ELKO, N.V., June 13, 2017
/PRNewswire/ -- US Gold Corp. (NASDAQ: DRAM) today is pleased
to provide a detailed update of the 2016 Keystone drilling program
from Dave Mathewson, View President
and Head of Nevada Exploration.
The 2016 US Gold Corp. Keystone scout core drilling program was
designed to: 1) provide important stratigraphic information,
prospective host-rock lithologic characteristics, and hydrothermal
alteration characterizations in several critical localities on the
Keystone property, 2) provide key information related to
important ore-trapping structural features, such as low-angle rock
fabric features including folds and faults and other important
structural characteristics that may be present, 3) provide better
geochemical and geophysical rock characteristics in order to better
interpret surface collected data over this rather large,
district-scale, potential gold deposit discovery opportunity, and
4) to be able to obtain this important early information with core
samples and thoroughly examine the various important geological
features, and rock physical, geochemical and geophysical attributes
for better interpretations, and further exploration program design
purposes.
Very little core drilling was done in the historic Keystone
district drilling programs and none of this core was available for
examination building exploration understandings. Of the
approximately 150 holes previously drilled to an average depth of
about 300 feet, many were conventional rotary holes or reverse
circulation holes. Much of this drilling was conducted in a
period of time looking solely for near surface oxide gold deposits,
and at a time of gravimetric fire assay determinations that
provided approximately 1 gram gold detection.
The US Gold Corp. 2016 Keystone drill program was comprised of 5
vertical PQ reduced down to NQ (when necessary) core holes for a
total footage of 7,342 feet (2,238 meters). All holes except
Key16-03c were completed to their desired target depth. Hole
Key16-03c was lost as a result of encountering very strong clay and
silica alteration and an inability to keep the hole open for
ongoing re-entries. This target area will receive additional
drilling assessment in early 2017.
The following provides brief summaries of each hole. Please
refer to accompanying Keystone map for locations:
Key16-01c was drilled to 1519 feet in the Tip Top Target
zone. Upper plate rock was encountered through 354 feet, then
into a moderately altered calcareous siltstone, probably Devonian
Horse Canyon Fm. A strongly deformed, argillized and
silicified zone was encountered at 672 feet to 707 feet, possibly a
low-angle, large-scale slide structure, and Devonian Wenban
limestones at 732 feet. Several roughly flat-fabric breccia
zones, and 9 individual, thin to several feet thick, dacite sills
were encountered to bottom of the hole at 1519 feet. The
structural character, alteration, breccia fabric, and sills suggest
this hole is distal to, but may be on the edge of a prospective
dissolution-formed collapse breccia body. Upper Roberts
Mountain Formation limestone may have been intersected at the very
bottom of the hole. From the top, to nearly the bottom of
this hole, anomalous zones of gold, greater than 10ppb, up to 5
feet of 1.74 g Au, with closely associated anomalous zones of
arsenic, antimony, mercury and zinc.
Key16-02c was drilled to 1742 feet in the northern Range
Front Target zone. The upper portion of this range-margin
zone was highly faulted. Very broken, jasperized, and
calcite-veined limestone was encountered to 260 feet, below this
zone to 440 feet very broken, silicified Horse Canyon was
encountered, and below this to 746 feet was very broken Wenban with
local abundant calcite veining. Mixed sulfidic marbleized and
hornfelsed, relatively uniform, nearly flat-lying Roberts Mountain
Formation was intersected at 746 feet to 1638 feet, equigranular,
medium grained granodiorite of the Walti pluton was intersected at
1638 to the bottom of the hole at 1742 feet. Sparse,
anomalous gold with anomalous pathfinder geochem was encountered in
only the upper portion of the hole primarily within Horse Canyon
Formation.
Key16-03c was drilled to 753 feet. This hole was
a drilling battle from the surface to where the hole was lost at
753 feet. The rock was broken, iron oxide-rich, locally silicified
, and locally strongly argillized to massive, sticky clay.
Our interpretation suggests we were in upper-plate sandstone and
argillite to the bottom of the hole. A dike of altered
granodiorite was encountered between 251 and 293 feet. From
about 630 to bottom of the hole at 753 feet, the rock was altered
almost beyond recognition by clays and silicification. This
zone was also moderately but almost consistently anomalous in gold
up to 113 ppb, and was accompanied by moderate to strong pathfinder
metals including, arsenic to 1115 ppm, antimony to 225 ppm, mercury
to 5 ppm, and zinc to 3640 ppm. The bottom of the hole was a mess
and also quite anomalous in magnesium, chromium, and cobalt.
This hole is located within an apparent sizeable zone of
alteration, which also includes historic hole 89-2/90-1; a 4.2
foot-oz (45m-gm) grade-thickness hole located about 200 feet north
of Key16-03c. This prospective target zone, that appears to
continue a considerable distance to the southeast, will be followed
up as soon as access allows in 2017.
