ELKO, Nev., May 26, 2021 /PRNewswire/ -- U.S. Gold Corp.
(Nasdaq: USAU) (the "Company"), a gold exploration and development
company, is pleased to provide an update on its Challis Gold
Project as it moves towards a Plan of Operations (PoO) for the next
phase of exploration.
The Challis Gold Project is just 75 kilometers southwest of
Salmon, Idaho, in the Challis volcanics. The Challis Gold Project is
a low-sulfidation, gold/silver epithermal vein and stockwork
deposit, localized by intersecting northwest and northeast trending
shear structures in a window of sedimentary rocks exposed through
the Challis volcanics. The PoO
will outline U.S. Gold Corp.'s planned potential exploration
activities and future potential drill programs for its Challis Gold
Project in accordance with current local, state, and federal
regulations, permits, and regulatory guidance.
Ken Coleman, U.S. Gold Corp.'s
Chief Geologist, states: "The Challis Gold Project was last
mined in the late 1920s, when miners focused underground on veins
grading better than 1 ounce/ton gold. Since that time, several
other companies, including Newmont, have worked on the project.
There are several opportunities at Challis, including further exploration of
cobalt-copper showings on the project and developing a better
structural picture of low-strip-ratio existing gold resources with
upside expansion potential. Challis has an historic (not-current) NI
43-101 geological report showing a 313,825 ounce gold inferred
mineral resource at a grade of 1.22 grams per ton. Our whole team
believes that with additional exploration, Challis has the potential to become a
significant resource. We look forward to getting our PoO
approval so we can begin designing and implementing future
explorations plans."
U.S. Gold Corp. has contracted with EM Strategies of
Reno, Nevada, to complete the
permitting process started by a predecessor company for a PoO for
drilling in the historic resource area. A timeline for completion
of the PoO is not yet clear, but as soon as the PoO is approved,
the Company will provide further updates on its planned exploration
activities.
Surface exploration activities at Challis this summer will include detailed
geologic mapping and rock sampling, with a focus on defining the
structural controls and depositional sites of gold in the Johny's
Point resource area and its extensions. In addition, further
mapping and sampling along a copper-cobalt showing identified in
fall 2020 will be completed. The Blackbird district includes other
copper-cobalt-gold deposits, including the Idaho Cobalt project of
Jervois Mining located 11 km north of Challis Gold.
Based upon results from fall 2020, limited follow-up soil
sampling will be completed as soon as access is gained to the
project. Local information suggests full access will be gained in
the next few weeks. Concurrently, a ground magnetics survey will be
completed over the entire claim block. Geologic mapping completed
this year will aid interpretation of geophysical results, with the
goal of all activities to culminate in developing better geologic
controls on known mineralization and developing new drill
targets.
U.S. Gold Corp. has received initial interest in the Challis
Gold Project from a variety of industry participants. The Company
has set up an internal data room with detailed technical
information that interested parties can access after signing a
confidentiality agreement. As soon as access is possible throughout
the project, further due diligence site visits will be conducted.
Potential joint ventures and opportunities will continually be
assessed by senior management and the board to try to maximize the
exploration potential of this 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 exploration properties. Copper King, now the CK Gold
Project, is located in Southeast
Wyoming and has a Preliminary Economic Assessment (PEA)
technical report, which was completed by Mine Development
Associates available on the US. Gold Corp. website. Keystone
and Maggie Creek are exploration
properties on the Cortez and Carlin Trends in Nevada. The
Challis Gold Project is located in Idaho. For more information about U.S.
Gold Corp., please visit www.usgoldcorp.gold
Cautionary Note Regarding Forward-Looking Statements
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. Forward-looking
statements include statements regarding the proposed Plan of
Operations, upcoming surface exploration activities and the
possibility of advancing discussions regarding a potential future
joint venture or similar arrangement. These forward-looking
statements are based on U.S. Gold Corp.'s current expectations, and
actual results could 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: the prevailing market conditions for metal prices and mining
industry cost inputs, environmental and regulatory risks, risks
faced by junior companies generally engaged in exploration
activities, whether U.S. Gold Corp. will be able to raise
sufficient capital to implement future exploration programs,
COVID-19 uncertainties, 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 makes 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.
Cautionary Note to United States Investors Regarding
Estimates of Mineral Resources
This press release uses the term "mineral resources" which is
defined in NI 43-101. We advise U.S. investors that this term is
not recognized under the U.S. Securities and Exchange Commission
(SEC) Industry Guide 7. Accordingly, the disclosures regarding
mineralization in this news release may not be comparable to
similar information disclosed by the Company in the reports it
files with the SEC. The estimation of measured resources and
indicated resources involves greater uncertainty as to their
existence and economic feasibility than the estimation of proven
and probable reserves. The estimation of inferred resources
involves far greater uncertainty as to their existence and economic
viability than the estimation of other categories of resources. US
investors are cautioned not to assume that any or all of mineral
resource described herein are economically or legally mineable or
that these mineral resources will ever be converted into mineral
reserves. In addition, the SEC normally only permits issuers to
report mineralization that does not constitute SEC Industry Guide 7
compliant "reserves" as in-place tonnage and grade without
reference to unit amounts. U.S. investors are urged to
consider closely the disclosure in our Form 10-K and other SEC
filings.
The mineral estimate described herein is based upon an
historical NI 43-101 report that does not include updated
assumptions based on current market factors. It should not be
relied upon as an estimate of the current expected mineral
potential of the property.
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.