ELKO, Nev., Feb. 13, 2018 /PRNewswire/ -- U.S.
Gold Corp. (NASDAQ: USAU) today announced completion of the Fall
2017 drilling program and receipt of all certified assay
results. The primary purpose of this scout hole program
was to obtain more information about important host rock
characteristics including, presence, distribution, depth, and the
hydrothermal system presence and alteration effects on the rocks.
This program was comprised of eight widely-spaced reverse
circulation drill holes, including one hole at Gold Bar
North. The eight holes comprise a total of 14,720 feet
(4487 m). Historically,
Keystone had not received any systematic, modern day exploration
assessments and very little was known about this important
district-scale project.
Highlights of this program are;
- Drilling has established that Keystone host rocks are
the same as, or very similar to, the units that comprise the
primary host units within the Cortex District to the
north. In addition, U.S. Gold Corp.'s geological studies have
demonstrated the presence of a very complex, early-Tertiary
intrusive/extrusive magmatic setting. Prospective host rocks at
Keystone include the Horse Canyon, Wenban, and upper Roberts
Mountains Formations of Devonian age, and the lower Silurian age
Roberts Mountains Formation - comprising a total host unit
thickness greater than 2000 feet. These units are showing
to be variably exposed at the surface and, or at generally shallow
depths in the District.
- The scout hole program also shows that multiple,
Carlin-type gold deposit target
settings are present within the twenty square mile area Keystone
District, which is entirely controlled by U.S. Gold Corp.
These targets are now being further synthesized using in-house
detailed gravity data, ongoing geologic mapping, and new surface
geochemistry combined with historic exploration data.
- Both core and reverse circulation drilling has been
conducted through 2017 to gain better understanding of the host
unit characteristics, the prospective depths that gold deposits are
likely to occur, and to provide an early-stage, and broad
geographic assessment of an apparent very large, Carlin-type, district-scale gold system.
Almost all holes drilled to date have encountered thick zones of
anomalous gold and locally very strong associated pathfinder
arsenic, antimony, mercury and zinc. Some holes have also
intersected thin zones of economic levels of gold, see Table
1.
- The Keystone District is located along the southeast
extension of the Pipeline-Cortez District corridor as confirmed by
the presence of an early-Tertiary complex intrusive center, the
presence of permissive, Paleozoic transitional carbonate rocks, the
presence of a strong north-northwest-trending gravity and magnetic
linear, and the spatially coincident Strontium 86/87 (.706) data
indicative of an oceanic crustal source for gold.
Dave Mathewson, Vice President,
Head of Exploration, states: "I am very pleased with the important,
exploration-applicable information that we have obtained from the
drilling programs to date. All the Fall 2017 holes
intersected thick intervals of anomalous gold mineralization and
associated pathfinder elements of arsenic, antimony, mercury and
zinc. Arsenic, the element that gold is most strongly
associated with is locally visible as arsenopyrite, realgar and
orpiment, and is also locally very strongly geochemically present.
This information all combines to qualify our assessment that we are
in a world-class setting for very large gold deposits."
"Throughout the 2017 field season, our geological team has
mapped the entire district/property position in detail and, also
very importantly, has considerably added to the surface geochemical
database with both additional detailed sampling and broader
geographic coverage."
Dave Mathewson further states:
"With all the new information in hand, the exploration team is now
in the process of, and in the position to zero in on the many
site-specific target opportunities that have emerged from the
drilling that we have conducted to date combined with the recently
obtained and assessed geochemical data. The key to ultimate
success in the hunt for gold in Nevada is to locate and qualify the
gold-bearing fluid conduits that have supplied the gold to the
gold-bearing mineral system that is clearly in evidence in the case
of Keystone. Once targets are identified and qualified,
drilling becomes a vectoring process of drilling holes into these
structural gold-bearing conduits and locating more specifically
where the conduits cross-cut permissive host rocks. To this
point in time in the Keystone exploration program, limited drilling
access has been an issue because of limits on road and drill site
surface disturbance. In preparation for this year's drilling
program, a year specifically designed for more focused target
testing and associated follow-up gold deposit definition, we are
also about to complete an EA (Environmental Assessment) for the
purpose of significantly expanding access with a drilling POO (Plan
of Operations). We expect to commence specific-site target
drilling as soon as 2018 field conditions allow."
Edward Karr, President and CEO of
U.S. Gold Corp., stated, "We continue to be excited by the
extensively thick, permissive host rock packages that we have
encountered at Keystone. The Fall drill program marks the
completion of our early-stage, systematic exploration work at the
project. This also coincides with the near completion of our EA,
which will ensure an uninhibited drill program in 2018, and the
closing of our recent $5 million
financing. U.S. Gold Corp. is well financed and strongly positioned
to make a significant discovery this year at Keystone."
Keystone
Fall 2017
drill
holes
|
anomalous
gold
intervals
>10ppb Au 50
ft+ thick
|
thickness
(ft)
|
(m)
|
gAu/t
|
host
unit
oxidized(ox)
reduced(red)
|
comments
|
Key17-04rc
(vert.
