GoldMining has completed acquisition of 100% stake in Yellowknife Gold Project (YGP) and Big Sky Property in Canada from Tyhee Gold in exchange for four million of its shares.
Put together, YGP and exploration property package Big Sky Property cover about 35km of the Yellowknife Greenstone Belt and are located in the mining-friendly jurisdiction of the Northwest Territories.
YGP is made up of 19 mining leases and five mineral claims spanning across an area of about 18,252 ha. It includes five known deposits namely Nicholas, Ormsby, Bruce, Clan Lake and Goodwin.
GoldMining CEO Garnet Dawson said: "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.”
Till date, YGP had been subject to about 231,609m of diamond drilling in 1,061 holes and has seen 2,400m of underground development.
Tyhee had reported a resource estimate for the YGP of 1,715,000 ounces grading 1.97 g/t gold in the measured and indicated categories in the past. GoldMining says that it will treat the estimate as historic and get the estimate verified.
On the other hand, Big Sky Property comprises five mining leases and 20 claims totaling 1,853ha.
In late May, GoldMining had acquired Bellhaven Copper and Gold which includes its La Mina, a porphyry gold-copper project in Colombia.