ANCHORAGE, Alaska, July 6, 2026 /CNW/ - U.S. GoldMining Inc. (NASDAQ: USGO) ("U.S. GoldMining" or the "Company") is pleased to announce that it has commenced drilling as part of the previously announced 2026 exploration program (the "Program") at its 100% owned Whistler Gold-Copper Project in Alaska ("Whistler" or the "Project").
Highlights:
One Drill Turning at Whistler Orbit, Second Drill En Route: The Program has safely and successfully ramped up, with the first drill activated ahead of schedule (See Figure 1). The Company is actively drilling the high-priority Whistler Orbit targets (see Figure 2). As porphyry systems typically occur in clusters, testing these near-deposit anomalies offers higher probability opportunities to discover potential new porphyry centers.
Systematically Testing a District-Scale Porphyry Cluster: The Whistler Orbit represents a classic 'porphyry cluster' spanning a 7.5 km by 4.5 km area. The technical team has systematically delineated over 25 individual exploration targets by stacking multiple lines of evidence, including geological mapping, geophysical surveying and geochemical vectors, to prioritize the highest-ranked targets to drill test in 2026.
Transitioning to Active Discovery: The start of drilling propels the Company into a catalyst-rich phase, designed to build upon the recent Whistler initial economic assessment ("PEA")1. The PEA, which conservatively incorporates only the indicated resources from the Whistler deposit, one of three deposits with stated mineral resource estimates on the property, conceptually modeled an after-tax net present value at a 5% discount rate ("NPV5%") of $2.0 billion, a 33% internal rate of return ("IRR") and initial payback of 2.1 years, at base case prices.
Assay Timeline: On-site core logging and cutting facilities are fully operational. The Company anticipates releasing the first batches of assay results by the end of the third quarter, subject to laboratory turnaround times.
Tim Smith, Chief Executive Officer of U.S. GoldMining commented: "Achieving active drilling at the Whistler Orbit targets is an exciting milestone for our team and our stakeholders. With the recent release of the PEA, our focus now shifts to seeking to unlocking the large upside exploration potential of the district.
Geologically, gold-copper porphyries frequently occur in groups or 'clusters'. By targeting the Whistler Orbit right out of the gate, we are aggressively hunting for the next major porphyry center potentially situated right next door to our primary Whistler deposit. The 2026 Program is fully funded to drill a minimum of 6,000 meters of core to test the highest ranked 8 to 10 targets within the Whistler Orbit. We have safely executed our mobilization ahead of schedule, our camp is fully active and we look forward to providing the market with updates and assay results as we advance the program."