04:48 PM EST, 02/26/2025 (MT Newswires) -- GoldMining ( GLDG ) edged higher in after-hours New York trade as it released an updated Mineral Resource Estimate (MRE) for the company's Sao Jorge Project in Brazil, while also providing an update on its exploration plans for at the project.

The updated indicated resource for the Sao Jorge deposit is estimated to total 19.42 million tonnes of ore at an average gold grade of 1.00 gram per tonne, or approximately 624,000 ounces gold; and an extra 5.56 Mt at an average grade of 0.72 g/t Au containing approximately 129,000 ounces is estimated in the Inferred resource category.

It said the MRE is reported within a 'Base Case' conceptual pit design shell for the deposit using a long-term average gold price of US$1,950 per ounce and added the Sao Jorge deposit occupies less than 0.1% of the company's land holdings by area, that occurs within an emerging and expanding mineral system defined by a 12 kilometer x 7 km footprint of elevated surface geochemical anomalies surrounding the deposit.

The company said it is planning follow-up drilling programs for the 2025 field season to systematically explore high priority targets within the Sao Jorge mineral system where numerous high-grade auger drill intercepts were made in the 2024 drill program.

"We have backed up our confidence in the potential of the Project by acquiring claims to expand our land package and we are developing plans for a 2025 exploration campaign that will double our 2024 activities," Alastair Still, Chief Executive Officer, said.

The company's shares closed up $0.01 to $1.13 on the Toronto Stock Exchange.