GoldMining Initiates New Exploration Era at Yellowknife Project
GoldMining Inc. (the "Company" or "GoldMining") (NYSE: GLDG) is excited to announce significant progress at its Yellowknife Gold Project, as it has successfully closed a non-brokered private placement of 373,135 common shares qualifying as flow-through shares for a price of $1.34 each, securing gross proceeds of $500,000. This financing represents a 25% premium over the company’s previous closing price and marks the first exploration activities at this historic mine since 2012.
Background on the Yellowknife Gold Project
The Yellowknife Gold Project is notable for housing the renowned former Discovery Mine, which was once among Canada's highest-grade gold producers, yielding over one million ounces of gold. The project consists of five individual properties spanning approximately 100 kilometers along the Yellowknife Greenstone Belt, including Ormsby, Bruce, Nicholas Lake, Goodwin Lake, Clan Lake, and Big Sky. The Ormsby property is particularly significant, as it hosted the Discovery Mine, operating between 1950 and 1969.
Enthusiasm for New Opportunities
CEO Alastair Still expressed his enthusiasm stating, "We are thrilled to commence exploration at our fully owned Yellowknife Gold Project after a long hiatus. The project is home to high-grade open pit mineral resource deposits, which boast estimated gold grades exceeding 2.0 g/t, setting a promising outlook for potential new discoveries. This project has historically been associated with major gold finds across Canada."
Exploration Plans and Use of Funds
The proceeds from the Offering will be dedicated to incurring eligible "Canadian exploration expenses" related to the Yellowknife Gold Project, ensuring that these resources are utilized effectively in pursuit of additional mineral discoveries. The Company is keen on maximizing the potential of the project and advancing its exploration strategies on or before the designated timeline.
Historic Production and Exploration Attempts
Previous exploration has established a mineral resource estimate of 14.1 million tonnes at an average gold grade of 2.33 g/t, alongside an inferred resource category of approximately 9.3 million tonnes at 2.47 g/t. This historical context underscores the high potential still available at the Yellowknife Gold Project, and the recent financing serves as a gateway to reviving exploration efforts that have lain dormant for over a decade.
Investment in Future Discoveries
As the Company moves forward, it is essential to note that the last explorational activities on the Yellowknife Gold Project occurred in 2012, thus this reopening heralds an exciting new chapter. Historic drilling has shown promising numbers, with over 1,061 drill holes and 231,609 meters drilled in total. These metrics highlight the project's viability and the potential yield awaiting future mining efforts.
Our Commitment to Exploration
GoldMining is committed to transparency and diligence in its exploration activities. Paulo Pereira, President of GoldMining, serves as the qualified person overseeing the preparation of all scientific and technical information related to this project. This commitment is pivotal in ensuring responsible practices and the continuous engagement of stakeholders.
About GoldMining Inc.
GoldMining is a public mineral exploration company primarily focused on discovering and advancing gold resources across the Americas. Their portfolio extends across various strategic locations, including Canada, the U.S.A., Brazil, Colombia, and Peru. The Company has taken significant strides in resource acquisition and continues to bolster its capabilities with a diverse range of projects.
Frequently Asked Questions
What is the Yellowknife Gold Project?
The Yellowknife Gold Project encompasses five properties along the Yellowknife Greenstone Belt, historically known for high-grade gold production.
How much funding has GoldMining secured?
GoldMining has secured $500,000 through a closed non-brokered private placement for exploration purposes.
What will the funds be used for?
The proceeds will be directed towards eligible Canadian exploration expenses at the Yellowknife Gold Project.
When did exploration at the project cease?
Exploration activities at the Yellowknife Gold Project have not taken place since 2012.
Who oversees the technical information at GoldMining?
Paulo Pereira, P. Geo., serves as the qualified person supervising the technical information regarding the projects.
