- Summer exploration program will be designed to assess a
number of targets that have seen little or no historic
drilling
- Potential joint-venture partners have expressed
interest in Keystone
- Identification, qualification, and prioritization of
the targets is ongoing by means of detailed surface geology,
geochemistry, geophysics, and Leapfrog 3D modeling using surface
and drill hole geologic information
ELKO, Nev., May 19, 2021 /PRNewswire/ -- U.S. Gold Corp.
(Nasdaq: USAU) (the "Company"), a gold exploration and development
company, reported that it has received confirmation from the Bureau
of Land Management (BLM) that it accepted additional bonding for a
further 50 acres of disturbance under its effective Plan of
Operations (POO), and as a result is pleased to announce an update
for its potential 2021 summer exploration program at its
20-square-mile Keystone project, located in Nevada's Cortez Trend. This program will
potentially test several drill targets in areas previously untested
and is intended to follow up on encouraging preliminary results
from previous years' drilling. Upon commencement, exploration is
planned to pursue Carlin-type gold
deposits in a variety of settings within the broader Keystone land
package.
This additional 50 acres will allow access to several areas of
the project that were not accessible in past exploration programs.
The Keystone project consists of mountainous terrain which was snow
covered until last week making it prohibitive to access the
property. The Company plans to clean up the access roads to gain
safe entry.
U.S. Gold Corp. has received initial interest in the Keystone
project from a variety of industry participants. The Company has
set up an internal data room with detailed technical information
that interested parties can access after signing a confidentiality
agreement. As soon as access is possible throughout the project,
further due diligence site visits will be conducted. Potential
joint ventures and opportunities will continually be assessed by
senior management and the board to try and maximize the exploration
potential of this project.
Ken Coleman, U.S. Gold Corp.'s
Chief Geologist, stated: "We look forward to accessing the property
and assessing our Keystone targets in the summer of 2021. The work
we have completed since 2016 has led to drilling the best hole to
date at Keystone in 2019, Key19-05rc, in the Nina Skarn target
area. Planned drilling in 2021 is expected to focus on the
Sophia and Greenstone Gulch target areas, with a single hole at Tip
Top to explore the Wenban 5 at depth to the east of previous
drilling. Further drilling of the Nina Skarn and Keystone
Skarn targets will take place once the Carlin-type targets at Sophia and Greenstone
Gulch have been properly assessed."
Coleman continued: "Our entire team is very much looking forward
to the commencement of the 2021 Keystone drilling season, pending
the property becoming accessible, now that the BLM approvals and
cultural surveys have been completed. We are waiting for the snow
to melt and the property to dry out to allow access. All of
us were encouraged with our previous drilling results and feel
strongly that additional exploration efforts are warranted in
select target areas. Extensive ongoing analysis has brought us to
this point, and we are excited to continue to test Keystone's
potential. Encountering the strongest, thickest gold
mineralization, in the Nina Skarn target, has demonstrated the
presence of a strong, gold-bearing Eocene magmatic-hydrothermal
system at Keystone."
For the 2021 planned summer exploration program, multiple angled
and vertical drill holes are proposed within three high-potential
target areas of Keystone. Planned drilling is expected to be
composed of a mix of reverse circulation (RC) and core, especially
within the Sophia target area, where the most encouraging drill
results are associated with extensive void development in Lower
Plate rocks. These areas include Sophia, Greenstone Gulch and
Tip Top. Refer to the June 6,
2019 press release for details of the various target
areas.
George Bee, President and CEO
stated, "Our 2021 Keystone summer exploration program will be a
well-thought out and promising effort in hopes of discovering the
next high-grade gold deposit on the Cortez Trend. The project,
which is a culmination of several years of hard work, shows
tremendous potential. A new, high-grade discovery could be a
game-changer and provide real value to shareholders and we hope
this is our year for discovery success."
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 exploration properties. Copper King, now the CK Gold
Project, is located in Southeast
Wyoming and has a Preliminary Economic Assessment (PEA)
technical report, which was completed by Mine Development
Associates available on the US. Gold Corp. website. Keystone
and Maggie Creek are exploration
properties on the Cortez and Carlin Trends in Nevada. The
Challis Gold Project is located in Idaho. For more information about U.S.
Gold Corp., please visit www.usgoldcorp.gold
Safe Harbor
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. Forward-looking
statements include statements regarding the timing and scope of the
Company's anticipated 2021 summer exploration program, including
potential drilling targets, and the possibility of advancing
discussions regarding a potential future joint venture or similar
arrangement. These forward-looking statements are based on
U.S. Gold Corp.'s current expectations, and actual results could
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: the
prevailing market conditions for metal prices and mining industry
cost inputs, environmental and regulatory risks, risks faced by
junior companies generally engaged in exploration activities,
whether U.S. Gold Corp. will be able to raise sufficient capital to
implement future exploration programs, COVID-19 uncertainties, 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 makes 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.
For additional information, please 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.
