GoldMining to Acquire Additional Gold Claims Contiguous with its Yellowknife Gold Project
GoldMining to Acquire Additional Gold Claims Contiguous
with its Yellowknife Gold Project
VANCOUVER
,
April 26, 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 an arm's length vendor (the "Vendor") to indirectly acquire the Narrow Lake
property ("Narrow Lake" or the "Property"). The Property includes the N1 and N2 claims, which cover a total area of 618 hectares and are
contiguous with the southern boundary of the Company's
Nicholas Lake-Ormsby
property, one of the four properties that comprise the
Yellowknife Gold Project ("YGP"). With this latest acquisition, the YGP will have an expanded total area of 12,120 hectares upon closing.
The YGP has been the subject of substantial drilling, underground development, metallurgical testwork and historic gold production from the high-
grade Discovery Mine, which the Company acquired in
July 2017
.
Agreement
Pursuant to the Agreement, GoldMining will pay
$50,000
cash and issue
$38,000
in common shares of GoldMining ("GOLD Shares") on closing
and an additional
$100,000
in cash or GOLD Shares, at the Company's discretion, on the first anniversary of the closing date, in consideration for
the Property. The number of GOLD Shares issuable shall be based on the volume-weighted average price of GOLD Shares on the TSX Venture
Exchange (the "TSX-V") for the ten trading days immediately prior to the date of such payment. GoldMining granted the Vendor a 1% net smelter
royalty with respect to the N1 and N2 claims upon commercial production. 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 May 2018.
Narrow Lake
Narrow Lake was part of the Morris Lake Project that was explored by Viking Gold Exploration Inc. from 2009 to 2010. Exploration programs
included geological mapping, rock and lake sediment geochemistry, geophysics (ground magnetic and electromagnetic surveys) and shallow
diamond drilling (2,539 metres in 12 holes), which identified several conductors on strike with the Ormsby gold deposit.
The Property has potential for both, bulk mineable gold mineralization as outlined at the Ormsby deposit, located approximately 300 metres to the
northeast, and high-grade gold mineralization, as mined from underground at the Discovery Mine located 3 kilometres to the northeast. The
Ormsby deposit was the focus of extensive exploration by previous operators, including surface and underground drilling (120,760 metres),
underground development (1,579 metres), bulk sampling and metallurgical testwork. The Discovery Mine was in operation from 1949 to 1968
with estimated production of one million ounces of gold. Reference to historical production at the Discovery Mine is for informational purposes
only and is not indicative of the Companyꞌs potential future results at the YGP. Future exploration programs would be designed to examine the
potential for these styles of mineralization on the YGP and at Narrow Lake.
Shares for Debt
The Company has, through a subsidiary, entered into a debt settlement agreement and will issue 34,188 GOLD Shares in satisfaction of
$40,000
of debt owed by the subsidiary to an arm's length creditor, at a deemed price of
$1.17
per GOLD Share. Such GOLD Shares will be subject to a
four month and one day hold period from the date of issuance. The transaction will be completed on or about the date hereof upon receipt of
TSX-V approval.
Qualified Person
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
.
Forward-looking Statements
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.
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SOURCE
GoldMining Inc.
View original content: http://www.newswire.ca/en/releases/archive/April2018/26/c3344.html
%SEDAR: 00025119E
For further information:
GoldMining Inc.: Amir Adnani, Chairman; Garnet Dawson, CEO; Telephone: (855) 630-1001, Email:
CO: GoldMining Inc.
CNW 08:30e 26-APR-18