GoldMining has completed its indirect acquisition of the Narrow Lake property to add additional gold claims contiguous with its Yellowknife gold project in Yellowknife in Canada’s Northwest Territories.
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”), which the Company acquired in July 2017.
With the acquisition of the Property, the YGP now has an expanded total area of 12,120 hectares.
Pursuant to the Agreement, GoldMining paid $50,000 in cash and issued 33,333 common shares of the Company to the vendor (the “Vendor”) in consideration for the Property.
An additional $100,000, payable in cash or common shares of the Company, at the Company’s discretion, will be due on the first anniversary of the closing date.
GoldMining granted the Vendor a 1% net smelter royalty with respect to the N1 and N2 claims upon commercial production.