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U.S. GoldMining More Than Doubles Indicated Mineral Resource Estimate to 6.48 Million AuEq Oz with an Additional 4.16 Million AuEq Oz Inferred for the Whistler Project, Alaska

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U.S. GoldMining (NASDAQ: USGO) has announced an updated Mineral Resource Estimate (MRE) for its Whistler Gold-Copper Project in Alaska. The indicated mineral resource now stands at 294 million tonnes (Mt) at 0.68 grams per tonne (g/t) gold equivalent (AuEq) for 6.48 million ounces (Moz) AuEq. The inferred mineral resource is 198 Mt at 0.65 g/t AuEq for an additional 4.16 Moz AuEq. This represents a 117% increase in indicated gold equivalent ounces compared to the 2022 MRE. The updated MRE incorporates 2023 drilling results, revised geological interpretation, and refreshed cut-off grade assumptions. The Whistler Project includes three deposits: Whistler, Raintree, and Island Mountain, which together occupy approximately 1% of the company's land holdings. The 2024 drilling program has concluded, achieving 4,006 meters of drilling in 6 holes, further confirming the geological model and extending mineralization. The effective date of the updated MRE is September 12, 2024.

U.S. GoldMining (NASDAQ: USGO) ha annunciato un aggiornamento della Stima delle Risorse Minerarie (MRE) per il suo progetto di oro-rame Whistler in Alaska. La risorsa minerale indicata ora ammonta a 294 milioni di tonnellate (Mt) a 0,68 grammi per tonnellata (g/t) equivalente oro (AuEq) per 6,48 milioni di once (Moz) AuEq. La risorsa minerale inferita è di 198 Mt a 0,65 g/t AuEq per ulteriori 4,16 Moz AuEq. Questo rappresenta un aumento del 117% delle once equivalenti d'oro indicate rispetto alla MRE del 2022. La MRE aggiornata incorpora i risultati di perforazione del 2023, l'interpretazione geologica rivista e le assunzioni aggiornate dei gradi di cut-off. Il progetto Whistler include tre depositi: Whistler, Raintree e Island Mountain, che occupano insieme circa l'1% delle proprietà della società. Il programma di perforazione del 2024 si è concluso, raggiungendo 4.006 metri di perforazione in 6 fori, confermando ulteriormente il modello geologico ed estendendo la mineralizzazione. La data effettiva della MRE aggiornata è il 12 settembre 2024.

U.S. GoldMining (NASDAQ: USGO) ha anunciado una estimación actualizada de recursos minerales (MRE) para su Proyecto de Oro-Cobre Whistler en Alaska. La recurso mineral indicado ahora se sitúa en 294 millones de toneladas (Mt) a 0,68 gramos por tonelada (g/t) equivalente de oro (AuEq) por 6,48 millones de onzas (Moz) AuEq. La recurso mineral inferido es de 198 Mt a 0,65 g/t AuEq para un adicional de 4,16 Moz AuEq. Esto representa un aumento del 117% en onzas equivalentes de oro indicadas en comparación con la MRE de 2022. La MRE actualizada incorpora los resultados de perforación de 2023, la interpretación geológica revisada y las suposiciones de corte actualizadas. El Proyecto Whistler incluye tres depósitos: Whistler, Raintree e Island Mountain, que juntos ocupan aproximadamente el 1% de las propiedades de la empresa. El programa de perforación de 2024 ha concluido, alcanzando 4,006 metros de perforación en 6 pozos, confirmando aún más el modelo geológico y extendiendo la mineralización. La fecha efectiva de la MRE actualizada es el 12 de septiembre de 2024.

