McEwen Mining

Published : February 11th, 2010

El Gallo Best Drill Results to Date

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US Gold Corporation
NYSE Amex: UXG
TSX: UXG
Other Recent News

February 11, 2010
US Gold Corporation: El Gallo Best Drill Results to Date

LONG INTERSECTIONS of HIGH GRADE and NEAR SURFACE

11.4 OPT SILVER OVER 386.8 FT and 19.2 OPT SILVER OVER 95.5 FT

TORONTO, ONTARIO--(Marketwire - Feb. 11, 2010) - US GOLD CORPORATION (NYSE Amex:UXG)(TSX:UXG) is pleased to announce the most significant results to date from its El Gallo Project in Sinaloa State, Mexico. Exploration was focused on expansion drilling in several areas of the property. The two best results from the eleven holes assayed since our last update are: 11.4 ounces of silver per ton (opt) over 386.8 ft (feet) (390.3 grams per tonne (gpt) over 117.9 m (meters)) and 19.2 opt silver over 95.5 ft (659.0 gpt silver over 29.1 m).

Eastern Area: Best Hole Drilled To Date

11.4 opt silver over 386.8 ft (390.3 gpt over 117.9 m)

On January 28th, 2010, US Gold announced that hole GAX-045 encountered a thick zone of good grade in the Eastern Area that returned 4.4 opt silver over 239.2 ft (150.9 gpt over 72.9 m). Drilling further to the east successfully extended the mineralization approximately 100 ft (30 m). This expansion included hole GAX-055 (Figure 1 & 2), which encountered another wide intercept of even higher grade mineralization and is the most significant hole drilled to date at El Gallo: 11.4 opt silver over 386.8 ft (390.3 gpt over 117.9 m). Prospective areas further to the east are virtually untested. US Gold intends to continue testing the Eastern Area. Drilling highlights are shown below:

----------------------------------------------------------------------------
Hole #   Silver Length  From    To   Hole #     Silver Length   From     To 
----------------------------------------------------------------------------
           (opt)   (ft)  (ft)  (ft)               (gpt)    (m)    (m)    (m)
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
GAX-049     6.5   11.5 236.2 247.7   GAX-049     221.8    3.5   72.0   75.5
----------------------------------------------------------------------------
Including  25.3    2.3 240.5 242.8   Including   866.0    0.7   73.3   74.0
----------------------------------------------------------------------------
                                         
----------------------------------------------------------------------------
GAX-051    11.5   41.8   0.0  41.8   GAX-051     394.3   12.8    0.0   12.8
----------------------------------------------------------------------------
And         7.4   13.1 183.7 196.9   And         255.0    4.0   56.0   60.0
----------------------------------------------------------------------------
Including  13.2    6.6 183.7 190.3   Including   451.0    2.0   56.0   58.0
----------------------------------------------------------------------------
And         2.0   56.1 262.5 318.6   And          69.8   17.1   80.0   97.1
----------------------------------------------------------------------------
                                        
----------------------------------------------------------------------------
GAX-055     3.7    9.8  68.9  78.7   GAX-055     128.0    3.0   21.0   24.0
----------------------------------------------------------------------------
And        11.4  386.8 105.0 491.8   And         390.3  117.9   32.0  149.9
----------------------------------------------------------------------------
Including 144.4    1.1 311.2 312.3   Including 4,950.0    0.4   94.9   95.2
----------------------------------------------------------------------------
Including  64.9   47.2 369.4 416.7   Including 2,225.1   14.4  112.6  127.0
----------------------------------------------------------------------------
Including  48.2    4.3 454.6 458.8   Including 1,652.7    1.3  138.6  139.9
----------------------------------------------------------------------------
And         3.0   10.7 524.1 534.8   And         104.2    3.3  159.8  163.0
----------------------------------------------------------------------------
 All depths indicated in table are down hole                                
 0.73 opt Ag (25 gpt Ag) cutoff                                             
 Allowable waste interval was 19.7 ft (6 m) of less than 0.73 opt Ag
  (25 gpt Ag)  
 Numbers may not add due to rounding                                        
 True widths are unknown
 
Our 2010 drilling has encountered significant mineralization in both the eastern and western strike extensions of the Main Zone (Figure 1) where the mineralization remains open. This highlights the prospective nature of this area.

