GoldMining Inc. announced additional assay results from its recently completed five hole 3,485 metre (m) drilling program on the La Garrucha target, located less than one kilometre to the east of existing mineral resources on the Company's 100% owned La Mina Project ("La Mina"), located in the Middle Cauca Porphyry Belt, Antioquia, Colombia. From late March through to mid-August 2022 GoldMining completed a diamond core drilling program, comprising five drill holes for 3,485 m at its La Garrucha target within the La Mina Project (see Figures 1 & 2). On June 23, 2022, the Company announced interim results from the first two holes of the drilling program, including the initial entry of LME1108 which returned 345.54 m at 0.57 g/t Au and 0.12% Cu (0.74 g/t AuEq), from 254.95 m depth.

As of the previous reporting date, LME1108 ended in mineralization and up-hole assays had not yet been returned. The Company has subsequently completed a re-entry extension of LME1108 to a total depth of 915.49 m and is now pleased to present comprehensive results for LME1108 which extends mineralization up-hole via additional assay results received, and from the deeper down-hole extension via re-entry drilling. In addition to re-entry of LME1108, a new fence of drilling located a further 100 metres along strike targeted the edge of the magnetic high associated with the La Garrucha target to test the extents of porphyry mineralization.

Drill holes LME1109 and LME1110 intersected broad low-grade porphyry mineralization and both holes ended in low-grade mineralization. Although the underlying magnetic 'high' is waning to the southeast, the edges of the host porphyry intrusion have not yet been defined and therefore the mineral system remains open along strike to the southeast. The drill logs and multi-element assay results will be analyzed against a three-dimensional inversion model of the magnetic response to determine whether the system could be extended further to the southeast by drilling.

Comprehensive assay intercepts for LME1107 and LME1108, and partial assay results from holes LME1109 and LME1110. The 2022 La Garrucha drilling targeted strike and depth extensions of the previously intersected gold-copper mineralized porphyry intrusive system, last drilled in 2011 by Bellhaven Copper & Gold Inc. ("Bellhaven") prior to its acquisition by GoldMining. A fifth and final drill hole of the 2022 program, LME1111, was drilled to provide improved confidence of the continuity of the porphyry mineral system between the previous Bellhaven drilling and the recently completed GoldMining drilling.

Core logging and sampling of LME1111 is currently being completed, with assays to be reported as they become available. La Garrucha gold and copper mineralization is coincident with potassic alteration in the core of the porphyry intrusive complex. Potassic alteration is characterized by secondary potassium feldspar and biotite, disseminated and vein magnetite, quartz stockwork veining and both vein-hosted and disseminated sulphides that include pyrite, chalcopyrite and lesser bornite. With the 2022 step out drilling the La Garrucha porphyry mineral system now extends over 400 m strike and 300 m width. To depth, the re-entry extension of LME1008 has extended mineralization from a previously intersected maximum depth of 450 m below surface, to approximately 775 m below surface where the porphyry mineral system remains open to depth. Geological interpretation of the La Garrucha drilling program will extend to encompass re-logging of the previous Bellhaven core, to place copper and gold mineralization in spatial and temporal context with the hosting La Garrucha porphyry intrusive complex and also to compare against the other La Mina porphyry deposits at La Cantera and Middle Zone.

Geological three-dimensional modelling and subsequent geostatistical modelling will be completed during fourth quarter 2022 with the intention to initiate an updated mineral resource estimate by year-end including the La Garrucha mineralization, with current plans to update the La Mina PEA in 2023. For this program of drill core sampling, samples were taken from the NQ/HQ core by sawing the drill core in half, with one-half sent to ALS Colombia LTDA in Medellín for assaying and the other half retained for future reference.  Sample lengths downhole range from a minimum of 0.50 m to a maximum of 2.10 m.  ALS Colombia LTDA is a certified commercial laboratory located in Medellín, Antioquia, Colombia and is independent of GoldMining.  GoldMining has implemented a stringent quality assurance and quality-control (QA/QC) program for the sampling and analysis of drill core which includes insertion of duplicates, mineralized standards and blank samples for each batch of 100 samples.

 The gold analyses were completed by ALS Au-AA23 method (fire-assay with an atomic absorption finish on 30 grams of material).  Repeats were also carried out by fire-assay.  Copper analyses were completed by ALS ME-ICP61 method (four acid digest with ICP analysis).