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CNW Group
U.S. GoldMining Applauds U.S. Presidential Executive Order Recognizing Copper & Gold as 'Critical Minerals' - Strong Economic and Policy Tailwinds will benefit Whistler Gold-Copper Project, Alaska
CNW Group
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ANCHORAGE, Alaska, March 24, 2025 /CNW/ - 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

Figure 1 - Location map of the Whistler Gold-Copper Project, the closest large undeveloped gold-copper mineral deposit to Anchorage, which is Alaska’s largest city. (CNW Group/U.S. GoldMining Inc.)
Figure 1 - Location map of the Whistler Gold-Copper Project, the closest large undeveloped gold-copper mineral deposit to Anchorage, which is Alaska’s largest city. (CNW Group/U.S. GoldMining Inc.)

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.

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