U.S. Gold (AMEX: UXG) announced drill results from its Limo and Gold Bar projects in Nevada, which included 852 g/t silver and 1.77 g/t gold over 6.4 meters and 1.48 g/t gold over 48.8 meters at its Limo project. The company’s recent drilling at the Limo project focused on two new areas separate from the mineralization that make up the project’s NI 43-101 July 2009 resource estimates.
At the first area, Continental, a silver-gold vein grading 852 g/t silver and 1.77 g/t gold over 6.4 meters was discovered. Four additional holes at the site also encountered high-grade mineralization at 10-15 meters down hole, along a strike of 20 meters. The company said the zone seems open to the southwest, and follow-up drilling is currently being planned.
At the second area, Cadillac, a total of four widely spaced holes were drilled in order to identify what U.S. Gold's geologists believe is a potential bulk tonnage gold target. The best result was 1.48 g/t gold over 48.8 meters. Other results include 0.71 g/t gold over 16.8 m and 1.14 g/t over 7.6 m.
According to the company’s NI 43-101 July 2009 resource estimate for the Limo Project, the project had about 0.24 million gold ounces of measured plus indicated resources and 0.05 million gold ounces of inferred resources.
Drilling was also done at the Cabin Creek and North Gold Ridge areas within the Gold Bar project to expand its current resource. The best result from the recent drilling at North Gold Ridge returned 1.77 g/t gold over 38.1 meters.
Drilling highlights at Cabin Creek include 1.27 g/t gold over 6.1m, 0.78 g/t gold over 41.1m, and 0.75 g/t gold over 18.3m.
According to the company’s 2010 NI 43-101 compliant resource estimate for the Gold Bar project, the project had 0.98 million gold ounces of measured and indicated resources as well as 0.02 million gold ounces of inferred resources.
The company’s shares closed at $7.54 Monday on the New York Stock Exchange.