GoldMining Subsidiary, 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
Designated News Release
Highlights:
The highlights of
- 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 Whistler 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 theU.S. GoldMining'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 ProjectU.S. GoldMining is currently systematically exploring nearby targets within the 'Whistler Orbit' where an additional 12 potential targets remain under-explored
- The Whistler MRE encompasses 2023 drilling as reported earlier this year (see
U.S. GoldMining news releaseJanuary 16, 2024 ), including the initial intercept contained within WH23-03 which comprised 547 m at 1.06 g/t AuEq- It excludes recently reported confirmatory assays from the re-entry of WH23-01 drilled in 2024 (see U.S. GoldMining announcement
September 30, 2024 ) which now extends 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.
- It excludes recently reported confirmatory assays from the re-entry of WH23-01 drilled in 2024 (see U.S. GoldMining announcement
Alastair Still, Chief Executive Officer of GoldMining, commented: "Since the initial public offering of
1. |
2. The above global resource numbers are provided for informational purposes only and are not intended to represent the viability of any project on a standalone or global basis. The exploration and development of each project, project geology and the assumptions and other factors underlying each estimate, are not uniform and will vary from project to project. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves. The estimate of mineral resources may be materially affected by environmental permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues. Please refer to the Company's most recent annual information form, a copy of which is available under its profile at www.sedarplus.ca and www.sec.gov, for further information regarding such estimates. |
The updated Whistler MRE is set forth in a technical report summary titled "S-K 1300 Technical Report Summary Initial Assessment for the
Updated Mineral Resource Estimate Overview
The Whistler MRE was based on 43,096 meters of drill data available as of
The
- Revised mineral resource reporting at
US$10 /tonne cut-off (previously the 2022 MRE was reported atUS$10.50 /t) and using below 3-year trailing average commodity assumptions ofUS$1,850 /oz Au,US$4.00 /lb Cu andUS$23 /oz Ag, across all three Project deposits: Whistler, Raintree andIsland Mountain (see Figure 1). - The addition of three 2023 diamond core drill holes for 1,674 meters of drilling within the namesake Whistler Deposit (see Figure 2), with revisions to the geological interpretation and three dimensional mineralization modelling.
The following table sets forth a summary of the Whistler MRE update.
Table 1: Mineral Resource Estimate for the
Class |
Deposit |
Cut-off |
ROM |
In situ Grades |
In situ Metal |
|||||||
(US$/t) |
(ktonnes) |
NSR |
AuEqv |
Au |
Cu |
Ag |
AuEqv |
Au |
Cu |
Ag |
||
Indicated |
|
10 |
282,205 |
22.84 |
0.68 |
0.41 |
0.16 |
1.89 |
6,201 |
3,724 |
999 |
17,166 |
|
10 |
8,905 |
21.08 |
0.63 |
0.46 |
0.08 |
4.81 |
180 |
131 |
16 |
1,378 |
|
|
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 |
|
10 |
18,224 |
21.01 |
0.63 |
0.40 |
0.13 |
1.75 |
368 |
233 |
54 |
1,025 |
|
10 |
124,529 |
18.21 |
0.54 |
0.45 |
0.05 |
1.02 |
2,180 |
1,817 |
139 |
4,084 |
|
|
10 |
15,056 |
23.12 |
0.69 |
0.55 |
0.06 |
4.36 |
335 |
267 |
21 |
2,112 |
|
|
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, |
|
|
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 |
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$/t)=(100%-3%)*((Au*70%* |
7. |
The Au Equivalent equations are: below 10g/t Ag: AuEq=Au + Cu*1.771 +0.0113Ag, and above 10g/t Ag: AuEq=Au + Cu*1.771 |
8. |
The specific gravity for each deposit and domain ranges from 2.76 to 2.91 for |
9. |
The |
10. |
Numbers may not add due to rounding. |
Additional details of the mineral resource estimate are set forth in the S-K 1300 Report and
*For comparison, the previous 2022 MRE (Effective Date
Whistler Project High-
The updated 2024 Whistler MRE is underpinned by a significant component of higher-grade mineralization within the core of the three deposits. Table 2 illustrates the Whistler MRE at a range of cut-offs which provide optionality for potential future mine development scenarios. For example, using an elevated cut-off value of
-
134 Mt at 0.98 g/t AuEq for 4.2 Moz AuEq Indicated (includes Raintree UG resource) - 87 Mt at 0.96 g/t AuEq for 2.7 Moz AuEq Inferred (includes Raintree UG resource)
Class |
Source |
Cutoff |
ROM Tonnage |
In situ Grades |
In situ metal |
|||||||
(US$/t) |
(ktonnes) |
NSR (US$/t) |
AuEqv (g/t) |
Au (g/t) |
Cu (%) |
Ag (g/t) |
AuEqv (Koz) |
Au (koz) |
Cu (klbs) |
Ag (koz) |
||
Indicated |
|
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 |
|
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 |
In particular,
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 |
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
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Technical Information
The technical work of the Whistler MRE was completed by
About
The Company is a public mineral exploration company focused on the acquisition and development of gold assets in the
Cautionary Statement on Forward-looking Statements
Certain of the information contained in this news release constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and
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