U.S. GoldMining (NASDAQ: USGO) CEO Tim Smith on Expanding Gold & Copper Resource in 2024


Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the CEO of U.S. GoldMining, Mr. Tim Smith.

Tim, it's been a bit. We have a gold market that I think is going to be one that continues to make new all-time highs for years to come, and U.S. GoldMining just announced its 2024 exploration program on how it's positioning to take advantage of this bull market. I wanted to have you on to get an update in. How are you, first and foremost, sir?

Tim Smith: Doing really well and very excited. Winter is over in the north and so our teams are starting to mobilize into sites as we speak.

Gerardo Del Real: Well listen, you're following up on a drill hole last year that hit 547 meters at 1.06 grams per tonne gold. You are doing some exploration drilling. You are looking to grow what's already a robust resource. Can you speak to the approach to this year's program?

Tim Smith: Yeah, absolutely. Look, we're really excited to be able to commence the programs to build on the success that we achieved in 2023, and as you just mentioned there, that included the longest drill intercept of consistent high-grade mineralization ever recorded at the Whistler project, the 547 meters at 1.06 grams per tonne. It started close to surface. The drill hole ended in mineralization. We see that high-grade core extending to depth. We're excited as one of our objectives this year to get back into the deeper parts of the Whistler deposit and to be able to further delineate and extend those areas of high-grade mineralization.

We also don't want to miss out on the opportunity to drill and extend that our other deposit nearby, Raintree West. So we're looking at expanding the existing estimated mineral resource there. And of course, both Whistler and Raintree sit within the broader Whistler orbit, which is a classic porphyry cluster. We've defined two resources. We've got about a dozen additional targets, so we're excited for the potential to make additional discoveries in that Whistler orbit area this coming summer.

Gerardo Del Real: The timing couldn't be better. How is the Treasury looking?

Tim Smith: Treasury's great. We've got over $10 million based on our IPO this time last year, so we're heading into 2024 in a really strong position. Essentially, fully funded and with a very strong in-house technical team, and those a strong portfolio of exploration targets that I just mentioned. We're really excited to be able to leverage all of those factors towards unlocking value for shareholders in 2024.

And you mentioned at the start of the call, the backdrop of the all-time highs in both gold and copper, that really creates an ideal environment for a project that contains gold, copper and silver. Gold, just in the last week, at an all-time high of $2,400 per ounce. Copper, an all-time high of $5 per pound. Silver hit a ten-year high. We've got all of those. And just to remind you, in addition to Whistler being a significant gold deposit with around 1.94 million ounces in the indicated and 4.7 million ounces gold in the inferred, it's also a very sizable copper deposit. We've got over 0.4 billion pounds of copper in the indicated and another 0.7 billion pounds of copper in the inferred. So great timing. Just given that backdrop of the all-time highs in those commodity prices.

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Gerardo Del Real: You have one of the better technical teams out there. Not a coincidence that you're unlocking a ton of value at Whistler that laid silent for over a decade. You just added Mr. Logan Boyce as senior project geologist. Can you tell me a bit about that addition?

Tim Smith: Really excited to have Logan join the team. Logan's an ex-colleague of mine at a previous company we were both working at with a project at about the same latitude just across the border in Canada in Yukon territory. Logan has over 10 years experience operating in remote exploration projects. He's fantastic when it comes to the geology, identifying targets, and executing efficiently in the field, and safely too, I might add. So really happy that Logan was able to come join the team at U.S. GoldMining.

Gerardo Del Real: A lot to be excited about. I'm looking forward to having you back on once drilling commences and assays start trickling in. I think it's going to be a heck of a 2024 on all fronts. Anything else to add, Tim?

Tim Smith: No, look, I'll just wrap up again with the Whistler deposits. The high-grade core returning drill intercept last year of over one gram per tonne. I think we're seeing that Whistler has the potential to become one of the marquee gold projects in North America. It's essentially one of the largest undeveloped gold/copper resources in the United States. It's not yet in the hands of a producer, either mid-tier or major. So the team is rearing to go. We're going to be in the field in the coming weeks here and look out for news flow in the coming weeks and months.

Gerardo Del Real: Looking forward to it, Tim. Thank you so much for your time.

Tim Smith: Thank you, Gerardo.

Gerardo Del Real: All right. Cheers.

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