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

Core Viewpoint - U.S. GoldMining Inc. has announced an updated Mineral Resource Estimate (MRE) for its Whistler Gold-Copper Project, showing significant increases in indicated and inferred resources, primarily due to successful drilling in 2023 [1][4][6]. Mineral Resource Estimate Summary - The updated MRE includes an indicated mineral resource of 294 million tonnes at 0.68 grams per tonne (g/t) gold equivalent, totaling 6.48 million ounces (Moz) AuEq, and an inferred mineral resource of 198 million tonnes at 0.65 g/t AuEq, totaling 4.16 Moz AuEq [3][8]. - The indicated category has seen an approximate 117% increase in estimated gold equivalent ounces compared to the 2022 MRE [3][13]. - The MRE was constrained using conceptual pit design shells, with a first phase estimated at 22.4 million tonnes of mineralized material at a grade of 1.04 g/t AuEq and a strip ratio of 0.08:1 [3][7]. Exploration Potential - The three deposits (Whistler, Raintree, and Island Mountain) occupy about 1% of the company's land holdings, indicating broader exploration potential within the project [3][4]. - The company is exploring additional targets within the 'Whistler Orbit,' with 12 potential targets remaining under-explored [3][4]. Drilling Program Insights - The 2024 drilling program has concluded with 4,006 meters drilled across 6 holes, confirming the continuity of mineralization and extending mineralized intercepts [3][6]. - Notable intercepts include WH23-03 with 547 meters at 1.06 g/t AuEq and WH23-01 with an extended intercept of 652.5 meters at 1.00 g/t AuEq [3][6]. Technical Report and Methodology - The MRE is based on 43,096 meters of drill data available as of January 16, 2024, and was constrained within a revenue factor 1.5 pit shell, reported above a US$10/tonne cut-off value [7][10]. - The updated geological model incorporates adjustments based on re-logging of historical drill core and recent drilling, confirming the absence of the previously modeled 'Divide Fault' [20][19]. Economic Assumptions - The MRE uses metal prices of US$1,850/oz Au, US$4.00/lb Cu, and US$23/oz Ag, with various cost assumptions for mining and processing [11][10]. - The report highlights the potential for a long-life, high-quality gold-copper-silver mine in a favorable mining jurisdiction [6][4].