- Drill results highlighted by CK20-03c, returning
182.1m of continuous mineralization
grading 2.065 g/t AuEq
- Preliminary evaluation of drill results suggest an
expected slight increase in overall gold grades relative to
predicted grades in the 2017 MDA Preliminary Economic Assessment
(PEA) resource estimate
- Geologic modeling, resource estimation, geotechnical and
hydrological modeling, preliminary mine planning and metallurgical
work are all advancing well and are currently on schedule for
Pre-Feasibility Study (PFS) completion by end of Q2
2021
ELKO, Nev., March 30, 2021 /PRNewswire/ -- U.S. Gold Corp.
(NASDAQ: USAU) (the "Company"), a gold exploration and development
company, is pleased to announce additional drill results from its
recent 30-hole drilling program for its CK Gold Project, an
advanced stage gold and copper exploration and development project
located just outside of Cheyenne,
Wyoming. A PDF file of drill results to date can be accessed
from the link below:
CK Gold Project 2020 drilling results summary
table:
www.usgoldcorp.gold/properties/ck-gold-project/2020-drilling
Assumptions: Grades reported represent contained metal as
assayed. The calculation of equivalent gold grade assumes the spot
prices for gold, silver and copper as quoted at Kitco.com on
December 10, 2020. Future press
releases will utilize these same metal prices for all
gold-equivalent value calculations.
George Bee, President and CEO of
U.S. Gold Corp. stated, "We are presently on track to complete the
CK Gold Project Pre-Feasibility Study (PFS) by mid-year. By design,
we have gone well beyond what would normally be necessary for a PFS
so that we can move on to evaluate the project at the Feasibility
Study (FS) level by the end of the year, having gathered any
supplemental data necessary from the project site during the 2020
summer field season. Project environmental baseline monitoring
continues, having started last September with the objective of
being in a position to submit a permit application to the
State of Wyoming once a
development decision has been made post FS evaluation. While a
development decision is contingent on many factors, we are
encouraged by what we have seen."
Comments on overall progress:
- All results for metallurgical core holes have been received,
representative composites have been made, and metallurgical testing
is ongoing and well advanced. Preliminary results to date suggest
higher gold and copper recoveries from high-grade oxide
mineralization than in the previous Preliminary Economic Assessment
(PEA).
- RC drilling to the southeast of the known deposit has extended
the footprint of mineralization; mineralization remains open along
strike to the southeast and at depth.
- Mineralization remains open down-plunge to the northwest, where
previously released hole CK20-01c ended in mineralization better
than 2 g/t Au.
- Final results for the remaining eight drill holes are expected
by end of March.
- A better understanding and application of geologic constraints
(structural, lithologic and alteration) to the resource estimation
suggests a potentially better overall grade relative to the MDA
model and the conversion of material to measured and indicated
categories from inferred.
Geologic Observations:
The 2020 drilling program included televiewer surveys of
geotechnical core holes and surface mapping by our geotechnical
consultants, Piteau Associates USA
Ltd. Data generated from this work allowed the development of a
fault model for the CK Gold deposit which did not previously exist.
The importance of these faults is in forming hard boundaries to
gold-copper mineralization, as well as lithologic-alteration
boundaries. Of perhaps the greatest importance is the verification
of the position of the Copper King fault on the east side of the
deposit, forming a clear, hard boundary to gold-copper
mineralization. Whether this fault is post-mineral or syn-mineral
and grade controlling is yet to be determined, requiring drilling
under post-mineral White River Formation to the southeast of the
known mineralization. The 2017 work by Mine Development Associates
(MDA) did not have the information now available, and as a
consequence grade was estimated across the Copper King fault. The
updated block model for the upcoming PFS should be much better
constrained geologically and more reliable.
QA/QC Procedure
U.S. Gold Corp. employs a rigorous QA/QC protocol on all aspects
of sampling and analytical procedure. Drill core is checked,
logged, marked for sampling, and sawn in half. One-half of each
drill core is maintained for future reference and the other half of
each drill core is sent to Bureau Veritas, an ISO 17025 accredited
laboratory in Reno, Nevada to
complete all sample preparation and assaying. Samples are analyzed
employing fire assaying with atomic absorption finish for gold, and
four-acid ICP-MS analysis for silver and copper. For QA/QC
purposes, certified standards, blank samples and sample duplicates
are inserted into the sample stream. U.S. Gold Corp. also
periodically submits sample pulps to another independent laboratory
for check analysis.
