Continuous Mineralization Drilled For Second Metallurgical Hole At CK Gold Project

ELKO, NV - U.S. Gold Corp. reported additional results of the recent twenty-nine hole drilling program for its CK Gold Project, an advanced stage gold and copper exploration and development project located just outside of Cheyenne, Wyoming. A single 4-foot sample and a single 5-foot sample from hole CK20-01c and 02c, respectively, was excluded from average grade calculations, as they were misplaced. These samples have been located and when assayed will be added to the above released results, which will result in a minor adjustment of the overall grades of holes 1 and 2. These changes will be reflected in the above table in future press releases once they are received. Grades quoted represent contained metal as assayed.

George Bee, President and CEO, said, "With hole CK20-02c, the second of seven holes within the resource designed to collect metallurgical samples, again we confirm two key aspects of the CK Gold resource. Firstly, the continuous nature of the mineralization with attractive grades starting at surface. Secondly, looking towards project development if our PFS and FS show promise, a project that we believe should produce payable material at the start of mine operations without the common delays and up-front costs associated with pre-stripping waste. This has a very beneficial effect on project economics compared to most other projects where significant costs are incurred pre-stripping waste material in order to access mineralized material, enabling the Company to realize revenue quicker without the additional cost of mining excess overburden."

Comments on hole CK20-02c results: The hole shows continuous gold and copper grades for the length of the hole with better grades near surface than the neighboring hole, CK20-01c; The hole was terminated at its planned depth in lower-grade mineralization at the edge of the deposit as known; however, the limits of mineralization were not tested as this hole was designed to collect a representative sample for metallurgical testing on a priority basis; and Both holes 1 and 2 ended in granodiorite that did not have the appearance of being especially mineralized, but still held mineralization.

Mineralization being visually unimpressive, suggests future definition drill holes will need to be planned to terminate well outside of the resource boundary as currently known, to chase the real resource boundary. Primary (sulfide) mineralization encountered is visually characterized by low overall percentages of mostly chalcopyrite and lesser pyrite disseminated within variably sheared or K-feldspar-epidote-magnetite altered granodiorite. The sheared zones and intensely potassic altered zones are distinct mappable units in core and at surface. Quartz or other veining is rare but scattered throughout the entire rock package that is also cut by nearly barren mafic and pegmatitic dikes. Previous operators have interpreted this deposit as a porphyry copper but drilling to date shows it lacks the characteristics of a classic porphyry. While primarily hosted in a metamorphosed, foliated granodiorite, The CK Gold Project does not display the classic zoned alteration shells-typical alteration assemblages seen worldwide in porphyry copper deposits. CK Gold also displays a lack of multi-stage porphyry intrusions, lack of multi-stage veining, high overall average gold grades (>10g/ton locally in the core), low overall percentages of sulfide dominated by chalcopyrite, with little pyrite and traces of bornite, and abundant magnetite. While gold and copper are highly elevated, molybdenum, tungsten and tin, metals which are commonly elevated in true porphyry coppers and their cores, are lacking. Of note, we await assay results on a 10-ft interval of massive chalcopyrite and pyrite encountered in a geotechnical hole to the southwest of the pit, something not seen to date in the historic drilling. The hole was drilled to establish rock-mass conditions for pit wall design and the intersection sits outside the currently postulated open pit limit and the modeled resource. Work is ongoing concerning better classifying this deposit.

Ken Coleman, Chief Geologist for USAU, said, "We have re-logged all historical drill core available and look forward to further unravelling the genesis and opportunities associated with the resource. To that end, we have contacted, and are in discussions with, the geology department at the University of Wyoming to assess the possibility of future graduate studies for CK Gold."

Results from hole CK20-02c continue to demonstrate the continuity of attractive gold and copper mineralization within this part of the CK Gold Project deposit. It is especially encouraging that a thicker, continuous interval of mineralization greater than 1 g/t AuEq is present in CK20-02c, starting at surface. This verifies indications from the historic drilling that gold grades increase to the east of this site.