Central Area: Expanding Mineralization to the South

19.2 opt silver over 95.5 ft (659.0 gpt over 29.1 m)

The focus of our exploration in the Central Area was to expand the mineralization laterally (Figure 1). Extremely encouraging intersections were encountered. These results have expanded the silver mineralization by approximately 110 ft (35 m) to the east. Two thick intersections were encountered in hole GAX-056. The upper intersection, which starts from surface, returned 2.8 opt silver over 166.8 ft (96.0 gpt over 50.9 m). The lower intersection starting at approximately 130 ft (40 m) returned an impressive 19.2 opt silver over 95.5 ft (659.0 gpt over 29.1 m). Highlights from the Central Area are below:

----------------------------------------------------------------------------
Hole #   Silver Length  From    To   Hole #     Silver Length   From     To 
----------------------------------------------------------------------------
           (opt)   (ft)  (ft)  (ft)               (gpt)    (m)    (m)    (m)
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
GAX-056     2.8  166.8   0.0 166.8   GAX-056      96.0   50.9    0.0   50.9
----------------------------------------------------------------------------
And        19.2   95.5 211.6 307.1   And         659.0   29.1   64.5   93.6
----------------------------------------------------------------------------
Including  74.2   22.0 211.6 233.6   Including 2,543.7    6.7   64.5   71.2
----------------------------------------------------------------------------
And         9.7    2.0 341.5 343.5   And         332.0    0.6  104.1  104.7
----------------------------------------------------------------------------
                                                            
----------------------------------------------------------------------------
GAX-058     4.0   18.2  87.1 105.3   GAX-058     137.7    5.6   26.6   32.1
----------------------------------------------------------------------------
Including  16.3    2.1  92.7  94.8   Including   559.0    0.7   28.3   28.9
----------------------------------------------------------------------------
And        16.4   26.2 277.1 303.3   And         562.5    8.0   84.5   92.5
----------------------------------------------------------------------------
Including  44.9    6.6 283.6 290.2   Including 1,540.0    2.0   86.5   88.5
----------------------------------------------------------------------------
 All depths indicated in table are down hole                                
 0.73 opt Ag (25 gpt Ag) cutoff                                             
 Allowable waste interval was 19.7 ft (6 m) of less than 0.73 opt Ag
  (25 gpt Ag)                  
 Numbers may not add due to rounding                                        
 True widths are unknown
 
Near Surface Exploration Targets

US Gold's geologists have identified a number of targets that are considered attractive due to the potential for near surface mineralization. Drilling in these areas has so far proven successful. Highlights include:

----------------------------------------------------------------------------
Hole #   Silver Length  From    To   Hole #     Silver Length   From     To 
----------------------------------------------------------------------------
           (opt)   (ft)  (ft)  (ft)               (gpt)    (m)    (m)    (m)
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
GAX-048     1.9   42.5   0.0  42.5   GAX-048      66.6   13.0    0.0   13.0
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
GAX-052     3.6   27.2  54.3  81.5   GAX-052     121.9    8.3   16.6   24.9
----------------------------------------------------------------------------
Including  22.5    2.1  56.1  58.2   Including   773.0    0.7   17.1   17.8
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
GAX-060     3.3  115.5   0.0 115.5   GAX-060     112.9   35.2    0.0   35.2
----------------------------------------------------------------------------
Including  15.9   12.5  44.0  56.4   Including   544.5    3.8   13.4   17.2
----------------------------------------------------------------------------
Including  12.5    3.3  89.6  92.8   Including   427.0    1.0   27.3   28.3
----------------------------------------------------------------------------
Including   9.8    3.3 105.8 109.1   Including   336.0    1.0   32.3   33.3
----------------------------------------------------------------------------
And         4.3    4.6 219.2 223.8   And         147.0    1.4   66.8   68.2
----------------------------------------------------------------------------
 All depths indicated in table are down hole                                
 0.73 opt Ag (25 gpt Ag) cutoff                                             
 Allowable waste interval was 19.7 ft (6 m) of less than 0.73 opt Ag 
  (25 gpt Ag)                                                              
 Numbers may not add due to rounding                                        
 True widths are unknown
 
El Gallo is a low -sulfidation, epithermal silver deposit located within the Pie de la Sierra physiographic province of the Sierra Madre Occidental Range, which is part of a late Jurassic to middle Cretaceous volcanic-arc. The oldest rocks in the region are andesite porphyries that occur widely throughout the area. These are cut by intrusions of late Cretaceous-early Tertiary (Laramide) age, ranging from tonalite to granodiorite in composition. These rocks are discordantly overlain by early Tertiary andesites, andesite tuffs, and andesite porphyries which are the principal host rocks to the mineralized structures that occur commonly throughout the project area.

