Four Core Holes Intersect Significant High-Grade
TORONTO, ON - US Gold Corporation reported results for the first four core holes at El Gallo in Sinaloa State, Mexico. Each hole intersected significant high-grade mineralization with three of the four holes returning +30 ounces per ton (opt) silver (+1000 grams per tonne (gpt silver)). A fourth hole returned grades of 19.5 opt silver (669.0 gpt silver) and 0.42 opt gold (14.25 gpt gold), demonstrating the high-grade nature of this discovery.
One of the latest core holes extended the vertical extent of the high-grade mineralization by 87% or an additional 130 ft (39.6 m) below surface. The total depth of mineralization has now been traced down to 280 ft (85 m) and remains open to further expansion. The three remaining core holes were designed to confirm the initial conventional rotary drilling. This was successfully achieved and the core holes will form the basis of a Canadian NI 43-101 resource estimate.
Drilling has outlined three discrete veins within the main northeast trending structure. The first two are high-angle veins with the third dipping shallowly to the north. These results are encouraging, as they indicate the large potential to increase the total number of ounces, should these additional zones prove to have vertical and lateral continuity.
In addition to our drilling, which has occurred along an 1150.0 ft (350.0 m) strike length, geochemical anomalies have now been detected over a broad area covering approximately 3950 ft (1200 m) x 3300 (1000 m). Targets developed through geochemical analysis have returned significant mineralization in 5 of the 8 areas tested (60% success rate).
Currently eight additional core holes are pending or in progress at El Gallo. US Gold plans to continue its aggressive drill program throughout the remainder of this year. Pincock Allen and Holt (PAH) of Denver, Colorado has been engaged to begin work on an initial NI 43-101 estimate. US Gold has released Canadian NI 43-101 compliant resource estimates by PAH for the Magistral Mine property (Measured & Indicated 540,000 gold ounces) and Palmarito Project (Measured & Indicated 8.5 million ounces of silver, Inferred 3.3 million ounces of silver) both of which are situated close to El Gallo.
TORONTO, ON - US Gold Corporation reported results for the first four core holes at El Gallo in Sinaloa State, Mexico. Each hole intersected significant high-grade mineralization with three of the four holes returning +30 ounces per ton (opt) silver (+1000 grams per tonne (gpt silver)). A fourth hole returned grades of 19.5 opt silver (669.0 gpt silver) and 0.42 opt gold (14.25 gpt gold), demonstrating the high-grade nature of this discovery.
One of the latest core holes extended the vertical extent of the high-grade mineralization by 87% or an additional 130 ft (39.6 m) below surface. The total depth of mineralization has now been traced down to 280 ft (85 m) and remains open to further expansion. The three remaining core holes were designed to confirm the initial conventional rotary drilling. This was successfully achieved and the core holes will form the basis of a Canadian NI 43-101 resource estimate.
Drilling has outlined three discrete veins within the main northeast trending structure. The first two are high-angle veins with the third dipping shallowly to the north. These results are encouraging, as they indicate the large potential to increase the total number of ounces, should these additional zones prove to have vertical and lateral continuity.
In addition to our drilling, which has occurred along an 1150.0 ft (350.0 m) strike length, geochemical anomalies have now been detected over a broad area covering approximately 3950 ft (1200 m) x 3300 (1000 m). Targets developed through geochemical analysis have returned significant mineralization in 5 of the 8 areas tested (60% success rate).
Currently eight additional core holes are pending or in progress at El Gallo. US Gold plans to continue its aggressive drill program throughout the remainder of this year. Pincock Allen and Holt (PAH) of Denver, Colorado has been engaged to begin work on an initial NI 43-101 estimate. US Gold has released Canadian NI 43-101 compliant resource estimates by PAH for the Magistral Mine property (Measured & Indicated 540,000 gold ounces) and Palmarito Project (Measured & Indicated 8.5 million ounces of silver, Inferred 3.3 million ounces of silver) both of which are situated close to El Gallo.