1860 ft td)
|
0-65
|
65
|
19.8
|
|
Dhc
ox
|
Note: Dhc = Horse
Canyon Fm
Dw = Wenban
Fm
Dwd = Woodruff Fm
(upper-plate)
Silica-breccia
|
|
410-570
|
160
|
48.8
|
|
Dhc
ox
|
silica-breccia
|
|
780-840
|
60
|
18.3
|
|
Dhc
ox
|
"
|
|
865-1170
|
205
|
62.5
|
|
Dhc
ox/red
|
"
|
|
including:
950-980
|
30
|
9.1
|
1.11
|
|
"
|
Key17-05rc
(vert. 1790 ft
td)
|
0-95
|
95
|
29.0
|
|
Dhc
ox
|
silica-breccia
|
|
260-710
|
450
|
137.2
|
|
Dhc
ox
|
"
|
|
1095-1145
|
50
|
15.2
|
|
Dw red
|
|
Key17-06rc
(vert. 1920 ft
td)
|
15-340
|
325
|
99.1
|
|
Dhc
ox/red
|
silica-breccia
|
|
including:
65-85
|
20
|
6.1
|
0.15
|
Dhc red
|
"
|
|
365-885
|
520
|
158.5
|
|
Dhc red
|
"
|
|
905-1000
|
95
|
29.0
|
|
Dhc red
|
"
|
|
1125-1480
|
355
|
108.2
|
|
Dhc red
|
"
|
|
1650-1920
|
270
|
82.3
|
|
Dhc red
|
"
|
Key17-07rc
(-70
north)
(1880 ft
td)
|
0-175
|
175
|
53.3
|
|
Dhc
ox/red
|
silica-breccia
|
|
including:
85-105
|
20
|
6.1
|
0.69
|
Dhc red
|
"
|
|
260-815
|
555
|
169.2
|
|
Dhc red
|
"
|
|
935-985
|
50
|
15.2
|
|
Dhc
ox/red
|
"
|
|
1085-1255
|
170
|
51.8
|
|
Dhc
ox/red
|
"
|
|
including:
1100-1135
|
35
|
10.7
|
0.46
|
Dhc red
|
"
|
|
1330-1400
|
70
|
21.3
|
|
Dw red
|
"
|
|
1660-1825
|
165
|
50.3
|
|
Dw red
|
"
|
Keystone
Fall 2017
drill
holes
|
anomalous
gold
intervals
>10ppb Au
50ft+ thick
|
thickness
(ft)
|
(m)
|
gAu/t
|
host unit
oxidized(ox)
reduced(red)
|
Pg
2
comments
|
Key17-08rc
(vert. 1580 ft
td)
|
0-395
|
395
|
120.4
|
|
Ov (upper-plate
ox/red
|
note: Dhc = Horse
Canyon Fm
Dw = Wenban
Fm
Dwd = Woodruff
Fm
(upper-plate)
silica
breccia
|
|
Including:
375-395
|
20
|
6.1
|
0.13
|
Dhc
red
|
"
|
|
500-1230
|
60
|
18.3
|
|
Dhc/Dw
red
|
"
|
|
Including:
695-720
|
25
|
7.6
|
0.40
|
Dhc
red
|
"
|
|
Including:
880-900
|
20
|
6.1
|
0.15
|
Dhc
red
|
"
|
|
1270-1340
|
70
|
21.4
|
|
Dw red
|
|
Key17-09rc
(vert. 1710 ft
td)
|
55-260
|
205
|
62.5
|
|
Dhc ox
|
silica
breccia
|
|
290-405
|
115
|
35.1
|
|
Dhc ox
|
"
|
|
500-600
|
100
|
30.5
|
|
Dhc ox
|
"
|
Key17-10rc
(vert. 2120 ft
td)
|
405-520
|
85
|
25.9
|
|
Dwd red
|
|
|
770-1105
|
335
|
102.1
|
|
Dwd red
|
|
|
1330-1380
|
50
|
15.2
|
|
Dwd red
|
|
|
1635-1770
|
135
|
41.1
|
|
Dwd red
|
|
|
1910-2080
|
170
|
51.8
|
|
Dwd/Dhc
red
|
mulitiple
intrusives
|
GBN17-01rc
(vert. 1840 ft
td)
|
460-575
|
115
|
35.1
|
|
Dwd red
|
|
|
900-1050
|
150
|
45.7
|
|
Dwd red
|
|
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. 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: prevailing market conditions
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.
For additional information, please contact:
U.S. Gold Corp. Investor Relations:
+1 800 557 4550
ir@usgoldcorp.gold
www.usgoldcorp.gold
View original content with
multimedia:http://www.prnewswire.com/news-releases/us-gold-corp-reports-results-of-the-fall-2017-scout-drill-hole-program-on-the-keystone-project-cortez-gold-trend-nevada-300597410.html
SOURCE U.S. Gold Corp.