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.
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
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.
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