US Gold Corp. Announces Drilling Results from the CK Gold Project and a Visit from Geologist Emeritus, Dr. Richard Sillitoe

Commenting on these latest lab results and Dr. Sillitoe’s visit, Kevin FrancoisUS Gold’s Vice President of Exploration and Technical Services, said, “The primary focus of the 2021 drill program was to support hydrological and geotechnical studies at the feasibility study level. The three holes reported, CK21-04c, CK21-05c and CK21-08c, were primarily hydrologic holes. CK21-04c confirms the results of additional 2021 drilling which intercepted the potential for future mineral resource expansion immediately to the south and below the proposed open pit. While we know there are additional mineral resources that require additional exploration expenditure, our priority is to realize the value of the commercially attractive gold-copper project identified in our pre-feasibility study, published December 1, 2021. We continue to advance the mining permit application, which will be led by Wyoming Department of Environmental Quality (“DEQ”). We were honored to welcome Dr. Sillitoe to the project. His insightful observations and recommendations have improved the understanding of the project’s geology and provided ideas for new discoveries.”

Results of the 2021 drilling program

The Company announces results from 3 core drill holes completed during the 2021 drilling program. Gold and copper assays from the 2021 program continue to expand mineralization beyond the pre-feasibility mineral resource estimate. Therefore, the Company believes that an increase in mineral resources is probable.

The plan map below shows the distribution of newly reported holes relative to the ultimate contour of the proposed pre-feasibility pit.

The table below reports significant intervals exceeding a cut-off threshold of 0.30 g/t AuEq. Mineralization continues to extend to the southwest and below the proposed open pit.

Table of intersections for 2021 CK Gold Core-RC drilling > 0.300 gpt AuEq cut-off

Hole No.

From pi

on foot

of m

To M

Length ft

Length m

Au opt

Ag opt

Cu %

August/t

Ag g/t

AuEq opt

AuEq g/t

CK21-04c

0.0

380.0

0.0

115.8

380.0

115.8

0.010

0.033

0.170

0.346

1.13

0.017

0.591


420.0

1258.0

128.0

383.4

838.0

255.4

0.012

0.039

0.202

0.397

1.13

0.020

0.688

CK21-05c

6.0

130.0

1.8

39.6

124.0

37.8

0.007

0.036

0.074

0.254

1.23

0.011

0.368


186.5

196.5

56.8

59.9

10.0

3.0

0.008

0.051

0.075

0.283

1.74

0.012

0.405


382.0

407.0

116.4

124.1

25.0

7.6

0.002

0.097

0.172

0.083

3.32

0.010

0.356


475.0

495.0

144.8

150.9

20.0

6.1

0.010

0.061

0.082

0.339

2.10

0.014

0.474

CK21-08c

0.2

112.0

0.1

34.1

111.8

34.1

0.014

0.028

0.168

0.473

0.97

0.021

0.715


120.0

130.5

36.6

39.8

10.5

3.2

0.009

0.023

0.227

0.319

0.80

0.019

0.639

The Company looks forward to designing a follow-up drilling program, taking into account the results of the 2021 drilling program, to potentially further increase the mineral resources of the project. The timing will depend on the completion priorities of the next stages of development and whether the mine submits the permit application and the cash flow available.

Visit from Dr. Richard Sillitoe

Dr. Sillitoe spent three days with the US Gold geology team reviewing drill core and touring the project site. It confirmed previous geological examinations which had hypothesized that the gold and copper mineralization at the project originated from a porphyritic granodiorite intrusion. The porphyritic texture was partially obscured by subsequent tectonism which resulted in weak gneissic texture and localized mylonitization. The mineralization is associated with potassic alteration which has resulted in the development of biotite and magnetite after igneous hornblende throughout the granodiorite. Type A veins containing chalcopyrite and molybdenite have been identified. These veins exhibit classic textures and lack weathering halos.

Element plots have been constructed in plan view which show concentric zones of high grade zinc and manganese assays bordering gold and copper mineralization and a zinc/manganese depleted core, consistent with a system porphyry-type hydrothermal mineralization.

Porphyritic granodiorite and molybdenite samples were collected for analysis to determine the age of the host rock and mineralization.

Quality Assurance/Quality Control (“QA/QC”) Procedure

US Gold Corp. uses a rigorous QA/QC protocol on all aspects of the sampling and analysis procedure. The drill core is checked, recorded, marked for sampling and sawn in half. Half of each drill core is retained for future reference and the other half of each drill core is sent to ALS, an ISO 17025 accredited laboratory in Reno, Nevada to complete sample preparation and analysis. Samples are analyzed by fire assay with atomic absorption finish for gold and four-acid ICP-MS for silver and copper. For QA/QC purposes, certified standards, blank samples and duplicate samples are inserted into the sample stream. US Gold Corp. also periodically submits pulp samples to another independent laboratory for control analysis.

Note on qualified person

This press release has been reviewed by Kevin FrancoisP Geo, SME Registered Member, Vice President of Exploration and Technical Services for US Gold Corp. Acting within the scope of his expertise, Mr. Francis, as a Qualified Person as defined by Regulation SK, Subpart 1300 promulgated by the US Securities and Exchange Commission and Canadian Reporting Standards NI 43-101, has reviewed the information provided and believes it to be accurate and reflect the facts.

About US Gold Corp.

US Gold Corp. is a publicly traded, US-focused gold exploration and development company. US Gold Corp. has a portfolio of exploration properties. The project is located in Southeast Wyoming and has a Preliminary Feasibility Study (PFS) technical report, which was completed by Gustavson Associates, LLC. keystone and Maggie’s Creek are exploration properties on the Cortez and Carlin trends in Nevada. The Challis Gold Project is located in Idaho. For more information on US Gold Corp., please visit www.usgoldcorp.gold.

Safe Harbor

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by the use of forward-looking terms such as “anticipate”, “believe”, “expect”, ” estimated” and “intentional”, among others. These statements include our expectations as to the existence of additional expansion opportunities at the project, the potential for an increase in the mineral resource estimate and the estimated timeline for the finalization of the next phase of engineering and the submission of our permit application. These forward-looking statements are based on US Gold Corp.’s current expectations, and actual results could differ materially from these statements. There are a number of factors that could cause actual events to differ materially from those indicated by these forward-looking statements. These factors include, but are not limited to, risks arising from market and other conditions, prevailing market conditions for metal prices and mining industry input costs, environmental and regulatory risks, uncertainties related to COVID-19, the risks faced by junior companies typically engaged in exploration activities, if US Gold Corp. will be able to raise sufficient capital to develop the project and implement future exploration programs, the success or failure of future drilling programs and other factors described in the company’s most recent annual report on form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the Securities and Exchange Commission, which may be viewed at www.sec.gov. The Company has based these forward-looking statements on its current expectations and assumptions regarding future events. Although management considers these expectations and assumptions to be reasonable, they are inherently subject to important business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond management’s control. Company. . The Company assumes no obligation to correct or update the information contained in this document.

g/t = grams per metric ton, oz/st = troy ounces per short ton, 1 g/t = 0.0291652 oz/st
AuEQ calculated using metal prices: $1625/ozAu, $3.25/lb Cu and $18/ozAg

For more information, please contact:

US Gold Corp. Investor Relations. :
+1 800 557 4550
[email protected]
www.usgoldcorp.gold

SOURCEUS Gold Corp.

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