To view the 11 new core holes from this news release see Table 1. To view all 60 core holes drilled at El Gallo, please click: http://www.usgold.com/news/pdf/20090805_uxg_elgalloallholes.pdf

To view assays intervals from core holes GAX-055 and GAX-056, please click:
http://www.usgold.com/news/pdf/20100211/gax055.xls

http://www.usgold.com/news/pdf/20100211/gax056.xls

ABOUT US GOLD (www.usgold.com)

US Gold Corporation is a Colorado incorporated gold and silver exploration company with a strong treasury, no debt and two significant land holdings, one in Nevada next to Barrick Gold's multi-million ounce Cortez project, and the other in Mexico where an exciting high-grade silver discovery has been made. US Gold's shares trade on the NYSE Amex and the Toronto Stock Exchange under the symbol UXG. US Gold has good market liquidity, trading 1.1 million shares daily, and is included in S&P/TSX and Russell indices.

QUALIFIED PERSON

This news release has been viewed and approved by Steve Brown, US Gold's Chief Geologist, who is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by the Company at its Mexican exploration properties.

Samples from the core drilling were split on-site at the Company's Magistral Mine property. One quarter of the split drill core was shipped to ALS Chemex in Hermosillo for sample preparation and analysis by 4-acid digestion with ICP determination for silver and fire assay for gold. Samples returning greater than 1500 ppm silver or 10 ppm gold were re-analyzed using gravimetric fire assay. Standards and blanks were inserted every 20 samples.

All holes were drilled with HQ bits utilizing a CS-1500 truck-mounted core drill. Samples were taken based on lithologic and/or mineralized intervals and vary in length. The true width of the mineral zone has not yet been determined.

Certain statements contained herein and subsequent oral statements made by and on behalf of the Company may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by words such as "intends," "anticipates," "believes," "expects" and "hopes" and include, without limitation, statements regarding the Company's results of exploration, plan of business operations, potential contractual arrangements, receipt of working capital, anticipated revenues and related expenditures. Factors that could cause actual results to differ materially include, among others, those set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 and other filings with the Securities and Exchange Commission, under the caption "Risk Factors". Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statutes or regulations, the Company disclaims any intent or obligation to update publicly these forward looking statements, whether as a result of new information, future events or otherwise.

El Gallo Silver Project: Core Holes Assays                          Table 1.
                                                           February 11, 2010
----------------------------------------------------------------------------
      Silver Length  From  Silver Length  From   Azi-  Dip  Easting Northing
                                                muth  (deg-  
Hole #  (opt)   (ft)  (ft)   (gpt)    (m)   (m) (deg- rees)
                                                rees)
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
GAX048   1.9   42.5   0.0    66.6   13.0   0.0   220   -50 211877.7  2843282
----------------------------------------------------------------------------

----------------------------------------------------------------------------
GAX049   0.8   41.3  56.9    26.7   12.6  17.4   350   -70 212313.8  2843246

And      6.5   11.5 236.2   221.8    3.5  72.0                             
Incl-
 uding  25.3    2.3 240.5   866.0    0.7  73.3          

And      2.8   27.1 356.1    96.4    8.3 108.6         
----------------------------------------------------------------------------
                                                           
----------------------------------------------------------------------------
GAX050   NSV    NSV   NSV     NSV    NSV   NSV   170   -50 211863.4  2843312
----------------------------------------------------------------------------
                                                         
----------------------------------------------------------------------------
GAX051  11.5   41.8   0.0   394.3   12.8   0.0   350   -60 212289.3  2843278

And      1.0   34.6  83.5    34.8   10.6  25.5  

And      7.4   13.1 183.7   255.0    4.0  56.0 

Incl-
 uding  13.2    6.6 183.7   451.0    2.0  56.0   

And      2.0   56.1 262.5    69.8   17.1  80.0   

And      1.0   80.4 344.5    35.6   24.5 105.0     
----------------------------------------------------------------------------
                                        
