U.S. Gold Corp. Receives Air Quality Permit, Finalizing the Mine Operating Permit for the CK Gold Project
U.S. Gold Corp. (Nasdaq: USAU) has received final Air Quality Permit approval from Wyoming's Department of Environmental Quality for its CK Gold Project, completing all conditions for the Mine Operating Permit granted in April 2024. The company is advancing engineering studies and optimization work announced in September. The project, transitioning from exploration to development since 2020, aims to produce gold and copper in Wyoming. An updated prefeasibility study is expected by year-end, followed by a Feasibility Study. The company plans to utilize waste rock for local construction materials, potentially creating additional value from what would have been waste material.
U.S. Gold Corp. (Nasdaq: USAU) ha ricevuto l'approvazione finale del Permesso per la Qualità dell'Aria dal Dipartimento della Qualità Ambientale del Wyoming per il suo Progetto CK Gold, completando tutte le condizioni per il Permesso di Operazione della Miniera concesso ad aprile 2024. L'azienda sta avanzando negli studi di ingegneria e nel lavoro di ottimizzazione annunciato a settembre. Il progetto, in transizione da esplorazione a sviluppo dal 2020, mira a produrre oro e rame nel Wyoming. Uno studio di prefattibilità aggiornato è atteso entro la fine dell'anno, seguito da uno studio di fattibilità. L'azienda prevede di utilizzare le rocce di scarto per materiali da costruzione locali, potenzialmente creando ulteriore valore da quello che sarebbe stato materiale di scarto.
U.S. Gold Corp. (Nasdaq: USAU) ha recibido la aprobación final del Permiso de Calidad del Aire por parte del Departamento de Calidad Ambiental de Wyoming para su Proyecto CK Gold, completando todas las condiciones para el Permiso de Operación de la Mina otorgado en abril de 2024. La empresa está avanzando en estudios de ingeniería y trabajos de optimización anunciados en septiembre. El proyecto, que ha pasado de la exploración al desarrollo desde 2020, tiene como objetivo producir oro y cobre en Wyoming. Se espera un estudio de prefactibilidad actualizado para finales de año, seguido por un Estudio de Viabilidad. La empresa planea utilizar rocas de desecho para materiales de construcción locales, creando potencialmente un valor adicional a partir de lo que habría sido material de desecho.
U.S. Gold Corp. (Nasdaq: USAU)는 와이오밍 환경 품질 부서로부터 CK Gold 프로젝트에 대한 대기 질 허가의 최종 승인을 받았으며, 2024년 4월에 부여된 광산 운영 허가 조건을 모두 충족했습니다. 이 회사는 9월에 발표된 엔지니어링 연구 및 최적화 작업을 진행하고 있습니다. 2020년부터 탐사에서 개발로 전환되고 있는 이 프로젝트는 와이오밍에서 금과 구리를 생산하는 것을 목표로 하고 있습니다. 연말까지 업데이트된 사전 타당성 조사 보고서가 예상되며, 그 뒤에 타당성 조사가 이어질 것입니다. 이 회사는 폐석을 지역 건축 자재로 활용할 계획이며, 폐기물로 간주되던 것에서 추가 가치를 창출할 수 있습니다.
U.S. Gold Corp. (Nasdaq: USAU) a reçu l'approbation finale du Permis de Qualité de l'Air du Département de la Qualité Environnementale du Wyoming pour son Projet CK Gold, complétant toutes les conditions requises pour le Permis d'Exploitation Minière accordé en avril 2024. L'entreprise fait progresser les études d'ingénierie et les travaux d'optimisation annoncés en septembre. Le projet, passant de l'exploration au développement depuis 2020, vise à produire de l'or et du cuivre dans le Wyoming. Une étude préliminaire mise à jour est attendue d'ici la fin de l'année, suivie d'une étude de faisabilité. L'entreprise prévoit d'utiliser les roches de déchet pour des matériaux de construction locaux, créant ainsi potentiellement une valeur ajoutée à partir de ce qui aurait été considéré comme des déchets.
U.S. Gold Corp. (Nasdaq: USAU) hat die endgültige Genehmigung des Luftqualitätsgenehmigung vom Department of Environmental Quality in Wyoming für sein CK Gold-Projekt erhalten und somit alle Bedingungen für die im April 2024 erteilte Abbauminerlaubnis erfüllt. Das Unternehmen schreitet mit den Ingenieurstudien und Optimierungsarbeiten voran, die im September angekündigt wurden. Das Projekt, das seit 2020 von der Exploration zur Entwicklung wechselt, zielt darauf ab, Gold und Kupfer in Wyoming zu produzieren. Ein aktualisierte Vorstudie wird bis Ende des Jahres erwartet, gefolgt von einer Machbarkeitsstudie. Das Unternehmen plant, Abraum für lokale Baumaterialien zu nutzen, wodurch potenziell zusätzlicher Wert aus dem entstehen kann, was ansonsten Abfallmaterial gewesen wäre.
