Keystone Exploration Program Update

ELKO, NV - U.S. Gold Corp. has received confirmation from the Bureau of Land Management (BLM) that it accepted additional bonding for a further 50 acres of disturbance under its effective Plan of Operations (POO), and as a result is pleased to announce an update for its potential 2021 summer exploration program at its 20-square-mile Keystone project, located in Nevada's Cortez Trend. This program will potentially test several drill targets in areas previously untested and is intended to follow up on encouraging preliminary results from previous years' drilling. Upon commencement, exploration is planned to pursue Carlin-type gold deposits in a variety of settings within the broader Keystone land package.  

This additional 50 acres will allow access to several areas of the project that was not accessible in past exploration programs. The Keystone project consists of mountainous terrain which was snow covered until last week making it prohibitive to access the property. The Company plans to clean up the access roads to gain safe entry.

Ken Coleman, Chief Geologist, said, "We look forward to accessing the property and assessing our Keystone targets in the summer of 2021. The work we have completed since 2016 has led to drilling the best hole to date at Keystone in 2019, Key19-05rc, in the Nina Skarn target area.  Planned drilling in 2021 is expected to focus on the Sophia and Greenstone Gulch target areas, with a single hole at Tip Top to explore the Wenban 5 at depth to the east of previous drilling.  Further drilling of the Nina Skarn and Keystone Skarn targets will take place once the Carlin-type targets at Sophia and Greenstone Gulch have been properly assessed.

Our entire team is very much looking forward to the commencement of the 2021 Keystone drilling season, pending the property becoming accessible, now that the BLM approvals and cultural surveys have been completed. We are waiting for the snow to melt and the property to dry out to allow access.  All of us were encouraged with our previous drilling results and feel strongly that additional exploration efforts are warranted in select target areas. Extensive ongoing analysis has brought us to this point, and we are excited to continue to test Keystone's potential.  Encountering the strongest, thickest gold mineralization, in the Nina Skarn target, has demonstrated the presence of a strong, gold-bearing Eocene magmatic-hydrothermal system at Keystone."

For the 2021 planned summer exploration program, multiple angled and vertical drill holes are proposed within three high-potential target areas of Keystone.  Planned drilling is expected to be composed of a mix of reverse circulation (RC) and core, especially within the Sophia target area, where the most encouraging drill results are associated with extensive void development in Lower Plate rocks.  These areas include Sophia, Greenstone Gulch and Tip Top.  Refer to the June 6, 2019 press release for details of the various target areas.