Thursday, 21st December 2006 (2579 views)

US Gold Corporation has announced the success of its continuing exploration at its project along the Cortez Trend in Nevada.

Known as the Tonkin project, it is just ten miles to the south of Barricks's gold deposit, Cortez Hills and drilling begin there in June. The company had focused on exploring the areas which have already been drilled but it now brings several professionals with much mining expertise.

Rob McEwan, the chief executive officer of US Gold Corporation, said: "The team we have assembled has completed property-wide re-evaluations, updating geologic mapping, geochemical sampling and geophysical data.

"As well, a unique partnership with NASA has provided US Gold access to state-of-the-art exploration technologies aiding in our efforts. This work has greatly contributed to our overall understanding of the gold-bearing system."

He added that he thinks it is still too early to say much about the gold system but that the firm is encouraged that the 20 out of 26 holes already completed, do contain gold mineralisation.

Nevada is one of the world's most prominent producers of gold behind South Africa and Australia, with some 120 million ounces of gold still estimated to be in the ground along the Carlin Trend.

 

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