- CK Gold Project Pre-Feasibility Study remains on
track for a mid-year release
- The program will be designed to assess complete
information necessary to work toward a Feasibility Study by the end
of 2021 or early 2022
- PFS mine planning, metallurgical testing, process
design, hydrological, geotechnical, environmental studies and
social outreach are ongoing
CHEYENNE, Wyo., May 4, 2021 /PRNewswire/ -- U.S. Gold Corp.
(Nasdaq: USAU) (the "Company"), a gold exploration and development
company, is pleased to announce its potential 2021 summer field
season program at its CK Gold Project, located in southeast
Wyoming. This program intends to
fill any remaining gaps identified in the coming Pre-Feasibility
study (PFS) program due mid-year and lead to the Feasibility Study
(FS) for the project, expected toward the end of the year or early
2022.
The studies in progress for the PFS have expanded the Company's
understanding of the project and the program will be aimed at a
number of areas where a planned second phase of data collection
will be necessary to finalize a project FS toward the end of 2021.
In the case of geotechnical work for mine slope stability, and
hydrology to assure an understanding of the groundwater behavior
during mining, drilling is necessary to fill data gaps and confirm
assumptions put forth in the PFS. Advances in the studies to date
reveal the detailed scope and precise needs for the follow-up work
leading to the FS, following normal course for project
development.
While ongoing metallurgical testing on sample extracted from the
prior field season continues to support and further develop the
initial findings for recovery of gold, copper and silver from the
project, further testing to ensure those assumptions for recoveries
are consistent across the deposit (variability testing) will be
continued beyond the mid-year PFS on sample already extracted,
supporting the FS.
As a consequence of the detailed geological studies, relogging
of historic core, optical down-the-hole televiewer data and field
mapping, the understanding of the CK Gold Project resource has
improved dramatically. A new resource should eliminate smearing of
metal grades across hard geologic boundaries, incorporate new drill
data and apply rigorous best-practice standards to the resource
estimates that are then used in the mine planning to establish
proven and probable reserves. The updated resource and reserves,
when published, is expected to incorporate an estimate silver
content which was previously not reported. The silver, while not a
large contributor to project economics, will further help and
should be in sufficient quantities to reap some payment from
concentrate sales.
George Bee, U.S. Gold Corp.'s
President and CEO, states, "We continue to advance the CK Gold
Project along the development track and remain on schedule. We now
have accumulated baseline environmental data for over six months
and we expect to be in a position to submit a permit application
early in 2022. The identified project footprint, having been
declared non-jurisdictional by the US Army Corp of Engineers, now
falls entirely within the jurisdiction of the regulatory bodies of
the state of Wyoming. With no
tailings dam, no smelter stack emissions from a process plant and
the gravity and flotation process employed for metal recovery, the
project avoids many of the concerns that have been a feature of
similar mining ventures. We hope that the simple nature of the
project, well supported by local infrastructure, will lead to the
fast-track approval and development, in benefit of local
stakeholders and U.S. Gold Corp. shareholders."
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. We encourage all those associated with the
company to follow both CDC guidelines and obtain vaccinations as
soon as possible.
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