GoldMining (TSX: GOLD; NYSE: GLDG) has released an updated resource estimate for its 100%-owned Whistler project in the Yentna mining district of Alaska, 150 km northwest of Anchorage.
The updated resource includes the Whistle, Island Mountain, and Raintree West gold-copper deposits and has delineated 118.2 million indicated tonnes grading 0.51 gram gold per tonne, 2.19 grams silver per tonne, and 0.16% copper (0.79 gram gold-equivalent per tonne) for 1.94 million oz. contained gold, 8.33 million oz. of silver, and 422 million lb. of copper (2.99 million gold- equivalent ounces). Inferred resources add 316.98 million tonnes of 0.46 grams gold, 1.58 grams silver, and 0.1% copper (0.63 gram gold-equivalent per tonne) for 4.67 million oz. of gold, 16.06 million oz. of silver, and 711.4 million lb. of copper (6.45 million gold-equivalent ounces).
Whistler is "currently one of the largest known mineral resources in Alaska, a proven mining jurisdiction," Alastair Still, GoldMining's CEO, stated in a press release.
The updated resource "is constrained by an optimized pit shell that incorporates updated operating costs and metal price assumptions that factor price increases since 2016."
Compared with the 2016 resource estimate, indicated resources for gold, silver, and copper have increased by 9.9%, 35.9%, and 23%, respectively. Inferred resources increased by 0.9% for gold, with silver and copper decreasing by 29% and 0.3%, respectively.
The company is currently evaluating potential exploration activities to better define and expand existing mineral resources at the 17,159-hectare project.
The Whistler and Raintree West deposits are accessible via an access road, and the Island Mountain deposit, 23 km south of the camp, is accessed by helicopter.
At press time in Toronto, GoldMining was trading at $1.82 per share within a 52-week trading range of $1.56 and $3.85. The company has about 150 million common shares outstanding for a $272.1-million market capitalization.