U.S. GoldMining gets $25 million access funding

• U.S. GoldMining reported that AIDEA authorized up to $25 million for work linked to the West Susitna Access Project.
• The funding will support geotechnical drilling, permitting, hydrologic studies, and engineering activities.
• The project would improve access to U.S. GoldMining’s Whistler gold-copper deposit in Alaska.

U.S. GoldMining (NASDAQ:USGO) reported that the Alaska Industrial Development and Export Authority authorized up to $25 million for work supporting the proposed West Susitna Access Project (WSAP).

The funding will support geotechnical drilling, permitting, hydrologic studies, and engineering work for an access project designed to connect infrastructure to U.S. GoldMining’s Whistler gold-copper exploration area.

The WSAP includes a planned 22-mile public road by the Alaska Department of Transportation and Public Facilities and a 78.5-mile public-private road by AIDEA, with planned work covering bridge crossings, seismic surveys, material site evaluations, culvert locations, trail overcrossings, and permit application preparation.

U.S. GoldMining stated that its Whistler preliminary economic assessment outlines an after-tax NPV5% of $2 billion, a 33% IRR, and a 2.1-year initial payback period.

The company’s Whistler project is a gold-copper exploration asset located in Alaska, and the preliminary economic assessment is based only on Indicated Mineral Resources.

U.S. GoldMining noted that the Whistler economic assessment is preliminary and is not a feasibility study, while the company continues technical work related to project development and access planning.