GoldMining to buy Maguire Lake property from Viking Gold Exploration

11 January 2018 (Last Updated January 11th, 2018 12:23)

Canada-based GoldMining has entered an agreement with Viking Gold Exploration to indirectly acquire the Maguire Lake property, which includes the RG1, RG2, and RG3 claims. 

Canada-based GoldMining has entered an agreement with Viking Gold Exploration to indirectly acquire the Maguire Lake property, which includes the RG1, RG2, and RG3 claims.

The claims cover a total area of 1,797.6ha, and share the western boundary of the company’s Nicholas Lake-Ormsby property.

Nicholas Lake-Ormsby is one of the four properties that comprise the Yellowknife Gold Project (YGP), which the company acquired in July last year.

The company noted that YGP has been the subject of substantial drilling, underground development and gold production from the Discovery Mine.

“GoldMining will issue 60,000 common shares of the company in consideration for the property as part of the agreement.”

GoldMining will issue 60,000 common shares of the company in consideration for the property as part of the agreement, which is subject to customary closing conditions, including receipt of requisite approvals.

Currently, both parties expect to close the deal by the end of this month, with YGP then having an expanded total area of 11,502ha.

The Maguire Lake property is located 2km west of the Discovery Mine, which is reported to have produced approximately one million ounces of gold between 1949 and 1968.

The company noted that mineralisation at the Discovery Mine includes gold bearing ‘saddle-reef’ type quartz veins hosted in the fold hinges of isoclinal folded meta-sedimentary rocks of the Burwash Formation.