- Earlier test hole CK20-04cA, which was lost at
29.6m (97 ft) and averages 29.2
meters of 5.075 g/t AuEq, shows similar grades and mineralization
thicknesses as CK20-04cB.
- 04cB also includes an interval of 104 meters (342 ft) of
1.41 g/t AuEq below the higher-grade intercept.
- Drill hole location was to obtain metallurgical sample
for process optimization from the center of the deposit as outlined
by historical drilling, 380 ft east from CK20-01c, released
December 16, 2020.
ELKO, Nevada, Dec. 29, 2020 /PRNewswire/ -- U.S. Gold Corp.
(NASDAQ: USAU) (the "Company"), a gold exploration and development
company, is pleased to announce additional results of the recent
twenty-nine hole drilling program for its CK Gold Project, an
advanced stage gold and copper exploration and development project
located just outside of Cheyenne,
Wyoming.
George Bee, President and CEO of
U.S. Gold Corp. commented, "We believe that hole CK20-04cB results
returned an outstanding intercept of higher-grade gold and copper
mineralization from the core of the CK Gold deposit. Perceptions in
the past have been that CK Gold is just a low-grade deposit but our
drilling to date verifies a higher-grade component, with attractive
grades at the core of the deposit. As detailed in our previous
releases, this is some of the first material that would be mined in
any potential future mining operation and could lead to a quicker
payback period after mine construction, should a positive PFS and
FS be produced for the project. Metallurgical work is currently in
progress on a composite created from holes CK20-04cA and 04cB at
KCA of Reno, Nevada."
CK Gold Project 2020 drilling results summary table:
https://www.usgoldcorp.gold/properties/ck-gold-project/2020-drilling/hole-4-ck-2020-drill-hole-intercepts-table
Assumptions: Grades quoted 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 and does not account for
metallurgical recoveries. Future press releases will utilize these
same metal prices for all gold-equivalent value
calculations.
3D Visualization
A VRIFY 3D model of the CK Gold Project including the drill
results announced today is available through the following
link:
https://vrify.com/embed/decks/2020-12-29-US-Gold-Copper-King-PR
CK20-04cB assay intervals:
www.usgoldcorp.gold/properties/ck-gold-project/2020-drilling/hole-4b-assay-intervals
Comments on hole CK20-04cB results:
- Shows continuous, attractive gold and copper grades for the
length of the hole and verifies historic drill results in the core
of the deposit
- Drilled vertical in known mineralization, parallel to strike
and along steep dip in the center of a historically drill defined
higher-grade zone that appears open at depth to the northwest (see
VRIFY deck)
- Terminated at planned depth in lower-grade mineralization for
priority metallurgical purposes
Image 1: Native copper in core from CK20-04cA
Image 2: Hole CK20-04cA core is similar to the top 100 feet
of CK20-04cB (shown)
Geologic observations:
Results from hole CK20-04cB continue to demonstrate the
continuity of attractive gold and copper mineralization within this
part of the CK Gold Project deposit. The higher-grade material
starting at surface to approximately 100 feet depth is
characterized by strongly foliated-gneissic granodiorite showing
abundant iron oxides, native copper and green secondary copper
minerals. This is followed at depth by a thin zone of mixed iron
oxides, pyrite, chalcocite and chalcopyrite, and gives way at
further depth to primary mineralization dominated by chalcopyrite
with some bornite. Previous operators interpreted this highly
sheared zone to be silicified but the Company's work shows much of
the silicification to be quartz segregations in gneissic fabric. To
date, intensity of shearing seems to visually correlate with
sulfide content. See the links above which provide a cross section
of hole CK20-04cB and a link to U.S. Gold's VRIFY deck which shows
all holes released to date relative to historical drilling.
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 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
QP Review: This statement has been reviewed by Kevin Francis, P Geo, SME Registered Member,
Principle 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 success of the Company's exploration activities, 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