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U.S. GoldMining Indicates Mineral Resource Estimate To 6.48M AuEq Oz With An Additional 4.16M AuEq Oz Inferred For The Whistler Project, Alaska

Benzinga ·  Oct 7 23:21

U.S. GoldMining Inc. (NASDAQ:USGO) ("U.S. GoldMining" or the "Company") is pleased to announce an updated Mineral Resource Estimate ("MRE") for the Company's 100% owned Whistler Gold-Copper Project (the "Project") in Alaska, U.S.A. The updated MRE is set forth in a technical report summary titled " S-K 1300 Technical Report Summary Initial Assessment for the Whistler Project, South Central Alaska " with an effective date of September 12, 2024, which was filed today under subpart 1300 of Regulation S-K ("SK-1300") and available under the Company's profile at www.sec.gov (the "S-K 1300 Report"). The estimate incorporates 2023 drilling results, revised geological interpretation within the Whistler Deposit, and refreshed cut-off grade assumptions for the overall Project.

Highlights:

  • Indicated Mineral Resource: 294 million tonnes ("Mt") at 0.68 grams per tonne ("g/t") gold equivalent ("AuEq") for 6.48 million ounces ("Moz") AuEq
  • Inferred Mineral Resource: 198 Mt at 0.65 g/t AuEq for an additional 4.16 Moz AuEq
  • Estimated gold equivalent ounces in the indicated category have increased by approximately 117% compared to the 2022 MRE*
  • The MRE was constrained using a series of conceptual pit design shells for the Whistler deposit, which assumed a first phase with an estimated 22.4 Mt of mineralized material at a grade of 1.04 g/t AuEq and a strip ratio of 0.08:1 (waste:ore)
  • The three Au-Cu-Ag porphyry deposits comprised within the Whistler MRE - Whistler, Raintree and Island Mountain - occupy approximately 1% of the Company's land holdings and occur within a cluster of high priority targets sharing key geological characteristics with the known deposits, thereby highlighting the broader exploration potential of the Project
    • The Company is currently systematically exploring nearby targets within the 'Whistler Orbit' where an additional 12 potential targets remain under-explored
  • The 2024 Whistler MRE encompasses 2023 drilling as reported earlier this year (see news release January 16, 2024), including the initial intercept contained within WH23-03 which comprised 547 m at 1.06 g/t AuEq
    • It does not include recently reported confirmatory assays from the re-entry of WH23-01 drilled in 2024 (see announcement September 30, 2024) and which included the extension of the mineralized intercept to 652.5m at 1.00 g/t AuEq
    • The 2024 core drilling program has now concluded, achieving 4,006 meters of drilling in 6 holes.
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