US Gold Corporation: El Gallo Continues to Impress
Expanding Mineralized Zone to the East
247.1 gpt Silver Over 30.8 Meters
Press Release Source: US Gold Corporation On Monday April 26, 2010, 8:30 am EDT
TORONTO, ONTARIO--(Marketwire - 04/26/10) - US GOLD CORPORATION (AMEX:UXG - News)(TSX:UXG - News) is pleased to announce expansion and in-fill core drill results (Fig. 1) at the El Gallo Project in Sinaloa State, Mexico. The three best results of the twelve holes assayed since April 6, 2010 are: 7.2 ounces of silver per ton (opt) over 100.9 ft (feet) (247.1 grams per tonne silver over 30.8 meters (m), 5.7 opt silver over 110.7 ft (195.2 gpt silver over 33.8 m) and 4.5 opt silver over 100.4 ft (154.5 gpt silver over 30.6 m).
1) Mineralization Extended Along Strike
7.2 opt silver over 100.9 ft (247.1 gpt silver over 30.8 m)
Hole GAX124 intersected an impressive zone that returned 7.2 opt silver over 100.9 ft (247.1 gpt silver over 30.8 m) at a vertical depth of approximately 255 ft (80 m). This result is important because it's the furthest core hole drilled along strike to the east and extends the mineralized zone by approximately 65 ft (20 m) (Fig 1). The strike of Main Zone now totals 1,600 ft (490 m) and remains open for possible expansion. Hole GAX123 extended the mineralization at depth. Highlights from these two holes are shown below:
----------------------------------------------------------------------------Hole # Silver Length From To Hole # Silver Length From To(opt) (ft) (ft) (ft) (gpt) (m) (m) (m)--------------------------------------------------------------------------------------------------------------------------------------------------------GAX123 5.7 110.7 308.6 419.3 GAX123 195.2 33.8 94.1 127.8----------------------------------------------------------------------------Including 36.6 7.1 397.6 404.7 Including 1,254.9 2.2 121.2 123.4--------------------------------------------------------------------------------------------------------------------------------------------------------GAX124 7.2 100.9 423.6 524.4 GAX124 247.1 30.8 129.1 159.9----------------------------------------------------------------------------Including 45.0 7.5 466.5 474.1 Including 1,543.0 2.3 142.2 144.5----------------------------------------------------------------------------All depths indicated in table are down hole0.73 opt Ag (25 gpt Ag) cutoffAllowable waste interval was 19.7 ft (6 m) of less than 0.73 opt Ag (25 gptAg)Numbers may not add due to roundingTrue widths are unknown
2) Mineralization Extended to the South
4.5 opt silver over 100.4 ft (154.5 gpt silver over 30.6 m)
Drilling in the central portion of the Main Zone was designed to extend the mineralization encountered in core hole GAX082 (released March 1, 2010 and shown in the table below) to the south (Fig. 1, 3). Hole GAX115 successfully achieved this objective intersecting two thick zones of mineralization. The mineralization was extended laterally by approximately 100 ft (30 m) and remains open.
