- Increases property claims by 27% following favorable results from 2016 field exploration program
- 479 total mining claims represent approximately 15 square miles (SM) or 38 square kilometers (SQ KM) on the prolific Cortez Trend in North Central Nevada
-2017 exploration programs underway
ELKO, Nev., June 19, 2017 /PRNewswire/ -- US Gold Corp. (NASDAQ: DRAM) today announced that earlier this year, it completed the staking of 102 additional claims for the Keystone Project located on the prolific Cortez Trend. The Keystone Project now consists of 479 unpatented lode mining claims, including the 102 additional and newly-staked claims on the east and south-eastern portions of the property in Eureka County, Nevada. The additional claims comprise about 2,000 acres or 3 square miles (8 square kilometers), bringing the total Keystone land package to 479 total mining claims, 100% controlled by US Gold Corp. The total area of 100% mineral rights control is now about 15 square miles (38 SQ KM) and the only financial obligations required to maintain these claims are the annual Federal and County fees.
Keystone is a complex early-Tertiary intrusive-centered dome with extensive mesothermal to epithermal zones of alteration in exposed upper-plate units; exposed permissive lower-plate units of Devonian Horse Canyon and Wenban limestone, and Silurian Roberts Mountain limestone Formations. US Gold Corp. controls 100% of the Keystone District. The Keystone District has marked geological and geochemical similarities to the Barrick-controlled Cortez District on trend to the north-northwest.
These new US Gold Corp. Keystone claims were staked on the assessment of geophysical data and drilling data acquired and analyzed by US Gold Corp. in 2016 and 2017. Three of the five vertical core holes completed in late 2016 provided new, important information regarding gold-bearing host stratigraphy, host lithological information, and potential gold deposit model information.
A quality gold deposit target opportunity is demonstrably emerging in the eastern part of the district where previous drilling has been very sparse to non-existent. US Gold Corp. will drill one more scout-type informational core hole in this eastern region this year, as soon as access permits.
Three exploration Notice of Intents (NOIs)– which permit up to a total of 15 acres of disturbance – are currently in place, and will provide ability to access new targets for drilling purposes in 2017. An Environmental Assessment (EA), for the purpose of an expanded exploration program through an exploration Plan of Operations (POO) has commenced with the assistance and leadership of AMEC Foster/Wheeler.
"Keystone represents a large, prospective, district scale opportunity," said Dave Mathewson, US Gold Corp's Vice President and Head of Nevada Exploration. "I have been on and off the Keystone property for more than 30 years and I believe Keystone represents one of the best exploration opportunities in Nevada. This is the first time in the history of the district that a single company has consolidated the entire district, and US Gold Corp. will certainly benefit from being able to design an exploration program based exclusively on geology instead of claim boundaries. We are excited about the Keystone project and look forward to providing additional updates as our 2017 exploration program advances."
The 2017 exploration program will consist of:
- Detailed property-wide scouting, additional claim staking and additional target reconnaissance
- Digitization of all prior analog data to build a current geological property-wide database
- A detailed mapping program to accurately identify the property's geological characteristics
- Additional detailed gravity surveys, managed by J L Wright Geophysics, to help define and refine drill targets
- Additional soil and rock sampling and geochemical assessment for greater targeting synthesis
- Drill target selection and continued permitting
"My approach to exploration has always been a process-driven, model-based methodology," Mr. Mathewson added. "This is the same approach we used at Gold Standard Ventures to make the initial discoveries on the Railroad project. Keystone represents a tremendous opportunity, as the gold deposit system indicators, permissive rock formations, geological structural setting, and Nevada location present an ideal setting for a potential discovery and mining exploitation. With these additional claims, I am confident our existing land package now effectively controls every part of the visible system and prospective extensions."
US Gold Corp's President and CEO Mr. Edward Karr further commented, "We believe the additional land position at Keystone provides significant exploration upside with what is now a much larger property position. With the additional 102 claims staked and secured, we will further explore and develop the project, which includes selecting target drill sites, permitting and drilling. Keystone is located close to some of the largest mines in North America and Dave Mathewson believes it is one of the best exploration properties in Nevada."
About US Gold Corp.
US Gold Corp. is a publicly traded U.S. focused gold exploration and development company. US Gold Corp. has a portfolio of development and exploration properties. Copper King is located in South East 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 US Gold Corp., please visit www.usgoldcorp.gold
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The information provided in this press release may include forward-looking statements relating to future events, such as the exploration success of US Gold Corp., development of new Dataram products, pricing and availability of raw materials or the future financial performance of the Company. Actual results may differ from such projections and are subject to certain risks including, without limitation, risks arising from: changes in the price of gold and mining industry cost inputs, memory chips, changes in the demand for memory systems, increased competition in the memory systems industry, order cancellations, delays in developing and commercializing new products, risks with respect to US Gold Corp 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, including the Risk Factors with respect to U.S. Gold Corp. contained in the Current Report on Form 8-K filed on May 26, 2017, 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.
For additional information, please contact:
US Gold Corp. Investor Relations:
+1 800 557 4550
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SOURCE US Gold Corp.
Released June 19, 2017