U.S. Gold Corp. Drills 244 m (800 ft) of Continuous Mineralization, Including 78.3 Meters (257 ft) of 5.708 g/t AuEq from Surface for its Fourth Metallurgical Hole at the CK Gold Project in Wyoming

 

• Earlier test hole CK20-04cA, which was lost at 29.6m (97 ft) and averages 29.2 meters of 5.075 g/t AuEq, shows similar grades and mineralization thicknesses as CK20-04cB.
• 04cB also includes an interval of 104 meters (342 ft) of 1.41 g/t AuEq below the higher-grade intercept.
• Drill hole location was to obtain metallurgical sample for process optimization from the center of the deposit as outlined by historical drilling, 380 ft east from CK20-01c, released December 16, 2020.

ELKO, Nevada, Dec. 29, 2020 /PRNewswire/ — U.S. Gold Corp. (NASDAQ: USAU) (the “Company”), a gold exploration and development company, is pleased to announce additional results of the recent twenty-nine hole drilling program for its CK Gold Project, an advanced stage gold and copper exploration and development project located just outside of Cheyenne, Wyoming.

George Bee, President and CEO of U.S. Gold Corp. commented, “We believe that hole CK20-04cB results returned an outstanding intercept of higher-grade gold and copper mineralization from the core of the CK Gold deposit. Perceptions in the past have been that CK Gold is just a low-grade deposit but our drilling to date verifies a higher-grade component, with attractive grades at the core of the deposit. As detailed in our previous releases, this is some of the first material that would be mined in any potential future mining operation and could lead to a quicker payback period after mine construction, should a positive PFS and FS be produced for the project. Metallurgical work is currently in progress on a composite created from holes CK20-04cA and 04cB at KCA of Reno, Nevada.”

CK Gold Project 2020 drilling results summary table:

https://www.usgoldcorp.gold/properties/ck-gold-project/2020-drilling/hole-4-ck-2020-drill-hole-intercepts-table

Assumptions: Grades quoted represent contained metal as assayed. The calculation of equivalent gold grade assumes the spot prices for gold, silver and copper as quoted at Kitco.com on December 10, 2020 and does not account for metallurgical recoveries. Future press releases will utilize these same metal prices for all gold-equivalent value calculations.

3D Visualization

A VRIFY 3D model of the CK Gold Project including the drill results announced today is available through the following

https://vrify.com/embed/decks/2020-12-29-US-Gold-Copper-King-PR

CK20-04cB assay intervals:

www.usgoldcorp.gold/properties/ck-gold-project/2020-drilling/hole-4b-assay-intervals

Comments on hole CK20-04cB results:

• Shows continuous, attractive gold and copper grades for the length of the hole and verifies historic drill results in the core of the deposit
• Drilled vertical in known mineralization, parallel to strike and along steep dip in the center of a historically drill defined higher-grade zone that appears open at depth to the northwest (see VRIFY deck)
• Terminated at planned depth in lower-grade mineralization for priority metallurgical purposes

Image 1: Native copper in core from CK20-04cA

Image 2: Hole CK20-04cA core is similar to the top 100 feet of CK20-04cB (shown

Geologic observations:

Results from hole CK20-04cB continue to demonstrate the continuity of attractive gold and copper mineralization within this part of the CK Gold Project deposit. The higher-grade material starting at surface to approximately 100 feet depth is characterized by strongly foliated-gneissic granodiorite showing abundant iron oxides, native copper and green secondary copper minerals. This is followed at depth by a thin zone of mixed iron oxides, pyrite, chalcocite and chalcopyrite, and gives way at further depth to primary mineralization dominated by chalcopyrite with some bornite. Previous operators interpreted this highly sheared zone to be silicified but the Company’s work shows much of the silicification to be quartz segregations in gneissic fabric. To date, intensity of shearing seems to visually correlate with sulfide content. See the links above which provide a cross section of hole CK20-04cB and a link to U.S. Gold’s VRIFY deck which shows all holes released to date relative to historical drilling.

QA/QC Procedure

U.S. Gold Corp. employs a rigorous QA/QC protocol on all aspects of sampling and analytical procedure. Drill core is checked, logged, marked for sampling and sawn in half. One-half of each drill core is maintained for future reference and the other half of each drill core is sent to Bureau Veritas an ISO 17025 accredited laboratory in Reno, Nevada to complete all sample preparation and assaying. Samples are analyzed employing fire assaying with atomic absorption finish for gold and four acid ICP-MS analysis for silver and copper. For QA/QC purposes, certified standards, blank samples and sample duplicates are inserted into the sample stream. U.S. Gold Corp. also periodically submits sample pulps to another independent laboratory for check analysis.

