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U.S. Gold Corp. Announces the Extension of Gold and Copper Mineralization an Additional 700 Feet Below its Proposed CK Gold Project Open Pit
Company identifies potential gold and copper resource expansion below its proposed open pit Remains on track to complete the next development steps for CK
About this update from U.s. Gold Corp.
[{"type":"text","content":"Company identifies potential gold and copper resource expansion below its proposed open pit\nRemains on track to complete the next development steps for CK Gold Project and submit Permit to Mine application to Wyoming DEQ mid-year 2022\nCHEYENNE, Wyo., April 19, 2022 /PRNewswire/ -- U.S. Gold Corp. (\"U.S. Gold,\" the \"Company,\" \"we,\" \"our\" or \"us\") (NASDAQ: USAU) is pleased to report that it has extended mineralization 700 feet below the proposed open pit, following receipt of assay results from three additional drill holes completed during the 2021 field season. The Company continues to be encouraged by the positive results from its confirmatory and expansion drilling.\nIn commenting on these latest results, Kevin Francis, V.P. Exploration and Technical Services of U.S. Gold, said, \"The primary purpose of the 2021 drill program was to support feasibility study level hydrology and geotechnical studies. Nonetheless, CK21-12rc/c, a combination reverse circulation and core hole, CK21-14c and CK21-03c were also exploratory. These holes have discovered future mineral resource expansion potential at depth below the proposed open pit and to the southeast of the proposed pit. While we know that there are additional mineralization requiring further exploration expenditures, our priority is to realize the value of the commercially attractive gold-copper project identified in our prefeasibility study, published December 1, 2021. We remain on track to complete the permit to mine application, which will be led by the Wyoming Department of Environmental Quality.\"\n2021 Drilling Program Results\nThe Company reported additional results from 3 core holes completed during the 2021 drilling program which was primarily focused on advancing geotechnical and hydrologic understanding. Gold and copper assays from the 2021 program have extended mineralization beyond the prefeasibility mineral resource estimate. As such, the Company believes that an increase of mineral resources is possible.\n\ng/t = grams per metric tonne, oz/st = troy ounces per short ton, 1 g/t = .0291652 oz/stAuEQ calculated using metal pricing: $1625/oz Au, $3.25/lb Cu and $18/oz Ag -\nThe plan map below shows the distribution of the newly reported holes relative to the proposed prefeasibility ultimate pit outline.\n\nThe following figures are cross sections through each ...