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U.S. Gold Corp. Highlights Progress on Challis Gold Project as it Moves Toward Plan of Operations
- Challis Gold Project, located in Idaho continues towards a Plan of Operations (PoO) as the next phase of exploration - Mapping, geochemical and geophysical
About this update from U.s. Gold Corp.
[{"type":"text","content":"- Challis Gold Project, located in Idaho continues towards a Plan of Operations (PoO) as the next phase of exploration\n - Mapping, geochemical and geophysical surveys planned in second half of 2021\n - Potential strategic joint-venture partners have expressed interest in Challis\n\n\nELKO, Nev., May 26, 2021 /PRNewswire/ -- U.S. Gold Corp. (Nasdaq: USAU) (the \"Company\"), a gold exploration and development company, is pleased to provide an update on its Challis Gold Project as it moves towards a Plan of Operations (PoO) for the next phase of exploration. \nThe Challis Gold Project is just 75 kilometers southwest of Salmon, Idaho, in the Challis volcanics. The Challis Gold Project is a low-sulfidation, gold/silver epithermal vein and stockwork deposit, localized by intersecting northwest and northeast trending shear structures in a window of sedimentary rocks exposed through the Challis volcanics. The PoO will outline U.S. Gold Corp.'s planned potential exploration activities and future potential drill programs for its Challis Gold Project in accordance with current local, state, and federal regulations, permits, and regulatory guidance.\nKen Coleman, U.S. Gold Corp.'s Chief Geologist, states: \"The Challis Gold Project was last mined in the late 1920s, when miners focused underground on veins grading better than 1 ounce/ton gold. Since that time, several other companies, including Newmont, have worked on the project. There are several opportunities at Challis, including further exploration of cobalt-copper showings on the project and developing a better structural picture of low-strip-ratio existing gold resources with upside expansion potential. Challis has an historic (not-current) NI 43-101 geological report showing a 313,825 ounce gold inferred mineral resource at a grade of 1.22 grams per ton. Our whole team believes that with additional exploration, Challis has the potential to become a significant resource. We look forward to getting our PoO approval so we can begin designing and implementing future explorations plans.\" \n\nU.S. Gold Corp. has contracted with EM Strategies of Reno, Nevada, to complete the permitting process started by a predecessor company for a PoO for drilling in the historic resource area. A timeline for completion of the PoO is not yet clear, but as soon as the PoO is approved, the Company will pro...