Location

The Yellowknife Gold Project (“YGP”) is located in the sub-arctic, north of the city of Yellowknife, the capital city of the Northwest Territories, Canada. GoldMining owns 100% of the Ormsby, Bruce, Nicholas Lake, Goodwin Lake, and Clan Lake gold deposits. The property measures approximately 12,120 hectares (ha) comprising of 27 mining leases and 9 mineral claims The properties lie along a winter road route extending from about 17 km north of the city of Yellowknife, to 100 km along the greenstone belt.

The YGP (Yellowknife Gold Project) lies in the Yellowknife Greenstone Belt, which is reported to have historically produced over 15 million ounces of gold from the Con, Giant and Discovery Mines.

Figure 1: Yellowknife Project location map.

Geology and Mineralization

The Yellowknife Greenstone Belt is the southernmost exposed greenstone belt of those that occur throughout the Slave Province. The Yellowknife Greenstone Belt trends to north-north-easterly from Yellowknife Bay for approximately 100 km. Southern portions of the greenstone belt are continuously exposed and well researched whereas more northern extents are less well exposed and studied. These sequences of greenstone consist of greenschist to amphibole facies metamorphosed mafic to felsic volcanic rocks below a thick sequence of related metasedimentary rocks termed the Yellowknife Basin.

The YGP deposits can be considered Archean Lode Gold deposits within an orogenic gold environment. These deposit types are well documented throughout the Canadian Shield. Gold occurs in favorable structural settings include areas of contrasting lithological competency, where brittle and ductile shearing provides the fluid pathways for deposition of quartz-carbonate veining as stockwork and lode gold quartz veining.

Figure 2: Yellowknife Greenstone Belt and GoldMining’s Yellowknife Gold Project properties

Figure 3: Visible gold in drill core from Clan Lake property

Activities:

• Historic Drilling completed: 1,061 holes for 231,609 meters
• 2021 Mineral Resource Estimate:  
  • Measured and Indicated: 14.108 Mt grading 2.33 g/t (1,059,000 oz)
  • Inferred: 9.302 Mt grading 2.47 g/t (739,000 oz)
• Geological modelling and exploration target analysis.

Resource Statement

Mineral Resource Estimate for Yellowknife Greenstone Project (Amended June 9, 2021)

Notes:

1. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves. The estimate of mineral resources may be materially affected by environmental permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
2. The above global resource estimate table is provided for informational purposes only and is not intended to represent the viability of any project on a standalone or global basis. The exploration and development of each project, project geology and the assumptions and other factors underlying each estimate, are not uniform and will vary from project to project. Please refer to the technical report for each respective project, as referenced herein, for detailed information respecting each individual project.
3. All quantities are rounded to the appropriate number of significant figures; consequently, sums may not add up due to rounding.
4. Gold cut-off 0.5 g/t Au for open-pit resources and 1.5 g/t Au for underground resources.
5. Notes for YGP: see technical report titled " Independent Technical Report, Yellowknife Gold Project, Northwest Territories, Canada" with an effective date of March 1, 2019, amended June 9, 2021, which is available at www.sedar.com under GoldMining Inc.’s SEDAR+ profile.

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