End of Field Season Update For The CK Gold Project

ELKO, NV - U.S. Gold Corp. reported on the end of field season for its CK Gold Project, located just outside of Cheyenne, Wyoming. Activities, beyond ongoing baseline monitoring, concluded at the end of November in support of the Pre-Feasibility Study (PFS) in progress for the Project.  Field activities commenced in August 2020, and many important accomplishments have been achieved to date.

Highlights of Field Activities: 11,655 man-hours worked with no lost time or medical reportable injuries; No COVID-19 related cases reported; No environmental incidents reported; Over 100,000 ft of historic core relogged to foster a better geological interpretation of the resource; 10,562 ft of core drilling captured material for metallurgical testing, geotechnical and hydrological characterization at an all-in cost of $83/ft (less assays); 8,495 ft of reverse circulation drilling conducted to further explore and convert inferred resources to measured and indicated at an all-in cost of $68/ft (less assays); 2,370 ft of monitoring wells drilled to establish hydrological regime at the project site and commence monitoring for environmental baseline in support of eventual permit applications; Geotechnical logging of 4,910 ft of core to establish pit slope stability characteristics including the installation of vibrating wire piezometers in four holes for slope design and eventual monitoring; Falling head and packer tests on several holes conducted to build a hydrological model aimed at establishing both open pit operational criteria and options for post mining land use of the open pit; A soil sampling program conducted to cover the entire lease area aimed and exploration and condemnation for future plant construction; Wetlands and surface water surveyed to characterize the site for future permitting, allowing avoidance of sensitive areas and support eventual permit application; and A meteorological station established to gather baseline conditions for eventual permitting.

George Bee, President and CEO, said, "We are grateful for our valued collaboration with all our consultants and drill contractors. They have done an outstanding, safe and responsible job. We also thank our local hosts, including the respective Wyoming agencies that have been very helpful and the local ranch owner who holds grazing rights on our mineral leases. We eagerly await the assay values, which will allow us to build a new resource model incorporating a better understanding of geologic controls. With the drilling from 2017, 2018, and now 2020, we anticipate expanding the resource. While we have much work to do to support our studies, our priority is to get the first seven metallurgical holes to the assay laboratory to start tests to enhance gold and copper recovery beyond that which we see in the preliminary economic assessment conducted some years ago. Going well beyond the minimal PFS requirements and capturing baseline data should help put the company in a position to rapidly advance the project once we have the PFS results in hand."