U.S. GoldMining (NASDAQ: USGO)는 알래스카에 있는 Whistler 금-구리 프로젝트에 대한 업데이트된 광물 자원 추정치(MRE)를 발표했습니다. 현재 표시된 광물 자원은 0.68그램/톤(g/t) 금당량(AuEq)으로 294백만 톤(Mt)에 6.48백만 온스(Moz) AuEq입니다. 추정된 광물 자원은 0.65 g/t AuEq에 198 Mt로, 추가로 4.16 Moz AuEq입니다. 이는 2022년 MRE와 비교해 표시된 금당량 온스가 117% 증가한 것입니다. 업데이트된 MRE는 2023년 드릴링 결과, 수정된 지질학적 해석 및 새로운 컷오프 등급 가정을 포함하고 있습니다. Whistler 프로젝트에는 Whistler, Raintree 및 Island Mountain의 세 개의 매장지가 있으며, 이들은 회사 소유지의 약 1%를 차지하고 있습니다. 2024년 드릴링 프로그램은 6개의 홀에서 4,006미터의 드릴링을 달성하며 종료되었으며, 이는 지질 모델을 더욱 확증하고 광물화를 연장했습니다. 업데이트된 MRE의 유효 날짜는 2024년 9월 12일입니다.

U.S. GoldMining (NASDAQ: USGO) a annoncé une mise à jour de l'estimation des ressources minérales (MRE) pour son projet d'or-cuivre Whistler en Alaska. La ressource minérale indiquée s'élève désormais à 294 millions de tonnes (Mt) à 0,68 grammes par tonne (g/t) équivalent or (AuEq) pour 6,48 millions d'onces (Moz) AuEq. La ressource minérale inférée est de 198 Mt à 0,65 g/t AuEq pour un complément de 4,16 Moz AuEq. Cela représente une augmentation de 117 % des onces d'or équivalent indiquées par rapport à l'MRE de 2022. L'MRE mise à jour intègre les résultats de forage de 2023, une interprétation géologique révisée et des hypothèses de coupure rafraîchies. Le projet Whistler comprend trois gisements : Whistler, Raintree et Island Mountain, qui occupent ensemble environ 1 % des terrains de l'entreprise. Le programme de forage 2024 a été achevé, atteignant 4 006 mètres de forage en 6 trous, confirmant davantage le modèle géologique et prolongeant la minéralisation. La date d'entrée en vigueur de l'MRE mise à jour est le 12 septembre 2024.

U.S. GoldMining (NASDAQ: USGO) hat eine aktualisierte Mineralressourcenschätzung (MRE) für sein Whistler Gold-Copper-Projekt in Alaska bekannt gegeben. Die angezeigte Mineralressource beträgt nun 294 Millionen Tonnen (Mt) bei 0,68 Gramm pro Tonne (g/t) Goldäquivalent (AuEq) für 6,48 Millionen Unzen (Moz) AuEq. Die vermutete Mineralressource beträgt 198 Mt bei 0,65 g/t AuEq für zusätzliche 4,16 Moz AuEq. Dies stellt einen Anstieg von 117 % der angegebenen Goldäquivalent-Unzen im Vergleich zur MRE von 2022 dar. Die aktualisierte MRE berücksichtigt die Bohrergebnisse von 2023, überarbeitete geologische Interpretationen und aktualisierte Cut-off-Grenzen. Das Whistler-Projekt umfasst drei Lagerstätten: Whistler, Raintree und Island Mountain, die zusammen etwa 1 % des Unternehmensbesitzes ausmachen. Das Bohrprogramm für 2024 wurde abgeschlossen und erreichte 4.006 Meter Bohrungen in 6 Löchern, wodurch das geologische Modell weiter bestätigt und die Mineralisierung ausgeweitet wurde. Das effektive Datum der aktualisierten MRE ist der 12. September 2024.

Positive
  • Indicated mineral resource increased by 117% to 6.48 Moz AuEq.
  • Inferred mineral resource stands at 4.16 Moz AuEq.
  • 2024 drilling program achieved 4,006 meters in 6 holes, confirming geological model.
  • High-grade core offers potential for low strip ratio, higher-grade starter-pit scenarios.
Negative
  • Inferred resources are subject to high geological uncertainty and economic feasibility.

Insights

This update significantly enhances U.S. GoldMining's Whistler Project in Alaska. The indicated mineral resource has more than doubled to 6.48 million gold equivalent ounces, with an additional 4.16 million inferred ounces. Key points:
  • 117% increase in indicated resources compared to 2022 estimate
  • High-grade core identified with potential for low strip ratio starter pit
  • Project contains three Au-Cu-Ag porphyry deposits on only 1% of land holdings
  • 12 additional exploration targets identified nearby

The updated resource estimate incorporates 2023 drilling results and revised geological modeling. The high-grade core offers flexibility for potential mine development scenarios. With $1,850/oz gold, $4.00/lb copper and $23/oz silver price assumptions, the project demonstrates robust economics.

