ELKO, Nev., Oct. 11, 2017 /PRNewswire/ -- U.S. Gold Corp.
(NASDAQ: USAU) today announced a planned drilling program to be
conducted on the Keystone and Gold Bar North projects. This program
will be comprised of nine to ten holes, approximately a total of
15,000 feet (4,500 meters), and will be conducted under four
separate BLM-approved Notices of Intent (NOIs). U.S. Gold Corp.
continues to move forward with a project-wide Environmental
Assessment (EA) for an expanded 2018 drilling program. U.S. Gold
Corp. controls 100% of the Keystone District. The Keystone District
has distinct geological and geochemical similarities to the
Barrick-controlled Cortez District north-northwestward on line, and
on trend with, Keystone.
Keystone is a large, complex, early-Tertiary intrusive-centered,
structural dome with extensive mesothermal to epithermal zones of
alteration developed within exposed upper-plate rock units, and
permissive lower-plate units of Devonian-age Horse Canyon
calcareous siltstone, Wenban limestone Formations, and Silurian-age
Roberts Mountain silty limestone Formation.
Quality, large gold deposit target opportunities are
demonstrably emerging throughout the district, especially in areas
where access is more difficult and previous drilling has been very
sparse to nonexistent.
"The Keystone project, about 20 square miles of area, is
comprised of a very large, prospective gold-bearing hydrothermal
system that presents a district-scale magnitude opportunity for
Carlin-type gold deposit
discoveries. The large project size presents both factors of the
general significance of the opportunity and the daunting task of
searching for high-probability gold deposits occurrences within
such a large area," said Dave
Mathewson, U.S. Gold Corp.'s Vice President and Head of
Nevada Exploration.
The fall drilling program, in general, provides the first drill
hole tests of several identified target opportunities indicated
from recently obtained detailed gravity data in combination with
stream sediment, altered cobble, soil samples, and detailed
geological mapping. Four proposed, widespread scout holes
will provide an initial assessment of three of four gravity lows
that have been recently identified to be present within the much
broader north-northwest-trending gravity and magnetics corridor
interpreted by James Wright,
geophysical consultant, to closely match the
north-northwest-trending corridor that frameworks Barrick's Cortez
deposit and vicinity.
Two to three holes will follow up on the initial 2017 RC drill
holes that provided significant gold, pathfinder geochemical
results, and deposit model characteristics within the Sophia target
zone. An additional hole is designed to provide an approximate
two-mile scout-hole step-out to the southeast within the Sophia
target zone.
One to three scout holes will be drilled on the Gold Bar North
property located four to five miles to the southeast of Keystone.
This discovery opportunity consists of a large, shallow
colluvial-covered, altered, and mineralized horst of what is
believed to be Horse Canyon and Wenban Formations. In 1989 and
1990, Newmont drilled several shallow holes into this host,
intersecting altered siltstones and limestones, and multiple
intrusives beginning as shallow as 43 feet. In 2006, Tone Resources
also drilled two holes into this basically blind target horst, also
obtaining favorable gold system indications.
"We are excited to start our previously announced autumn 2017
Keystone and Gold Bar North exploration programs," continued Mr.
Mathewson. "I have spent considerable time reviewing all the
information from the previously drilled scout holes, additional
geophysics and gravity surveys, soil and rock sample data. We use
all this knowledge in combination with my 50 years of exploration
experience to synthesize new drill targets. Much thought, analysis,
and preparation from our entire team has gone into defining the
specific drill target locations (please see attached map for actual
targets). Our goal with our Autumn 2017 drilling programs is to
continue to vector into increasingly significant, ultimately
economic gold mineralization."
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 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 U.S. Gold Corp., please visit
www.usgoldcorp.gold
Safe Harbor
Certain statements in this press
release are forward-looking within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements may be
identified by the use of forward-looking words such as
"anticipate," "believe," "forecast," "estimated," and "intend,"
among others. These forward-looking statements are based on U.S.
Gold Corp.'s current expectations, and actual results could differ
materially. 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, 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 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. 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:
U.S. Gold Corp. Investor Relations:
+1 800 557 4550
ir@usgoldcorp.gold
www.usgoldcorp.gold
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SOURCE U.S. Gold Corp.