GoldMining Launches São Jorge Pre-Feasibility Study With Three Rigs Drilling 6,000 Metres

GoldMining Inc. has begun a pre-feasibility study and started a planned 6,000-metre infill diamond core drilling program at its wholly owned São Jorge gold project in Pará State, Brazil, with three rigs active. The company announced the work on October 28, 2026, according to PR Newswire.

Three Rigs Turn at São Jorge

GoldMining is a Vancouver-based mineral exploration company that acquires and develops resource-stage gold and gold-copper projects across the Americas. The infill program is designed to reduce drill spacing and improve confidence in the continuity of mineralization in areas currently classified as inferred resources, which the company says sit around the margins of the main mineralized core of the São Jorge deposit.

The company aims to classify all mineral resources within the pit shell of the project's preliminary economic assessment, and within the planned pre-feasibility open pit design, as measured or indicated. The drilling will also produce fresh core for metallurgical test work and trade-off studies on the optimum process path, plus data for geotechnical stability analysis of the proposed open pit and major site facilities. Planning is underway for geotechnical and hydrogeological drilling around the planned open pit and condemnation drilling beneath proposed infrastructure sites.

"This initial 6,000-metre program is designed to improve our resource confidence and to provide the geotechnical and metallurgical data necessary to optimize our mine plan and flowsheet," Chief Executive Officer Alastair Still said.

São Jorge Economics From the June Study

According to akta.pro company records, GoldMining released a positive preliminary economic assessment for São Jorge in June 2026 showing a $532 million after-tax net present value at a 5% discount rate, a 42.4% internal rate of return at $3,500 per ounce gold, $202 million in initial capital expenditure, a 2.8-year payback and average annual production of about 51,250 ounces over a 10.6-year mine life. The same records list a debt-free balance sheet with $185 million in cash and publicly traded securities as of the first half of 2026.

Earlier Steps Toward Development

GoldMining appointed Imola Götz as Vice President, Project Development in March 2026 to lead engineering, procurement and project controls across its resource-stage portfolio, according to akta.pro company records. In June 2026, FinanzNachrichten.de reported that analyst attention had turned to GoldMining after positive preliminary economic assessments for São Jorge and its La Mina project in Colombia. The Streetwise Reports described São Jorge as a key asset for the company in a June 2026 piece on the project's study results.

When the Study Is Due

GoldMining said it currently anticipates completing the pre-feasibility study in the first half of 2028. The company said the study will build on the base case in the preliminary economic assessment and is intended to further evaluate the project's economic viability and refine capital and operating cost estimates.