Key16-04c was drilled to 1668 feet. Similar to
the western range-margin hole, Key16-02c, to the north, this hole
appears to have also encountered some major faults and
displacements along this portion of the range margin. It
appears that, consistent with nearby outcroppings, this hole
intersected Devonian Horse Canyon below colluvium at 43 feet, and
fairly unaltered but contorted Wenban interval from 98 feet to 533
feet, a 204 foot thick jasperoid zone was encounterd from 533 to
737 feet. This jasperoid is weakly anomalous in gold, 10 to
79 ppb, with anomalous arsenic, mercury and antimony. The limestone
below this jasperoid is weakly sulfidized and calcite stringered
Silurian Roberts Mountain Formation. The hole bottomed in
weakly hornfelsed Roberts Mountains limestone.
Key16-05c was drilled to 1660 feet. This hole
intersected upper-plate shale and mudstone to 530 feet and then
broken, locally brecciated and silicified Horse Canyon to a highly
silicified and sulfidized altered, broken zone from 965 to 1050
feet. The upper-plate and Horse Canyon are locally anomalous
in gold in the 10 to 50 ppb range with also anomalous arsenic,
mercury, antimony, and zinc. What is believed to be Wenban
was encountered at 1050 feet. The Wenban is abundantly
anomalous in gold at levels of 10 to 52 ppb. What appears to
be Roberts Mountain Formation was encountered from about 1600 feet
to the bottom of the hole.
Much work remains to be conducted on the core samples, including
density studies for gravity interpretation, electrical and
resistivity studies for IP and CSAMT surveys, whole rock analyses
for lithologic and alteration interpretations, and fossil work for
age-dating.
Based on the overall results, a structural, alteration, and
geochemical vector toward the east flank of the project seems
evident. The first planned hole for 2017, Key17-1c is a
proposed vertical core hole sited within the East Margin North
Target area of the broader primary north-northwest-trending Cortez
structural trend. This hole is also specifically sited in an
area of strongly anomalous pathfinder surface geochemical
indicators. This hole is sited about one mile from the
nearest known previously drilled hole.
Conclusions from the 2016 drilling program:
- 2016 drilling indicates a significantly large, Carlin-type,
gold-bearing epithermal system is potentially present at
Keystone.
- Holes Key16-1c, Key16-3c, and Key16-5c encountered thick zones
of alteration with anomalous gold and pathfinder
geochemistry. Hole Key16-1, in particular, intersected an 800
foot thick, permissive package of Wenban limestones that locally
included flat-fabric breccias, i.e. dissolution collapse breccias,
and nine, approximately flat-lying, individual dacitic sills within
the 800 foot thick section; decalcification, sulfidation, and
carbonization are also common in this 800 foot
interval.
- All the holes confirmed the presence of high-quality host units
that are very similar, if not identical, in character and thickness
to the host rocks that host the Cortez deposits to the
northwest.
- Early detailed, outcrop-scale geologic mapping further confirms
the close similarities, in many respects, of the Keystone
litho-stratigraphic setting to that of the Cortez district.
- It is also evident that a very complex and probably long-lived
Early Tertiary, Eocene, intrusive system exists at Keystone.
Intrusive types range from mafic to very siliceous, and a
considerable variety of textural characteristics, including
eruptive flows and clastics, are also present.
- All desired ingredients indicating a district with considerable
gold potential are present at Keystone, and US Gold Corp. controls
the mineral rights to the entire district.
About US Gold Corp.
US Gold Corp. is a publicly traded U.S. focused gold exploration
and development company. US Gold Corp. has a portfolio of
development and exploration properties. Copper King is
located in South East Wyoming and
has a historical Preliminary Economic Assessment (PEA) done by Mine
Development Associates in 2012 for Strathmore Minerals
Corporation. Keystone is an exploration property on the
Cortez trend in Nevada, identified
and consolidated by Dave
Mathewson. For more information about US Gold Corp.,
please visit www.usgoldcorp.gold
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Safe Harbor
The information provided in this press release may include
forward-looking statements relating to future events, such as the
exploration success of US Gold Corp., development of new Dataram
products, pricing and availability of raw materials or the future
financial performance of the Company. Actual results may
differ from such projections and are subject to certain risks
including, without limitation, risks arising from: changes in the
price of gold and mining industry cost inputs, memory chips,
changes in the demand for memory systems, increased competition in
the memory systems industry, order cancellations, delays in
developing and commercializing new products, risks with respect to
US Gold Corp 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,
including the Risk Factors with respect to U.S. Gold
Corp. contained in the Current Report on Form 8-K filed on
May 23, 2017, filed with the
Securities and Exchange Commission, which can be reviewed
at www.sec.gov. The Company has based
these forward-looking statements on its current expectations and
assumptions about future events. While management considers
these expectations and assumptions to be reasonable, they are
inherently subject to significant business, economic, competitive,
regulatory, and other risks, contingencies, and uncertainties, most
of which are difficult to predict and many of which are beyond the
Company's control. The Company does not assume any
obligations to update any of these forward-looking
statements.
For additional information, please contact:
US Gold Corp. Investor Relations:
+1 800 557 4550
ir@usgoldcorp.gold
www.usgoldcorp.gold
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SOURCE US Gold Corp.