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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