GoldMining To Spin Out Its Whistler Gold-Copper Project In Alaska

GoldMining Inc (TSX: GOLD) is evidently looking to unlock further value for shareholders. The company this morning revealed that it intends to effectively spin out one of its projects into a separate public entity as a means of capitalizing on the current trends in gold and copper pricing.

The transaction will see the firms Whistler copper-gold project, found in the state of Alaska, placed into a new subsidiary, called US GoldMining. The subsidiary will then be put through the IPO process or a similar transaction as a means of the company garnering further value from the property.

The project was acquired by GoldMining in 2015, however it has not seen drilling activity in several years. Located in the Yentna Mining District, it consists of 304 mining claims that cover 17,000 hectares, roughly 150 kilometres northwest of Anchorage.

In terms of mineralization, there are three known deposits on the property, which collectively host 1.9 million ounces of indicated gold at 0.51 g/t, 8.3 million ounces of indicated silver at 2.19 g/t, and 422.0 million pounds of copper at 0.16%. On an inferred basis, there are 4.7 million ounces of gold at 0.46 g/t, 16.1 million ounces of silver at 1.58 g/t and 711.0 million pounds of copper at 0.10%. The estimate was determined following a total of 70,247 metres of drilling across 257 holes on the property.

A timeline for the eventual go-public of the firm was not provided.

GoldMining last traded at $2.18 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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