U.S. Gold Corp. reports results of the Fall 2017 scout drill hole program

U.S. Gold Corp. reports results of the Fall 2017 scout drill hole program

ELKO, Nevada, February 13, 2018 – U.S. Gold Corp. (NASDAQ: USAU - https://www.youtube.com/watch?v=ChN1Np86Y14&t=4s) today announced completion of the Fall 2017 drilling program and receipt of all certified assay results.   The primary purpose of this scout hole program was to obtain more information about important host rock characteristics including, presence, distribution, depth, and the hydrothermal system presence and alteration effects on the rocks. This program was comprised of eight widely-spaced reverse circulation drill holes, including one hole at Gold Bar North.   The eight holes comprise a total of 14,720 feet (4487 m).  Historically, Keystone had not received any systematic, modern day exploration assessments and very little was known about this important district-scale project.

Highlights of this program are; 

- Drilling has established that Keystone host rocks are the same as, or very similar to, the units that comprise the primary host units within the Cortex District to the north.  In addition, U.S. Gold Corp.’s geological studies have demonstrated the presence of a very complex, early-Tertiary intrusive/extrusive magmatic setting. Prospective host rocks at Keystone include the Horse Canyon, Wenban, and upper Roberts Mountains Formations of Devonian age, and the lower Silurian age Roberts Mountains Formation - comprising a total host unit thickness greater than 2000 feet.  These units are showing to be variably exposed at the surface and, or at generally shallow depths in the District. 

- The scout hole program also shows that multiple, Carlin-type gold deposit target settings are present within the twenty square mile area Keystone District, which is entirely controlled by U.S. Gold Corp.  These targets are now being further synthesized using in-house detailed gravity data, ongoing geologic mapping, and new surface geochemistry combined with historic exploration data.

- Both core and reverse circulation drilling has been conducted through 2017 to gain better understanding of the host unit characteristics, the prospective depths that gold deposits are likely to occur, and to provide an early-stage, and broad geographic assessment of an apparent very large, Carlin-type, district-scale gold system.  Almost all holes drilled to date have encountered thick zones of anomalous gold and locally very strong associated pathfinder arsenic, antimony, mercury and zinc.  Some holes have also intersected thin zones of economic levels of gold, see Table 1.  

 

- The Keystone District is located along the southeast extension of the Pipeline-Cortez District corridor as confirmed by the presence of an early-Tertiary complex intrusive center, the presence of permissive, Paleozoic transitional carbonate rocks, the presence of a strong north-northwest-trending gravity and magnetic linear, and the spatially coincident Strontium 86/87 (.706) data indicative of an oceanic crustal source for gold.

Dave Mathewson, Vice President, Head of Exploration, states: “I am very pleased with the important, exploration-applicable information that we have obtained from the drilling programs to date.  All the Fall 2017 holes intersected thick intervals of anomalous gold mineralization and associated pathfinder elements of arsenic, antimony, mercury and zinc.  Arsenic, the element that gold is most strongly associated with is locally visible as arsenopyrite, realgar and orpiment, and is also locally very strongly geochemically present. This information all combines to qualify our assessment that we are in a world-class setting for very large gold deposits.”

“Throughout the 2017 field season, our geological team has mapped the entire district/property position in detail and, also very importantly, has considerably added to the surface geochemical database with both additional detailed sampling and broader geographic coverage.”   

Dave Mathewson further states: “With all the new information in hand, the exploration team is now in the process of, and in the position to zero in on the many site-specific target opportunities that have emerged from the drilling that we have conducted to date combined with the recently obtained and assessed geochemical data.  The key to ultimate success in the hunt for gold in Nevada is to locate and qualify the gold-bearing fluid conduits that have supplied the gold to the gold-bearing mineral system that is clearly in evidence in the case of Keystone.  Once targets are identified and qualified, drilling becomes a vectoring process of drilling holes into these structural gold-bearing conduits and locating more specifically where the conduits cross-cut permissive host rocks.  To this point in time in the Keystone exploration program, limited drilling access has been an issue because of limits on road and drill site surface disturbance.  In preparation for this year’s drilling program, a year specifically designed for more focused target testing and associated follow-up gold deposit definition, we are also about to complete an EA (Environmental Assessment) for the purpose of significantly expanding access with a drilling POO (Plan of Operations).  We expect to commence specific-site target drilling as soon as 2018 field conditions allow.”    

Edward Karr, President and CEO of U.S. Gold Corp., stated, "We continue to be excited by the extensively thick, permissive host rock packages that we have encountered at Keystone. The Fall drill program marks the completion of our early-stage, systematic exploration work at the project. This also coincides with the near completion of our EA, which will ensure an uninhibited drill program in 2018, and the closing of our recent $5 million financing. U.S. Gold Corp. is well financed and strongly positioned to make a significant discovery this year at Keystone."