In addition, hole GAX117, which successfully confirmed an area of known mineralization, encountered a second unanticipated zone of high-grade that dips northeast (Fig 1, 4). Although narrow, this intercept includes the highest silver value ever recorded at El Gallo returning 532.4 opt silver over 0.5 ft (18,244.5 gpt silver over 0.2 m) inside of a wider interval that returned 31.2 opt silver over 9.5 ft (1,071.1 gpt silver over 2.9 m). Highlights are shown below:
----------------------------------------------------------------------------Hole # Silver Length From To Hole # Silver Length From To(opt) (ft) (ft) (ft) (gpt) (m) (m) (m)--------------------------------------------------------------------------------------------------------------------------------------------------------GAX082 3.0 176.8 14.8 191.6 GAX082 104.4 53.9 4.5 58.4----------------------------------------------------------------------------And 6.1 79.6 229.0 308.6 And 209.9 24.3 69.8 94.1----------------------------------------------------------------------------Including 15.3 19.7 232.3 252.0 Including 525.7 6.0 70.8 76.8----------------------------------------------------------------------------And 2.9 96.8 330.1 426.8 And 98.0 29.5 100.6 130.1----------------------------------------------------------------------------Including 17.8 2.3 353.3 355.6 Including 609.0 0.7 107.7 108.4----------------------------------------------------------------------------Including 16.3 2.6 421.9 424.5 Including 560.0 0.8 128.6 129.4----------------------------------------------------------------------------And 5.4 4.1 484.3 488.4 And 186.0 1.3 147.6 148.9----------------------------------------------------------------------------And 13.1 2.1 520.3 522.3 And 449.0 0.7 158.6 159.3--------------------------------------------------------------------------------------------------------------------------------------------------------GAX115 1.7 25.6 13.5 39.0 GAX115 57.9 7.8 4.1 11.9----------------------------------------------------------------------------And 1.4 114.8 59.4 174.2 And 49.2 35.0 18.1 53.1----------------------------------------------------------------------------And 4.5 100.4 235.7 336.0 And 154.5 30.6 71.8 102.4----------------------------------------------------------------------------Including 61.3 1.6 275.6 277.2 Including 2,100.0 0.5 84.0 84.5----------------------------------------------------------------------------Including 30.3 3.8 323.7 327.4 Including 1,040.0 1.2 98.7 99.8--------------------------------------------------------------------------------------------------------------------------------------------------------GAX117 1.5 37.9 0.0 37.9 GAX117 51.1 11.6 0.0 11.6----------------------------------------------------------------------------And 31.2 9.5 163.9 173.4 And 1,071.1 2.9 50.0 52.9----------------------------------------------------------------------------Including 532.4 0.5 166.7 167.2 Including 18,244.5 0.2 50.8 51.0----------------------------------------------------------------------------All depths indicated in table are down hole0.73 opt Ag (25 gpt Ag) cutoffAllowable waste interval was 19.7 ft (6 m) of less than 0.73 opt Ag (25 gptAg)Numbers may not add due to roundingTrue widths are unknown
3) Mineralization Extended to the Northwest
Hole GAX116 successfully expanded the Main Zone's mineralization laterally by 72 ft (22 m) (Fig 1, 5) to the northwest. In addition, this hole demonstrates good continuity of near surface mineralization. Highlights from this hole are shown below:
----------------------------------------------------------------------------Hole # Silver Length From To Hole # Silver Length From To(opt) (ft) (ft) (ft) (gpt) (m) (m) (m)--------------------------------------------------------------------------------------------------------------------------------------------------------GAX116 4.2 37.2 0.0 37.2 GAX116 145.4 11.4 0.0 11.4----------------------------------------------------------------------------Including 17.1 6.2 27.9 34.1 Including 587.9 1.9 8.5 10.4----------------------------------------------------------------------------All depths indicated in table are down hole0.73 opt Ag (25 gpt Ag) cutoffAllowable waste interval was 19.7 ft (6 m) of less than 0.73 opt Ag (25 gptAg)Numbers may not add due to roundingTrue widths are unknown
4) Connecting the Main and North Zone
Gap Continues to Close
One of the objectives of the 2010 drilling program has been to establish continuity between the Main and North Zones. Holes GAX108, GAX109 and GAX112 are the most recent holes from this area (four prior holes have been previously released). Current drill results between the Main and North Zones show that the gap continues to close (Fig 1, 6). If additional drilling is successful the area could conceivably be mined as one large open pit as opposed to two smaller pits. Highlights are shown below:
