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GoldMining acquires new gold claims near Yellowknife project

GoldMining Inc. said May 14 that it completed the acquisition of the Narrow Lake property, comprising 618 hectares, in Canada's Northwest Territories.

Narrow Lake includes the N1 and N2 claims and is located near the southern boundary of the Nicholas Lake-Ormsby property, which in turn forms part of the company's Yellowknife gold project.

GoldMining paid C$50,000 in cash and issued 33,333 shares to the unnamed seller, while an additional C$100,000 in cash or shares will be due on the first year of deal completion. The seller was also granted a 1% net smelter royalty on the N1 and N2 claims upon commercial production.

With the purchase, the Yellowknife project's size increased to 12,120 hectares.