ANCHORAGE, Alaska, Aug. 28,
2024 /PRNewswire/ - U.S. GoldMining Inc.
(NASDAQ: USGO) ("U.S. GoldMining" or the "Company")
is pleased to provide a progress update on activities related to
exploration, environmental baseline activities and stakeholder
engagement across the Whistler Gold-Copper Project (the
"Whistler Project" or "Project") for the 2024 field
season in Alaska. The Whistler
Project comprises four distinct mineral deposits: Whistler,
Raintree West Pit, Raintree West Underground and Island
Mountain.
Highlights
- Ongoing confirmatory drilling of the Whistler and Raintree West
deposits has produced over 2,500 metres of core so far this year
with productivity rates approximately 50% better than the prior
year.
- The technical team is rapidly advancing the geological
understanding of the Whistler and Raintree West deposits, leading
to new targets to expand the known deposits.
- Three new drill holes have been completed to date this season,
one at Raintree West and two at Whistler.
- WH23-03 was also successfully extended by an additional 274.35
metres to a depth of 874.5 metres, following up on the previously
reported drill intercept which ended in mineralization
comprised of 547.15 meters at 1.06 grams per tonne (g/t)
AuEq, comprised of 0.77 g/t gold (Au), 0.17% copper (Cu) and
1.55 g/t silver (Ag), from 53.0 meters depth to end of hole at
600.15 meters (see U.S. GoldMining news release dated
January 16, 2024, for further
information).
- Assays are pending for the 2024 drilling completed to
date.
- Surface exploration activities have commenced within the
Whistler-Raintree area, also referred to as the 'Whistler Orbit',
in proximity to the known deposits, which occur within a classic
'porphyry cluster' that has potential for discovery of additional
mineralized intrusive centers.
- Environmental survey work has continued to build upon baseline
datasets.
- The Company's management has conducted significant stakeholder
engagement activities, including meeting with local policy makers,
community organizations, Native groups and local community
members.
- Recently, the Company hosted the Sustainability Committee of
its board of directors at Whistler, which emphasizes the focus on
sustainable exploration activities and dedication to earning social
license to operate to help place the Project on a clear line of
site through to future potential mine permitting.
- The Company has proudly supported local hiring and procurement
initiatives as well as making sponsorship contributions to local
community organizations.
Tim Smith, Chief Executive
Officer, commented: "As we advance our second exploration
season at the Whistler Project, with our technical work programs
underpinned by a strong set of standards around sustainability and
care for the environment, I want to acknowledge our professional
and hard-working field teams that are executing on the 2024 program
and delivering on budget, ahead of schedule and, most importantly,
safely. We remain excited about the results of our 2024 drilling
activities, including the successful extension by over 274 metres
of a 2023 hole which, as previously announced, had ended in
mineralization and represented the best zone of mineralization ever
drilled at the Project. Tracking in parallel with our technical
programs at Whistler, we have progressed activities to ensure all
stakeholders, including policy makers, regulators and the community
are informed of our ongoing progress and potential future mine
development activities. As such, we are committed to transparent
and open stakeholder engagement as an important foundation to
earning social licence for the Whistler Project. We are proud to be
able to invest back into the Alaska community through contracting and
hiring locally, and via sponsorship of various recreational events
in the region in which we operate. We look forward to further
building our relationships with communities, organizations and the
public at large as we advance the Whistler Project."
2024 Progress on Key Activities
Confirmatory infill drilling is progressing on budget and ahead
of schedule, with over 2,500 metres core drilled so far for the
2024 season, a total which has already exceeded the total metres
drilled during the entire 2023 campaign. Drilling is focused on
confirmatory infill and step-out drilling within the Whistler and
Raintree West deposits. Drill assay results are expected to be
released as they become available.
In addition to drilling, surface exploration activities
have commenced within the Whistler Orbit and over the broader
property. The Whistler orbit comprises a classic 'porphyry cluster'
with potential for discovery of additional mineralized intrusive
centers.
The Company has demonstrated a strong commitment to the
environment in which we operate and to strong health and safety
practices. We have developed a comprehensive environmental
management plan and safety management system which has resulted in
no known instances of environmental non-compliance and no lost
time incidents so far in the 2024 field season.
Environmental survey work has continued to build upon our
baseline datasets during the field season, including the collection
of baseline water quality samples and an eagle habitat survey.
Wetland mapping and initial on-ground archaeological surveys are
planned for the second half of 2024.
Year to date, the Company's management has conducted significant
stakeholder engagement activities, including meeting with local
policy makers, community organizations, Native groups and local
community members. The Company has seized opportunities to
share with stakeholders the contribution to economic growth in
South Central Alaska that the
potential future mine development of the Whistler Project would
create, by attending community events and holding one-on-one
meetings with various stakeholder groups including:
- Alaska Native corporations including Cook Inlet Region Inc.,
and Tyonek and Knik tribes.
- The Company's Chief Executive Officer, Tim Smith, presented to the House Resource
Committee at the Alaska State Capitol, and has met with several
State senators and representatives.
- Various business leaders at the Mat-Su Regional Spring Economic
Summit held in Wasilla.
- Friends of West Susitna open house events at Skwentna and Willow.
Recently, we hosted a visit by our Board's Sustainability
Committee at the Project, which is testament to the alignment of
the Company's Board and Management that is focused on ensuring we
not only delineate a compelling economic opportunity at Whistler,
but one that we can place on a clear line of site through to
eventual mine permitting by meeting both the technical requisites
for a safe and sustainable mine and closure plan, and the social
aspects of earning license to operate. So far this year the Company
has proudly supported the Iron Dog, Skwentna 200 and Skwentna Fly In, and we look
forward to making further contributions to community organizations
in support of the social fabric of the MatSu and broader
South Central Alaska. Read more
about the Company's sustainability initiatives in the recently
released U.S. GoldMining Sustainability Factsheet, found on
our website at www.usgoldmining.us/esg/sustainability.
The Company will release further exploration updates and results
as they are available.
Tim Smith, P.Geo., Chief
Executive Officer of U.S. GoldMining, has supervised the
preparation of this news release and has reviewed and approved the
scientific and technical information contained herein. Mr. Smith is
a "qualified person" as defined in Canadian National Instrument
43-101 – Standards of Disclosure for Mineral Projects.
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).
Visit www.usgoldmining.us for more information.
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 its planned work program and for
the Whistler Project and the expected benefits of sustainability
and community relation activities. 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, 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 and the other risk factors
set forth in the Company's public filings, including its most
recent Annual Report on Form 10-K, available under the Company's
profiles at www.sec.gov and www.sedarplus.ca. 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.
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.
