ELKO, Nev., June 19, 2017 /PRNewswire/ -- US Gold Corp.
(NASDAQ: DRAM) today announced that earlier this year, it completed
the staking of 102 additional claims for the Keystone Project
located on the prolific Cortez
Trend. The Keystone Project now consists of 479 unpatented
lode mining claims, including the 102 additional and newly-staked
claims on the east and south-eastern portions of the property in
Eureka County, Nevada. The
additional claims comprise about 2,000 acres or 3 square miles (8
square kilometers), bringing the total Keystone land package to 479
total mining claims, 100% controlled by US Gold Corp. The total
area of 100% mineral rights control is now about 15 square miles
(38 SQ KM) and the only financial obligations required to maintain
these claims are the annual Federal and County fees.
Keystone is a complex early-Tertiary intrusive-centered dome
with extensive mesothermal to epithermal zones of alteration in
exposed upper-plate units; exposed permissive lower-plate units of
Devonian Horse Canyon and Wenban limestone, and Silurian Roberts
Mountain limestone Formations. US Gold Corp. controls 100% of
the Keystone District. The Keystone District has marked geological
and geochemical similarities to the Barrick-controlled Cortez
District on trend to the north-northwest.
These new US Gold Corp. Keystone claims were staked on the
assessment of geophysical data and drilling data acquired and
analyzed by US Gold Corp. in 2016 and 2017. Three of the five
vertical core holes completed in late 2016 provided new, important
information regarding gold-bearing host stratigraphy, host
lithological information, and potential gold deposit model
information.
A quality gold deposit target opportunity is demonstrably
emerging in the eastern part of the district where previous
drilling has been very sparse to non-existent. US Gold Corp.
will drill one more scout-type informational core hole in this
eastern region this year, as soon as access permits.
Three exploration Notice of Intents (NOIs)– which permit up to a
total of 15 acres of disturbance – are currently in place, and will
provide ability to access new targets for drilling purposes in
2017. An Environmental Assessment (EA), for the purpose of an
expanded exploration program through an exploration Plan of
Operations (POO) has commenced with the assistance and leadership
of AMEC Foster/Wheeler.
"Keystone represents a large, prospective, district scale
opportunity," said Dave Mathewson,
US Gold Corp's Vice President and Head of Nevada
Exploration. "I have been on and off the Keystone
property for more than 30 years and I believe Keystone represents
one of the best exploration opportunities in Nevada. This is
the first time in the history of the district that a single company
has consolidated the entire district, and US Gold Corp. will
certainly benefit from being able to design an exploration program
based exclusively on geology instead of claim boundaries. We
are excited about the Keystone project and look forward to
providing additional updates as our 2017 exploration program
advances."
The 2017 exploration program will consist of:
- Detailed property-wide scouting, additional claim staking and
additional target reconnaissance
- Digitization of all prior analog data to build a current
geological property-wide database
- A detailed mapping program to accurately identify the
property's geological characteristics
- Additional detailed gravity surveys, managed by J L Wright
Geophysics, to help define and refine drill targets
- Additional soil and rock sampling and geochemical assessment
for greater targeting synthesis
- Drill target selection and continued permitting
- Drilling
"My approach to exploration has always been a process-driven,
model-based methodology," Mr.
Mathewson added. "This is the
same approach we used at Gold Standard Ventures to make the initial
discoveries on the Railroad project. Keystone represents a
tremendous opportunity, as the gold deposit system indicators,
permissive rock formations, geological structural setting, and
Nevada location present an ideal
setting for a potential discovery and mining exploitation.
With these additional claims, I am confident our existing land
package now effectively controls every part of the visible system
and prospective extensions."
US Gold Corp's President and CEO Mr. Edward Karr further commented, "We believe the
additional land position at Keystone provides significant
exploration upside with what is now a much larger property
position. With the additional 102 claims staked and secured,
we will further explore and develop the project, which includes
selecting target drill sites, permitting and drilling.
Keystone is located close to some of the largest mines in
North America and Dave Mathewson believes it is one of the best
exploration properties in Nevada."
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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visit www.dataram.com.
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 26, 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.