Highlights:
- GoldMining has acquired a 100% interest in Tyhee's Yellowknife
Gold Project and nearby Big Sky Property covering approximately 35
km of the Yellowknife Greenstone Belt in the Northwest Territories, Canada;
- Tyhee previously reported a resource estimate for the project
of 1,715,000 ounces grading 1.97 g/t gold in the measured
and indicated categories and 487,000 ounces grading 2.62 g/t
gold in the inferred category (see Table 1). GoldMining will
treat this estimate as a historic estimate and has engaged a
qualified person to complete the necessary work to verify this
estimate and to complete an independent technical report;
- Approximately 231,609 m of diamond drilling in 1,061
holes as well as 2,400 m of underground development have
been completed on the project to date;
- Over $60 million was previously
spent on exploration and acquisition costs by Tyhee;
- Total consideration of 4,000,000 common shares of GoldMining,
which are subject to certain resale restrictions. Such shares
represent less than 3% dilution to GoldMining shareholders; and
- The properties are in the mining-friendly jurisdiction of the
Northwest Territories, home to
major mining operations run by DeBeers, Rio Tinto, and Dominion
Diamonds.
VANCOUVER, July 21, 2017 /CNW/ - GoldMining Inc.
("GoldMining" or the "Company") (TSX-V: GOLD; OTCQX: GLDLF) is
pleased to announce that, further to its news releases dated
May 10 and June 13, 2017, the Company has completed the
acquisition of the Yellowknife Gold Project ("YGP" or the
"Project") and nearby Big Sky Property ("Big Sky"), both located in
the Northwest Territories,
Canada.
The YGP has been the focus of substantial drilling, underground
development and historic gold production. Big Sky represents an
earlier stage exploration property package located south of the YGP
and only 17 km north of the city of Yellowknife.
Amir Adnani, Chairman of
GoldMining, commented: "We are very pleased to have acquired a gold
property package of this scale and caliber with low holding costs
in Northern Canada, which has
witnessed a surge in gold exploration, development and production
activity in recent years, led by the likes of Agnico Eagle, TMAC
Resources and Goldcorp. Agnico Eagle alone has recently announced
plans to invest more than $1.2
billion in Northern Canada
over the next three years."
Mr. Adnani concluded: "At GoldMining, our overriding focus
continues to be the consolidation of multi-million ounce gold
resource assets in favorable mining jurisdictions to maximize gold
leverage for our shareholders. We believe that this transaction
most certainly fits that description."
The Honorable Herb Dhaliwal, a director of GoldMining,
commented: "As the former Canadian Minister of Natural Resources
responsible for mining, I am pleased that we are investing in the
Northwest Territories. I have
first-hand experience working with the Northwest Territoriesꞌ
government and know of the tremendous mining opportunities in the
region."
Garnet Dawson, CEO of GoldMining,
commented: "Yellowknife Gold Project covers over 30 km of the
Yellowknife Greenstone Belt, which is believed to have historically
produced over 15 million ounces of gold from the Con, Giant and
Discovery mines. The Discovery Mine, located on the YGP land
package, operated from 1950 to 1969 and is reported to have
historically produced 1 million ounces of gold with an average
grade of 28 g/t gold. An independent updated resource estimate for
the YGP has been commissioned and the Company is currently
reviewing the extensive geological database to evaluate follow-up
exploration targets."
The acquisition was completed pursuant to the previously
announced asset purchase agreement (the "Agreement") between the
Company and a receiver appointed in respect of the assets and
undertaking of Tyhee N.W.T. Corp., a subsidiary of Tyhee Gold Corp.
("Tyhee"), under the Bankruptcy and Insolvency Act. RMB
Australia Holdings Limited ("RMB"), Tyhee N.W.T. Corp.ꞌs largest
creditor, initiated the receivership and supported the
transaction.
Total consideration paid by GoldMining under the transaction
consisted of 4,000,000 common shares of the Company, which are
subject to customary escrow terms and will be released over an
eight-month period. Please refer to the Company's news release
dated May 10, 2017 for further
information regarding the Agreement and the details of the
completed transaction.
