GoldMining's São Jorge Project: A High-Conviction Growth Story in Brazil's Emerging Tapajós Gold District

The Tapajós Gold District in Brazil has emerged as a focal point for exploration-driven growth in the global gold sector, and GoldMining Inc.'s São Jorge Project stands out as a prime example of the district's untapped potential. With a combination of robust 2025 exploration results, a compelling geological footprint, and strategic infrastructure, the São Jorge Project is positioned to deliver significant resource expansion and long-term value creation.

2025 Exploration Results: A Catalyst for Resource Growth

GoldMining's 2025 exploration program at São Jorge delivered standout results, including a 12-meter intercept grading 2.38 g/t gold at the William South prospect, with a high-grade core of 1 meter at 22.08 g/t Au according to drill results. These findings, part of 9,533 meters of drilling using reverse circulation, diamond core, and auger methods, underscore the project's potential to expand beyond its existing resource base. The discovery of four new gold prospects-William North, Ivonette, Dragon West, and William South-within a 3.5 km radius of the main deposit further highlights the project's scalability. Drill intercepts at these prospects ranged from 1 meter at 5.98 g/t Au to 9 meters at 0.43 g/t Au, with mineralization remaining open along strike and at depth.

The updated mineral resource estimate (MRE) released in January 2025 reinforces this optimism.

The project now hosts 19.42 million tonnes at 1.00 g/t Au (624,000 oz indicated) and 5.56 million tonnes at 0.72 g/t Au (129,000 oz inferred) according to the latest resource update. These figures represent a meaningful step-up from prior estimates and position São Jorge as a mid-tier gold project with clear upside.

Geological and Regional Context: A District-Scale Opportunity

São Jorge's significance extends beyond its immediate resource base. The project is part of a broader mineral system defined by a 12 km x 7 km geochemical footprint of elevated gold content, suggesting the potential for district-scale discoveries. This footprint aligns with the intrusion-related gold deposit model, similar to the Tocantinzinho mine in the region, and is supported by geophysical surveys indicating a chargeability/resistivity anomaly at William South. GoldMining's use of advanced techniques, including Induced Polarization (IP) and LiDAR mapping, has further refined target identification, enabling the company to prioritize high-potential zones for 2026 drilling.

The Tapajós Gold District itself is gaining traction as a key player in Brazil's mining landscape. Cabral Gold's Cuiú Cuiú project, also in the district, has demonstrated the region's capacity to host high-grade deposits, with recent drilling returning 23 meters at 4.7 g/t Au. Meanwhile, academic studies from institutions like the Geological Survey of Brazil (SGB/CPRM) and the University of Campinas (UNICAMP) have validated the district's potential through predictive modeling, identifying São Jorge as a high-prospectivity zone based on structural trends and hydrothermal alteration patterns.

Infrastructure and Strategic Positioning

São Jorge's strategic advantages further enhance its growth narrative. The project benefits from excellent infrastructure, including access to paved highways and grid power, which reduce operational risks and capital expenditures. Additionally, GoldMining's land package-spanning 46,485 hectares-covers less than 0.1% of the district's total area, leaving ample room for future expansion. This combination of logistical strength and exploration upside positions São Jorge as a rare asset in the junior mining sector.

Investment Implications

For investors, São Jorge represents a high-conviction opportunity in a district with proven exploration potential. The project's open-ended resource growth, supported by 2025 results and geophysical data, aligns with GoldMining's strategy to advance São Jorge toward a prefeasibility study. With 2026 drilling set to test the core of the William South anomaly and expand the deposit's footprint, the company is well-positioned to unlock value through resource upgrades and potential mine planning.

In a sector where exploration success is rare, São Jorge's combination of technical strength, regional context, and infrastructure makes it a standout. As the Tapajós Gold District continues to attract attention, GoldMining's disciplined approach to exploration and resource expansion could position the company as a key player in Brazil's next gold boom.