GoldMining Inc. (TSX-V: GOLD) (OTCQX: GLDLF) is pleased to announce that it has entered into an agreement with Viking Gold Exploration Inc. to indirectly acquire the Maguire Lake property. The Property includes the RG1, RG2 and RG3 claims, which cover a total area of 1,797.6 hectares 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 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.
Pursuant to 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 hectares.
The Property is located approximately 2 kilometres west of the historic Discovery Mine. Total historic production from this high-grade, underground gold mine between 1949 and 1968 was estimated to have been approximately one million ounces of gold. Reference to historical production at the Discovery Mine is for informational purposes only and is not indicative of the Company’s potential future results at the YGP. Mineralization 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 programs would be designed to examine the potential for this style of mineralization on the YGP, including the Property.
Paulo Pereira, President of GoldMining Inc. has reviewed and approved the technical information contained in this news release. Mr. Pereira holds a Bachelors degree in Geology from Universidade do Amazonas in Brazil, is a Qualified Person as defined in National Instrument 43-101 and is a member of the Association of Professional Geoscientists of Ontario.
About GoldMining Inc.
GoldMining is a public mineral exploration company focused on the acquisition and development of gold assets in the Americas. Through its disciplined acquisition strategy, GoldMining now controls a diversified portfolio of resource-stage gold and gold-copper projects in Canada, U.S.A., Brazil, Colombia and Peru. Additionally, GoldMining owns a 75% interest in the Rea Uranium Project, located in the Western Athabasca Basin of Alberta, Canada.
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