New Discovery for US Gold in Magistral Districtadmin
US GOLD CORPORATION announces it has made a new gold discovery within the Magistral District, located in Sinaloa State, Mexico. Exploration highlights from initial holes: 0.13 ounces per ton (opt) gold over 98.4 feet (ft.), (4.59 gpt (grams per tonne) over 30.0 m) including 0.51 opt gold over 19.7 ft. (17.63 gpt gold over 6.0 m) and 0.11 opt gold over 88.6 ft. (3.85 gpt gold over 27.0 m). These results start near surface.
The discovery area is located 20 miles (32.2 km) southeast of the Magistral Mine (Figure 1). The mineralization is part of a hydrothermal vein system with significant silicification and oxidation observed in project area. The main minerals present include quartz, pyrite, hematite and limonite, including gold and silver. The project is comprised of moderately steep terrain and is part of the 540,000 acres (218,530 hectares) US Gold controls within the Magistral District. The project has been named “Hercules” to signify its strong potential.
Drilling has been focused on two areas referred to as the H1 and H2 Zones. These areas are separated by approximately 0.6 miles (1.0 km).
Conventional air rotary drilling at the H1 Zone has successfully intersected significant near surface gold mineralization. All holes were drilled vertically to a maximum depth of only 118.1 ft (36.0 m) in order to test the areas near surface potential.
US Gold will continue with its current exploration and data compilation program in order to prepare for a deeper drilling program that is scheduled to take place in the near future. Significant sampling and mapping is being undertaken to better understand the mineralization and its controls. Although early, US Gold is highly encouraged with the results achieved thus far.
For a complete set of results and hole locations, please visit www.usgold.com.