US Gold Corp Reports Finding High-Grade Gold And Copper In CK Gold Project - U.S. Gold (NASDAQ:USAU)

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U.S. Gold Corp. (NASDAQ:USAU) reported results on its receipt of assay results for its CK Gold Project in Wyoming.

The company cites proven and probable reserves of 1 million ounces of gold and 248 million pounds of copper.

In commenting on this latest intercept, Kevin Francis, U.S. Gold Corp.’s vice president of exploration and technical services, said, "While we know that we have a high-grade zone starting at surface with minimal waste rock stripping required, we are encouraged by further evidence of higher grades than currently modeled.”

A summary of Francis’s comments yields the following key points:

Hole CK21-01c drilled through the heart of the reserve. Studies show that the proposed pit could average 135,300 gold-equivalent ounces per year for the first three years of operation.
Grades intersected in CK21-01c yielded above-average results, even when compared to above-average predictions. “The grade block pierced by the 10-foot intercept of 11.8 g/t gold (0.344 oz/st) and 7.8% copper was estimated to contain 1.6 g/t gold and 0.3% copper,” Francis said.
The project has significant leverage to rising metal prices. At recent valuations of $2,000 per ounce of gold and $4.75 per pound of copper, the economics look extremely attractive."
Despite promising results, Francis conceded that “there is difficulty capturing extreme grades in a resource model due to geologic uncertainty at our nominal 150-foot drill-hole spacing. We are unlikely to pursue changes in our resource and reserve estimate for the project, but we believe it lends confidence in our estimates.”

2021 Drilling Program Results

To keep track of the company and its developments, click here.

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