GoldMining to Acquire Additional Gold Claims Contiguous with its Yellowknife Gold Project for a Total Area of 11,502 Hectares
VANCOUVER, Jan. 9, 2018 /CNW/ - GoldMining Inc. (the "Company" or "GoldMining") (TSX-V: GOLD; OTCQX: GLDLF) is pleased to announce that it has entered into an agreement (the "Agreement") with Viking Gold Exploration Inc. to indirectly acquire the Maguire Lake property (the "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 ("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.
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.
This document contains certain forward-looking statements that reflect the current views and/or expectations of GoldMining with respect to its business and future events, including expectations and future plans respecting the completion of the acquisition of the Property and its projects. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in which GoldMining operates, including that the acquisition of the Property will complete as contemplated and that the conditions under the Agreement will be satisfied. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: that the parties may not satisfy all of the conditions under the Agreement, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other exploration data, the potential for delays in exploration or development activities, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with GoldMiningꞌs expectations, accidents, equipment breakdowns, title and permitting matters, labour disputes or other unanticipated difficulties with or interruptions in operations, fluctuating metal prices, unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on its projects, and that GoldMining may not be able to confirm historical exploration results. These risks, as well as others, including those set forth in GoldMiningꞌs filings with Canadian securities regulators, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward looking information, will prove to be accurate. GoldMining does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
Neither the TSX Venture Exchange, nor its Regulation Services Providers (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE GoldMining Inc.
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