldMining said that exploration programmes carried out from 2008 to 2013 outlined several geophysical and geochemical anomalies across the property including the Obispo, La Suiza, Balastreras, Escuela, El Guaico and El Sucre targets.

During that period, the diamond drill programmes mainly focused on the Balastreras-Escuela mineralization on the property.

Yarumalito is GoldMining’s third acquisition in the Mid Cauca Belt of central Colombia.

The region also hosts several multi-million ounce gold deposits owned by Zijin Mining, B2Gold and Anglogold Ashanti.

In December 2019, the company completed its indirect acquisition of the project from Newrange Gold.

Following the completion of mineral resource estimate for Yarumalito. GoldMining global aggregated mineral resource now includes 10.5Moz gold in the measured and indicated categories; and 13.7Moz gold in the inferred category.