- Received final Air Quality Permit approval, completing all regulatory requirements for mine operation
- Engineering studies are well advanced with process plant design largely complete
- Potential additional revenue stream from waste rock utilization in construction materials
- Feasibility study work suspended in March 2023 due to multiple factors
- Project development still pending completion of optimization studies
Insights
The receipt of the Air Quality Permit marks a significant milestone for U.S. Gold Corp's CK Gold Project, completing all regulatory requirements for the Mine Operating Permit. This development represents a critical de-risking event for the project's advancement. The company's strategic shift from pure exploration to development phase in 2020 appears well-timed with the current commodity market dynamics.
The project's location in Wyoming offers notable advantages: established infrastructure, supportive mining jurisdiction and proximity to markets. The company's approach to monetize waste rock as construction materials could provide additional revenue streams and reduce operational costs. The upcoming optimized prefeasibility study, expected by year-end, will be important in determining the project's updated economics in current market conditions.
However, investors should note that the company still needs to secure project financing, though management's commitment to minimize dilution is encouraging. The
Regulatory Approval allows the Company to proceed toward development of the
CK Gold Project in
In commenting on the approval, George Bee, President, CEO and Director of U.S. Gold said, "WDEQ's approval of the Air Quality Permit satisfies the remaining condition associated with the Mine Operating Permit granted in April 2024, completing a major hurdle in the CK Gold Project's pathway to development." He went on to say, "We are well advanced in our engineering studies and poised to move toward development once the optimization studies announced in September are complete."
Luke Norman, Executive Chairman of U.S. Gold added, "The fulfillment of this remaining condition under the Mine Operating Permit positions the CK Gold Project to be
Background
U.S. Gold Corp. pivoted from a purely exploration focus on its highly prospective assets in
In August 2020, U.S. Gold's management team engaged in the development of the CK Gold Project, previously known as Copper King, which had lain dormant for several years. While Copper King was recognized and explored on multiple occasions, following limited underground mining around one hundred years ago, the last study on the CK Gold Project was a Preliminary Economic Assessment authored by Mine Development Associates Inc. in 2012. The Company completed an initial prefeasibility study authored by Gustavson and Associates in December 2021.
With the approval of the Mine Operating Permit culminating in the Air Quality Permit, work on an optimized prefeasibility study is underway. The feasibility study work, awarded to Samuel Engineering Inc. ("Samuel") in April 2022, was suspended in March 2023. The decision to suspend Samuel's work on the feasibility study was made for three reasons: first, the Company did not want a "stale-dated" study in relation to the permit approval timeframe; second, price and supply disruption ensued following the COVID-19 pandemic; and third, there was a need to recognize some of the changes and additions that came about as a consequence of WDEQ's review of the CK Gold Project. Engineering work is well advanced with the process plant design largely complete, and updated bids for major equipment in progress. We expect to release the updated prefeasibility study as soon as the end of this year before proceeding to finalize the remaining work on the Feasibility Study. Furthermore, building on the test work we conducted on our non-copper/gold bearing rock to mitigate our project construction costs, we now look to pursuing the potentially valuable rock resource associated with the copper/gold project to help supply what is projected to be a robust local demand for construction materials, putting what would have been waste rock to beneficial use for growing regional development.
About U.S. Gold Corp.
U.S. Gold Corp. is a publicly traded,
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimated," and "intend," among others. These forward-looking statements include statements relating to the CK Gold Project, including, the expected development of the CK Gold Project, that the CK Gold Project will be a producing mine, future commodity prices, the ability to secure project financing without undue dilution to the Company's shareholders, the timing of the release of the updated prefeasibility study for the CK Gold Project, and the ability to utilize rock resource associated with the copper/gold project to help supply local demand for construction materials. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks arising from: market and other conditions, the prevailing market conditions for metal prices and mining industry cost inputs, environmental and regulatory risks, changes in interpretations of geological, geostatistical, metallurgical, mining or processing information, risks faced by junior companies generally engaged in exploration activities, whether U.S. Gold Corp. will be able to raise sufficient capital to develop the CK Gold Project and implement future drilling 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 can be reviewed at www.sec.gov. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks, contingencies, and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control. The Company undertakes no duty to correct or update any information contained herein.
For additional information, please contact:
U.S. Gold Corp. Investor Relations
+1 800 557 4550
ir@usgoldcorp.gold
www.usgoldcorp.gold
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SOURCE U.S. Gold Corp.
FAQ
What major permit did U.S. Gold Corp (USAU) receive for the CK Gold Project in November 2024?
When does U.S. Gold Corp (USAU) expect to release the updated prefeasibility study for the CK Gold Project?
Why was the CK Gold Project's feasibility study suspended by U.S. Gold Corp (USAU) in March 2023?
