GoldMining has completed its indirect acquisition of the Almaden gold project from Sailfish Royalty and its wholly-owned subsidiary.

Under the terms of the agreement, GoldMining paid $575,0000 in cash and issued 337,619 shares of the company at a deemed price of $1.70 per share for the acquisition price of $1,150,000.

Located 140km north of Boise and approximately 24 km east of Weiser in Washington County, the Almaden project is a historic, resource-stage property with 70,234m (934 holes) of drilling.

Almaden project holds low-sulphidation epithermal gold mineralisation

The project hosts outcropping, low-sulphidation epithermal gold mineralisation similar to Integra Resources’ Delamar and Florida Canyon projects in southwest Idaho and Hecla Mining’s Hollister and Midas mines in Nevada.

GoldMining CEO Garnet Dawson had said: “This acquisition continues our strategy of consolidating quality resource-stage projects in the Americas.

“The transaction is a win for both companies as it is accretive to GoldMining, while allowing Sailfish to focus on its royalty business.  Our next step after completing this acquisition will be to complete a current resource estimate on the Project.”

Gold mineralisation at the project is associated with intense silicification and argillic alteration that measures roughly 1,900m long by 500m wide by 150m thick.

The deposit was drilled by several companies, including Homestake and Amax Gold, between 1980 and 2012.

Last December, GoldMining completed its indirect acquisition of the Yarumalito gold project from NewRange Gold in Colombia.

Under the terms of the agreement, GoldMining’s indirect subsidiary paid $200,000 in cash and delivered 1,118,359 newly issued common shares of the company to Newrange Gold for the project.

Located nearly 75km southwest of the city of Medellin in the Department of Antioquia in Central Colombia and approximately 40km south of GoldMining’s La Mina project, Yarumalito consists of one concession for a combined area of roughly 1,453Ha.