----------------------------------------------------------------------------
GAX052   3.6   27.2  54.3   121.9    8.3  16.6   170   -60 211946.2  2843209

Incl-
 uding  22.5    2.1  56.1   773.0    0.7  17.1   
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
GAX053   1.3   10.8 200.1    45.8    3.3  61.0   350   -45 212274.7  2843311
----------------------------------------------------------------------------

----------------------------------------------------------------------------
GAX054   1.3   27.4 114.8    44.6    8.4  35.0   350   -75 211986.4  2843177

Incl-
 uding   4.1    4.4 137.8   141.0    1.4  42.0   
----------------------------------------------------------------------------

----------------------------------------------------------------------------
GAX055   3.7    9.8  68.9   128.0    3.0  21.0   170   -50 212275.1  2843308

And     11.4  386.8 105.0   390.3  117.9  32.0      

Incl-
 uding 144.4    1.1 311.2 4,950.0    0.4  94.9     

Incl-
 uding  64.9   47.2 369.4 2,225.1   14.4 112.6         

Incl-
 uding  48.2   4.3  454.6 1,652.7    1.3 138.6                  

And      3.0  10.7  524.1   104.2    3.3 159.8       
----------------------------------------------------------------------------
                                      
----------------------------------------------------------------------------
GAX056   2.8 166.8    0.0    96.0   50.9   0.0   350   -50 212013.8  2843197

And     19.2  95.5  211.6   659.0   29.1  64.5      

Incl-
 uding  74.2  22.0  211.6 2,543.7    6.7  64.5      

And      9.7   2.0  341.5   332.0    0.6 104.1     
----------------------------------------------------------------------------
                                     
----------------------------------------------------------------------------
GAX058   4.0  18.2   87.1   137.7    5.6  26.6   350   -60 212020.9  2843176

Incl-
 uding  16.3   2.1   92.7   559.0    0.7  28.3   

And     16.4  26.2  277.1   562.5    8.0  84.5 

Incl-
 uding  44.9   6.6  283.6 1,540.0    2.0  86.5    
----------------------------------------------------------------------------

----------------------------------------------------------------------------
GAX060   3.3 115.5    0.0   112.9   35.2   0.0   170   -50 211970.9  2843332

Incl-
 uding  15.9  12.5   44.0   544.5    3.8  13.4     

Incl-
 uding  12.5   3.3   89.6   427.0    1.0  27.3    

Incl-
 uding   9.8   3.3  105.8   336.0    1.0  32.3     

And      4.3   4.6  219.2   147.0    1.4  66.8     
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
 All depths indicated in table are down hole                                
 0.73 opt Ag (25 gpt Ag) cutoff                                             
 Allowable waste interval was 19.7 ft (6 m) of less than 0.73 opt Ag
  (25 gpt Ag)         
 Numbers may not add due to rounding                                        
 NSV equals No Significant Values
 
Please note: Figures 1, 2, 3 and 4 are available at the following links:

Figure 1: http://media3.marketwire.com/docs/uxg0211figure1.pdf

Figure 2: http://media3.marketwire.com/docs/uxg0211figure2.pdf

Figure 3: http://media3.marketwire.com/docs/uxg0211figure3.pdf

Figure 4: http://media3.marketwire.com/docs/uxg0211figure4.pdf

CONTACT INFORMATION:

US Gold Corporation
Stefan Spears
VP, Projects
(647) 258-0395 or Toll Free: (866) 441-0690
Fax: (647) 258-0408

or

Mailing Address
99 George Street, 3rd Floor
Toronto, ON M5A 2N4
E-mail: info@usgold.com

INDUSTRY: Manufacturing and Production - Mining and Metals


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Gold and Silver Prices for these countries : Mexico | All

McEwen Mining

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CODE : MUX
ISIN : US58039P1075
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McEwen Mining is a gold development stage company based in Canada.

McEwen Mining produces gold, silver in Argentina and in Mexico, develops gold and silver in Mexico, and holds various exploration projects in Mexico.

Its main assets in production are MAGISTRAL MINE in Mexico and SAN JOSE ARGENTINA in Argentina, its main asset in development is EL GALLO MEXICO in Mexico and its main exploration properties are PALMARITO, GOLD PICK AND GOLD RIDGE, TONKIN PROJECT and MAGISTRAL in Mexico and LOS AZULES ARGENTINA and LIMO in Argentina.