 

 

 

 

 

 

 

 

 

Keystone

    Fall 2017

drill holes 

anomalous

gold intervals

>10ppb Au 50 ft+ thick

thickness (ft)

 

(m)

gAu/t

host unit

oxidized(ox)

reduced(red)

       comments

  

   Key17-04rc

  (vert. 1860 ft td)

 

 

                                           

 

          0-65

      

 

           65

 

 

   19.8

 

Dhc    ox

Note: Dhc = Horse Canyon Fm

          Dw  = Wenban Fm

Dwd = Woodruff Fm (upper-plate)

 

     Silica-breccia 

 

      410-570

         160

   48.8

 

Dhc    ox

     silica-breccia

 

      780-840

           60

   18.3

 

Dhc    ox

               “

 

      865-1170

         205

   62.5

 

Dhc   ox/red

               “

 

      including:

      950-980

          30

    9.1

   1.11

 

               “

 Key17-05rc

(vert. 1790 ft td)

         0-95

          95

   29.0

 

Dhc    ox

      silica-breccia

 

     260-710

        450

 137.2

 

Dhc    ox 

               “

 

   1095-1145

          50

   15.2

 

Dw     red

 

 Key17-06rc

(vert. 1920 ft td)

      15-340

        325

   99.1

 

Dhc   ox/red

      silica-breccia

 

     including:

       65-85

          20

    6.1

   0.15

Dhc     red

               “

 

     365-885

        520

 158.5

 

Dhc     red

               “

 

     905-1000

          95

   29.0

 

Dhc     red

               “

 

   1125-1480

        355

 108.2

 

Dhc     red

               “

 

   1650-1920

        270

   82.3

 

Dhc     red

               “

 Key17-07rc

   (-70 north)

   (1880 ft td)

        0-175

       175

   53.3

 

Dhc    ox/red

      silica-breccia

 

    including:

      85-105                                                                                    

        20

    6.1

   0.69

Dhc      red

               “

 

    260-815

      555

  169.2

 

Dhc      red

               “

 

    935-985

        50

  15.2

 

Dhc    ox/red

               “

 

  1085-1255

      170

  51.8

 

Dhc    ox/red

               “

 

    including: 

   1100-1135

        35

  10.7

   0.46

Dhc      red

               “

 

   1330-1400

        70

  21.3

 

Dw       red

               “

 

   1660-1825

       165

  50.3

 

Dw       red

               “

Keystone

    Fall 2017

drill holes 

anomalous

gold intervals

>10ppb Au  50ft+ thick

thickness (ft)

 

(m)

gAu/t

host unit oxidized(ox)

reduced(red)

                             Pg 2

 

        comments                                                                                            

 Key17-08rc

(vert. 1580 ft td)

 

                       

        0-395

        395

 120.4

 

Ov (upper-plate ox/red

note: Dhc = Horse Canyon Fm

         Dw = Wenban Fm

       Dwd = Woodruff Fm

                  (upper-plate)

 

          silica breccia

 

    Including:

    375-395           

          20

     6.1

  0.13

Dhc    red

                   “

 

    500-1230

          60

   18.3

 

Dhc/Dw  red

                   “

 

    Including:

     695-720

          25

    7.6

  0.40

Dhc    red

                   “

 

   Including:

     880-900

          20

    6.1

  0.15

Dhc    red

                   “

 

  1270-1340

          70

   21.4

 

Dw     red

 

 Key17-09rc

(vert. 1710 ft td)

      55-260

        205

  62.5                                      

 

Dhc      ox

           silica breccia

 

    290-405

        115

   35.1

 

Dhc      ox

                    “

 

    500-600

        100

   30.5

 

Dhc      ox

                    “

 Key17-10rc

(vert. 2120 ft td)

    405-520

          85

   25.9                       

 

Dwd     red

 

 

   770-1105

        335

 102.1

 

Dwd     red

 

 

  1330-1380

          50

   15.2

 

Dwd     red

 

 

  1635-1770

         135

   41.1

 

Dwd     red

 

 

  1910-2080

         170

   51.8

 

Dwd/Dhc  red

       mulitiple intrusives

GBN17-01rc

(vert. 1840 ft td)

    460-575

         115

   35.1

 

Dwd     red

 

 

    900-1050

         150

   45.7

 

Dwd     red

 

               

 

 

 

 

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, done 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: prevailing market conditions and the impact of general economic industry or political conditions in the United States or globally.  A list and description of these and other risk factors can be found 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.

 

For additional information, please contact:

 

U.S. Gold Corp. Investor Relations:

+1 800 557 4550

ir@usgoldcorp.gold

www.usgoldcorp.gold

In Europe:

Swiss Resource Capital AG

Jochen Staiger

info@resource-capital.ch

www.resource-capital.ch



 

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U.S. Gold Corp. reports results of the Fall 2017 scout drill hole program