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U.S. Gold Poised to Benefit from U.S. Department of Energy's Inclusion for Copper on Critical Materials List
Company's CK Gold Project in Wyoming is expected to produce copper concentrate from its open-pit mine December 2021 PFS demonstrates strong economic potential w
About this update from U.s. Gold Corp.
[{"type":"text","content":" Company's CK Gold Project in Wyoming is expected to produce copper concentrate from its open-pit mine December 2021 PFS demonstrates strong economic potential with proven and probable reserve of 1.01 million ounces of gold and 248 million pounds of copper CHEYENNE, Wyo., Oct. 4, 2023 /PRNewswire/ -- U.S. Gold Corp. (\"U.S. Gold,\" the \"Company,\" \"we,\" \"our\" or \"us\") (Nasdaq: USAU) provided an update on its CK Gold Project (the \"Project\"), which is positioned to become a domestic United States producer of copper concentrate. This aligns with the increasing demand for copper due to electrification and green technologies amid growing uncertainty about overseas supply sources. Additionally, in July 2023, the U.S. Department of Energy (DOE) adopted copper to its Critical Materials list which assesses materials vital to global clean energy tech supply chains. The Project was previously named Copper King but was renamed due to expectations that approximately 70% of the revenue from the proposed Project will be derived from the gold within the copper concentrate. The copper concentrate at the Project is expected to average around 20% copper and may include up to 2 ounces per ton of gold, making it readily marketable to smelters due to the absence of deleterious elements. Concentrate production can commence once commissioning and construction of the Project are completed following the current permitting effort, anticipated to conclude in 2024. The Project lies within the Silver Crown Mining District approximately 20-miles west of Cheyenne in southeast Wyoming. It is situated 3-miles north of another mining operation, the Granite Canyon Quarry, operated by Martin Marietta Materials. Copper was discovered in the late 1800s as the railroad was being constructed enabling prospectors to recognize the green staining on rocks outcropping at the surface, indicating the presence of copper oxide minerals. Although it has been long abandoned, the mining district once hosted various underground workings where higher-grade copper, gold and silver values were mined. The Project's primary focus is on copper and gold ore recovered from an open pit mine. The December 2021 prefeasibility study shows robust economic merit for the initial operation focused on its proven and probable reserve of 1.01 million ounces of gold and 248 million...