This major resource increase significantly de-risks the project and enhances its economic potential. The company's systematic exploration approach is yielding results, with multiple targets still to be tested. Overall, this update materially improves the outlook for U.S. GoldMining and the Whistler Project.

This resource update represents a substantial value creation event for U.S. GoldMining. The 117% increase in indicated resources significantly de-risks the project and enhances its economic viability. Key financial implications:
  • Increased scale improves potential project economics and attractiveness to partners/acquirers
  • High-grade core optionality could reduce initial capital requirements
  • Exploration upside remains with only 1% of land package explored
  • Strong precious metals prices support robust valuations

With a market cap of only $124 million, USGO appears undervalued relative to its 6.48 million oz AuEq indicated resource. Peer comparisons suggest significant re-rating potential as the market digests this update. The company's strong cash position of $8.1 million (as of July 31, 2023) provides runway for continued value-add exploration. Overall, this update materially improves USGO's investment thesis and growth prospects.

ANCHORAGE, Alaska, Oct. 7, 2024 /PRNewswire/ - 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.

Tim Smith, Chief Executive Officer of U.S. GoldMining, commented: "In less than one-and-a-half years since completing our initial public offering, U.S. GoldMining's exploration initiatives have resulted in strengthened confidence in the mineral resource estimate for its flagship Whistler Deposit by increasing estimated gold equivalent ounces in the indicated category by 117% from prior estimates. The Project now contains 6.5 Moz AuEq in the indicated resource category and an additional 4.2 Moz AuEq in the inferred resource category. The successful 2023 drilling program at Whistler improved our confidence in the proximity of mineralization close to surface, extended mineralization along strike to the south, confirmed the consistency of mineralization within the high-grade core of the deposit and grew the overall resource primarily by the drill bit.

Since the mineral resource estimate was updated, additional results of the 2024 program have been received including the extension of the WH23-03 mineralized intercept to 652.5m at 1.00 g/t AuEq, further confirming the continuity of mineralization within the high-grade core. Our recently completed 2024 drilling program within the Whistler deposit further confirmed the geological model while drill testing below the current mineral resource block model for additional potential extensions of the mineral system. We look forward to receiving additional results from the 2024 drill hole assays which we believe will continue to support the Project's potential to host a long-life, high-quality gold-copper-silver mine located in one of the most favorable mining jurisdictions in the United States."

Updated Mineral Resource Estimate Overview

The MRE was based on 43,096 meters of drill data available as of January 16, 2024, (refer to the Company's news release dated January 16, 2024, for further details), prior to the commencement of the Company's ongoing 2024 drill campaign. The author of the report conducted a site visit August 6, 2024, which included collection of independent duplicate samples for umpire laboratory analysis. The Effective Date for the updated MRE is September 12, 2024. The MRE is constrained within a revenue factor 1.5 pit shell and reported above a US$10/tonne cut-off value (equivalent to 0.27 g/t AuEq cut-off grade).

The October 2024 updated Whistler MRE incorporates:

  • Revised mineral resource reporting at US$10/tonne cut-off (previously the 2022 MRE was reported at US$10.50/t) and using below 3-year trailing average commodity assumptions of US$1,850/oz Au, US$4.00/lb Cu and US$23/oz Ag, across all three Project deposits: Whistler, Raintree and Island Mountain (see Figure 1).
  • The addition of three 2023 diamond core drill holes for 1,674 meters of drilling within the namesake Whistler Deposit (see Figure 2), with revisions to the geological interpretation and three dimensional mineralization modelling.

The following table sets forth a summary of the Whistler 2024 MRE update.

