Nov 9 2017
U.S. Gold Corp. today is pleased to provide an update on its Copper King property located in the Silver Crown mining district of southeast Wyoming, approximately 20 miles west of the city of Cheyenne, on the southeastern margin of the Laramie Range.
The property comprises about 1,120 acres that include two Wyoming State Mining Leases covering the S½ Section 25, NE¼ Section 35 (lease# 0-40858), and all of Section 36 (lease# 0-40828), T14N, R70W, 6th PM, Laramie County, Wyoming.
Investment Highlights
- The Copper King Project enjoys an ideal geopolitical location in mining friendly Wyoming; the state has been very supportive of US Gold Corp's efforts to advance the project;
- Historic reports indicate potential to expand the project beyond its current scope; and
- Completion of a detailed property wide geophysical IP survey to confirm the northwest extension target, drill targets have been developed and an exploration drill program will commence in November 2017
2017 Exploration Program Update
U.S. Gold Corp. contracted with Jim Wright of Wright Geophysics to perform a ground magnetic survey that was completed in June 2017. A full copy of the report can be found at:
https://d1io3yog0oux5.cloudfront.net/_84b59dfd4c49b1e75dcecfcf988436ab/usgoldcorp/db/326/1463/pdf/COPPER_KING_GMAG_2017.pdf
The ground magnetic survey agrees with earlier historic magnetic work and defines a complex lithologic structural setting with two major fault sets. The north-south set is a major feature related to the eastern range front of the Laramie Mountains. Numerous magnetic anomalies, with character similar to the magnetic response of the Copper King mineralization, are offset by the structures. An obvious northwest extension of the magnetic response at the Copper King mine appears to not have been explored. This is considered a prime exploration target.
October 2017 IP Survey
Between October 13, 2017 and October 30, 2017 an induced polarization (IP) survey was completed over the Copper King property controlled by U. S. Gold Corporation. Zonge International Geosciences, Inc. carried out the survey. The objective was to delineate sulfide concentrations via the chargeability and lithologies via the resistivity. Copper mineralization, revealed by historic mining in the area, indicates IP would be the appropriate technique for detection of similar material. Structural and lithologic information, generated mostly by the resistivity parameter, is combined with data from the previous summer magnetic survey to yield a refined analysis of the property.
Jim Wright of Wright Geophysics prepared a report of the recently acquired IP data.
The full IP report dated November 5, 2017 can be found at:
https://d1io3yog0oux5.cloudfront.net/_84b59dfd4c49b1e75dcecfcf988436ab/usgoldcorp/db/326/1462/pdf/COPPER_KING_INDUCED_POLARIZATION_2017.pdf
Highlights include:
- 11-line IP survey defines new exploration targets
- Confirms and complements previous summer aero-mag survey results
- IP survey confirmed a moderate strength chargeability anomaly that correlates directly with known copper mineralization and revealed possible extensions to mineralization both to the east and west
U.S. Gold Corp. has analyzed the historic Copper King geological data in conjunction with the two new geophysical surveys to design an exploration drilling program. It is anticipated a drilling program will begin in November 2017 to test four new exploration targets. Several new targets have emerged as a result of the 2017 geophysical surveys. These targets have never been drilled.
November 2017 Copper King Drill Program
Four drill holes are proposed to test geophysical responses on the Copper King property. The holes target geophysical anomalies generated by ground magnetic and IP surveys conducted between June and November 2017. Figure 1 below shows the proposed drill holes in plan over topography with the hole traces projected to plan. Historic drill collars are depicted with red dots. A brief description of the targeting rational for each proposed drill hole follows:
CK PDH 17-01: The hole is intended to test a moderate strength IP anomaly, which is a direct westerly extension of the IP anomaly observed with the main ore zone. The hole is a 250 meter step-out from the main mineralized zone. An anomalous magnetic response also correlates with the IP anomaly.
CK PDH 17-02: Rational for this hole is similar to hole 1, except to the east of known mineralization. The hole is intended to test a moderate strength IP anomaly which is a direct easterly extension of the IP anomaly centered on the main zone. The target is located 400 meters east of the main zone mineralization.
CK PDH 17-03: A prominent magnetic high correlates directly with the known mineralization. This hole targets the extension of the main zone magnetic high, approximately 650 meters to the east.
CK PDH 17-04: A large magnetic anomaly, termed "The Fish" anomaly, is located 1400 meters southeast of the main zone mineralization. The hole targets the highest magnetic response along "The Fish" anomaly with an associated IP response.
Permitting
U.S. Gold Corp.'s Operations Manager Neil Whitmer has been managing the overall Copper King permitting process. Neil continues to work closely with the local authorities to advance the project towards pre-feasibility and an eventual production permit. The Copper King claims are located on all State of Wyoming lands and the State officials in Cheyenne have been supportive of U.S. Gold Corp.'s efforts to advance the project. The State of Wyoming has a 5% Net Smelter Royalty (NSR) on the project.
Source: http://www.usgoldcorp.gold/