TORONTO,
ONTARIO--(Marketwire - April 24, 2009) - US GOLD CORPORATION
(TSX:UXG)(NYSE Alternext US:UXG)(NYSE Amex:UXG.A)(FRANKFURT:US8) is
pleased to announce that core drill results from the El Gallo project
in Sinaloa State, Mexico have returned the widest intersection to date
and extended the mineralization at depth: 12.3 ounces of silver per ton
(opt) (423.3 grams per tonne (gpt)) over 34.4 feet (ft) (10.5 meters
(m)), including 33.8 opt silver (1,160.0 gpt) over 2.8 ft (0.9 m). This
interval was inside of a wider zone that averaged 3.9 opt silver (135.4
gpt) over 316.6 ft (96.5 m). Another high-grade intercept was: 64.5 opt
silver (2,210.0 gpt) over 1.3 ft (0.4 m).
"Each of the 18 core holes drilled at El Gallo (Appendix 1 &
US Gold website) has encountered encouraging mineralization, including
some exceptional high-grade intercepts (305.1 opt silver (10,461.0
gpt)) and the potential to add to this discovery looks promising! As
our regional prospecting moves north, we seeing exciting new areas that
US Gold geologists believe have similar characteristics to El
Gallo," stated Rob McEwen, Chairman and CEO, US
Gold.
Significant mineralization was encountered throughout core hole GAX017,
which intersected multiple zones, including 12.3 opt silver (423.3 gpt)
over 34.4 ft (10.5 m). This interval was inside of a much wider zone of
mineralization that totaled 316.6 ft (96.5 m) at an average grade of
3.9 opt silver (135.4 gpt). Mineralization started at 65.0 ft (20.0 m)
and ended at 295.0 ft (90.0 m) below surface (Figure 1 & 2). The
hole was drilled 80 ft (25 m) east of GAX007 that returned 9.4 opt
silver (320.7 gpt) over 55.8 ft (17.0 m), including 33.3 opt silver
(1,140.0 gpt) over 5.1 ft (1.6 m) (news release March 18, 2009). Two
additional core holes are in progress, which are designed to test for
mineralization up and down dip.
Holes GAX015, GAX016 and GAX018 were drilled to both delineate and
extend the mineralization that was identified close to surface through
conventional rotary drilling. In addition to achieving these goals,
GAX016 encountered very high-grade mineralization at a depth of 345.0
ft (105.0 m). This intersection returned 64.5 opt silver (2,210.0 gpt)
over 1.3 ft (0.4 m). Ongoing drilling will test for deeper high-grade.
---------------------------------------------------------------------------- Hole # Silver Length From To Hole # Silver Length From To ------ ------ ------ ---- --- ------ ------ ------ ---- --- ---------------------------------------------------------------------------- (opt) (ft) (ft) (ft) (gpt) (m) (m) (m) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- GAX015 5.2 5.1 16.9 22.0 GAX015 178.5 1.6 5.2 6.7 ---------------------------------------------------------------------------- And 5.7 15.3 35.9 51.2 And 195.0 4.7 11.0 15.6 ---------------------------------------------------------------------------- And 7.8 16.9 93.5 110.4 And 268.4 5.2 28.5 33.7 ---------------------------------------------------------------------------- And 8.5 9.2 354.0 363.2 And 290.6 2.8 107.9 110.7 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- GAX016 10.1 15.9 95.6 111.5 GAX016 347.4 4.9 29.2 34.0 ---------------------------------------------------------------------------- And 5.7 21.8 129.6 151.4 And 195.1 6.7 39.5 46.2 ---------------------------------------------------------------------------- And 64.5 1.3 347.9 349.2 And 2,210.0 0.4 106.1 106.5 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- GAX017 (3) 3.9 316.6 101.7 418.3 GAX017 135.4 96.5 31.0 127.5 ---------------------------------------------------------------------------- Includ- Includ- ing 5.5 14.0 202.5 216.5 ing 188.3 4.3 61.7 66.0 ---------------------------------------------------------------------------- Includ- Includ- ing 12.3 34.4 226.4 260.8 ing 423.3 10.5 69.0 79.5 ---------------------------------------------------------------------------- Includ- Includ- ing 33.8 2.8 226.4 229.2 ing 1,160.0 0.9 69.0 69.9 ---------------------------------------------------------------------------- Includ- Includ- ing 5.9 27.9 282.2 310.0 ing 202.8 8.5 86.0 94.5 ---------------------------------------------------------------------------- Includ- Includ- ing 12.6 6.6 282.2 288.7 ing 433.5 2.0 86.0 88.0 ---------------------------------------------------------------------------- Includ- Includ- ing 6.8 18.0 357.6 375.7 ing 234.2 5.5 109.0 114.5 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- GAX018 9.8 3.9 135.7 140.0 GAX018 337.0 1.2 41.4 42.6 ---------------------------------------------------------------------------- And 5.5 12.0 383.5 395.5 And 188.7 3.7 116.9 120.6 ---------------------------------------------------------------------------- (1)Numbers may not balance due to rounding (2)GAX017 cumulative interval averaged without minimum cutoff (3)GAX017 core photo Figure 7 (4)True width of mineralization unknown
Hole
GAX014 was drilled to test for new veins perpendicular to the main
mineral zone. Two intercepts of moderate grade were encountered.
