Following the agreement, GoldMining will issue 60 000 common shares of the company in consideration for the property. The transaction is subject to customary closing conditions, including, among other things, receipt of requisite approvals. The parties currently expect closing to occur by the end of January 2018. Upon completion of the transaction, the YGP will have an expanded total area of 11 502 ha.
Between 1949 and 1968, total production from this high-grade, underground gold mine was estimated to have been approximately one million oz of gold. Mineralisation at the Discovery mine consists of gold bearing "saddle-reef" type quartz veins hosted in the fold hinges of isoclinal folded meta-sedimentary rocks of the Burwash Formation, one of several units that comprise the Archean age Yellowknife Supergroup.
Future exploration programmes will be designed to examine the potential for this style of mineralisation on the YGP, including the property.
