Source: Streetwise Reports 10/02/2024
They confirmed continuity of high-grade core in one deposit and presence of two mineralization types in a second. Read on to learn why junior mining companies are an attractive investment right now.
US GoldMining Inc.'s (NASDAQ: USGO) initial two holes of its 2024 drill season completed at its Whistler gold-copper project in Alaska returned positive results, noted a news release.
At Whistler this year, the company began drilling on June 27 at the Raintree West deposit then moved in early July to the Whistler deposit. The program covered 4,005 meters (4,005m) in all and was finished on budget and ahead of schedule.
One of the two newly reported holes, WH23-03, extended known high-grade mineralization in the Whistler deposit. This effort was a re-entry as the first drilling attempt last year had to be abandoned at 600.2m downhole due to a winter freeze. Last year's drilling, however, did include a previously reported intercept of 547m of 1.06 grams per ton gold equivalent (1.06 g/t Au eq). Then, it was the longest intercept of high-grade consistent mineralization reported to date at the project.
During this year's program, drilling extended this very intercept by more than 100m, taking it to 652.5m of 1 g/t Au eq. Broken down by metal, it consists of 0.73 g/t gold (Au), 1.5 g/t silver (Ag), and 0.16% copper (Cu).
WH23-03 also encountered several higher-grade zones, including:
176m of 1.55 g/t Au eq from 131m downhole
57m of 1.36 g/t Au eq from 575m downhole
Also, recent drilling of WH23-03 extended the high-grade mineralized core to a depth of 874.5m.
The total envelope of porphyry-style mineralization at the Whistler deposit, now extending from surface down to a depth of 716.6m, consists of 0.93 g/t Au eq, or 0.68 g/t Au, 0.15% Cu and 1.4 g/t Ag. Beyond this point is "barren country rock peripheral to the porphyry mineral system" the release explained. Mineralization extends to surface and remains open at depth.
The second newly reported hole of 2024, WH24-01, U.S. GoldMining drilled into the area of the open pit shell for the Raintree West deposit, constrained by the mineral resource estimate. This hole confirmed the presence of two types of mineralization.
One was broad gold-copper-silver porphyry-style mineralization. It was shown in this highlight intercept: 61.4m of 0.53 g/t Au eq from 311m downhole, including 41m of 0.61 g/t Au eq from 321m downhole.
Narrow, vein-style gold-silver-base metal mineralization was the second type. Specifically, the hole returned 4m of 0.78 g/t Au, 171.6 g/t Ag, 1.19% lead and 2.53% zinc, from 249m downhole.
Raintree remains open along strike and to depth. The company plans to do more drilling there to delineate the full extent of mineralization.
Unlocking Value in an Emerging District
Headquartered in British Columbia, US GoldMining is a mining explorer-developer that went public on the NASDAQ in April 2023 and raised US$20 million (US$20M) to be used on advancing and unlocking value at its 100%-owned Whistler project, the company's sole ...
