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U.S. Gold Corp. Finds Further Evidence of High-Grade within the CK Gold Project Resource and Reserve Base - 10ft of 11.8 g/t Gold and 7.8% Copper (22.7 g/t AuEq)
The Company finds high-grade gold and copper while remaining on track to complete the next development steps for the CK Gold Project and submit Permit to Mine
About this update from U.s. Gold Corp.
[{"type":"text","content":"The Company finds high-grade gold and copper while remaining on track to complete the next development steps for the CK Gold Project and submit Permit to Mine application to Wyoming DEQ mid-year 2022\nCites proven and probable reserves of 1 million ounces of gold and 248 million pounds of copper \n CHEYENNE, Wyo., March 15, 2022 /PRNewswire/ -- U.S. Gold Corp. (\"U.S. Gold,\" the \"Company,\" \"we,\" \"our\" or \"us\") (NASDAQ: USAU) is pleased to provide an update following receipt of assay results for a portion of the drilling conducted during the 2021 field season. The Company continues to be encouraged by the positive results confirming its prefeasibility study, released December 1, 2021. This drilling informs the engineering work aimed at developing the CK Gold Project. \nIn commenting on this latest intercept, Kevin Francis, V.P. Exploration and Technical Services, of U.S. Gold Corp. said: \"While we know that we have a high-grade zone starting at surface with minimal waste rock stripping required, we are encouraged by further evidence of higher grades than currently modeled. Hole CK21-01c drilled through the heart of the reserve was designed to intercept the proposed ultimate pit wall for geotechnical purposes. This area of the proposed pit is scheduled to be mined early in the mine life as outlined in the prefeasibility study, contributing to the very attractive production profile for the first three years of operation, averaging 135,300 gold equivalent ounces per year. While the hole pierced higher than average grades as estimated by the grade model, the actual grades intersected in CK21-01c are significantly higher. The grade block pierced by the 10-foot intercept of 11.8 g/t gold (0.344 oz/st) and 7.8% copper was estimated to contain 1.6 g/t gold and 0.3% copper. There is difficulty capturing extreme grades in a resource model due to geologic uncertainty at our nominal 150' drill hole spacing. We are unlikely to pursue changes in our resource and reserve estimate for the project, but we believe it lends confidence in our estimates. . Historic mining at what was named Copper King in the 1920s also suggests that high-grade mineralization occurs because in those days constraints in technology made it simply uneconomic to mine the recently modelled average grade at the CK Gold Project. The project has significant leverage...