Further drilling has been completed and assays are pending.
---------------------------------------------------------------------------- Hole # Silver Length From To Hole # Silver Length From To ------ ------ ------ ---- --- ------ ------ ------ ---- --- ---------------------------------------------------------------------------- (opt) (ft) (ft) (ft) (gpt) (m) (m) (m) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- GAX014 3.7 7.7 39.4 47.1 GAX014 128.5 2.4 12.0 14.4 ---------------------------------------------------------------------------- And 5.6 7.2 138.5 145.7 And 192.2 2.2 42.2 44.4 ---------------------------------------------------------------------------- (1)Numbers may not balance due to rounding (2)True width of the mineral intercept unknown
Geochemical Survey
Two New Areas of Potential
North of Current El Gallo Drilling
Since January 2009 US Gold has completed 18 core holes at El Gallo with
an additional 6 holes in progress (Figure 1 & Appendix 1). To date,
geochemical soil anomalies have been a good predicator of
mineralization below surface. The Company's on-going geochemical soil
survey has begun to outline a large anomaly that measures 2,950 ft (900
m) along strike, northwest of US Gold's current drilling (Figure 4). Core
drilling to test this area will commence shortly.
Regional Prospect - El Chapotillo
Through regional prospecting, US Gold geologists have located a
gold/silver bearing vein 5.5 miles (9 km) north of El Gallo called El
Chapotillo (Figure 5). Samples taken over a 1,315 ft (400 m) strike
length have returned good values. A detailed mapping program has been
completed and drill targets selected. Core drilling is planned to
commence shortly with the goal of making a similar El Gallo type
discovery.
ABOUT US GOLD
US Gold Corporation is a Colorado incorporated gold and silver
exploration company exploring next to Barrick's large Cortez Hills
deposits in northeastern Nevada and a high-grade silver and gold
discovery in north-western Mexico. US Gold's shares trade on the NYSE
Amex and Toronto Stock Exchanges under the symbol UXG and on the
Frankfurt Exchange under the symbol US8.
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 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
25 samples. Samples from the geochemical survey were analyzed by US
Gold's internal lab, located at the Magistral Mine, Sinaloa Mexico,
utilizing atomic absorption.
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.
To view the table detailing Core Holes GAX011-18, click here: http://media3.marketwire.com/docs/uxg0424table.pdf.
To view Figure 1, click here: http://media3.marketwire.com/docs/uxg0424fig1.pdf.
To view Figure 2, click here: http://media3.marketwire.com/docs/uxg0424fig2.pdf
To view Figure 3, click here: http://media3.marketwire.com/docs/uxg0424fig3.pdf.
To view Figure 4, click here: http://media3.marketwire.com/docs/uxg0424fig4.pdf.
To view Figure 5, click here: http://media3.marketwire.com/docs/uxg0424fig5.pdf.
To view Figure 6, click here: http://media3.marketwire.com/docs/uxg0424fig6.pdf.
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