U.S. Gold Corp. Launches Exploration Push at CK Gold as Global Gold Discovery Rates Hit Generational Lows

• U.S. Gold Corp.  completed an expanded drone-mounted survey at its CK Gold Project in southeast Wyoming, identifying underground signals that extend beyond the proposed pit area and pointing to potential mineralization outside the current mine plan
• The company is developing a drilling program to test targets both below the current mine plan and outside the proposed pit area, with Wright Geophysics contracted to analyze the new data and a follow-up ground survey planned for late July
• The CK Gold Project holds a Feasibility Study (FS) completed in early 2026, prepared by Halyard-Micon International, Inc. to US regulatory standards, with all major permits in hand and the project described as moving to development
• Industry data shows only a handful of significant new gold deposits have been found since 2020, development timelines average well over a decade from discovery to first production, and mine output is expected to stay broadly flat in the years ahead
• A March 2025 US executive order named gold a priority mineral and moved to speed up government approvals for qualifying projects, while CK Gold's location on Wyoming state land removes a layer of federal permitting exposure that affects many comparable projects

U.S. Gold Corp. (Nasdaq: USAU) announced on June 10, 2026 the completion of an expanded drone-mounted survey at its CK Gold Project in southeast Wyoming, with initial results identifying underground signals extending beyond the proposed pit area. The company is now developing a drilling program to test those targets, a move that arrives as industry data points to a tightening future gold supply that could increase the value of projects already within the development pipeline.

New Survey Finds Targets Beyond the Current Mine Plan

The survey, conducted by Zonge International, Inc. of Reno, Nevada, used a drone carrying a magnetic sensor to cover a large area of ground above the CK Gold Project. Initial results extended signals first identified in a ground survey conducted nearly a decade ago, with the new findings following the same structural direction that hosts gold and copper mineralization at CK Gold.

The signals immediately southeast of the historical Copper King Mine follow the same trend but sit beneath a layer of younger rock, which the company said does not appear to reduce their strength. Wright Geophysics has been contracted to analyze the new data in detail, and a follow-up ground survey is planned for late July over the same area.

Executive Chairman of U.S. Gold Corp., Luke Norman described the scale of opportunity the company sees beyond the current mine plan:

"We've got another million ounces that we can foresee containable million ounces that didn't fit within the reserve category. Why not recategorize that, spend some money drilling, bring that in?"

Project Background

The CK Gold Project holds a Feasibility Study (FS)completed in early 2026, prepared by Halyard-Micon International, Inc. to US regulatory standards. The project is fully permitted and moving to development. Norman noted that Wyoming's regulatory framework provides a structural advantage, with permits awarded to the company described as not reversible or revocable once granted. The project's location on state land also removes the federal permitting layer that creates uncertainty for many comparable projects elsewhere in the US.

Fewer Discoveries, Longer Timelines

Only a handful of significant new gold deposits have been found since 2020, with none recorded in the last 2 years of that period. Development timelines compound the problem, with the average deposit taking well over a decade from discovery to first production. The share of exploration spending directed toward finding entirely new deposits has also fallen sharply over the past few decades and has not recovered despite higher gold prices. Mine output is expected to stay broadly flat, with rising costs and declining reserves making meaningful production growth difficult.

What Comes Next

The survey work underway at CK Gold represents the company's first systematic effort to determine whether the broader Silver Crown Mining District contains additional deposits beyond the current mine plan. Results from the Wright Geophysics analysis and the planned late-July follow-up survey are expected to define where the company drills next.

Norman signaled that the exploration program is only 1 part of a broader set of activities planned for the year ahead:

"There's going to be a lot of news coming out of us. A lot of balls in the air and a lot of work ahead of us this year."

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