COVID-19 Policy
U.S. Gold Corp. recognizes the heightened health risks
associated with the current pandemic. At this stage of the CK Gold
Project development, focusing largely on the gathering of
information from the field, our personnel, contractors and
consultants do not need to come into close contact with others
apart from work within individual pods such as the drill crew and
core logging personnel. Much of our work is conducted outdoors and
physically separated. Meetings are conducted from remote locations
using available video conferencing software. When it is necessary
for individuals to meet or visit facilities, health guidelines are
followed to avoid and minimize the risk of spreading the COVID-19
virus. We take the health and safety of all those associated with
our activities very seriously. If necessary, we will suspend
activities and observe quarantine regimens until any health
uncertainty passes.
Note on Qualified Person
This statement has been reviewed by Kevin Francis, P Geo, SME Registered Member,
Principal of Mineral Resource Management LLC, who has inspected the
data furnished in this announcement and has knowledge of the
activities outlined in the CK Gold Project update. Acting within
the scope of his expertise, Mr. Francis, as a Qualified Person, has
reviewed the information provided and finds it to be accurate and
reflecting facts.
About U.S. Gold Corp.
U.S. Gold Corp. is a publicly traded, U.S. focused gold
exploration and development company. U.S. Gold Corp. has a
portfolio of exploration properties. Copper King, now the CK Gold
Project, is located in Southeast
Wyoming and has a Preliminary Economic Assessment (PEA)
technical report, which was completed by Mine Development
Associates available on the US. Gold Corp. website. Keystone
and Maggie Creek are exploration
properties on the Cortez and Carlin Trends in Nevada. The
Challis Gold Project is located in Idaho. For more information about U.S.
Gold Corp., please visit www.usgoldcorp.gold
Safe Harbor
Certain statements in this press release are forward-looking
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements may be identified by the use of
forward-looking words such as "anticipate," "believe," "forecast,"
"estimated," and "intend," among others. These forward-looking
statements are based on U.S. Gold Corp.'s current expectations, and
actual results could differ materially from such statements. There
are a number of factors that could cause actual events to differ
materially from those indicated by such forward-looking statements.
These factors include, but are not limited to, risks arising
from: the prevailing market conditions for metal prices and mining
industry cost inputs, environmental and regulatory risks, risks
faced by junior companies generally engaged in exploration
activities, whether U.S. Gold Corp. will be able to raise
sufficient capital to implement future exploration programs,
COVID-19 uncertainties, and other factors described in the
Company's most recent Annual Report on Form 10-K, Quarterly Reports
on Form 10-Q, and Current Reports on Form 8-K filed with the
Securities and Exchange Commission, which can be reviewed
at www.sec.gov. The Company has based these
forward-looking statements on its current expectations and
assumptions about future events. While management considers these
expectations and assumptions to be reasonable, they are inherently
subject to significant business, economic, competitive, regulatory,
and other risks, contingencies, and uncertainties, most of which
are difficult to predict and many of which are beyond the Company's
control. The Company makes no representation or warranty that the
information contained herein is complete and accurate and we have
no duty to correct or update any information contained
herein.
Cautionary Note to U.S. Investors Concerning Mineral
Resources
We may use certain terms on this press release, which are
defined in Canadian Institute of Metallurgy guidelines, the
guidelines widely followed to comply with Canadian National
Instrument 43–101– Standards of Disclosure for Mineral Projects
("NI 43–101"). We advise U.S. investors that these terms are
not recognized by the United States Securities and Exchange
Commission (the "SEC"). However, the SEC normally only
permits issuers to report mineralization that does not constitute
"reserves" by SEC standards as in place tonnage and grade without
reference to unit measures. Note that a preliminary economic
assessment is preliminary in nature, and it includes Inferred
mineral resources that are considered too speculative geologically
to have the economic considerations applied that would enable them
to be classified as mineral reserves, and there is no certainty
that the preliminary assessment will be realized.
For additional information, please contact:
U.S. Gold Corp. Investor Relations:
+1 800 557 4550
ir@usgoldcorp.gold
www.usgoldcorp.gold
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content:http://www.prnewswire.com/news-releases/us-gold-corp-releases-additional-drill-results-and-is-on-track-to-complete-pre-feasibility-study-for-the-ck-gold-project-301258071.html
SOURCE U.S. Gold Corp.