U.S. Gold Corp. (NASDAQ:USAU)

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U.S. Gold Corp. Expands Copper King Mineralized Zone Through 2018 Drilling Exploration Program

– 2018 drill program expands the known Copper King mineralization

 

– The eight-hole drill program was designed to further assess the westward extension of the Copper King deposit, initially intersected within the 2017 step-out hole, CK17-01rc

 

– Multiple thick zones of copper, gold, zinc, and silver mineralization were intersected in five of the eight recently drilled holes

 

– In addition, this new mineralization also appears to remain open to the south, and perhaps to the north

 

– These new thick zones of mineralization occur within a quartz, biotite schist within a zone of about 200 meters long, east-west dimension, and at least 120 meters wide, north-south, and to depths similar to the historic modeled deposit

 

 

ELKO, Nevada, October 17, 2018 – U.S. Gold Corp. (NASDAQ: USAU) today is pleased to announce the results of the recent eight-hole reverse circulation drilling program that followed up the discovery of this mineralization in last year’s drill hole CK17-01rc, reported January 30, 2018.  These eight new holes (see Table 1 below) indicate that the Copper King mineralization extends to the west, at least 200 meters, and maintains the historically measured and reported widths and depth to the deposit (see updated Copper King deposit map link below).

 

Dave Mathewson, Vice President of Exploration for U.S. Gold Corp., stated, “Our 2018 drill program at Copper King has added additional mineralization to the project.  Copper King has had a long history of several exploration programs conducted by numerous companies, but U.S. Gold Corp. is the first company to significantly expand the potential in many years.  The more time I spend on the Copper King property and looking at the data, the more I am convinced that we can continue to increase the overall metal endowment of the project.  We are looking forward to populating the DataMine exploration model with all the historic; and this recent exploration drilling information.  We will utilize this new updated digital exploration model to assist us with identifying additional Copper King deposit extensions and high-grade target zones within the deposit.  We are also currently re-examining all existing area exploration data for the purpose of identifying additional new target opportunities in the area.”

 

Prior to this recent drilling, and these reported results, an updated Preliminary Economic Assessment (PEA) for the historic Copper King deposit was conducted by Mine Development Associates (MDA) and reported January 11, 2018.  This PEA provided a Pre-Tax NPV of $178.5 million and an IRR of 33.1%, based on $1275/oz Au and $2.80/lb Cu.  This recent drilling has enlarged the deposit size and metal content.  The PEA also does not include the values of other metals inherent to the deposit, including zinc and silver.

 

 

 

Drill Hole

 

From (ft)

 

To (ft)

 

Intervals

(ft)

 

Intervals

(m)

 

Copper

%

 

Zinc

%

 

Gold

(g/t)

 

Silver

(g/t)

8-0 CK11rc

-65 deg N

(900 ft td)

     No significant

assays

CK18-02rc

 -55 deg S

(1000 ft td)

   905  940     35    10.7 0.04540.03270.511 0.3
CK18-03rc

-55 deg N

(1060 ft td)

   560

980

  580

1050

     20

70

      6.1

21.3

 0.0872

0.1031

0.1538

0.0079

0.187

0.179

 1.2

0.4

CK18-04rc

 -55 deg

   N15E

(1145 ft td)

   345

555

885

  390

820

1145

     45

265

260

     13.7

80.8

79.3

 0.0720

0.0645

0.0678

0.1373

0.0464

0.0071

0.134

0.176

0.171

 2.2

1.8

0.7

CK18-05rc

 -70 deg N

(1000 ft td)

     45

145

195

240

305

420

640

710

955

    70

170

225

285

340

600

680

850

1000

     25

25

30

45

35

180

40

140

45

       7.6

7.6

9.1

13.7

10.7

54.9

12.2

42.7

13.7

 0.0933

0.0932

0.1184

0.0786

0.0670

0.1362

0.1062

0.0860

0.1212

0.0501

0.0335

0.0250

0.0472

0.0285

0.1391

0.0705

0.1286

0.0240

0.153

0.306

0.197

0.175

0.130

0.187

0.105

0.105

0.150

 0.6

1.9

1.6

2.9

2.3

4.6

1.3

2.8

2.1

CK18-06rc

 -70 deg N

(1000 ft td)

     20

290

470

665

820

  165

445

515

775

1000

   145

155

45

110

180

      44.2

47.2

13.7

33.5

54.9

 0.1014

0.1108

0.1109

0.1037

0.0920

0.0490

0.0636

0.0885

0.2079

0.0416

0.226

0.150

0.168

0.145

0.123

 2.1

1.9

1.5

3.3

2.9

CK18-07rc

 -70 deg N

(1000 ft td)

       0

300

440

905

  155

385

505

1000

   155

85

65

95

      47.2

25.9

19.8

29.0

 0.0648

0.0676

0.0505

0.1004

0.0535

0.0081

0.0079

0.0276

0.149

0.166

0.147

0.266

 0.7

0.4

0.3

0.9

CK18-08rc

-70 deg N

(980 ft td)

