U.S. Gold Corp. releases additional drill results

Highlights

• Drill results highlighted by CK20-03c, returning 182.1 m of continuous mineralisation grading 2.065 g/t gold equivalent.
• Preliminary evaluation of drill results suggest an expected slight increase in overall gold grades relative to predicted grades in the 2017 MDA preliminary economic assessment (PEA) resource estimate.
• Geologic modelling, resource estimation, geotechnical and hydrological modelling, preliminary mine planning and metallurgical work are all advancing well and are currently on schedule for pre-feasibility study (PFS) completion by the end of 2Q21.

George Bee, President and CEO of U.S. Gold Corp., stated: “We are presently on track to complete the CK Gold Project PFS by mid-year. By design, we have gone well beyond what would normally be necessary for a PFS so that we can move on to evaluate the project at the feasibility study (FS) level by the end of the year, having gathered any supplemental data necessary from the project site during the 2020 summer field season. Project environmental baseline monitoring continues, having started last September with the objective of being in a position to submit a permit application to the State of Wyoming once a development decision has been made post FS evaluation. While a development decision is contingent on many factors, we are encouraged by what we have seen.”

Overall progress

• All results for metallurgical core holes have been received, representative composites have been made, and metallurgical testing is ongoing and well advanced. Preliminary results to date suggest higher gold and copper recoveries from high-grade oxide mineralisation than in the previous PEA.
• RC drilling to the southeast of the known deposit has extended the footprint of mineralisation; mineralisation remains open along strike to the southeast and at depth.
• Mineralisation remains open down-plunge to the northwest, where previously released hole CK20-01c ended in mineralisation better than 2 g/t gold.
• Final results for the remaining eight drill holes are expected by end of March.
• A better understanding and application of geologic constraints (structural, lithogic and alteration) to the resource estimation suggests a potentially better overall grade relative to the MDA model and the conversion of material to measured and indicated categories from inferred.

Read the article online at: https://www.globalminingreview.com/exploration-development/31032021/us-gold-corp-releases-additional-drill-results/