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Thursday, Jul 25, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Gold

U.S. Gold acquires another crucial permit on path to production at CK mine

Now that the water discharge permit is in hand there are only a couple more regulatory hurdles

U.S. Gold acquires another crucial permit on path to production at CK operation
Company leaders visit the New York Stock Exchange headquarters two weeks ago. Photo: U.S. Gold

Wyoming’s U.S. Gold Corp. (Nasdaq: USAU) has been making steady progress with its CK Gold Project’s permitting process. The gold and copper miner just obtained a water discharge permit from state authorities.

This newly acquired authorization is associated with a recently granted surface mining permit obtained by the company.

“Issuance of the water discharge permit satisfies one of the three conditions associated with the mine operating permit,” chief executive George Bee said, “further cementing that major milestone as U.S. Gold moves along the pathway toward development.”

Bee expects to have an air quality permit in hand shortly and anticipates receiving approval for the recently submitted reclamation bond in the near future too. CK’s pre-feasibility study will be updated by Q3 this year and a feasibility assessment will be completed afterward.

The favourable price of gold and copper has brought U.S. Gold enhanced enthusiasm for getting shovels in the ground later this year. More than 1.5 million measured and indicated gold equivalent (AuEq) ounces will be pulled from the site’s deposit in the years to come.

Read more: U.S. Gold interview highlights importance of flagship site’s new mining permit

Read more: U.S. Gold Corp acquires environmental quality permit in Wyoming

108,500 AuEq ounces per annum for 12 years

The CK operation will produce over 248 million pounds of copper too.

The mine will generate an estimated US$75 million in taxes and royalties for the state of Wyoming during its lifespan.

As federal authorities seek to phase out the state’s valuable coal mining industry for environmental reasons, Wyoming will need revenue from other commodities to help fill the void. The state is not historically known for gold production and the CK mine will help put Wyoming on the map in that regard.

U.S. Gold’s Community Relations Manager, Jason Begger, recently discussed the project’s characteristics in an interview with Proactive Investors. He talked about the mining-friendly environment in Wyoming and the state’s mineral extraction history too.

 

U.S. Gold is a sponsor of Mugglehead news coverage 

 

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