----------------------------------------------------------------------------Hole # Silver Length From To Hole # Silver Length From To(opt) (ft) (ft) (ft) (gpt) (m) (m) (m)--------------------------------------------------------------------------------------------------------------------------------------------------------GAX108 2.7 15.4 50.2 65.6 GAX108 91.6 4.7 15.3 20.0----------------------------------------------------------------------------And 43.5 9.2 247.4 256.6 And 1,491.3 2.8 75.4 78.2----------------------------------------------------------------------------Including 93.0 3.3 250.0 253.3 Including 3,190.0 1.0 76.2 77.2--------------------------------------------------------------------------------------------------------------------------------------------------------GAX109 2.2 49.2 77.8 127.0 GAX109 76.2 15.0 23.7 38.7----------------------------------------------------------------------------Including 12.2 1.6 77.8 79.4 Including 417.0 0.5 23.7 24.2--------------------------------------------------------------------------------------------------------------------------------------------------------GAX112 3.4 65.9 8.2 74.1 GAX112 117.0 20.1 2.5 22.6----------------------------------------------------------------------------Including 34.3 4.6 26.2 30.8 Including 1,175.0 1.4 8.0 9.4----------------------------------------------------------------------------And 4.6 22.5 372.9 395.4 And 158.5 6.9 113.7 120.5----------------------------------------------------------------------------All depths indicated in table are down hole0.73 opt Ag (25 gpt Ag) cutoffAllowable waste interval was 19.7 ft (6 m) of less than 0.73 opt Ag (25 gptAg)Numbers may not add due to roundingTrue widths are unknown
5) In Fill Drilling Confirms Near Surface Mineralization
Increasing the Confidence Level
Recent delineation drilling occurred in areas where the mineralization is interpreted to be at or near surface. Results from these holes met expectations. Highlights are shown below.
----------------------------------------------------------------------------Hole # Silver Length From To Hole # Silver Length From To(opt) (ft) (ft) (ft) (gpt) (m) (m) (m)--------------------------------------------------------------------------------------------------------------------------------------------------------GAX110 1.9 18.0 87.6 105.6 GAX110 66.7 5.5 26.7 32.2----------------------------------------------------------------------------And 1.5 60.5 147.6 208.2 And 52.1 18.5 45.0 63.5----------------------------------------------------------------------------Including 5.8 2.8 163.2 166.0 Including 200.0 0.9 49.8 50.6--------------------------------------------------------------------------------------------------------------------------------------------------------GAX141 1.6 140.7 0.0 140.7 GAX141 53.4 42.9 0.0 42.9----------------------------------------------------------------------------All depths indicated in table are down hole0.73 opt Ag (25 gpt Ag) cutoffAllowable waste interval was 19.7 ft (6 m) of less than 0.73 opt Ag (25 gptAg)Numbers may not add due to roundingTrue widths are unknown
Geological Technical Description of El Gallo
El Gallo is a low-sulfidation, epithermal silver deposit located within the Pie de la Sierra physiographic province of the Sierra Madre Occidental Range which is part of a Cretaceous to Tertiary magmatic arc with volcanic and associated sedimentary rocks that extends for hundreds of miles through northwestern Mexico. Cretaceous-Tertiary volcanic and volcaniclastic rocks rest upon a basement of Paleozoic and Mesozoic sedimentary and metamorphic rocks. Intrusives of Late Cretaceous and Tertiary age cut these rocks locally. Regionally, these intrusives are dominated by the granitic Sinaloa Batholith. El Gallo project is located near the margin of the Sinaloa Batholith. Other shallow-level porphyritic intrusives also occur within the project area. Silver mineralization is hosted in breccia and stockwork zones that occur primarily in the andesitic volcanic and intrusive rocks and to a lesser extent in quartz monzonite porphyry intrusive rocks. The shape of the mineralization has not yet been fully defined.
To view the 12 new core holes from this news release see Table 1. To view all 117 core holes drilled at El Gallo, please click:
usgold.com.
To view assays intervals from core holes GAX124, please click:
usgold.com.
ABOUT US GOLD (http://www.usgold.com/)
finance.yahoo.com |