Table 1: Mineral Resource Estimate for the Total Whistler Project (Effective date: September 12, 2024)

Class

Deposit

Cut-off
Value

ROM
Tonnage

In situ Grades

In situ Metal

(US$/t)

(ktonnes)

NSR
(US$/t)

AuEqv
(g/t)

Au
(g/t)

Cu
(%)

Ag
(g/t)

AuEqv
(koz)

Au
(koz)

Cu
(mlbs)

Ag
(koz)

Indicated

Whistler Pit

10

282,205

22.84

0.68

0.41

0.16

1.89

6,201

3,724

999

17,166

Raintree Pit

10

8,905

21.08

0.63

0.46

0.08

4.81

180

131

16

1,378

Indicated Open Pit

varies

291,410

22.79

0.68

0.41

0.16

1.98

6,381

3,855

1,015

18,544

Raintree UG

25

3,064

34.41

1.03

0.79

0.13

4.49

101

78

9

443

Total Indicated

varies

294,474

22.91

0.68

0.42

0.16

2.01

6,482

3,933

1,024

18,987

Inferred

Whistler Pit

10

18,224

21.01

0.63

0.40

0.13

1.75

368

233

54

1,025

Island Mountain Pit

10

124,529

18.21

0.54

0.45

0.05

1.02

2,180

1,817

139

4,084

Raintree Pit

10

15,056

23.12

0.69

0.55

0.06

4.36

335

267

21

2,112

Inferred Open Pit

varies

157,809

19.00

0.57

0.45

0.06

1.42

2,883

2,317

214

7,221

Raintree UG

25

40,432

32.81

0.98

0.76

0.12

3.31

1,275

994

103

4,300

Total Inferred

varies

198,241

21.82

0.65

0.52

0.07

1.81

4,158

3,311

317

11,521

Notes to Table 1:

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.

2.

Inferred mineral resources are subject to uncertainty as to their existence and as to their economic and legal feasibility. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability.

3.

The Mineral Resource Estimate for the Whistler, Island Mountain, and the upper portions of the Raintree West deposits have been confined by an open pit with "reasonable prospects of economic extraction" using the following assumptions:


•         Metal prices of US$1,850/oz Au, US$4.00/lb Cu and US$23/oz Ag;


•         Payable metal of 95% payable for Au and Ag, and 96.5% payable for Cu


•         Refining costs for Au of US$8.00/oz, for Ag of US$0.60/oz and for Cu of US$0.05/lb.


•         Offsite costs for Au of US$77.50/wmt, for Ag of US$3.50/wmt and for Cu of US$55.00/wmt.


•         Royalty of 3% NSR;


•         Pit slopes are 50 degrees;


•         Mining cost of US$2.25/t for waste and mineralized material; and


•         Processing, general and administrative costs of US$7.90/t.

4.

The lower portion of the Raintree West deposit has been constrained by a mineable shape with "reasonable prospects of eventual economic extraction" using a US$25.00/t cut-off.

5.

Metallurgical recoveries are: 70% for Au, 83% for Cu, and 65% Ag for Ag grades below 10g/t. The Ag recovery is 0% for values above 10g/t for all deposits.

6.

The NSR equations are: below 10g/t Ag: NSR (US$/t)=(100%-3%)*((Au*70%*US$54.646/t) + (Cu*83%*US$3.702*2204.62 + Ag*65%*US$0.664)), and above 10g/t Ag: NSR (US$/t)=(100%-3%)*((Au*70%*US$56.646g/t) + (Cu*83%*US$3.702*2204.62))   

7.

The Au Equivalent equations are: below 10g/t Ag: AuEq=Au + Cu*1.771 +0.0113Ag, and above 10g/t Ag: AuEq=Au + Cu*1.771

8.

The specific gravity for each deposit and domain ranges from 2.76 to 2.91 for Island Mountain, 2.60 to 2.72 for Whistler with an average value of 2.80 for Raintree West.

9.

The SEC definitions for Mineral Resources in S-K 1300 were used for Mineral Resource classification which are consistent with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (CIM (2014) definitions).

10.

Numbers may not add due to rounding.

Additional details of the mineral resource estimate are set forth in the S-K 1300 Report titled "S-K 1300 Technical Report Summary Initial Assessment for the Whistler Project", Effective Date 12 September 2024 and Date of Issue 7 October 20204, a copy of which is available under the Company's profile at www.sec.gov. The Company plans to file a Canadian National Instrument 43-101 ("NI 43-101") technical report within 45 days of the date hereof.

