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Drilling program being developed to test mineral resource expansion adjacent and below the proposed pit and to follow up new nearby magnetic anomalies
U.S. Gold Corp. ("U.S. Gold," the "Company," "we," "our" or "us") (Nasdaq: USAU) is pleased to announce that the Company recently completed an updated and enlarged geo-magnetic survey conducted by Zonge International, Inc. ("Zonge"), Reno, Nevada. The project included data acquisition via drone mounted magnetometer and covered 325-line km coverage at an average 32m drape over the CK Gold Project ("CK Gold").
USAU recognizes that copper and gold mineralization extends beyond the current drilling. A mineral resource drilling program is being developed to test mineralization at depth below the existing pit shell as well as new targets identified through the current geophysical program outside of the proposed pit footprint.
Initial results from the current, more focused and expanded survey, extend magnetic anomalies revealed by a ground magnetometer survey conducted in 2017. These anomalies suggest additional structures and magnetite-altered zones potentially capable of hosting gold/copper mineralization. The anomalous areas follow a strong northwesterly structural fabric. This is significant as mineralization at CK Gold is shown to have a high magnetic signature.
Wright Geophysics has been contracted to complete advanced interpretation of the new data. A gravity survey is planned to be conducted by Zonge in late July over the same area. The objective is to identify similar rock packages that host the mineralization at CK Gold and investigate nearby known mineralization from historical mining. This geophysical activity is anticipated to be the precursor of future drilling programs.
"We are excited to see the additional anomalies similar to the historical Copper King Mine", said Mr. Kevin Francis, U.S. Gold's VP Exploration & Technical Services. He continued, "We expect this information will lead to new exploration efforts to test these anomalous target areas."
Mr. George Bee, President and CEO added,
"With the initial CK Gold Project Feasibility Study now published and our fully permitted project moving to development, we can now turn attention to both the potential to expand the pit into known mineralization through conversion of our resources into reserves, and to explore into areas of former mining of high-grade ore conducted by the original developers of the Silver Crown Mining District".
The magnetic anomalies immediately southeast of the Copper King Mine are on trend but are under cover of the Oligocene White River Formation, suggesting a significant amplitude to these areas through that cover. Additional areas of potential interest occur along linear anomalies across the project area.
About the Company
U.S. Gold Corp. is a publicly traded, U.S. focused gold and copper exploration and development company. U.S. Gold Corp. has a portfolio of exploration properties. The Company's CK Gold Project is located in Southeast Wyoming and has a Feasibility Study technical report, which was completed by Halyard-Micon International, Inc. The Company's Keystone exploration property is on the Cortez Trend in Nevada. The Company's Challis Gold Project is located in Idaho. For more information about U.S. Gold Corp., please visit https://www.usgoldcorp.com/.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release are forward-looking within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "plans," "expects" or "does not expect," "is expected," "budget," "scheduled," "intends," "anticipates" or "does not anticipate," "proposed," "aims," "forecast," "estimates," "believes," "continues" and "intend," among others, or variations of such words and phrases or statements that certain actions events or results "may," "could," "would," "might," or "will be taken," "occur" or "be achieved", although not all forward-looking statements include these words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking statements. These forward-looking statements include statements related to the Company's CK Gold Project, including any additional exploration efforts and the development of a mineral resource drilling program, the objectives and anticipated findings thereof, and the potential conversion of resources to reserves, and statements regarding new exploration efforts. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks 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 undertakes no duty to correct or update any forward-looking statements, except in accordance with applicable securities laws.
For additional information, please contact:
U.S. Gold Corp.
Investor Relations
+1 800 557 4550
ir@usgoldcorp.com
www.usgoldcorp.com
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SOURCE U.S. Gold Corp.
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