• U.S. Gold Corp. completed an updated drone magnetometer survey covering 325 line kilometers at CK Gold, extending anomalies first identified in a 2017 ground survey.
• A mineral resource drilling program is being developed to test mineralization below the existing pit shell and at new targets outside the current pit footprint.
• A gravity survey by Zonge International is planned for late July to help identify rock packages similar to those hosting mineralization at CK Gold.
• Anomalies southeast of the historical Copper King Mine are obscured beneath the Oligocene White River Formation, suggesting potentially significant amplitude.
• Management linked the exploration program to the recently completed CK Gold Feasibility Study and the potential to convert resources into reserves within the Silver Crown Mining District.

U.S. Gold Corp. (Nasdaq: USAU) is a publicly traded, US focused gold and copper exploration and development company. Its flagship asset, the CK Gold Project, is located in southeast Wyoming and has a completed Feasibility Study technical report prepared by Halyard-Micon International, Inc. The company also holds the Keystone exploration property on the Cortez Trend in Nevada and the Challis Gold Project in Idaho.

U.S. Gold Corp. said on June 10, 2026, that it has completed an updated and enlarged geomagnetic survey at CK Gold, and is developing a mineral resource drilling program to test copper and gold mineralization at depth below the existing pit shell and along new magnetic targets identified outside the proposed pit footprint. The announcement follows the company's initial CK Gold Feasibility Study and moves its exploration focus toward the surrounding Silver Crown Mining District rather than the currently defined resource alone.

Extending the Magnetic Signature

The survey, conducted by Zonge International, Inc. of Reno, Nevada, used a drone mounted magnetometer to cover 325 line kilometers at an average drape height of 32 meters. The new data extend magnetic anomalies first identified in a 2017 ground magnetometer survey, pointing to additional structures and magnetite altered zones potentially capable of hosting gold and copper mineralization. The anomalous areas follow a strong northwesterly structural fabric. U.S. Gold noted that mineralization at CK Gold carries a high magnetic signature, which the company said is significant to the survey findings.

Wright Geophysics has been contracted to complete advanced interpretation of the new dataset. Zonge is scheduled to conduct a gravity survey over the same area in late July, aimed at identifying rock packages similar to those hosting mineralization at CK Gold and evaluating known mineralization from historical mining nearby. The company describes the geophysical work as anticipated to be the precursor to future drilling programs.

Magnetic anomalies immediately southeast of the historical Copper King Mine are on trend but obscured beneath the Oligocene White River Formation. The company said this cover suggests the anomalies in these areas could carry significant amplitude.

A Second Mine in the Making

Vice President, Exploration & Technical Services at U.S. Gold, Kevin Francis, addressed the new targets directly:

"We are excited to see the additional anomalies similar to the historical Copper King Mine."

This activity illustrates a sequencing difference from many single-asset developers, which typically confine exploration spending to periods after construction begins. The targets named in the release, tied to historical workings such as the Copper King Mine, are inside the known district rather than in undrilled regional ground.

Historic District, New Priorities

President and Chief Executive Officer of U.S. Gold, George Bee, framed the exploration work against the backdrop of the company's recently completed feasibility study:

"With the initial CK Gold Project Feasibility Study now published and our fully permitted project moving to development, we can now turn attention to both the potential to expand the pit into known mineralization through conversion of our resources into reserves, and to explore into areas of former mining of high-grade ore conducted by the original developers of the Silver Crown Mining District."

CK Gold sits within the Silver Crown Mining District, an area executives describe as containing former high-grade workings from earlier developers, including the historical Copper King Mine. This stated intent suggests the geophysical campaign is oriented toward the surrounding district rather than the currently defined deposit alone.

Development & Market Context

The press release does not disclose specific project economics such as net present value (NPV), internal rate of return (IRR), initial capital expenditure, or mine life in connection with this exploration update, and describes the project as fully permitted and moving toward development. The release does not include information on U.S. Gold's share price, market capitalization, or recent trading activity.

Resource & Exploration Scope

The forthcoming drilling program has 2 stated aims: testing mineralization at depth below the existing pit shell, and testing new targets identified through the current geophysical program outside the proposed pit footprint. U.S. Gold has said it recognizes that copper and gold mineralization extends beyond the area already drilled.

For investors, the geophysical program does not itself expand the defined resource base at CK Gold. It does indicate that the company is directing capital toward testing whether the Silver Crown Mining District hosts additional mineralized structures beyond the currently permitted pit, ahead of the drilling program required to confirm any newly identified targets.

FAQs (AI-Generated)