- U.S. Gold Corp. intends to drill up to 5,000 feet (approx.
1,500 m) in up to 2 holes as part of
ongoing exploration
- These holes seek to assess a new target concept below
post-mineral cover to the east of Nevada
Gold Mines' Gold Quarry mine
- Target was developed using structural projections, gravity
data and geochemistry
ELKO, Nev., April 7, 2021 /PRNewswire/ -- U.S. Gold
Corp. (NASDAQ: USAU), a gold exploration and development company,
is pleased to announce plans for the commencement of core drill
testing of a previously untested, covered Carlin-type target on its Maggie Creek
project, located directly east of Nevada
Gold Mines' Gold Quarry mine and processing facilities.
Ken Coleman, U.S. Gold Corp.'s
Chief Geologist, states, "We are very pleased to move forward with
the initial assessment of this target concept in an area not
previously tested due to thick post-mineral cover. Previous
operators have looked at the property from the standpoint of
shallow, open-pit mineable and heap leachable deposit exploration.
We have seen over the recent years an increase in exploration under
cover for potentially high-grade, underground mineable gold
deposits along the Carlin and
Battle Mountain-Eureka Gold Belts. I think high-grade, underground
mining is the future in Nevada and
that the best opportunities for major discoveries will be under
cover. Pursuing these opportunities will require proper mapping and
sound geologic reasoning, supported by geochemical and geophysical
tools. While we will continue to assess near-surface opportunities
on our various projects, we will also be placing a stronger
emphasis on concealed targets in areas of our projects that have
been lightly tested or not previously explored."
Previous interpretations of the local structure and mineral
potential of the Maggie Creek project have been based upon
straight-line projections of the northeast striking Chukar-Alunite
(CA) fault zone and related steeply dipping features in its
footwall across several northwest striking faults, including the
Good Hope fault. However, the CA fault zone dips 35-45° to the
southeast, and as such, cannot be properly projected in a straight
line across current topography and several northwest striking
faults to the east of Gold Quarry. In addition, most of the major
mineralization at Gold Quarry is located in the hanging wall of the
CA fault zone, especially where it intersects with steeper dipping
antithetics (i.e., Deep Sulfide Feeder faults). If the CA fault
zone is truly through-going, then it should be projected along the
Tertiary paleosurface and take into account offsets along the
several Good Hope parallel faults that exist between Gold Quarry
and Maggie Creek. Based upon those projections, we believe that the
best potential for high-grade gold deposits of significant size
exists in the southeast end of the Maggie Creek project,
under post-mineral Carlin Formation cover. See the figures
below for more information.
Figure 1. Plan and cross-sectional view of Nevada Gold Mines' Gold Quarry deposit.
Figure 2. Maggie Creek project and target area.
George Bee, President and CEO
stated, "This drill target is a well-thought out and promising
effort to discover the next high grade gold deposit on the Carlin
Trend. Previous operators have encountered lower-grade, near
surface mineralization at Maggie Creek, but a new, high-grade
discovery could be a game-changer and provide real value to
shareholders."
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.
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.
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For additional information, please contact:
U.S. Gold
Corp. Investor Relations:
+1-800-557-4550
ir@usgoldcorp.gold
www.usgoldcorp.gold