*For comparison, the previous 2022 MRE (Effective Date September 22, 2022) comprised 118 Mt at 0.79 g/t AuEq for 2.99 Moz AuEq Indicated resources, and 317 Mt at 0.63 g/t Au for 6.45 Moz AuEq Inferred resources, at a US$10.50/t cutoff value for open pit resources and US$25/t for underground resources.

Figure 1 – Plan map of the Whistler Project showing the location of the Whistler, Raintree and Island Mountain gold-copper-silver deposits which cumulatively make up the Whistler MRE. (CNW Group/U.S. GoldMining Inc.)

 

Figure 2 – Plan view map of the Whistler Deposit showing the geological interpretation of the Whistler Intrusive Suite and highlighting the location of 2023 drilling used in the October 2024 MRE update. (CNW Group/U.S. GoldMining Inc.)

Whistler Project High-Grade Core 

The updated 2024 Whistler MRE is underpinned by a significant component of higher-grade mineralization within the core of the three deposits. Table 2 illustrates the MRE at a range of cut-offs which provide optionality for potential future mine development scenarios. For example, using an elevated cut-off value of US$20/t (equivalent to 0.37 g/t AuEq cut-off grade) for open pit resources, the MRE contains a robust higher grade subset resource of: 

    • 134 Mt at 0.98 g/t AuEq for 4.2 Moz AuEq Indicated (includes Raintree UG resource)
    • 87 Mt at 0.96 g/t AuEq for 2.7 Moz AuEq Inferred (includes Raintree UG resource)

Class

Source

Cutoff

ROM
Tonnage

In situ Grades

In situ metal

(US$/t)

(ktonnes)

NSR
(US$/t)

AuEqv
(g/t)

Au
(g/t)

Cu
(%)

Ag
(g/t)

AuEqv
(Koz)

Au
(koz)

Cu
(klbs)

Ag
(koz)

Indicated

Open Pit

6

333,200

20.98

0.63

0.37

0.15

1.99

6,717

3,999

1,088,419

20,822

7

327,336

21.24

0.63

0.38

0.15

1.99

6,680

3,983

1,080,877

20,541

7.9

319,301

21.59

0.65

0.39

0.15

1.99

6,623

3,958

1,068,264

20,024

10

291,410

22.79

0.68

0.41

0.16

1.99

6,381

3,855

1,015,095

18,544

15

206,236

27.03

0.81

0.51

0.18

1.99

5,356

3,382

798,024

13,449

20

131,449

32.55

0.97

0.65

0.19

2.08

4,111

2,728

561,495

8,809

25

85,710

38.03

1.14

0.79

0.21

2.18

3,132

2,166

393,659

5,985

30

57,629

43.30

1.29

0.92

0.22

2.27

2,397

1,706

281,879

4,184

Underground

25

3,064

34.41

1.03

0.79

0.13

4.49

101

78

8,613

443

Total
Indicated

varies

294,474

22.91

0.68

0.42

0.16

2.02

6,482

3,933

1,023,708

18,987

Inferred

Open Pit

6

247,250

14.99

0.45

0.36

0.05

1.24

3,563

2,827

276,142

9,874

7

222,529

15.94

0.48

0.38

0.05

1.28

3,408

2,718

260,061

9,168

7.9

202,534

16.78

0.50

0.40

0.06

1.31

3,267

2,614

245,757

8,536

10

157,809

19.00

0.57

0.45

0.06

1.43

2,883

2,317

213,970

7,221

15

83,445

24.97

0.75

0.60

0.08

1.74

2,003

1,611

149,376

4,638

20

46,184

31.30

0.94

0.76

0.10

1.98

1,389

1,129

99,917

2,923

25

28,112

37.12

1.11

0.91

0.11

2.19

1,003

827

68,000

1,983

30

16,408

44.16

1.32

1.11

0.12

2.35

696

590

41,316

1,242

Underground

25

40,432

32.81

0.98

0.76

0.12

3.31

1,275

994

102,953

4,300

Total
Inferred

varies

198,241

21.82

0.65

0.52

0.07

1.81

4,158

3,311

316,923

11,521

Table 2: Whistler Project 2024 resources sensitivity to cut-off values. The Whistler Project MRE which is stated at $10/t cutoff value for open pit resources (equivalent to 0.27 g/t AuEq cutoff grade), and $25/t cutoff value for underground resources, is highlighted. 