The Yellowknife Gold Project
YGP is comprised of 19 mining leases and 5 mineral claims with
an aggregate area of approximately 18,252 ha. The Project includes
five known deposits, being Nicholas, Ormsby, Bruce, Goodwin and
Clan Lake, and is located 50 to 90 km north of the city of
Yellowknife in the Northwest Territories. It includes a 50-person
winterized camp and fuel storage and is accessible by winter road
from Yellowknife or by air to a
1,000-m long gravel airstrip located on site.
Diamond drilling completed to date at the YGP includes 141 holes
(27,590 m) drilled at the Nicholas Lake deposit, 707 holes (157,570
m) drilled at the Ormsby and Bruce deposits, 28 holes (5,934 m)
drilled at the Goodwin Lake deposit, and 185 holes (40,515 m)
drilled at the Clan Lake deposit. In 1994, a previous operator
developed a decline at Nicholas Lake for 820 m of underground
development. More recently, underground development was completed
by Tyhee at the Ormsby and Bruce deposits including 959 m of
decline, 531 m of level development and 89 m of raise.
The YGP includes the site of the historically producing
Discovery Mine, which operated from 1950 to 1969. Historic
production at YGP or at nearby mines are not necessarily indicative
of the future mining potential of the Project.
The YGP is subject to a 2.25% net smelter return royalty on the
Ormsby-Nicholas Lake properties and a 2% net smelter returns
royalty on the Goodwin Lake property.
In 2012, Tyhee published a National Instrument 43-101 technical
report in respect of the YGP, which included a historic resource
estimate setting out resources of 1,715,000 ounces (27.115 Mt
grading 1.97 g/t gold) in the measured and indicated categories and
487,000 ounces (5.774 Mt grading 2.62 g/t gold) in the inferred
category (Table 1).
Table 1: Historical resource estimate for YGP published by Tyhee
in 2012.
Deposit
Type
|
Deposit
Area
|
Resource
Category
|
Tonnes &
Grade
|
Contained
Metal
|
Tonnes (000's t)
|
Au (g/t)
|
Au (000's oz)
|
Open
Pit
|
Ormsby2,3
|
Measured
|
7,339
|
1.59
|
376
|
Subtotal
|
Measured
|
7,339
|
1.59
|
376
|
Ormsby2,3
|
Indicated
|
13,295
|
1.68
|
718
|
Bruce2,3
|
Indicated
|
749
|
1.59
|
38
|
Clan
Lake2,3
|
Indicated
|
1,266
|
1.68
|
69
|
Subtotal
|
Indicated
|
15,310
|
1.68
|
825
|
Subtotal
|
Measured &
Indicated
|
22,649
|
1.65
|
1,201
|
Ormsby2,3
|
Inferred
|
218
|
1.23
|
9
|
Bruce2,3
|
Inferred
|
60
|
1.56
|
3
|
Clan
Lake2,3
|
Inferred
|
1,964
|
2.46
|
155
|
Goodwin
Lake2,3
|
Inferred
|
875
|
1.15
|
32
|
Subtotal
|
Inferred
|
3,117
|
1.99
|
199
|
Underground
|
Ormsby4
|
Indicated
|
1,662
|
3.30
|
176
|
Bruce4
|
Indicated
|
440
|
3.17
|
45
|
Clan
Lake4
|
Indicated
|
110
|
2.77
|
10
|
Nicholas
Lake4
|
Indicated
|
2,255
|
3.91
|
283
|
Subtotal
|
Indicated
|
4,466
|
3.58
|
514
|
Ormsby4
|
Inferred
|
113
|
2.89
|
11
|
Bruce4
|
Inferred
|
71
|
2.47
|
6
|
Clan
Lake4
|
Inferred
|
1,784
|
2.80
|
161
|
Nicholas
Lake4
|
Inferred
|
689
|
5.00
|
111
|
Subtotal
|
Inferred
|
2,658
|
3.37
|
288
|
All
|
Total
|
Measured &
Indicated
|
27,115
|
1.97
|
1,715
|
Total
|
Inferred
|
5,774
|
2.62
|
487
|
1.