       5

240

380

560

    65

320

525

860

     60

80

145

300

      18.3

24.4

44.2

91.4

 0.0503

0.1002

0.1366

0.0923

0.0798

0.0350

0.0867

0.0171

0.160

0.137

0.273

0.475

 1.7

1.5

2.9

1.9

 

Table 1: Summary of Fall 2018 Copper King drill results, based on > 20 ft intercepts including > 0.1% copper

 

https://www.usgoldcorp.gold/copperking-2018-fall-drill-plan-map.jpg

 

Map 1: The western extension zone added to the Copper King deposit after the Fall 2018 drilling campaign

 

U.S. Gold Corp. has commissioned DataMine Associates, of Denver, to assist in the building of an expanded exploration model for the Copper King deposit. This model is designed to look more thoroughly at the deposit, especially with respect to its boundaries, internal high-grade zones, and the other metals of value which are present, but that have not been previously examined, and factored into the economics of the deposit.  With this model, that is in progress, additional exploration effort to enlarge and prospectively enhance the deposit value will be conducted.

 

Edward Karr, President and CEO of U.S. Gold Corp., stated, “We are encouraged with our 2018 Copper King exploration drilling results.  The consistent grade of mineralization encountered bodes well for a future production decision.  The presence of silver and zinc could also increase the overall future Copper King value.  Our future exploration programs will continue to attempt to expand the overall resource and Net Present Value of the project.”

 

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 development and exploration properties. Copper King is located in Southeast Wyoming and has a Preliminary Economic Assessment (PEA) technical report, done by Mine Development Associates.  Keystone is an exploration property on the Cortez Trend in Nevada, identified and consolidated by Dave Mathewson.  For more information about U.S. Gold Corp., please visit www.usgoldcorp.gold.

 

Forward looking and cautionary statements

Forward-looking statements in this press release and all other statements that are not historical facts, are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements, including statements related to the potential increase of the overall metal endowment of the project and use of updated digital exploration model to assist in identifying deposit extensions and high-grade target zones.  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: whether or not U.S. Gold Corp. will be able to raise capital through this offering or consummate this offering, the satisfaction of customary closing conditions, prevailing market conditions, the anticipated use of proceeds from the offering and the impact of general economic industry or political conditions in the United States or globally.  A list and description of these and other risk factors can be found 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.. We make 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.

 

For additional information, please contact:

 

U.S. Gold Corp. Investor Relations:

+1 800 557 4550

ir@usgoldcorp.gold

www.usgoldcorp.gold

 

Source:  U.S. Gold Corp.

U.S. Gold Corp. Receives Keystone Environmental Assessment / Plan of Operations Approval

– U.S. Gold Corp.is pleased to report the September 7, 2018 BLM (Bureau of Land Management) approval of the Keystone Project Plan of Operations / Reclamation permit for up to 200 acres of surface disturbance.
– Drill targets that have been identified almost entirely by surface work consisting of geology, geochemistry and geophysics with a limited number of early stage scout drill holes can now be completely accessed and assessed by drilling.

 

ELKO, Nevada, Sept. 17, 2018 /PRNewswire/ — U.S. Gold Corp. (NASDAQ: USAU), a gold exploration and development company, reported today that its Plan of Operation (POO) for its 100%-owned Keystone Project on Nevada’s Cortez Gold Trend (Battle Mtn-Eureka Trend) has been approved by the U.S. Federal Government’s Department of Interior, Bureau of Land Management (BLM). The decision letter is available at: Keystone_Decision. With this approval, U.S. Gold Corp. can now access and drill almost all localities of BLM managed public lands within the 20 square mile Keystone Project area.

 

To date, drilling at Keystone has been limited to existing access and very limited amounts of new disturbance under five Notices of Intent (NOI’s) each with a maximum of five acres within the entire Keystone project area of about 20 square miles, or almost 13,000 acres. Almost all prospective targets identified and assessed by surface access means to date have remained inaccessible and unassessed by drilling. 2016-2018 scout-type drill holes comprised of 22 individual holes on 15 total drill sites have importantly added to the knowledge of, and geological understandings of, the permissive lithologies and favorable stratigraphy of the project. Thick sections of permissive, and locally anomalously gold-bearing intervals with strong pathfinder metals have been encountered in several of the scout holes throughout the project area.

 

The now approved POO covers approximately 11,000 acres in portions, or all of 23 sections in Townships 23N & 24N, Ranges 48E & 49E, and can be reviewed on U.S. Gold Corp.’s website at the following link: https://www.usgoldcorp.gold/keystone-sept-ea-poo-boundary-map.jpg. Exploration-related disturbance and reclamation bonding can now be conducted in multiple phases of up to 50 acres each up to a total of 200 acres. This approved POO provides access to all of the key targets U.S. Gold Corp. intends to pursue in the next several years. The map linked to this news release identifies target areas anticipated to be drilled as soon as possible in 2018. Specific target localities are currently being assessed for drill site identification and placement.

