TORONTO,
ONTARIO--(Marketwire - March 18, 2009) - US GOLD CORPORATION
(TSX:UXG)(NYSE Alternext US:UXG)(FRANKFURT:US8) is pleased to announce
that core drilling at the El Gallo project in Sinaloa State, Mexico,
has returned the deepest high-grade silver intersection to date.
Testing below the previous limits of the mineralization returned: 20.8
ounces of silver per ton (opt) (713.1 grams per tonne (gpt)) over 14.3
feet (ft) (4.4 meters (m)).
Hole GAX012 intersected two separate zones of high-grade silver mineralization,
with the deepest being at a vertical depth of 380.0 ft (115.0 m). The
deepest intersection was the most significant with an average grade of
20.8 opt silver (713.1 gpt) over 14.3 ft (4.4 m), including 73.8 opt
silver (2,530.0 gpt) over 2.5 ft (0.8 m). This intersection extended
mineralization vertically by 65.0 ft (20.0 m).
The second shallower high-grade intersection returned 16.8 opt silver
(574.4 gpt) over 13.0 ft (4.0 m) at 150.0 ft (46.0 m) and is believed
to be part of a separate parallel vein (Figure 1) situated south of the
deeper intersection.
The remaining four core holes were drilled primarily to delineate and
extend the mineralization that was initially indentified in the upper
portion of the veins through conventional rotary drilling. These core
holes will help form the basis of an initial NI 43-101 resource
estimate. On-going core drilling is designed to intersect possible
cross structures and new parallel veins to the north.
---------------------------------------------------------------------------- Hole # Silver Length From To Hole # Silver Length From To ------ ------ ------ ---- -- ------ ------ ------ ---- -- (opt) (ft) (ft) (ft) (gpt) (m) (m) (m) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- GAX007 9.4 55.8 4.6 60.4 GAX007 320.7 17.0 1.4 18.4 ---------------------------------------------------------------------------- Includ- ing 30.0 4.1 15.6 19.7 Including 1,030.0 1.3 4.8 6.0 ---------------------------------------------------------------------------- Includ- ing 33.3 5.1 42.5 47.6 Including 1,140.0 1.6 13.0 14.5 ---------------------------------------------------------------------------- And 4.8 10.7 158.3 169.0 And 163.8 3.3 48.3 51.5 ---------------------------------------------------------------------------- And 4.6 17.7 183.1 200.8 And 157.3 5.4 55.8 61.2 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- GAX009 10.9 2.5 180.0 182.4 GAX009 373.0 0.8 54.9 55.6 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- GAX011 7.3 6.9 175.2 182.1 GAX011 250.3 2.1 53.4 55.5 ---------------------------------------------------------------------------- And 5.8 2.6 216.0 218.7 And 198.0 0.8 65.9 66.7 ---------------------------------------------------------------------------- And 11.1 2.8 346.9 349.7 And 380.0 0.9 105.8 106.6 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- GAX012 16.8 13.0 167.8 180.8 GAX012 574.4 4.0 51.2 55.1 ---------------------------------------------------------------------------- Includ- ing 44.0 3.6 167.8 171.4 Including 1,510.0 1.1 51.2 52.3 ---------------------------------------------------------------------------- And 20.8 14.3 431.4 445.7 And 713.1 4.4 131.5 135.9 ---------------------------------------------------------------------------- Includ- ing 73.8 2.5 437.3 439.8 Including 2,530.0 0.8 133.3 134.1 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- GAX013 10.0 35.9 9.8 45.8 GAX013 341.6 11.0 3.0 14.0 ---------------------------------------------------------------------------- And 6.2 3.9 61.0 65.0 And 212.0 1.2 18.6 19.8 ---------------------------------------------------------------------------- And 8.3 2.8 241.5 244.3 And 286.0 0.9 73.6 74.5 ---------------------------------------------------------------------------- And 11.1 3.9 305.8 309.7 And 381.0 1.2 93.2 94.4 ---------------------------------------------------------------------------- (1)Numbers may not balance due to rounding
Since January US Gold has completed a total of
13 core holes at El Gallo (for a list of all hole locations and
reported intersections see Figure 2 and Appendix 1) with core and
conventional rotary drilling returning high-grade along a strike length
of 1,475.0 ft (450.0 m) and to a depth of 380.0 ft (115.0 m).
Mineralization remains open to further expansion and the presence of
parallel veins containing high-grade silver intercepts is encouraging.
ABOUT US GOLD
US Gold Corporation is a United States based gold exploration company
exploring in northeastern Nevada and north-west Mexico. US Gold's
shares trade on the NYSE Alternext 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 prep 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.
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. For the purposes of this news release
"high-grade" is defined as 14.6 opt silver (500.0 gpt) or
greater.
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 Figure 1, please visit the following link: http://media3.marketwire.com/docs/fig1_cross1.pdf
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/fig2_plan1.pdf
To view Appendix 1, please visit the following link: http://media3.marketwire.com/docs/App_1.pdf
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