US GoldMining Touts Alaska Project
U.S. GoldMining has announced a positive initial Preliminary Economic Assessment (PEA) for its Whistler Gold-Copper Project in Alaska. The results suggest the project has strong economic potential, a development praised by its majority owner, GoldMining Inc.
The Whistler project is located 105 miles northwest of Anchorage and comprises 304 State of Alaska mining claims over approximately 53,700 acres. The project is 100% owned by U.S. GoldMining Inc., which itself is approximately 81% owned by GoldMining Inc. U.S. GoldMining became a publicly traded company on the Nasdaq in April 2023 following an IPO that raised $20 million for exploration and development of the project. The project's mineral resources have been identified across three primary deposits: Whistler, Raintree West, and Island Mountain. The total indicated resource is estimated at 6.5 million gold equivalent ounces, with an additional inferred resource of 4.2 million gold equivalent ounces. The 2023 drilling program alone added an estimated 1.2 million gold equivalent ounces to the resource. The Preliminary Economic Assessment (PEA) projects a mine life of 37 years, with a phased development plan. The initial phase focuses on a high-grade, low-stripping ratio starter pit to optimize early returns and reduce the initial capital investment. The PEA indicates an after-tax net present value (NPV) of $2.0 billion and an internal rate of return (IRR) of 23.1%. The project is expected to benefit from Alaska's "Roads to Resources" program, which aims to support mineral development. A proposed state-funded access road, the West Susitna Access Road, is currently undergoing feasibility studies and could provide a direct route to the Whistler site, significantly improving logistics. The mining industry is a significant contributor to Alaska's economy, providing some of the highest-paying jobs in the state with an average annual wage double the state average for all sectors. In 2019, the industry accounted for 9,400 direct and indirect jobs and contributed over $100 million in state government revenue. Successful development of projects like Whistler could further boost these figures. Both copper and silver, present in the Whistler deposit, were added to the U.S. list of critical minerals in late 2025. This designation could potentially streamline the permitting process and open up additional opportunities for the project's development, aligning it with national economic and security interests.
