공시 • Feb 11
U.S. Gold Corp. Announces Updated Prefeasibility Study Results
U.S. Gold Corp. announced the PFS incorporates an updated Mineral Resource Estimate ("MRE") for the CK Gold Project, with an effective date of January 6, 2025. Drill hole spacing is approximately 50 feet by 50 feet over the majority of the deposit footprint, with denser drilling in the high-grade core of the deposit. The updated MRE incorporates detailed understanding of the geologic controls. To support the MRE, a comprehensive sensitivity analysis was completed on assumptions and parameters used in the estimate, which identified the optimum top cutting strategy, composite length, block size, search parameters and domaining strategy. The MRE satisfies reasonable prospects of eventual economic extraction ("RPEEE") by demonstrating the spatial continuity of the mineralization based on a 0.35 g/t AuEq reporting cut-off grade and optimized stope volumes. The cut-off grade assumes prices of $1,860 per ounce of gold, $3.92 per pound of copper, and $22.52 per ounce of silver. The MRE was classified as Measured and Indicated Mineral Resources, informed by drill spacing supported by a drill hole spacing study, QA/QC, quality of data, confidence in geological and mineralization interpretations. Inferred resources are also reported. The MRE is based only on Measured and Indicated Mineral Resources identified in the block model; however, prices of $1,755 per ounce of gold, $3.77 per pound of copper and $23 per ounce of silver were assumed. Optimized pit slopes were utilized with respect to the design and economic criteria established, such as cut-off grade, deposit geometry criteria and ultimate pit limit generate utilizing a Lerchs–Grossman open pit optimizer. The open pit was then sequenced to into a series of four pushbacks employing 30 ft. benches and utilized a stockpile strategy over the life of mine-plan. The mine plan envisions approximately eight years of active mining followed by two years of lower-grade stockpile reclamation, resulting in a total 10-year mine life. Mineral Reserves are calculated using an in-situ cut-off based on a per-ton value model, with material included if it generates at least $0.01 per ton after accounting for processing, administrative, transportation, refining, and royalty costs. The MRE for the CK Gold Project is shown below and is effective as of February 10, 2025. Mineral resources are estimated using Ordinary Kriging, constrained by geological domains based on lithology and mineralization controls. The underlying datasets supporting the resource estimate have been reviewed, validated, and verified by the Qualified Person (QP). Mineral resources are reported in short tons within an optimized pit shell, using a breakeven gold equivalent (AuEq) cut-off grade of 0.011 oz/st for Oxide and Mixed material and 0.010 oz/st for Sulfide material. The overall average AuEq cut-off grade for all reported resources is 0.010 oz/st. No dilution or mining recovery factors have been applied.
The AuEq cut-off grade is calculated using realized metal prices of $1,860.10/oz Au, $3.92/lb Cu, and $22.52/oz Ag, with average metallurgical recoveries by oxidation type as follows: Gold (Au): 55% (Oxide/Mixed), 64% (Sulfide)
Copper (Cu): 30% (Oxide), 78% (Mixed), 87% (Sulfide), Silver (Ag): 61% (Oxide/Mixed), 70% (Sulfide) . The optimized pit shell was generated using the Lerchs-Grossman method, incorporating all classified resources, realized metal prices, $2.50/ton mining costs, $9.20/ton processing costs, a 50° slope angle, No dilution or mining recovery factors have been applied to the resource estimate. There are no known legal, environmental, or permitting issues that impact the reported resources. Resources are reported within the company's permitted land tenure/exploration license boundaries. Mineral resources are classified in accordance with S-K 1300 definitions and are reported exclusive of mineral reserves. Rounding may result in minor discrepancies in tonnage, grade, and contained metal totals. There is no guarantee that mineral resources will be converted to mineral reserves. The mineral resource estimates were prepared, reviewed, and validated by Mark Shutty, CPG, the independent Qualified Person (QP) for these estimates, in accordance with S-K 1300 Definition Standards adopted December 26, 2018. The Qualified Persons ("QPs") who prepared the PFS have stated that they are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, or political factors that might materially affect the estimate of Mineral Resource and Mineral Reserves. In May 2023, Gold King Corp., a wholly owned subsidiary of U.S. Gold Corp., received notification of the approval of the CK Project Industrial Siting Permit ("ISP") from the Wyoming Department of Environmental Quality ("WDEQ") – Industrial Siting Division. The permit is valid for a three-year period so long as construction is initiated within that timeframe. The permit can be renewed. In April 2024, Gold King Corp. received conditional approval of the Mine Operating Permit ("MOP") for the CK Gold Project from the WDEQ – Land Division. There were three conditions associated with the approval for project development: (1) to obtain a Wyoming Pollution Discharge Elimination System ("WYPDES") permit; (2) to put in place provisions for reclamation of the initial planned disturbance; and (3) to obtain an Air Quality Permit from the WDEQ – Air Quality Division. In May 2024, a WYPDES permit was approved, and a bond was approved covering the initial project disturbances. In November 2024, an Air Quality Permit was granted. The MOP is valid for ten years and is subject to annual monitoring and provision of updates. Both the ISP and MOP contemplate amongst other items in the project description, a fixed project boundary and definition of the source and use of the water to be used at the CK Gold Project. Amendments to the project can be made dependent on their categorization in terms of their potential impacts. Minor impacts can be addressed through an administrative procedure within the agency while major changes may trigger additional public commentary and reissuance of the permit with amendments.