Issue 02 | October 8, 2026
THE WHISTLER EXPLORATION SEASON
A look back at USGO’s 2026 exploration program at its 100%-owned Whistler Gold-Copper Project in Alaska.
U.S. GoldMining (NASDAQ: USGO) has wrapped up its 2026 drilling and surface exploration programs at the Whistler Gold-Copper Project. The 2026 campaign focused on testing high-priority targets, evaluating potential extensions of known mineral systems and expanding the pipeline of exploration targets across its contiguous 53,700-acre land package. While assay results are still pending, we are encouraged by the field observations from our geological team.
2026 EXPLORATION AT A GLANCE
USGO completed its largest drilling and exploration program since its initial public offering in 2023:
| 7,493 m Diamond drilling completed |
17 Drill Holes Completed across the Property |
| 10 Target Areas Tested within the Whistler Orbit |
58 Rock Grab Samples Submitted for multi-element assay |
EXPLORING BEYOND THE KNOWN DEPOSITS
The Whistler Project hosts estimated indicated mineral resources of 299.2 Mt grading 0.41 g/t Au, 0.15% Cu and 1.9 g/t Ag (0.56 g/t AuEq), containing 5.41 Moz AuEq1, and estimated inferred mineral resources of 290.7 Mt grading 0.47 g/t Au, 0.06% Cu and 1.6 g/t Ag (0.54 g/t AuEq), containing 4.97 Moz AuEq1, across the Whistler, Raintree West and Island Mountain deposits, reported at a US$13.40/t NSR cut-off value1.
The 2026 program evaluated high-priority targets across the broader property, targeting new gold-copper porphyry mineralization and testing the limits of known mineral systems:
- Whistler-Raintree: Drilling and surface exploration evaluated high-priority targets within the Whistler Orbit, which contains the existing Whistler and Raintree West deposits.
- Island Mountain: Geological mapping evaluated areas of historical gold and copper mineralization northwest of the existing resource, along with additional geochemical and geophysical anomalies.
- Muddy Creek: Mapping and prospecting focused on expanding the known extent of quartz veining and refining exploration targets associated with the emerging intrusion-related gold system.
Figure 1: Surface exploration mapping and sampling photographs from the 2026 summer field season. A: Senior geologist Dr. Mike Sepp at Island Mountain. B: Sulfide stringers in vein quartz at Snow-Canyon Ridge. C: Quartz vein with pyrite and minor chalcopyrite in central suture-line (characteristic porphyry-style ‘B-vein’) at Long Lake Hills. D: Geologist Jared Liimu prospecting and mapping at Long Lake Hills. Mineral occurrences shown are visual observations only and should not be considered a proxy for assay results.
EVALUATING POTENTIAL EXTENSIONS TO THE WHISTLER ORBIT
Surface exploration at Snow-Canyon Ridge and Long Lake Hills evaluated the potential to extend the Whistler Orbit further north and northeast of the primary Whistler deposit.
Snow-Canyon Ridge (2 to 5 miles north of Whistler): Geological mapping and prospecting revisited areas of historical elevated gold and copper in rock samples. Field observations confirmed sulfide stringers and disseminations hosted in quartz veins associated with characteristic porphyry lithologies and alteration.
Long Lake Hills (2.7 miles northeast of Whistler): Mapping identified diorite porphyry with strong phyllic alteration and quartz stockwork veining characteristic of porphyry gold-copper systems. Two diamond drill holes were completed to test this area at depth as part of the 2026 drilling program.
These prospects are being evaluated for their potential to extend the Whistler Orbit – a porphyry cluster spanning approximately 7.5 km by 4.5 km.
ADVANCING EXPLORATION AT MUDDY CREEK
Located approximately 10 miles southwest of the Whistler deposit, Muddy Creek represents an emerging intrusion-related gold system.
Building on work completed in 2025, the 2026 field program identified additional zones of high-density quartz veining along the contact between a granodiorite intrusion and surrounding country rocks. This included a newly mapped 1.7-mile extension of high-density sheeted quartz veining west of the area identified in 2025.
The geological setting, quartz veining and the association of gold with arsenic, bismuth and antimony identified in 2025 sampling results are characteristic features of intrusion-related gold systems. Further mapping, sampling and interpretation will help refine exploration targets across the Muddy Creek area.
ADVANCING EXPLORATION AT ISLAND MOUNTAIN
Located approximately 15 miles south of the Whistler deposit, Island Mountain hosts a gold-copper porphyry system associated with diorite and monzonite intrusions.
The 2026 surface exploration program evaluated areas northwest of the existing drill-defined resource, where historical sampling returned elevated gold and copper values. Mapping assessed coincident geochemical and geophysical anomalies outside the current resource boundary to identify potential resource extensions and satellite targets for future drilling.
WHAT'S NEXT?
