Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Bullion has fallen six days in a row and is set for a weekly loss of more than 4%.
U.S. Gold Corp. (NASDAQ: USAU) announced Monday additional results of the recent 29 hole drilling program for its CK Gold Project, an advanced stage gold and copper exploration project located near Cheyenne, Wyoming.
The CK Gold Project deposit is a development stage, large-tonnage, gold-copper deposit with high-grade mineralization exposed at the surface surrounded by a large, low-grade zone with potential for expanding resources. The project’s main zone deposit provides a NI 43-101 compliant resource at 926,000 Measured and Indicated oz Au and 223mm lbs Cu and 174,000 Inferred oz Au, 62.5mm lbs Cu.
The miner reported 176.8 meters (600 feet) of continuous gold, copper and silver mineralization with an average gold equivalent grade of 1.003 g/t.
Hole CK20-02c shows continuous gold and copper grades for the length of the hole with better grades near surface than the neighboring hole, the company 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,” George Bee, U.S. Gold Corp CEO said in a media release.
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,” Bee said.
“This has a very beneficial effect on project economics compared to most other projects where significant costs are incurred pre-stripping waste material.”
U.S Gold Corp’s shares were up 4.5% at Monday’s close. The company has a $79 million market capitalization.