In particular, the flagship Whistler Deposit contains a high-grade core defined by coincident approximately ≥0.40 g/t gold and ≥0.20% Cu grade contours that extend approximately 500 m in the north-south dimension, 250 m in the east-west dimension and extend to 600 m depth (from surface), where it remains open down dip. The Whistler Deposit high-grade core offers the option to consider low strip ratio, higher – grade starter-pit scenarios. Table 3 provides an incremental breakdown of the Whistler Deposit MRE as contained within sequentially expanding pit shells which are illustrated in Figure 3

PIT PHASE

CLASS

Mineralized
Tonnage

NSR

AuEQ

Au

Cu

Ag

In Situ
Metal

Waste
Tonnage

Strip Ratio

(ktonnes)

(US$/tonne)

(g/t)

(g/t)

( %)

(g/t)

(AuEq koz)

(ktonnes)

Waste:Minz

PHASE 1

Indicated

22,425

34.81

1.04

0.65

0.23

2.30

750

1,776

0.08

Inferred

-

-

-

-

-

-

---

PHASE 2

Indicated

42,703

29.4

0.88

0.56

0.19

2.00

1,206

17,684

0.41

Inferred

910

16.28

0.49

0.26

0.13

2.00

14

PHASE 3

Indicated

106,892

23.71

0.71

0.43

0.16

1.80

2,435

117,922

1.04

Inferred

6,722

22.39

0.67

0.44

0.14

1.70

145

PHASE 4

Indicated

69,425

17.61

0.53

0.29

0.14

1.80

1,175

145,808

1.96

Inferred

4,944

19.81

0.59

0.36

0.14

1.60

94

PHASE 5

Indicated

41,061

16.08

0.48

0.257

0.13

1.8

634

238,127

5.10

Inferred

5,648

21.18

0.633

0.409

0.13

1.9

115

Total Indicated

282,506

22.84

0.68

0.41

0.16

1.87

6,201

521,317

1.73

Total Inferred

18,224

21.01

0.63

0.40

0.13

1.75

368

Table 3: Whistler Deposit 2024 MRE incremental breakdown within conceptual phased pit shells.  

 

Figure 3 – Cross section through Whistler Deposit showing the September 2024 updated MRE block model and conceptual phased pit shells corresponding with Table 3. (CNW Group/U.S. GoldMining Inc.)

Whistler Project Geology 

The Whistler Deposit is hosted within the Whistler Intrusive Suite (see Figure 2), a composite suite of diorite stocks and dykes with cross-cutting relationships that divide the suite broadly into an early Main Stage Porphyry ("MSP"), a later cross-cutting Intermineral Porphyry Suite ("IMP") and the latest cross-cutting intrusive phase referred to as the Late Stage Porphyry ("LSP"). Gold and copper mineralization is characterized by presence of disseminated sulphide and quartz + sulphide vein stockworks (including classic porphyry diagnostic 'A', 'B', 'D', and 'M' type veins), and potassic alteration which is variably overprinted by later phyllic alteration. The early-stage MSP suite is most strongly altered, veined and mineralized, with the IMP being less intensely altered and veined but remaining consistently mineralized, and the late or post-mineralization LSP generally being below cutoff grade or unmineralized. The 'high-grade core' correlates with intense potassic alteration and highest frequency of A and B veining within the MSP.

Based on re-logging of historical drill core in conjunction with the 2023 drilling program, the Whistler Deposit three-dimensional geological model was re-interpreted to include adjustments to geometry, extents and continuity of the MSP, IMP and LSP suites. These were used as a guide to create mineralization shells for both Au-Ag and Cu separately. The shells include a higher grade 'core', with lower grade shells also generated to constrain both Au-Ag and Cu mineralization. A significant change in the 2024 geological model is the removal of the 'Divide Fault', which defined a hard boundary between geological and geostatistical domains in previous iterations of the Whistler deposit model. Relogging and 2023 drilling has confirmed there is no compelling evidence for this fault, thus the previously modelled Divide Fault is no longer seen to influence the mineralization. Subsequently, gold and copper grade shells have been constructed to constrain the Whistler Deposit mineral block model, honoring the geological boundaries defined by the limits of the productive MSP and ISP, and taking into account the weakly to non-mineralized LSP.

