U.S.-focused gold exploration and development company U.S. Gold Corp. (USAU:NASDAQ), which is advancing projects in Wyoming, Nevada and Idaho, announced "additional results of the recent twenty-nine hole drilling program for its CK Gold Project, an advanced stage gold and copper exploration and development project located just outside of Cheyenne, Wyoming."
US Gold Corp.'s President and CEO George Bee remarked, "We believe that hole CK20-04cB results returned an outstanding intercept of higher-grade gold and copper mineralization from the core of the CK Gold deposit. Perceptions in the past have been that CK Gold is just a low-grade deposit but our drilling to date verifies a higher-grade component, with attractive grades at the core of the deposit. As detailed in our previous releases, this is some of the first material that would be mined in any potential future mining operation and could lead to a quicker payback period after mine construction, should a positive PFS and FS be produced for the project. Metallurgical work is currently in progress on a composite created from holes CK20-04cA and 04cB at KCA of Reno, Nevada."
The company noted that the data from hole CK20-04cB showed "continuous, attractive gold and copper grades for the length of the hole and verifies historic drill results in the core of the deposit."
In a separate news release yesterday, U.S. Gold Corp. reported additional results from its recent 29 hole drill program at the CK Gold Project. The firm highlighted that it found continuous mineralization over 176.8 m of 1.003 g/t Au eq from its second metallurgical hole.
President and CEO Bee stated, "With hole CK20-02c, the second of seven holes within the resource designed to collect metallurgical samples, again we confirm two key aspects of the CK Gold resource. Firstly, the continuous nature of the mineralization with attractive grades starting at surface. Secondly, looking towards project development if our PFS and FS show promise, a project that we believe should produce payable material at the start of mine operations without the common delays and up-front costs associated with pre-stripping waste. This has a very beneficial effect on project economics compared to most other projects where significant costs are incurred pre-stripping waste material in order to access mineralized material, enabling the Company to realize revenue quicker without the additional cost of mining excess overburden."
The firm noted that the data from hole CK20-02c retuned "continuous gold and copper grades for the length of the hole with better grades near surface than the neighboring hole, CK20-01c." The company stated that it is very encouraging to have discovered a thicker continuous interval of mineralization measuring more than 1.0 g/t Au eq in hole CK20-02c starting at surface, confirming historical exploration findings indicating that gold grades increase to the east of this site.
U.S. Gold Corp. is a gold exploration and development company based in Elko, Nev. The firm focuses on U.S. domestic exploration properties including the CK Gold Project (f/k/a Copper King) in southeast Wyoming, the Keystone and Maggie Creek properties in Nevada's Cortez and Carlin Trend regions and the Challis Gold Project in Idaho.
US Gold began the day with a market capitalization of around $79.2 million with approximately 5.76 million shares outstanding and a short interest of about 2.7%. USAU shares opened higher today at $13.92 (+$0.17, +1.24%) over yesterday's $13.75 closing price and reached a new 52-week high price this morning of $16.49. The stock has traded today between $13.90 and $16.49 per share and is currently trading at $14.71 (+$0.96, +6.98%).
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