Exploration Potential At Keystone Project On The Cortez Trend

CHEYENNE, WY - U.S. Gold Corp. announced the completion of a hyperspectral study of its 20-square mile Keystone project, located in Nevada's Cortez Trend. This program has yielded the discovery of multiple high priority targets requiring further investigation adding to the targets identified from prior work. A drilling exploration program within the permitted Plan of Operations is pending and follows up on encouraging results from the 2019 drilling. Currently the company prioritizes its permitting and development at the CK Gold Project, remaining committed to exploration pursuing Carlin-type and gold-silver skarn deposits in a variety of settings within the broader Keystone land package enhanced by the hyperspectral data.

Kevin Francis, Vice President of Exploration and Technical Services said, "While we've concentrated our focus and resources towards securing permits and developing our CK Gold Project in Wyoming, we remain mindful of the tremendous opportunity that we hold in our exploration portfolio. With the CK Project approaching a permit approval decision early next year, we have time to turn some of our attention toward exploration, particularly in Nevada. Conducting remote hyperspectral studies has not only confirmed our views about the opportunities at existing target areas but serves to add targets that would otherwise be difficult to seek out on our extensive 20-square mile land package. We have a surface investigation ongoing to follow up on the remote sensing analysis. Confirmation between the surface investigation and the hyperspectral study will contribute to further refinement of high priority drill targets which may advance toward discovery."

While currently being refined, up to 22 angled and vertical drill holes are proposed within five high-potential target areas of Keystone. Once launched, the drilling program is expected to be composed of a mix of reverse circulation (RC) and core, especially within the Sophia target area, where the most encouraging drill results are associated with extensive void development in Lower Plate rocks. These areas include Nina Skarn, Sophia, Tip Top, Greenstone Gulch and Keystone Skarn. Details for each target area are provided below, in order of priority. For those targets with two or more holes proposed, one hole is expected to be drilled and then drilling is planned to progress to the next target in priority allowing time for results to be returned and analyzed. Target concept cross sections are also under development and provided for several of the targets. See the following property map illustrating the proposed drill hole locations.