|
Mineral Resources are
not Mineral Reserves and do not have demonstrated economic
viability. There is no certainty that all or part of the Mineral
Resources estimated will be converted to Mineral
Reserves.
|
2.
|
Open pit resources
stated as contained within a potentially economically minable pit
above a 0.50 g/t gold cut-off.
|
3.
|
Pit optimization was
based on an assumed gold price of US$1,500/oz, metallurgical
recoveries of 90%, mining costs of US$2.00/t and processing and
G&A cost of US$23.00/t.
|
4.
|
Underground resources
stated as contained within potentially economically mineable gold
grade shapes above a 1.50 g/t gold cut-off.
|
5.
|
Mineral resource
tonnage and contained metal have been rounded to reflect the
accuracy of the estimate, and numbers many not add due to
rounding.
|
6.
|
Mineral resource
tonnage and grade are reported as undiluted and reflect a
potentially mineable bench height of 3.0 m.
|
7.
|
Contained metal
ounces are in-situ and do not include metallurgical recovery
losses.
|
The above resource estimate is historical in nature and will not
be treated as a current resource estimate by the Company as a
qualified person has not done sufficient work on behalf of the
Company to classify the historical estimate as a current mineral
resource. While the historical resource estimate should not be
relied upon, the Company believes the historical estimate provides
an indication of the potential of the property and is relevant to
any future exploration. The historical resource estimate for the
YGP is based on a technical report completed for Tyhee by
Bret Swanson, B.Eng. MAusIMM,
MMSAQP, Jeff Volk, CPG, GAusIMM,
M.Sc., Eric J Olin, M.Sc., MBA, RM-SME, and John Tinucci, Ph.D., P.E. titled "NI 43-101
Technical Report, Yellowknife Gold Project, Northwest Territories, Canada" with an
effective date of September 7, 2012.
Such technical report includes a feasibility study on the YGP,
which was based on historic economic and other factors, which
GoldMining is not treating as current, and should not be relied
upon.
No new drilling or sampling has been completed on the Project
since the above resource estimate was completed. However,
GoldMining intends to engage an independent qualified person to,
among other things, examine the cut-off grade with reference to
today's metal prices, verify historic sampling and results and
complete an independent technical report, including a current
resource estimate on behalf of the Company.
Advisors
Haywood Securities Inc. ("Haywood") is advising GoldMining in
connection with the transaction and Sangra Moller LLP is acting as
legal counsel to GoldMining. Stikeman Elliott LLP acted as
counsel to RMB and Red Cloud Klondike Strike Inc. managed a
strategic review process for Tyhee supported by RMB.
In partial fulfillment of Haywoodꞌs advisory and success fee,
the Company has issued 108,693 common shares of the Company to
Haywood concurrent with closing of
the transaction.
Qualified Person
Paulo Pereira, President of
GoldMining 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 projects in the Americas.
GoldMining is advancing its Titiribi and La Mina Gold-Copper
Projects located in the Department of Antioquia, Colombia, its Cachoeira and São Jorge Gold
Projects located in the State of Pará, northeastern Brazil, its Whistler Gold-Copper Project
located in the State of Alaska,
United States of America, and its
Rea Uranium Project in the western Athabasca Basin in northeast 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 respecting YGP and Big Sky, and any future exploration
programs and other work on YGP and Big Sky. 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 GoldMining
will confirm historical exploration results and historic resource
estimates. Investors are cautioned that all forward-looking
statements involve risks and uncertainties, including: 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
YGP and Big Sky, and that GoldMining may not be able to confirm
historical exploration results or complete a current resource
estimate for YGP. 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, the Toronto Stock Exchange
nor their Regulation Services Providers (as that term is defined in
the policies of the TSX Venture Exchange and the Toronto Stock
Exchange) accepts responsibility for the adequacy or accuracy of
this news release.
SOURCE GoldMining Inc.