Mineralization at Raintree West occurs as two main types: 1) porphyry-style gold-copper mineralization hosted by diorite porphyry stocks and consisting of quartz and magnetite stockwork veining, with vein and disseminated chalcopyrite associated with potassic alteration, and 2) later cross-cutting silver-gold-lead-zinc mineralization in quartz-carbonate veins with occasional banded epithermal-like textures. The early gold-copper mineralization is best developed within, and controlled by, early diorite porphyry intrusions (akin to MSP at the Whistler Deposit), whereas the later silver-gold-lead-zinc veins surround and locally overprint the porphyry mineralization and are most abundant in the host andesitic composition volcanic. 

The Island Mountain deposit, located 20 km south of the Whistler-Raintree deposits, is comprised of a suite of nested intrusions, ranging compositionally from hornblende diorite to hornblende-biotite monzonite, with mineralization occurring predominantly within the 'Breccia Zone', comprising intrusive breccias occurring as sub-vertical 100-150 m diameter 'pipes' with pyrrhotite-pyrite-chalcopyrite mineralization, that host the bulk of gold-copper porphyry mineralization.

Visit www.usgoldmining.us for more information, including high resolution figures and Technical Reports.

Technical Information

The disclosure herein, including relating to mineral resource estimates, has been prepared in accordance with the requirements of Canadian securities laws, as set forth in NI 43-101, which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") classification system, the CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, and in accordance with the requirements found in S-K 1300.

The technical work of the 2024 Whistler Project MRE was completed by Sue Bird, P.Eng., of Moose Mountain Technical Services ("MMTS"), an independent qualified person as defined by NI 43-101 and S-K-1300. Sue Bird has reviewed, verified and approved the technical information related to the MRE in this news release.

Tim Smith, P.Geo., Chief Executive Officer of U.S. GoldMining, has supervised reviewed and approved the preparation of all other scientific and technical information contained herein. Mr. Smith is a qualified person as defined by NI 43-101 and S-K 1300.

About U.S. GoldMining Inc.

U.S. GoldMining Inc. is an exploration and development company focused on advancing the 100% owned Whistler Gold-Copper Project, located 105 miles (170 kilometers) northwest of Anchorage, Alaska, U.S.A. The Whistler Project consists of several gold-copper porphyry deposits and exploration targets within a large regional land package totaling approximately 53,700 acres (217.5 square kilometers).

Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" within the meaning of the United States federal securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). Such statements include statements with regard to the Company's expectations regarding the Project and its future plans regarding the Project. Words such as "expects", "anticipates", "plans", estimates" and "intends" or similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on U.S. GoldMining's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Many of these factors are beyond the Company's ability to control or predict. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus filed with the applicable Canadian regulatory authorities and with the U.S. Securities and Exchange Commission (the "SEC") in connection with the initial public offering, as well as other filings made by the Company with the SEC at www.sec.gov and the applicable Canadian regulatory authorities at www.sedarplus.ca. Forward-looking statements contained in this news release are made as of this date, and U.S. GoldMining does not undertake any duty to update such information except as required under applicable law.

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SOURCE U.S. GoldMining Inc.

FAQ

What is the updated mineral resource estimate for USGO's Whistler Project?

The updated mineral resource estimate for USGO's Whistler Project includes 294 Mt at 0.68 g/t AuEq for 6.48 Moz AuEq in the indicated category and 198 Mt at 0.65 g/t AuEq for an additional 4.16 Moz AuEq in the inferred category.

How much did USGO's indicated gold equivalent ounces increase in the 2024 MRE?

The indicated gold equivalent ounces increased by approximately 117% compared to the 2022 MRE.

What does the 2024 drilling program at USGO's Whistler Project entail?

The 2024 drilling program at USGO's Whistler Project achieved 4,006 meters of drilling in 6 holes, confirming the geological model and extending mineralization.

What is the effective date of the updated MRE for USGO's Whistler Project?

The effective date of the updated MRE for USGO's Whistler Project is September 12, 2024.

U.S. GoldMining Inc.

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