- U.S. GoldMining Inc. (USGO, Financial) plans an Initial Economic Assessment for the Whistler Gold-Copper Project in Alaska.
- The project contains significant mineral resources: 6.48 Moz AuEq indicated and 4.16 Moz AuEq inferred.
- Current gold prices of $3,000/oz are significantly higher than the $1,850/oz used in the resource estimate, providing a favorable economic backdrop.
U.S. GoldMining Inc. (USGO) has announced plans to commence an Initial Economic Assessment (PEA) for its Whistler Gold-Copper Project, strategically located 105 miles northwest of Anchorage, Alaska. The project boasts significant mineral resources, with 294 million tonnes at 0.68 g/t gold equivalent (6.48 Moz AuEq) in the indicated category and 198 Mt at 0.65 g/t AuEq (4.16 Moz AuEq) in the inferred category.
The decision to conduct the PEA coincides with a favorable pricing environment, as gold currently exceeds $3,000/oz, well above the $1,850/oz gold price used in the previous resource estimate. This could significantly improve the economics of the project. The decision follows the successful completion of the 2023-2024 drilling programs, which delivered the project's best-ever intercept of 652.5 meters at 1.00 g/t AuEq.
Whistler is the closest large undeveloped gold-copper deposit to Anchorage, offering advantages in terms of access to infrastructure such as highways, port facilities, grid power, and a skilled workforce. These benefits, combined with the current market conditions, support the company's decision to move forward with the PEA. The company is currently in an RFP process to select a mine engineering firm to conduct the study.
