Shares of US Goldmining (NASDAQ:USGO) skyrocketed 36% higher to $14.10 a share Monday after the company said it reported 294.5 million tonnes of resource grading 0.4 gram gold, 2 grams silver per tonne and 0.16% copper.
Whistler was already known to hold 198 inferred tonnes at 0.7 gram gold, 1.81 grams silver and 0.07% copper, meaning the recent discovery has doubled the amount of discoverable gold believed to be located at its Whistler project in Alaska.
The company, which held an initial public offering in April 2023, is now valued at more than $161 million after Monday’s price spike.
Company leadership reaction
US Goldmining CEO Tim Smith said, “We look forward to receiving additional results from the 2024 drill hole assays which we believe will continue to support the project’s potential to host a long-life, high-quality gold-copper-silver mine in one of the most favourable mining jurisdictions in the United States.”
On Tuesday, in U.S. premarket trading, the stock was trading at about $13.50.
Alastair Still, chairman of the company board, said, "We are extremely pleased by the progress of (US Goldmining’s) exploration initiatives at the Whistler Project, which have resulted in strengthened confidence of the Whistler MRE by increasing the gold equivalent ounces in the indicated category by approximately 117% from prior estimates.
The Project now contains 6.5 Moz AuEq in the indicated resource category and an additional 4.2 Moz AuEq in the inferred resource category. The successful 2023 drilling program and growth of the mineral resources at Whistler is an example of how our spin-out strategy continues to unlock value for GoldMining shareholders.
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