 

Dave Mathewson, U.S. Gold Corp.’s Vice President of Exploration, states: “We are very pleased to have the Keystone Plan of Operation approved. Now we can place a drill almost anywhere within a large number of any of several target localities. We have worked the last couple years, with the understanding that the targets were mostly out of our reach with a drill. In spite of this inherent exploration limitation, we advanced the program considerably with extensive detailed surface work combined with well-placed, informational core and reverse circulation scout holes. Now that we have the Plan of Operations in place, we intend to pursue target development and assessment with the drill.”

 

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 development and exploration properties. Copper King is located in Southeast Wyoming and has a Preliminary Economic Assessment (PEA) technical report, which was completed by Mine Development Associates. Keystone is an exploration property on the Cortez Trend in Nevada, identified and consolidated by Dave Mathewson. For more information about U.S. Gold Corp., please visit www.usgoldcorp.gold.

 

Forward-looking and cautionary statements

Forward-looking statements in this press release and all other statements that are not historical facts are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve factors, risks, and uncertainties that may cause actual results in future periods to 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: changes in the price of gold and mining industry cost inputs, environmental and regulatory risks, risks faced by junior companies generally engaged in exploration activities, 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. We make 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.

 

INVESTOR CONTACT:
U.S. Gold Corp. Investor Relations:
+1-800-557-4550
ir@usgoldcorp.gold
www.usgoldcorp.gold

 

SOURCE U.S. Gold Corp.

About U.S. Gold Corp.

World-class projects in mining friendly, U.S. jurisdictions

 

U.S. Gold Corp. is a U.S.-focused gold exploration and development company advancing high potential projects in Nevada and Wyoming.

 

A Gold Exploration and Development Company

 

Boasting a renowned track record of advancing gold exploration

 

Investing in Gold Equities

 

U.S. Gold Corp. is a U.S.-focused gold exploration and development company advancing high potential projects in Nevada and Wyoming.

 

Bringing world-class, legendary geologist Dave Mathewson on board

 

Dave Mathewson is a geologist-explorer with 35 years of exploration experience in Nevada alone.

 

Some of his notable discoveries while Head of Newmont Nevada’s Exploration team from 1989 through 2001 include:

 

  • Tess
  • Northwest Rain
  • Saddle and South Emigrant in the Rain mining district

 

From 1999-2001, Mr. Mathewson’s team made important deposit extension discoveries at Newmont’s Gold Quarry and Mike deposits. Most recently, however, his team’s work at Gold Standard Ventures (GSV) led to the consolidation of the Railroad- Pinion district and the North Bullion & Bald Mountain discoveries.

 

Where We’re Headed

 

The company is well financed to aggressively advance two world-class projects in 2018. Plans include:

 

  • Continue to build our leadership, exploration and development teams
  • Advance Copper King to the Pre-feasibility stage
  • Early-stage systematic exploration completed at Keystone – primed for discovery in 2018
  • Complete our largest drill programs to date – at both Copper King and Keystone

 

Why Gold?

 

“Gold equities have risen sharply since January. “

 

Gold companies have massively underperformed gold prices in this downturn, as poor management and high debt levels have caused investors to lose faith. The sharp fall in gold prices in 2013 was a massive shock for an industry that had become complacent. Since then, companies have been trying to restructure and cut costs, with mixed results, and investors have been put off as companies have had to revise mine plans and reserve/resource statements to reflect US$1100/oz gold prices instead of US$1500/oz, to which they had become accustomed.

 

However, management changes and lower costs, helped by falling oil prices and weaker currencies, have recently led to increased margins and a return to strong free cashflow generation. With the latest modest rise in the gold price, gold equities have responded strongly, as margins increased dramatically, leading to a strong outperformance of gold equities against the gold price as well as major equity indices, such as the S&P, FTSE and DAX.”

 

Source: Barron’s “Is this the Start of a Long-term Gold Rally?” March 31, 2016

 

Our Properties

We are advancing high potential projects in Nevada and Wyoming.

 

Keystone, Nevada

Our Keystone project, identified by Dave Mathewson, is located on the prolific Cortez Gold Trend, one of the world’s most highly prospective mineral trends and has the potential for major upside. Over the past 50 years, the Cortez and Carlin trends in Nevada have produced more than 245 million ounces of gold.

 

 

Copper King, Wyoming

Our Copper King project is an advanced stage gold and copper exploration and development project located in southeast Wyoming, 20 miles west of Cheyenne. This project is located entirely on state land, making for an easier permitting process and more affordable annual leases.

 

Source:  https://www.usgoldcorp.gold/

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