- Increases property claims by more than 20% in response to favorable results from 2017 field exploration and drilling
- The current 650 total mining claims represent a property position of approximately 20 square miles (52 square kilometers) on the prolific Cortez Trend in North Central Nevada
- Second half 2017 exploration program underway and additional drilling is expected to begin soon
ELKO, Nev., Sept. 27, 2017 /PRNewswire/ -- U.S. Gold Corp. (NASDAQ: USAU) today announced that it has completed earlier this month the staking of 122 additional claims for the Keystone Project, located in North Central Nevada, on the prolific Cortez Trend. The Keystone Project now consists of 650 unpatented lode mining claims including the 122 additional and newly staked claims on the south-western portion of the property in Eureka County, Nevada. The additional claims comprise an area of about 2,400 acres or 3.75 square miles (10 square kilometers). This now brings the total Keystone land package to 650 total mining claims, 100% controlled by US Gold Corp. The total area of 100% mineral rights controlled is now approximately 20 square miles (52 square kilometers). The only financial obligation required to maintain these claims are the annual Federal and County fees.
Keystone is a large, complex early-Tertiary intrusive-centered dome with extensive mesothermal to epithermal zones of alteration in both exposed upper-plate units, and exposed permissive lower-plate units of Devonian-age Horse Canyon calcareous siltstone and Wenban limestone Formations. Silurian-age Roberts Mountain silty limestone Formation is also locally exposed on the property. U.S. Gold Corp. controls 100% of the Keystone District. The Keystone District has marked geological and geochemical similarities to the Barrick-controlled Cortez District on line with, and on trend to the north-northwest.
These new U.S. Gold Corp. Keystone claims were staked on the assessment of additional geophysical data, and drilling data acquired and analyzed by U.S. Gold Corp. in 2017. Three vertical reverse-circulation holes completed earlier in 2017 provided new, important information regarding gold-bearing host stratigraphy, host lithological information, and important potential gold deposit model information.
Quality gold deposit target opportunities are demonstrably emerging throughout the district, especially in areas where previous drilling has been very sparse to non-existent. An EA (Environmental Assessment), for an expanded exploration program through an exploration POO (Plan of Operations) has commenced with the assistance and leadership of AMEC Foster/Wheeler and it is expected to be completed in early 2018.
"Keystone represents a large, prospective, district-scale opportunity," said Dave Mathewson, U.S. 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 have come to increasingly believe Keystone represents one of the best exploration opportunities in Nevada. This is the first time in the history of the district that one single company has consolidated the entire district, providing the benefit of being able to design an exploration program based fully upon geology, and not being functionally limited by claim boundaries. We are excited about the Keystone project and look forward to providing additional updates as our second half of 2017 exploration program advances."
The autumn 2017 exploration program consists of:
- Detailed property-wide scouting 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 additional targeting synthesis
- Drill target selection and continued permitting
- Scout drilling several new identified target areas and following up on the earlier favorable 2017 drill results
"We are excited about our autumn 2017 Keystone exploration program," continued Mr. Mathewson. "We are continuing to follow up on our 2017 scout holes to vector into potential high-grade mineralization. My approach to exploration has always been a process-driven, model-based methodology. This is the same approach I pioneered while at Newmont Mining and 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 future mining exploitation."
U.S. Gold Corp.'s President and CEO Mr. Edward Karr further commented "We believe the additional land position at Keystone solidifies our property position. With the additional 122 claims staked and secured, the intent is to further explore and develop the project which includes selecting autumn 2017 target drill sites, permitting and drilling."
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, 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 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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SOURCE U.S. Gold Corp.
Released September 27, 2017