COVID-19 Policy

U.S. Gold Corp. recognizes the heightened health risks associated with the current pandemic. At this stage of the CK Gold Project development, focusing largely on the gathering of information from the field, our personnel, contractors and consultants do not need to come into close contact with others apart from work within individual pods such as the drill crew and core logging personnel. Much of our work is conducted outdoors and physically separated. Meetings are conducted from remote locations using available video conferencing software. When it is necessary for individuals to meet or visit facilities, health guidelines are followed to avoid and minimize the risk of spreading the COVID-19 virus. We take the health and safety all those associated with our activities very seriously. If necessary, we will suspend activities and observe quarantine regimens until any health uncertainty passes.

Note on Qualified Person

QP Review: This statement has been reviewed by Kevin Francis, P Geo, SME Registered Member, Principle of Mineral Resource Management LLC who has inspected the data furnished in this announcement and has knowledge of the activities outlined in the CK Gold Project update. Acting within the scope of his expertise, Mr. Francis as a Qualified Person, has reviewed the information provided and finds it to be accurate and reflecting facts.

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. 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. 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.

Cautionary Note to U.S. Investors Concerning Mineral Resources

We may use certain terms on this press release, which are defined in Canadian Institute of Metallurgy guidelines, the guidelines widely followed to comply with Canadian National Instrument 43–101– Standards of Disclosure for Mineral Projects (“NI 43–101”). We advise U.S. investors that these terms are not recognized by the United States Securities and Exchange Commission (the “SEC”). However, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures. Note that a preliminary economic assessment is preliminary in nature, and it includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied that would enable them to be classified as mineral reserves, and there is no certainty that the preliminary assessment will be realized.

For additional information, please contact:

U.S. Gold Corp. Investor Relations: +1 800 557 4550
[email protected]
www.usgoldcorp.gold

SOURCE U.S. Gold Corp.

 

Newrange Arranges Winter Exploration Program for North Birch Project in Red Lake District and Hires NAI Interactive for Marketing

 

VANCOUVER, BRITISH COLUMBIA, December 16, 2020 (TSXV: NRG, US: NRGOF, Frankfurt: X6C) – Newrange Gold Corp. (“Newrange” or the “Company”) is pleased to announce that it is finalizing plans for a winter exploration program to begin in January on its North Birch Project east of Red Lake, Ontario. The Company is planning on conducting approximately 90 line kilometres of Induced Polarization (IP) geophysics and the results will be used to generate targets for follow up diamond drilling.

The primary target at North Birch is the sheared limb of a folded iron formation sequence, modeled after the Musselwhite Gold Mine, approximately 190 kilometres to the north and operated by Newmont-Goldcorp. The 8 kilometre long target horizon at North Birch is recessive and not exposed at surface but is interpreted from a prominent fold pattern in the airborne magnetics (see map here). The target horizon projects 2 kilometres along strike into the Argosy Gold Mine, which closed in 1952 after producing 101,875 oz Au at 12.7 g/t Au (Ontario government archives). There are also multiple gold showings in the rocks to the south of the main target horizon and in iron formation elsewhere on the North Birch property, yet the main target horizon has never been drilled.

“We are looking forward to initiating exploration at North Birch,” stated Robert Archer, Newrange’s CEO. “As we didn’t receive our permits until September due to COVID-related delays, we missed the summer field season but, during that time, we merged and reprocessed the three airborne magnetic surveys that have been flown over the property in past years. This has clearly delineated the main target horizon and the IP will be used to detect areas of sulphide enrichment that may be related to gold mineralization.”

It is anticipated that field crews will mobilize to the property in early January, although the exact timing will be weather dependent. Once the IP has been completed and interpreted (approximately 4-6 weeks), an application for a drill permit will be filed as soon as possible.

In other news, Newrange has signed a one-year agreement with NAI Interactive Ltd. (“NAI”) of Vancouver, BC to provide marketing services to the growing Chinese investment community. Total payable under the terms of the contract is $60,000 and NAI will be granted 150,000 stock options in Newrange at a price of $0.14. The stock options will vest as to 25% every three months with a term of two years from the date of grant.

NAI has been bridging the gap between the mining industry and Chinese investors for more than 20 years and is a leading market intelligence and investor relations service provider for fast growing public companies trading on the North American stock exchanges.

Qualified Person

The technical content disclosed in this press release was reviewed and approved by David Hladky, P.Geo., Senior Geologist for Newrange and a Qualified Person as defined under National Instrument 43-101.

About Newrange Gold Corp.

