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GoldMining Inc. obtains additional gold claims close to its Yellowknife project

Published by , Assistant Editor
Global Mining Review,

GoldMining Inc. and Viking Gold Exploration Inc. have entered into an agreement which will authorise the acquisition of the Maguire Lake property by GoldMining Inc. The Maguire Lake property is located approximately 2 km west of the historic Discovery mine in Canada. The Maguire Lake property comprises RG1, RG2 and RG3 claims, which cover a total area of 1797.6 ha and are contiguous with the western boundary of the company's Nicholas Lake-Ormsby property, one of the four properties that comprise the Yellowknife Gold Project (YGP), which the company acquired in July 2017. The YGP has been the subject of substantial drilling, underground development and historic gold production from the high-grade Discovery Mine.

Following the agreement, GoldMining will issue 60 000 common shares of the company in consideration for the property. The transaction is subject to customary closing conditions, including, among other things, receipt of requisite approvals. The parties currently expect closing to occur by the end of January 2018.  Upon completion of the transaction, the YGP will have an expanded total area of 11 502 ha.

Between 1949 and 1968, total production from this high-grade, underground gold mine was estimated to have been approximately one million oz of gold.   Mineralisation at the Discovery mine consists of gold bearing "saddle-reef" type quartz veins hosted in the fold hinges of isoclinal folded meta-sedimentary rocks of the Burwash Formation, one of several units that comprise the Archean age Yellowknife Supergroup.

Future exploration programmes will be designed to examine the potential for this style of mineralisation on the YGP, including the property.

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