With field operations concluded for the season, on-site drill core logging and sampling are now complete, and initial assay results from the 7,493 m drill campaign and surface grab samples are pending.
In addition to the 58 rock grab samples submitted for gold, copper, and multi-element assays, numerous samples were taken to help characterize other geochemical characteristics which may help in future to vector into new Au-Cu target areas:
- 12 geochronological samples were collected to precisely date host intrusive suites.
- 68 hyperspectral samples were collected at Long Lake Hills to map the hydrothermal alteration footprint.
Assay results and geological modeling from the 2026 campaign are expected to be reported over the coming months. These will inform planning of follow-up exploration and future drilling programs across the Whistler Project.
For further information regarding the Whistler Project, including the mineral resource estimate disclosed herein, please see the technical report summary titled “Whistler Gold-Copper Project, S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis, Alaska, United States of America” (the “S-K 1300 Report”) prepared under subpart 1300 of Regulation S-K under the U.S. Securities Act of 1933 (“S-K 1300”) and the Canadian National Instrument 43-101 (“NI 43-101”) technical report titled “Whistler Gold-Copper Project, NI 43-101 Technical Report and Preliminary Economic Assessment”, each dated effective March 2, 2026. The S-K 1300 Report is available under the Company’s profile at www.sec.gov and the NI 43-101 Report is available under its profile at www.sedarplus.ca.
Read more about the 2026 Exploration Season in the latest news releases:
- 09/28/26 | U.S. GoldMining Expands Pipeline of High-Priority Targets With 2026 Surface Exploration Program at its Whistler Gold-Copper Project, Alaska
- 09/22/26 | U.S. GoldMining Completes 2026 Drill Program Targeting High-Priority Porphyry Centers at its 100% Owned Whistler Gold-Copper Project, Alaska
Notes:
- Mineral resource estimate note: AuEq = gold equivalent, which combines gold, copper and silver, expressed in gold grams per tonne. AuEq (g/t) = Au (g/t) + 0.9361 x Cu (%) + 0.0055 x Ag (g/t). The Mineral Resource for the Whistler, Island Mountain, and the upper portions of the Raintree West Deposits have been confined by an open pit with "reasonable prospects of eventual economic extraction" using the following assumptions: metal prices of $2,750/oz Au, $4.35/lb Cu and $30/oz Ag; payable metal of 94.8% for Au, 96.5% for Cu, 88.2% for Ag; refining costs of $7.50/oz Au, $1.00/oz Ag, $0.065/lb Cu; offsite costs of $165.65/t; royalty of 3% NSR; pit slopes of 50°; mining cost of $2.75/t for waste and mineralized material; processing costs of $11.25/t and G&A of $2.15/t. See the S-K 1300 Report and NI 43-101 Report for key assumptions, parameters and methods. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Inferred mineral resources have a high degree of geological uncertainty and are too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves.
FROM THE ARCHIVE
Explore previous issues of The Orbit on the U.S. GoldMining website.
MORE FROM U.S. GOLDMINING
View our Corporate Presentation →
Whistler Gold-Copper Project →
Whistler PEA Technical Report →
TECHNICAL INFORMATION
Tim Smith, P.Geo., Chief Executive Officer of the Company, has supervised the preparation of this newsletter and has reviewed the additional scientific and technical information contained herein. Mr. Smith is a qualified person as defined under NI 43-101 and S-K 1300.
FORWARD-LOOKING STATEMENTS
Certain of the information contained in this newsletter constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable United States federal securities laws and Canadian securities laws ("forward-looking statements"), which involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, resource estimates, the potential to extend the Whistler Orbit or identify resource extensions or new mineralization, the timing of receipt and reporting of assay results, and the Company's plans and expectations regarding the Whistler Project and future opportunities and proposed work and studies thereon. Words such as “expects”, “anticipates”, “plans”, “estimates”, “potential” and “intends” or similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on U.S. GoldMining’s current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in which it operates, including assumptions regarding commodity prices, the timely receipt of laboratory results, the availability of financing, personnel and equipment, and the receipt of required permits. Risks and other factors that could cause actual results to differ materially include, among others, fluctuating commodity prices, the risk that assay results do not confirm visual observations, risks inherent with preliminary economic assessments and mineral resource estimation generally, economic risks, changing economic factors, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and future development work, accidents, labor disputes and other risks of the mining industry (including those associated with the environment), delays in obtaining governmental approvals or permits, title disputes, other risks inherent in the exploration and development of mineral properties, and the other risk factors set forth in the Company’s Annual Report on Form 10-K and other filings with the U.S. Securities and Exchange Commission at www.sec.gov and the Canadian Securities Administrators at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements. There can be no assurance that forward-looking statements, or the material factors or assumptions used to develop them, will prove to be accurate. The Company does not undertake any duty to update any forward-looking statements, except as required under applicable securities laws.