ELKO, Nev., May 14, 2018 /PRNewswire/ -- U.S.
Gold Corp. (NASDAQ: USAU), a gold exploration and development
company, is pleased to announce the forthcoming Copper King
drilling program for 2018. This program, comprised of two
phases, will begin with an initial phase of 10 reverse circulation
(RC) drill holes for a total of about 10,000 feet (3,050
meters). Primarily, the program will focus on last year's
newly discovered zone of mineralization, the West Zone, which was a
200-meter step out from the Main Zone at Copper King. The
program will also target additional new discoveries on the Copper
King project; drill testing several geophysical anomalies obtained
from ground magnetics and IP (induced polarization) surveys
conducted in 2017. The mineralization at the Copper King deposit
remains open in multiple directions.
In January 2018 U.S. Gold Corp. announced the discovery of
a new zone of mineralization, now referred to as the "West Zone" of
base and precious metals mineralization adjacent to, and west of
the Copper King deposit "Main Zone". This mineralization
remains open in almost all directions.
In late November and early December
2017, a four-hole, RC drilling program (3945 ft/ 1202 meters
total) was completed. Hole number CK17-01rc encountered a composite
of almost 700 feet of economically significant base and precious
metal mineralization beginning close to the surface, see table
#1.
Drill
Hole
|
From
(ft)
|
To
(ft)
|
Thickness
(ft)
|
Thickness
(m)
|
Copper
>0.1%
|
Zinc
%
|
Gold
(g/t)
|
Silver
(g/t)
|
CK17-01rc
-70 deg N
(1030 ft
td)
|
20
|
85
|
65
|
19.8
|
0.096
|
0.065
|
0.208
|
2.82
|
|
180
|
200
|
20
|
6.1
|
0.103
|
0.217
|
0.135
|
3.03
|
|
335
|
860
|
525
|
160
|
0.145
|
0.113
|
0.284
|
3.47
|
|
940
|
1025
|
85
|
25.9
|
0.115
|
0.089
|
0.232
|
2.52
|
Table 1: summary
of Fall, 2017 Copper King hole CK17-01rc results: based on >
20ft intercepts including > 0.1% copper
|
The Fall 2017 Copper King four-hole drilling program was
designed to provide a first-pass drill test of geophysical
anomalies obtained from a ground magnetics survey conducted in
June 2017 combined with an IP
(induced polarization) survey conducted by Zonge Geosciences, Inc.
in October 2017. Both geophysics
programs were more detailed and comprehensive than previous surveys
conducted on the project. Objectives of the IP survey were to
1) delineate sulfide concentrations via the chargeability, and 2)
discriminate lithologies via the resistivity. Rock
magnetic expressions were delineated via the ground magnetics
survey. Gold mineralization at Copper King is known to be
commonly, but not necessarily exclusively, associated with
magnetite. The association of copper sulfide mineralization
with gold mineralization in the historic mining area suggested that
IP would be the more appropriate technique for detection of
similarly mineralized material. The Copper King project is
largely located on State of
Wyoming managed lands.
Assay results and interval thicknesses obtained in CK17-01rc are
similar in value and character to assay intervals known to exist in
the Copper King "Main Zone" copper-gold deposit. CK17-01rc
assay results and characteristics of mineralization immediately
indicated the presence of a previously undiscovered zone of
significant mineralization on the Copper King project. The
chargeability anomaly, drilled by hole CK17-01rc, exhibited on the
attached figure #10, below, from the Wright Geophysics Nov. 5, 2017 report, is the strongest anomaly
obtained by the IP survey on the property, and it was an anomaly
that had not previously been specifically tested by drilling.
U.S. Gold Corp.'s digital mapping specialist Joe Laravie has been compiling all of the
historic and 2017 drill program information into a new Copper King
database. Detailed deposit and exploration models are being
developed to aid in future exploration and permitting efforts.
Dave Mathewson, Vice President of
Exploration for U.S. Gold Corp. states: "2018 will be an exciting
time for our Copper King exploration programs. The results of
drill hole CK17-01rc have opened the possibility for considerable
expansion of copper-gold mineralization to the west of the Copper
King "Main Zone", and for potential discovery of additional
deposits on the Copper King Project. U.S. Gold Corp.
intends to launch an initial first phase 2018 summer drilling
program in the range of about 10 holes, each to about 1000 feet.
This year's drill program will represent a considerable step up on
the 2017 program and we look forward to the prospect of potentially
building a significantly greater metal endowment on the Copper King
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 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, 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. 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.