ELKO, Nev., June 30, 2021 /PRNewswire/ -- U.S. Gold
Corp. (NASDAQ: USAU) ("U.S. Gold" or the "Company"), a gold
exploration and development company, is pleased to announce the
completion of 2021 core drill testing of a previously untested,
deep Carlin-type target on its
Maggie Creek Project, located directly east of Nevada Gold Mines' Gold Quarry mine and
processing facilities.
The 2021 Maggie Creek drilling program was focused on a
previously untested target concept below post-mineral cover in the
southeast section of the project (Section 30). Refer to the
Company's April 7,2021 press release
for details of the target concept and how it was derived.
The Company had originally planned two core holes from two
different locations. However, based upon very encouraging
alteration encountered while drilling the first hole, the Company
decided to attempt to offset the alteration with an angle hole from
the same drill pad. The first hole, MC21-1c, a vertical hole, was
terminated at 2,937 feet due to poor down hole drilling conditions
in a broad fault zone within Roberts Mountains Formation (Lower
Laminated). This hole intersected the Tertiary paleosurface at 698
feet and then entered Lower Plate stratigraphy at 1,483 feet.
The typical Lower Plate stratigraphy seen elsewhere on the
Carlin Belt was intersected, with sometimes intense alteration,
brecciation and faulting throughout. The most favorable rock
package, the Popovich Formation, was encountered below Rodeo Creek
siltstones at 1,706 feet and continued to 2,767 feet. Three thick
intervals of strong alteration and sulfide were encountered within
the Popovich at the following depth intervals: 1,827-1,988 feet,
2,028-2,139 feet, and 2,646-2,771 feet. Essentially all the
Popovich is dolomitic in MC21-1c, though likely primary, and
alteration (decalcification and silicification primarily) is fairly
common throughout the Lower Plate stratigraphy. The strongest
alteration and sulfide, including sooty pyrite and orpiment in
brecciated hydrothermal dolomite, was encountered within the Wispy
Member of the Popovich at 2,700 feet. This interval was anomalous
in gold, arsenic, mercury and thallium, with a high of 165 ppb gold
within a brecciated interval containing orpiment (See Figures 1-2 below). Despite the visually
encouraging alteration and mineralization, no high-grade gold was
encountered.
The second hole, MC21-2c, angled to the north from the same pad
as MC21-1c, was terminated at 1,503 feet within Upper Plate Vinini
siltstone and mudstone. The Vinini in this hole shows much more
intense clay alteration and sulfidation than in MC21-2c. However,
at this time U.S. Gold Corp. has met its work commitment at Maggie
Creek and elected to stop the second hole. The hole has been filled
with bentonite, casing left in place and capped so it can be
re-entered next year. Assay results are pending for MC21-2c.
Ken Coleman, the Company's Chief
Geologist, stated, "I was pleasantly surprised and rightly excited
to see the intensity of alteration within the predicted
stratigraphy as drilling progressed in MC21-1c. Post mineral Carlin
Formation and Upper Plate rocks proved to be shallower than
predicted, and the structural preparation and alteration
encountered in the Lower Plate checked all of the boxes; the right
stratigraphy, the right alteration, and characteristic minerals at
a reasonable depth. Assays proved disappointing with only anomalous
gold associated with the typical pathfinder elements in
Carlin-type deposits. While the
gold encountered was only anomalous, it is clear there is a strong
Carlin-type alteration cell under
Section 30 at Maggie Creek."
"We took a big swing based upon a different look at the local
geology and proved there is a system there," Coleman continued.
"Very rarely are discoveries made in the first hole testing a new
target. The results to date clearly warrant further exploration.
Based upon the more intense alteration in the Upper Plate rocks in
MC21-2c and structural interpretations derived from the gravity
survey we completed last year, we believe that this first hole,
MC21-1c, lies laterally and likely south of what could be the
better part of the system. MC21-2c was angled toward what is
interpreted to be a major structural intersection zone between a
broad northeast striking zone, similar to the Chukar-Alunite
faults, and a northwest striking structural corridor. Further
interpretation will be completed once all assays have been
received."
George Bee, the Company's
President and CEO stated "While we know of the near surface
opportunities in the Upper Plate rock package, 2021 drilling was
focused on the deep high-grade potential that is the subject of
much of the mining activity on the Carlin Trend of late. Drilling
these targets is costly and we will continue to approach this
exploration in a measured and prudent manner, consistent with our
objectives to create value for our shareholders with the
development of our CK Gold Project in Wyoming. Having met our exploration
commitments at Maggie Creek for 2021, we can now analyze the data
and plan out our future program at this exciting target. We found
the right rock package with significant alteration and we now need
to pursue the gold."
Quality Assurance and Quality Control ("QA/QC")
Procedure
U.S. Gold Corp. employs a rigorous QA/QC protocol on all aspects
of sampling and analytical procedure. Drill core is checked,
logged, marked for sampling, and sawn in half. One-half of each
drill core is maintained for future reference and the other half of
each drill core is sent to Bureau Veritas, an ISO 17025 accredited
laboratory in Reno, Nevada to
complete all sample preparation and assaying. Samples are analyzed
employing fire assaying with atomic absorption finish for gold, and
four-acid ICP-MS analysis for silver and copper. For QA/QC
purposes, certified standards, blank samples and sample duplicates
are inserted into the sample stream. U.S. Gold Corp. also
periodically submits sample pulps to another independent laboratory
for check analysis.
Note on Qualified Person
This statement has been reviewed by Kevin Francis, P Geo, SME Registered Member,
Principal of Mineral Resource Management LLC, who has inspected the
data furnished in this announcement and has knowledge of the
activities outlined in the Maggie Creek Project update. Acting
within the scope of his expertise, Mr. Francis, as a Qualified
Person, has reviewed the information provided and finds it to be
accurate and reflecting facts.
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 and is 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
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 from such statements. Forward-looking statements in this
press release include statements regarding the exploration
opportunity at the Maggie Creek property and the Company's
interpretation of the possibility of future mineral
discoveries. 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.
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.