U.S. Gold Corp. (Nasdaq: USAU) has announced significant progress in exploration activities at its CK Gold Project in Wyoming. The company recently completed an updated and enlarged geo-magnetic survey conducted by Zonge International, Inc. of Reno, Nevada. The survey utilized a drone-mounted magnetometer, covering 325-line kilometers at an average 32-meter drape over the project area.
Drilling Program Development
The company is developing a mineral resource drilling program to test mineralization at depth below the existing pit shell and explore new targets identified through the geophysical program outside the proposed pit footprint. U.S. Gold recognizes that copper and gold mineralization extends beyond current drilling, prompting further investigation.
Magnetic Anomalies and Structural Fabric
Initial results from the expanded survey extend magnetic anomalies first revealed by a 2017 ground magnetometer survey. These anomalies suggest additional structures and magnetite-altered zones potentially capable of hosting gold and copper mineralization. The anomalous areas follow a strong northwesterly structural fabric, which is significant as mineralization at CK Gold exhibits a high magnetic signature.
Wright Geophysics has been contracted to complete an advanced interpretation of the new data. A gravity survey is planned for late July by Zonge over the same area, aiming to identify similar rock packages hosting mineralization and investigate nearby known mineralization from historical mining. This geophysical activity is expected to precede future drilling programs.
Executive Insights
Kevin Francis, U.S. Gold’s VP Exploration & Technical Services, expressed excitement about the additional anomalies similar to the historical Copper King Mine. He noted that this information should lead to new exploration efforts targeting these anomalous areas. President and CEO George Bee added that with the feasibility study published and the project moving to development, the company can now focus on expanding the pit into known mineralization through resource conversion and exploring areas of former high-grade mining in the Silver Crown Mining District.
Geological Significance
The magnetic anomalies southeast of the Copper King Mine are on trend but lie under the Oligocene White River Formation, suggesting significant amplitude through that cover. Additional areas of potential interest occur along linear anomalies across the project area.
About U.S. Gold Corp.
U.S. Gold Corp. is a publicly traded, U.S.-focused gold and copper exploration and development company with a portfolio of properties. The CK Gold Project in Southeast Wyoming has a completed feasibility study technical report by Halyard-Micon International. Other properties include the Keystone exploration property on the Cortez Trend in Nevada and the Challis Gold Project in Idaho. More information is available at the company's website.
