US Gold: Encouraging Drill Results Continue from El Gallo & Surrounding Discoveries
15 Drills Now Operating
Symbol Price Change
UXG 9.01 -0.10
Press Release Source: US Gold Corporation On Tuesday April 26, 2011, 8:30 am EDT
TORONTO, ONTARIO--(Marketwire - 04/26/11) - US GOLD CORPORATION (NYSE:UXG - News)(TSX:UXG - News) is pleased to provide an exploration update on the El Gallo Project and two nearby discoveries, Palmarito and Haciendita, all located in Sinaloa State, Mexico. A total of 15 drills are now operating at the project, with $30 million budgeted for exploration in Mexico during 2011-2012.
Drill Assay Highlights
1. El Gallo
-- Infill drilling continues to meet its objective of upgrading inferred mineralization to the measured and indicated categories: 149.0 gpt silver over 7.2 m, 118.8 gpt silver over 12.6 m and 410.3 gpt silver over 3.0 m.-- Exploration drilling 300 m (985 ft) southeast of the El Gallo resource, has returned the deepest intersection of silver mineralization to date. Starting 240 m (790 ft) below surface, the hole returned: 131.2 gpt silver over 8.1 m, including 484.0 gpt silver over 1.0 m. This mineralization is believed to be the down-dip extension of the El Gallo deposit and opens up the possibility of additional resources at depth.
2. Palmarito
-- Drilling to expand and infill large gaps in the resource, where no inferred mineralization exists, has returned encouraging intersections: 184.6 gpt silver, 0.3 gpt gold over 25.9 m and 123.7 gpt silver, 0.6 gpt gold over 11.5 m. Mineralization from both holes starts less than 30 m (100 ft) below surface.
3. Haciendita
-- New lower grade, near surface discovery shows additional growth: 1.1 gpt gold, 30.3 gpt silver over 28.3 m, 1.8 gpt gold, 33.9 gpt silver over 17.9 m and 1.1 gpt gold, 13.5 gpt silver over 21.8 m. The discovery has now been traced over an area 125 m (410 ft) x 175 m (575 ft).
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