U.S. GoldMining Inc. announced assay results from the 2023 drilling program at the Whistler Gold-Copper Project in Alaska, U.S.A. The Program comprised infill drilling which successfully confirmed continuity of the high-grade, near-surface core of the Whistler Deposit, and step out drilling which has extended the Deposit beyond previous known extents. 2023 Program Summary: Four drill holes were completed for a total of 2,234 meters at the Project from mid-August to mid-November, at which time the drilling program was paused for a winter break. Assay results for drill holes WH23-01, WH23-02 and WH23-03 drilled at the Whistler Deposit have been received and a summary of mineralized assay intercepts are reported in Table 1 below.

Highlight intercepts are as follows: WH23-03 intersected 599.74 meters at 0.99 g/t AuEq from surface (0.41 meters depth) and included 547.15 meters at 1.06 g/t AuEq, comprised of 0.77 g/t gold (Au), 0.17% copper (Cu) and 1.55 g/t silver (Ag), from 53.00 meters depth to end of hole at 600.15 meters. Including a higher-grade intercept of 176.00 meters at 1.55 g/t AuEq from 131.00 meters depth. WH23-03 infilled an area of previously sparse drilling, with corresponding lower confidence resource classification, on the southern margin of the Deposit's high-grade core.

Assay results confirm the continuity of mineralization extending from near-surface throughout the length of the drill hole. The lower half of WH23-03 infilled an area of the Deposit currently classified as inferred in the Whistler mineral resource estimate, which may be upgraded in future iterations of the resource model. Mineralization intersected in WH23-03 remains open at depth, including a high-grade interval of 25.15 meters at 1.12 g/t from 575.00 meters to end of hole.

The Company intends to deepen the hole to explore the depth extents of the Whistler mineral system in 2024. WH23-01 intersected 241.05 meters at 0.60 g/t AuEq, comprised of 0.33 g/t Au, 0.16% Cu and 1.86 g/t Ag, from surface (1.95 meters depth). Including an upper high-grade intercept of 8.00 meters at 1.26 g/t AuEq from 29.00 meters depth.

An intercept of 118.00 meters at 0.74 g/t AuEq from 77.00 meters, which includes several higher-grade zones: 31.0 meters at 1.00 g/t AuEq from 77.00 meters; 19.23 meters at 1.06 g/t AuEq from 137.77 meters; and 8.00 meters at 1.16 g/t AuEq from 231.00 meters. WH23-01 confirmed that mineralization extends to surface on the south side of the Whistler Ridge, a steep slope that presents challenges for building drill platforms and which was subsequently under-drilled in the past. WH23-02 intersected 142.34 meters at 0.51 g/t AuEq, comprised of 0.17 g/t Au, 0.21% Cu and 1.05 g/t Ag, from 305.00 meters depth.

Including a higher-grade zone of 22.00 meters at 1.10 g/t AuEq from 401.00 meters depth. WH23-02 successfully expanded the Whistler Deposit approximately 100 meters to the south of previously drilled mineralization in the southwest sector of the Deposit. Mineralization remains open to surface, to depth and south along strike.

Follow-up drilling in 2024 will aim to extend the resource to surface and test for additional expansion southwards and to depth. WH23-04 tested the Rainmaker South target, a target external to existing mineral resources and located approximately one kilometer southeast of the Whistler Deposit. Core logging indicates the drill hole intersected a porphyry intrusive stock, confirming and validating the geophysical modeling used to target potential new porphyry stocks.

Assays are currently pending; however, visual core logging indicates a lack of veining and alteration which are normally indicative of a productive porphyry intrusion. Cu 1.5733 +0.0108Ag, and above 10g/t Ag: AuEq=Au + Cu 1.5733. Discussion of Results: As previously reported in the Company's news release dated November 7, 2023, three diamond core drill holes: WH23-01, WH23-02 and WH23-03, for a total of 1,674 meters, were completed in 2023 from a single drill pad near the southern margin of the 800 meter by 600 meter Whistler Deposit.

Drill holes WH23-01 and WH23-02 targeted the southeast and southwest extents of the Deposit, respectively. WH23-03 was drilled at a steeper angle to provide additional geological data from the southern portion of the 'high-grade core' and to test for extensions below the base of the current resource model. A fourth drill hole, WH23-04 was drilled at the Raintree South target located one kilometer south of the Whistler Deposit, bringing the 2023 season total to 2,234 meters drilled.

For the first time at the Project, all drill holes incorporated core orientation surveying, thereby providing important structural geometry and geotechnical data. The 2023 drill core will also provide updated information for advancing mineralogical and geometallurgical test work in 2024. The Whistler Deposit is hosted within the Whistler Intrusive Suite, a composite suite of diorite stocks and dykes with clear cross-cutting relationships that divide the suite broadly into an early Main Stage Porphyry (MSP), a later Intermineral Porphyry Suite (IMP) and a late intrusive phase referred to as Late Stage Porphyry (LSP).

Gold and copper mineralization is characterized by abundant disseminated sulphide and quartz + sulphide vein stockworks (including classic porphyry diagnostic A, B, D, and M type veins), and potassic alteration which is variably overprinted by later phyllic alteration. The early stage MSP suite is most strongly altered, veined and mineralized, with the IMP being less intensely altered and veined but remaining consistently mineralized, and the late or post- mineralization LSP generally being below cutoff grade or unmineralized. The Company is working to delineate the geometry, extents and continuity of the MSP and IMP suites, which serves to focus drilling on opportunities to expand mineralization where the potentially mineralized porphyry phases remain under-explored.

In addition, the technical team has identified the presence of a robust core of higher-grade mineralization within the Deposit that correlates with intense alteration and veining within the MSP. Optimizing the geological model to improve confidence in the delineation of the MSP is a key focus of the 2024 drilling program as it will improve confidence in distribution and continuity of higher- grade zones within the Deposit.