U.S. GoldMining Inc. announced assay results from the 2023 drilling program at the Whistler Gold-Copper Project in Alaska, U.S.A. WH23-01 intersected a broad zone of gold-copper mineralization in the upper part of the Deposit, hosted within MSP and IMP and confirming the projection of the mineral resource block model to surface in a part of the Deposit that was previously poorly supported by shallow drilling on the south side of the Whistler Ridge. The drill hole also tested the location of the south-east contact of the Whistler porphyry mineral system against a post-mineral (unmineralized) stock, the Claw Dyke, which was unconstrained by previous drilling. WH23-02 tested the southwest portion of the Deposit where the geological model indicated the opportunity to expand mineralized IMP southwards along strike into a part of the resource block model that is currently modelled mainly as waste (below reported cutoff grade).

The drill hole confirmed continuity of porphyry mineralization hosted within IMP, with assays indicating a higher copper: gold ratio than other parts of the mineral system. Core logging and preliminary white-mica mineralogy indicates this part of the porphyry system is relatively shallow, suggesting higher temperature and potentially more gold-rich parts of the hydrothermal system may continue at depth. Mineralization remains open to the south and at depth requiring follow-up drilling in 2024 with the aim of further extending and delineating this zone.

WH23-03 was drilled at a steep angle to improve confidence in grade continuity and achieve maximum depth penetration on the southern margin of the MSP- and IMP-hosted high-grade core of the Deposit. The drill hole was designed to test for potential expansion of mineralization below the base of the current mineral resource constraining pit shell; however, drilling was terminated prematurely due to freeze-up of the water supply at the onset of winter conditions. The Company will attempt to re-enter and deepen the drill hole in 2024 to explore the depth extents of the Whistler mineral system.

WH23-03 demonstrated remarkable consistency of mineralization within the 'high-grade core', with near continuous mineralization encountered from surface to end of hole and remaining open at depth. The lower half of the drill hole intersected mineral resources currently classified as inferred, thereby improving confidence in the geological model. WH23-04 tested the Rainmaker South target, located approximately one kilometer southeast of the Whistler Deposit, intersecting a diorite porphyry intrusive stock within volcanic (andesite) country-rock.

While the drill hole confirmed the geophysical modelling and targeting methodology, core logging indicates weak to absent veining and alteration which is typical of LSP suites in the Whistler area. Assays are pending; however, the Company is not expecting that the LSP drilled to date has intersected mineralization. Additional geological modeling will be completed upon receipt of assays, including multi-element geochemical 3D modelling, to establish vectors towards potential nearby mineralization at Rainmaker South.

In addition to the Rainmaker South target, there are a further 12 potential targets for additional porphyry hosted mineralization in the Whistler-Raintree area. The Company plans to re-commence drilling at the start of the 2024 field season. Additional details will be released as plans are finalized.