U.S. GoldMining Inc. (NASDAQ: USGO) shares leaped Monday, on announcing initial assay results from the first two diamond drill holes completed of its 2024 drilling program at the Whistler Gold-Copper Project in Alaska, which commenced in late June 2024. The results reported in this news release include WH24-01 drilled within the Raintree West Open Pit Deposit and the re-entry extension of drill hole WH23-03 within the Whistler Deposit.
Highlights: Whistler Deposit: WH23-03 re-entry of an initial hole drilled in 2023 further extended the previously reported mineralization intercept:
Continuous high-grade core of 652.5 meters (m) at 0.73 g/t gold (Au), 0.16% copper (Cu) and 1.5 g/t silver (Ag), or 1.00 g/t gold equivalent (AuEq)*, from 7.0 m to 659.5 m down hole;
Also contained several higher-grade zones, including:
176.0 m at 1.55 g/t AuEq from 131.0 m downhole; and 57.0 m at 1.36 g/t AuEq from 575.0 m downhole.
Total mineralized envelope comprises 716.6 m of mineralization at 0.68 g/t Au, 0.15% Cu and 1.4.
CEO Tim Smith commented: "The 2023 drill program returned the longest drill intercept of consistent mineralization ever recorded at the Project: 547.2 meters at 1.06 g/t AuEq in WH23-03. We are further encouraged that we have now extended this by an additional +100 meters to enlarge the continuously mineralized intercept within the Whistler deposit high-grade core to 652.5 meters at 1.00 g/t AuEq.
USGO shares hiked $1.29, or 22.2%, to $7.10
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