#Canada #GoldMining #exploration #Yellowknife

GoldMining Kicks Off Exploration at the Yellowknife Gold Project

GoldMining Inc. has made headlines recently by closing its non-brokered private placement of 373,135 flow-through common shares, with a set price of $1.34 per share, resulting in gross proceeds of $500,000. This funding marks an important milestone for the company as it gears up for exploration activities at its Yellowknife Gold Project, its first foray into exploration since 2012.

CEO Alastair Still expressed enthusiasm about starting this new chapter in the exploration of the Yellowknife Gold Project, noting that this site previously housed the Discovery Mine. This mine was once celebrated as one of Canada’s highest-grade gold-producing sites, generating over a million ounces of gold during its operational years from 1950 to 1969. The average gold grade from this mine was known to exceed one ounce per short ton, a remarkable figure showcasing the potential wealth of the area.

The Yellowknife Gold Project encompasses multiple properties spread along approximately 100 kilometers of the Yellowknife Greenstone Belt, including significant areas such as Ormsby, Bruce, Nicholas Lake, Goodwin Lake, Clan Lake, and Big Sky. The company aims to leverage its historic high-grade deposits in these locations to discover new resources, harnessing modern exploration technology and techniques to unlock the site's remaining potential.

Historically, the Yellowknife region has been a hotspot for gold production in Canada, known for its rich geological composition that fosters over 2.0 grams of gold per tonne in some areas. The project’s classic Archean Lode Gold deposits are comparable to other significant gold camps in Canada, including Red Lake and Timmins. These areas are characterized by their structural settings that facilitate gold deposition, often through quartz-carbonate veining in both stockwork and lode gold forms.

The mineral resource estimate for the Yellowknife Gold Project reveals a significant estimated total of 14.1 million tonnes at an average grade of 2.33 grams per tonne gold, translating to about 1,059,000 ounces of gold in the measured and indicated categories. In addition, the inferred resource category shows another estimated 739,000 ounces of gold.

GoldMining Inc. intends to use the proceeds from its flow-through share offering to cover eligible Canadian exploration expenses associated with the Yellowknife Gold Project. These expenditures must be incurred by December 31, 2026, and will be renounced to shareholders, further incentivizing investment in this promising site.

Despite a halt in exploration activities since 2012, the Yellowknife Gold Project has a rich history of drilling and underground development, with over 1,061 completed drills spanning roughly 231,609 meters. The company's current exploration push is keenly anticipated as it looks to build upon this historical data and stimulate future production potential.

In summary, GoldMining's latest announcement is a significant step towards revitalizing one of the country’s most storied gold mining regions. By blending robust historical data with modern technology, GoldMining hopes to uncover fresh opportunities at the Yellowknife Gold Project, enhancing its portfolio and positioning within the market as it continues to navigate the evolving landscape of mineral exploration.