Newrange is a precious metals exploration and development company focused on near to intermediate term production opportunities in favorable jurisdictions including Nevada, Ontario and Colorado. With numerous drill intercepts of near surface oxide gold mineralization to 340 grams gold per metric tonne, the Company’s flagship Pamlico Project is poised to become a significant new Nevada discovery. Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders. Further information can be found on our website at www.newrangegold.com.

Signed: “Robert Archer”
CEO & Director

For further information contact:
Sharon Fleming
Corporate Communications
Phone: 760-898-9129
Email: [email protected]

Dave Cross
Chief Financial Officer and Corporate Secretary
Phone: 604-669-0868
Email: [email protected]

Website: www.newrangegold.com

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement: Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Newrange Gold Corp. Actual results may differ materially from those currently anticipated in such statements.

SOURCE: Newrange Gold

 

Chakana Copper Intersects 101.5m of 0.61 g/t Au, 0.91% Cu, and 19.8 g/t Ag (2.26 g/t Au-Eq) from 32m at Paloma West, Soledad Project, Peru

 

Vancouver, B.C., December 16, 2020 – Chakana Copper Corp. (TSX-V: PERU; OTCQB: CHKKF; FRA: 1ZX) (the “Company” or “Chakana”), is pleased to release new drill results from four holes at its high-grade copper-gold-silver Paloma West discovery at the expanded Soledad Project in Ancash, Peru. These results are part of the ongoing Phase 3 drill program, a fully funded 15,000 metre drill program that started August 15, 2020. Phase 3 is testing a cluster of high-grade, gold-enriched tourmaline breccia pipe targets within the Paloma and Huancarama breccia complexes (Fig. 1). Twenty holes have now been reported from the two Paloma targets for a total of 3,630 metres. Drilling is currently underway at Huancarama where thirteen holes have been completed thus far.

Mineralized intervals from these four holes at Paloma West include:

 

* Cu_eq and Au_eq values were calculated using copper, gold, and silver. Metal prices utilized for the calculations are Cu – US$2.90/lb, Au – US$1,300/oz, and Ag – US$17/oz. No adjustments were made for recovery as the project is an early stage exploration project and metallurgical data to allow for estimation of recoveries are not yet available. The formulas utilized to calculate equivalent values are Cu_eq (%) = Cu% + (Au g/t * 0.6556) + (Ag g/t * 0.00857) and Au_eq (g/t) = Au g/t + (Cu% * 1.5296) + (Ag g/t * 0.01307).

Summary information for results reported in this release; holes SDH20-149 to SDH20-151 were drilled from the northwest side of the exposed breccia pipe, and SDH20-152 was drilling from the southwest side of the breccia pipe (Figs. 2-3):

• SDH20-149 was drilled to the east-southeast and failed to intersect breccia, which is plunging southwest in the uppermost 70 metres of the breccia body.
• SDH20-150 and SDH20-151 were drilled towards the southeast from the same platform at -45 and -55 inclinations, respectively. Both holes intersected strongly mineralized breccia including 25m of 0.95 g/t Au, 1.38% Cu, and 51.6 g/t Ag starting at 14m in SDH20-150; and 17.7m with 1.76 g/t Au, 2.49% Cu, and 42.4 g/t Ag starting at 45.3m. Both intercepts occur within longer intervals of mineralized breccia.
• SDH20-152 was drilled towards the east at -70 inclination and intersected 101.5m of mineralized breccia with 0.61 g/t Au, 0.91% Cu, and 19.8 g/t Ag starting at 32m. A higher-grade margin zone within this occurs over 18m with 0.81 g/t Au, 2.73% Cu, and 49.1 g/t Ag starting at 32m.

Examples of mineralized drill core from these holes are shown in Figure 4.

David Kelley, President and CEO commented, “these results are a successful conclusion to the scout drilling program at Paloma East and Paloma West, defining a breccia system much larger than anticipated with some of the highest grades ever seen on the project. The three holes that intersect breccia have high grade sections within longer intervals of mineralization. Hole SDH20-152 significantly extends mineralization to approximately 165m below surface and is open at depth. Additional in-fill drilling will be conducted at Paloma East and Paloma West to be included in an initial resource estimate. We look forward to reporting drill results from the Huancarama Breccia Complex early in the new year.”

Paloma Target Area

The Paloma target area consists of two mapped outcropping breccia pipes, Paloma East and Paloma West (Fig. 2) and at least one breccia dike. First-pass surface sampling encountered strongly anomalous gold at both Paloma breccia pipes as well as within several scattered small exposures of breccia and vein-like structures in the Paloma area. A strong time-domain electromagnetic geophysical anomaly is also coincident with Paloma.

