ELKO, Nev., May 30, 2018 /PRNewswire/ -- U.S. Gold Corp.
(NASDAQ: USAU), a gold exploration and development company, is
pleased to announce it plans to commence drilling in the Potato
Canyon area in the Southwest section of the Keystone
Project.
The Potato Canyon area, located in the Southwest portion of the
Keystone District, is the newest staked, 2017 vintage, land
position of the Keystone project. U.S. Gold Corp. has not
previously drilled in the Potato Canyon area. A new Notice of
Intent (NOI), the fifth in the district, has been established for
the initial drilling operations. U.S. Gold Corp. plans to
drill a minimum of 2 scout holes, each to depths of up to 2,000
feet for a total of 4,000 feet (1275 meters). The scout holes
will examine the geology of the Potato Canyon area and provide an
initial assessment of some altered areas with very anomalous
surface geochemistry including gold in rock samples in the 1 to 5
g/t range. Importantly, in the Potato Canyon area,
Devonian-Silurian Roberts Mountains Formations is locally exposed
at the surface. Roberts Mountains Formation comprises lower
plate host rocks characteristics and this program will also provide
important sub-surface gold-bearing hydrothermal system information
in the Potato Canyon area and specifically within Roberts Mountains
Formation.
U.S. Gold Corp. will also drill a minimum of one additional
offset hole to follow up on the encouraging drill hole KEY17-08rc,
drilled in the Fall of 2017. At least one angled offset hole
is planned to be drilled to a depth of 2,000 feet (639 meters) off
the existing drill pad. Hole KEY17-08rc intersected
significantly anomalous gold up to 736 ppb between 665 and 1195
feet, within a thick zone of brecciated Devonian Horse Canyon
Formation that is also generally highly anomalous in arsenic and
intruded by both siliceous and mafic igneous rocks, probably as
sills. This (these) hole(s) will provide important gold
system vector(s).
Dave Mathewson, Vice President of
Exploration for U.S. Gold Corp., states, "We are pleased to
commence our 2018 drilling season at Keystone. We believe the
scout holes at Potato Canyon will provide important additional
information. At Keystone, we realized early on that we were
working on a large, robust Carlin-type gold system, but we did not have
all the property area that we now have. In addition, there
were very large voids in much of the historic data with which we
began. We believe, however, that all drilling to date has
provided important tactical information and encouraging gold system
results. The excellent host characteristics of Devonian Horse
Canyon and Wenban, and the upper Devonian and Silurian Roberts
Mountains Formations, are now well-established. Large bodies
of dissolution-related collapse breccias with associated and
hydrothermal styles of alteration, including silicification,
argillization and sulfidation; multiple types and styles of
system-related dikes and sills; and local thick anomalous gold
zones associated with very strong pathfinder elements, including
the presence of locally abundant arsenopyrite, realgar and
orpiment, have been encountered in the scout drilling. The
offset hole(s) to follow up on KEY17-08rc will provide additional
targeting methodology for future drilling."
"The late winter snows in 2018 and wet spring rains have kept
most of the Keystone property inaccessible until this point.
As we commence drilling at Potato Canyon, we are still in close
contact with the Bureau of Land Management (BLM) regarding our
Environmental Assessment (EA). All the studies for the EA
have been completed and we have feedback from the BLM that we would
potentially receive approval by the end of the summer 2018.
Our 2018 iterative site-specific target drilling program will
commence as soon as the EA is approved, and a Plan of Operation is
in place."
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 Preliminary Economic Assessment (PEA) technical report, which
was completed by Mine Development Associates. 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.
Forward-looking and cautionary statements
Forward-looking statements in this press release and all other
statements that are not historical facts are made under the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. These statements involve factors, risks, and uncertainties
that may cause actual results in future periods to 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: 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. We make 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.
INVESTOR 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.