US Gold Corp (NASDAQ: $DRAM)
Provides 2016 Keystone Update on Encouraging Exploration Results; @usgoldcorp
Data Suggests Large
Gold-Bearing Mineral System With Potential for High-Quality Carlin-Type Gold
Deposits
ELKO, N.V., June 6, 2017 – ( www.investorideas.com Newswire ) US Gold Corp.
(NASDAQ:
DRAM) today is pleased to provide an overall background
update on our Keystone property acquisition and 2016 field exploration update.
The
initial 284 mining lode claims group comprising the Keystone project was 100
percent acquired by US Gold Acquisition Corp. in late May 2016. This
acquisition triggered the immediate formation of an exploration group, headed
by Dave Mathewson, to commence systematic, modern-era, district-scale
exploration at Keystone. The project currently consists of 479 claims, an area
of almost 15 square miles (about 39 sq km). The only costs of holding this
large property position are annual BLM and county claim fees.
An
initial exploration review was designed and implemented to obtain, organize,
evaluate, and assimilate the very large database composed of almost all the
historic data of geology, surface geochemistry, geophysics, and drilling data.
Approximately 150 historic holes were drilled to an average depth of about 300
feet within the district. In short order, deficiencies in this previous work
were identified and programs of detailed gravity surveying and detailed geological
mapping were implemented. Large target areas prospective for potential
Carlin-type deposits are beginning to emerge as a result of synthesis from the
historical data and the newly obtained detailed gravity survey data and
geology.
The
surface geochemistry, local geophysical surveys, and most of the historical
drilling going back to the 1960s appear to have been largely focused on
exploring for massive sulfide within skarn and hornfels adjacent to the Walti
Springs pluton. Interesting levels of gold up to the 1 ppm range were
encountered near and within the skarn by Newmont in the 1960s; this was the
first important recognition of the presence of gold in the district. The outer,
epithermal portions of the project area, where Carlin-type deposits are
potentially more likely to exist, have been either very sparsely drilled, or
not drilled at all.
A
thorough review of all the available data, in addition to some historical holes
that included economically significant gold, strongly suggested that Keystone
comprised a very large gold-bearing mineral system. US Gold Corp.’s assessment
further indicated that this opportunity had potential for high-quality
Carlin-type gold deposits. The rock units appeared, now confirmed, to be very
much like the same package of stratigraphy and lithologic rock types as is
present as host rocks in the Pipeline, Cortez Hills, Goldrush, etc., of the
Cortez district within the apparently same northwest-trending Cortez-Keystone
structural corridor.
Read this release in full at http://www.investorideas.com/CO/DRAM/news/2017/06061Keystone.asp
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