U.S. GoldMining Shares Surge After Alaska Deposit Strike

Dow Jones11-19

By Connor Hart

Shares of U.S. GoldMining surged after the company found a large gold deposit in Alaska.

The stock jumped 36%, to $11.22, in afternoon trading Monday. Shares are up 58% since the beginning of the year.

The exploration and mine-development company earlier in the day said that a drill hole at the company's Whistler Gold-Copper Project--located about 100 miles northwest of Anchorage--revealed an untapped gold deposit.

The standalone gold grade in the mineralized intercept is two-to-three times higher than that of a deposit found last year, as well as those of the site's surrounding historic drill holes, the company said.

Chief Executive Tim Smith said the discovery supports the company's mission to identify opportunities to test under-drilled portions of the Whistler Deposit for zones of higher-grade mineralization. "We hope to build upon this program with the goal of further upgrading the existing mineral resource profile of the project," he added.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

November 18, 2024 14:25 ET (19:25 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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