U.S. Gold Corp. (NASDAQ: USAU) has completed an expanded airborne magnetic survey at its CK Gold Project in Wyoming, identifying new exploration targets that could support future gold and copper drilling programs.
The company said the survey covered 325 line kilometres using a drone-mounted magnetometer flown at an average height of 32 metres above the ground. The program expanded on a ground magnetic survey completed in 2017 and focused on areas surrounding the current CK Gold deposit.
Management believes gold and copper mineralization extends beyond the limits of existing drilling. Consequently, the company is developing a resource drilling program to test mineralization below the current pit shell and evaluate newly identified targets outside the proposed mine footprint.
Initial results indicate several magnetic anomalies extend beyond previously recognized zones. Furthermore, the data suggests the presence of additional structures and magnetite-altered rocks that may host gold and copper mineralization.
According to the company, the anomalies follow a strong northwesterly structural trend. Mineralization at CK Gold has shown a strong magnetic signature.
“With the initial CK Gold Project Feasibility Study now published and our fully permitted project moving to development, we can now turn attention to both the potential to expand the pit into known mineralization through conversion of our resources into reserves, and to explore into areas of former mining of high-grade ore conducted by the original developers of the Silver Crown Mining District,” said George Bee, president and CEO.
The survey also identified magnetic anomalies southeast of the historic Copper King Mine. However, these targets lie beneath cover rocks of the Oligocene White River Formation, suggesting the anomalies may remain significant despite being concealed at surface.
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The gravity survey will help identify rock units
Additional targets occur along several linear magnetic features across the project area. Meanwhile, the company has hired Wright Geophysics to conduct advanced interpretation of the newly acquired data.
U.S. Gold plans to build on the survey results with additional geophysical work later this summer. Zonge International Inc. will conduct a gravity survey over the same area in late July.
The gravity survey will help identify rock units similar to those hosting mineralization at CK Gold. Additionally, the program will investigate nearby zones of known mineralization associated with historical mining activity.
Management expects the combined geophysical data to guide future drilling campaigns. Furthermore, the company believes the surveys could help define new mineralized zones beyond the current resource area.
The CK Gold Project remains the company’s flagship development asset and contains a large gold-copper resource located near Cheyenne, Wyoming.
Beyond the CK Gold Project, U.S. Gold Corp. maintains a portfolio of exploration assets that provide additional upside beyond its flagship Wyoming development.
The company’s Keystone Project sits on Nevada’s prolific Cortez Trend, while the Challis Gold Project in Idaho hosts a historical gold resource within the Challis Volcanic Field. With CK Gold now advancing as a permitted, feasibility-stage gold-copper project, U.S. Gold occupies a different position than many junior explorers that remain focused on resource expansion and discovery drilling.
By comparison, NevGold Corp (CVE: NAU) (OTCMKTS: NAUFF) (FRA: 5E50) has concentrated its efforts on advancing the Limousine Butte gold-antimony project in Nevada while also developing the Nutmeg Mountain gold project in Idaho.
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