ANCHORAGE, Alaska, March 24,
2025 /PRNewswire/ - U.S. GoldMining Inc. (NASDAQ:
USGO) ("U.S. GoldMining" or the "Company") welcomes
the signing of an Executive Order by President Donald Trump titled "Immediate Measures to
Increase American Mineral Production". The Executive Order directs
government agencies to immediate action to facilitate domestic
mineral production to the maximum extent possible, including copper
and gold. This decision underscores the essential role these metals
play in energy security, defense, and economic stability, while
further highlighting the strategic importance of domestic mining
projects such as the Company's Whistler Gold-Copper Project in
Alaska.
This follows an earlier Executive Order signed January 20, 2025, titled "Unleashing Alaska's
Extraordinary Resource Potential", which, as the Company reported
on January 27, 2025, is designed to
boost the mining industry by maximizing the development of natural
resources located on Federal and State lands in Alaska and expediting the permitting of
Alaskan natural resource projects.
Tim Smith, Chief Executive
Officer of U.S. GoldMining, commented: "This new Executive Order is
a significant step forward in securing a reliable domestic supply
chain for copper, gold and other essential resources. Our Whistler
Project has estimated Indicated Resources of over 1 billion pounds
of copper and almost 4 million ounces of gold plus estimated
Inferred Resources of 0.3 billion pounds of copper and 3.3 million
ounces of gold*, positioning it as a potentially valuable asset in
strengthening the nation's mineral independence.
The Company believes that this policy shift provides increasing
tailwinds for responsible resource development in Alaska and across the U.S. and comes at a time
when the three metals which are contained within the Whistler
mineral resource estimate - gold, copper and silver - are at record
high commodity prices. This Executive Order aligns directly with
our vision to develop responsible, world-class mining operations
that contribute to America's energy and resource security needs,"
added Tim Smith. "As we advance our
Whistler Project, we look forward to working with federal and state
agencies to seek to capitalize on this momentum and further
contribute to the strengthening of domestic supply
chains."
*See Table 1
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$25.00/t cut-off.
|
|
5.
|
Metallurgical
recoveries are: 70% for Au, 83% for Cu, and 65% Ag for Ag grades
below 10g/t. The Ag recovery is 0% for values above 10g/t for all
deposits.
|
|
6.
|
The net smelter return
royalty (NSR) equations are: below 10g/t Ag: NSR
(US$/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.
|
Numbers may not add due
to rounding.
|
Please refer to the 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, and the technical report titled "NI 43-101 2024
Updated Mineral Resource Estimate for the Whistler Project,
South Central Alaska" with an
effective date of September 12, 2024,
available under the Company's respective profiles at www.sec.gov
and www.sedarplus.ca for further information regarding the
Whistler Project and the mineral resource estimates referenced
herein.
Tim Smith, P.Geo., Chief
Executive Officer of the Company, 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 entirely on State of
Alaska Mining claims totaling approximately 53,700 acres (217.5
square kilometers). The Whistler Project Mineral Resource Estimate
comprises 294 Mt at 0.68 g/t AuEq for 6.48 Moz AuEq Indicated, plus
198 Mt at 0.65 g/t AuEq for 4.16 Moz AuEq Inferred.
Visit www.usgoldmining.us for more information,
including high resolution figures.
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 the impacts of the
Executive Order. 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 involve 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 future exploration may
not confirm expectations, variations in the underlying assumptions
associated with the estimation or realization of mineral resources,
the availability of capital to fund programs, accidents, labor
disputes and other risks of the mining industry including, without
limitation, those associated with the environment, delays in
obtaining governmental approvals or permits, title disputes other
risks inherent in the exploration and development of mineral
properties and the other risk factors set forth in the Company's
filings with the U.S. Securities and Exchange Commission
at.www.sec.gov and Canadian Securities Administrators at
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. Accordingly, readers should not place undue reliance on
forward-looking statements contained 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/us-goldmining-applauds-us-presidential-executive-order-recognizing-copper--gold-as-critical-minerals---strong-economic-and-policy-tailwinds-will-benefit-whistler-gold-copper-project-alaska-302408647.html
SOURCE U.S. GoldMining Inc.
