US Gold Corp today announced that it has completed the acquisition of the Gold Bar North (GBN) mining claims. The Gold Bar North Property consists of 49 unpatented lode mining claims in Eureka County, Nevada. The only financial obligation required to maintain these claims are the annual federal and county fees.
GBN is a highly prospective gold exploration property, identified and staked by Dave Mathewson. GBN consists of 49 unpatented lode mining claims situated in Eureka County, Nevada, in Sections 29, 30, 31, and 32, Township 23 North, Range 49 East, and Sections 5 and 6, Township 22 North, Range 49 East, Mount Diablo Base Line and Meridian.
Dave Mathewson, Vice President and Head of Nevada Exploration stated, "I believe that Gold Bar North is an important strategic addition to the Keystone district project. In early 2016, I expanded the Gold Bar North holding from the original 19 core claims that I held to a total of 49 claims, which now more completely cover the Gold Bar North gravity and magnetic high and associated permissive carbonate horst. Gold Bar North (GBN) is clearly on line with the Gold Bar and Mill Site gold deposits located within the permissive carbonate Gold Bar horst farther to the south. The Gold Bar deposit was composed of 3.95Mt at a grade of 2.95 g/t with a 1.5-to-1 waste-to-ore strip and 90 percent gold recovery in an oxide CIL mill. Gold Bar was mined out by Atlas Corp. from 1987-1992. The geology/stratigraphy of GBN is very similar to that of both Keystone and Gold Bar. I drilled three holes (from 2004 to 2006), and more were drilled (1989-1990) by Newmont's (Buckaroo project), and all exhibited interesting alteration characteristics and geochemistry. There is an apparent strong regional structural tie-in of Gold Bar North with both Keystone and Gold Bar. The Gold Bar district is highly prospective with McEwen Mining's Gold Bar Development Project and Gold Bar South property nearby."
US Gold Corp's President and CEO Edward Karr further commented, "The acquisition of Gold Bar North represents a continued, methodical growth strategy for US Gold Corp. The property is very synergistic for our flagship Keystone district-scale project and provides an additional exploration upside for a potential discovery. By consolidating the entire Keystone district on the world-class Cortez Trend and adding this nearby additional Nevada high-potential exploration property, we are hopeful of future potential discoveries."