Huancarama Target Area

The Huancarama Breccia Complex is located 300 metres south of and 400 metres lower than the deepest breccia intercept at Paloma. Within the complex there are five principal breccia bodies exposed at surface over approximately 200 metres (Fig. 5). There is a distinctive feature believed to be a collapse zone with dimensions of 50 metres by 30 metres. Unverified reports suggest that this may be a mine collapse, but it may also be a natural feature. The largest breccia body in the complex is H1 (approximately 60 metres in diameter). Two historic adits are in the complex, one trending north-northeast for 170 metres along the western side of H1, and a second shorter adit of 21 metres at H2. Surface sampling from the breccia bodies and channel sampling of the adits yield strongly anomalous gold results (see news release dated November 19, 2019). In addition to several targets within the complex, numerous targets exist between Huancarama and Paloma.

About Chakana Copper

Chakana Copper Corp is a Canadian-based minerals exploration company that is currently advancing the high-grade gold-copper-silver Soledad Project located in the Ancash region of Peru, a highly favorable mining jurisdiction with supportive communities. The Soledad Project consists of high-grade gold-copper-silver mineralization hosted in tourmaline breccia pipes. A total of 33,353 metres of drilling has been completed to-date, testing nine (9) of twenty-three (23) confirmed breccia pipes with more than 92 total targets. Chakana’s investors are uniquely positioned as the Soledad Project provides exposure to several metals including copper, gold, and silver. For more information on the Soledad project, please visit the website a www.chakanacopper.com.

Sampling and Analytical Procedures

Chakana follows rigorous sampling and analytical protocols that meet or exceed industry standards. Core samples are stored in a secured area until transport in batches to the ALS facility in Callao, Lima, Peru. Sample batches include certified reference materials, blank, and duplicate samples that are then processed under the control of ALS. All samples are analyzed using the ME-MS41 (ICP technique that provides a comprehensive multi-element overview of the rock geochemistry), while gold is analyzed by AA24 and GRA22 when values exceed 10 g/t by AA24. Over limit silver, copper, lead and zinc are analyzed using the OG-46 procedure. Soil samples are analyzed by 4-acid (ME-MS61) and for gold by Fire Assay on a 30g sample (Au-ICP21).

Results of previous drilling and additional information concerning the Project, including a technical report prepared in accordance with National Instrument 43-101, are made available on Chakana’s SEDAR profile at www.sedar.com.

Qualified Person

David Kelley, an officer and a director of Chakana, and a Qualified Person as defined by NI 43-101, reviewed and approved the technical information in this news release.

ON BEHALF OF THE BOARD
(signed) “David Kelley”
David Kelley
President and CEO

For further information contact:
Joanne Jobin, Investor Relations Officer
Phone: 647 964 0292
Email: [email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Statement Advisory: This release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Chakana to be materially different from any future results, performance, or achievements expressed or implied by the forward looking statements. Forward looking statements or information relates to, among other things, the interpretation of the nature of the mineralization at the Soledad copper-gold-silver project (the “Project”), the potential to expand the mineralization, and to develop and grow a resource within the Project, the planning for further exploration work, the ability to de-risk the potential exploration targets, and our belief in the potential for mineralization within unexplored parts of the Project. These forward-looking statements are based on management’s current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward- looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

Figure 1 – View looking north showing breccia pipes and occurrences within the northern Soledad cluster. Pipes that have been drilled in previous campaigns are shown in red. Targets shown in green are the focus on this 15,000m drill campaign. Other pipes and occurrences remain to be tested by drilling. Additional breccia pipes occur on the south half of the property and are not shown here.

Figure 2 – Map showing location of outcropping Paloma East and Paloma West breccia pipes and drill hole lithology in holes completed to date. Red represents tourmaline breccia. Location of section line for Figure 3 indicated.

Figure 3 – Section looking north-northeast highlighting the drill holes at Paloma West reported in this release. Light red 3D shape shows approximate shape of breccia based on the first thirteen holes.

Figure 4 – Detailed core photos from Paloma West: SDH20-150 (79.4m) quartz-chalcopyrite-pyrite-tourmaline cemented breccia; SDH20-151 (46.6m) mosaic breccia replaced by chalcopyrite-pyrite; SDH20-151 (89.3m) mosaic breccia with chalcopyrite-pyrite cement and late euhedral pyrite replacement; SDH20-152 (34.85m) chaotic shingle breccia with chalcopyrite-pyrite cement; F) SDH20-152 (41.9m) shingle breccia with chalcopyrite-pyrite cement.

Figure 5 – Drone image looking northeast at the Huancarama Breccia Complex showing the five principal tourmaline breccia bodies exposed at surface (H1-H5), historic adit portal, and drill platforms. Note drill rig in center of image.

SOURCE: Chakana Copper