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GoldMining Inc. (TSX: GOLD; NYSE-A: GLDG) has identified significant antimony intercepts in historical drill core at its Crucero project in southeastern Peru’s Department of Puno. The company’s recent validation work revealed hole DDH-43 intersected 93 meters grading 1.08 grams of gold per tonne and 0.69% antimony, while hole DDH-37 returned 60 meters at 0.92 grams of gold and 0.97% antimony from depths of 71 meters and 244 meters, respectively.
The price of antimony has surged dramatically, tripling over the past year from approximately $11,600 per tonne to around $55,000 per tonne. GoldMining intends to leverage this spike in pricing to incorporate the antimony findings into a new resource estimate. Current resources at Crucero include an indicated resource of 30.6 million tonnes grading 1 gram of gold and an inferred resource of 35.8 million tonnes at the same grade.
GoldMining’s shares traded at C$1.10, and the company’s market capitalization stands at about C$219 million. The company is exploring ways to enhance its project economics by integrating antimony into its gold models, pending future works and analyses.
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