McEwen Mining is listed in Canada, in Germany and in United States of America. Its market capitalisation is US$ 3.7 billions as of today (€ 3.4 billions).

Its stock quote reached its lowest recent point on July 29, 2022 at US$ 0.32, and its highest recent level on April 24, 2024 at US$ 10.92.

McEwen Mining has 337 054 594 shares outstanding.

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3/9/2015Announcement: Mcewen Mining Q4 & Full-Year 2014 Conference C...
3/9/2015Announcement: Mcewen Mining Q4 & Full-Year 2014 Conference C...
2/24/2015BHP Billiton 1H15 Results Weak, Down Y/Y on Headwinds - Anal...
2/13/2015Rio Posts Weak 2014 Results, Falls Y/Y on Market Headwinds -...
1/15/2015McEwen Mining Reports Record Production in 2014
1/15/2015McEwen Mining Reports Record Production in 2014
1/2/2015Rob McEwen, Chairman & Chief Owner Exercises Stock Options i...
12/22/2014Rob McEwen, Chairman & Chief Owner Exercises Stock Options i...
1/20/2012and Minera Andes Shareholders Vote to Approve Business Combi...
1/14/2012Responds to Settlement Offer Regardi
12/21/2011Rob McEwen Letter to Shareholders of US Gold and Minera Ande...
11/28/2011Announces Positive Preliminary Feasibi =?ISO-8859-1?Q?lity=2...
9/23/2011and Minera Andes Enter Into Arrangement Agreement to Form Mc...
5/18/2011Exploration Continues to Deliver Growth at El Gallo & Surrou...
7/19/2010Options Listed on Chicago Board of Options Exchange
6/7/2010Annual General Meeting of Shareholders
5/25/2010El Gallo MetallurgicalResults Demonstrate Excellent Silver R...
5/18/2010El Gallo Drilling Expands Silver Mineralization 100 Meters t...
4/26/2010El Gallo Continues to Impress
4/16/2010Announces Positive Preliminary Economi =?ISO-8859-1?Q?c=20As...
4/1/2010Announces 26% Increase in Measured and Indicated Resources a...
10/14/2009Nevada Delivers Good Drill Results
9/15/2009Added to the S&P/TSX Global Gold Index & S&P/TSX Global Mini...
8/5/2009Impressive Results Continue at El Gallo in Three Areas
6/10/2009Rob McEwen Invites Investors to US Gold's =?ISO-8859-1?Q?=20...
5/31/2009in New York City
5/26/2009Announces the Closing of Over-Allotment of Common Stock
5/19/2009Announces the Closing of Its Public Offering of Common Stock
12/3/2008Luncheon Dec 17, 2008
11/21/2008Dow Jones Article: US Gold
8/25/2008Exploration News Release
8/6/2008Outlines Nevada Exploration Program
7/7/2008Mexico Exploration Update
6/24/2008Mexico Exploration Update
5/14/20082008 US Gold AGM
3/25/2008Mexico Exploration Update
11/20/2007 Ann Carpenter has stepped down as President
10/5/2007Nevada Exploration Update
7/3/2007Completes Acquisitions of Target Companies!
7/4/2007& Lexam CEO Rob McEwen Appointed to the Order of Canada; Can...
6/12/2007Open Letter to US Gold Shareholders
6/12/2007Intriguing Grab Sample: Metal Value $2,200 Per Ton(i)
6/5/2007Announces Annual General Meeting
4/13/2007Canadian Acquisition Corporation TSX Listing Approved
4/10/2007Encouraging Results; Best Grade: 0.73 Opt Over 5 Ft.
3/13/2007 Reminds Shareholders of White Knight Resources, Nevada Paci...
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NYSE (MUX)TORONTO (MUX.T)
10.92-1.71%
NYSE
US$ 10.92
04/24 17:00 -0.190
-1.71%
Prev close Open
11.11 11.08
Low High
10.87 11.12
Year l/h YTD var.
5.94 -  11.83 54.46%
52 week l/h 52 week var.
5.94 -  11.83 32.36%
Volume 1 month var.
444,945 20.26%
24hGold TrendPower© : 24
Produces Gold - Silver
Develops Gold - Silver
Explores for Copper - Gold - Silver
 
 
 
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