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Peter Grandich thinks the silver correction is over

casey13

Mar 02, 2009 08:41AM

Clavis

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Re: Peter Grandich thinks...History X / Mad hatter ? / Silver....Whoaaaa

in response to

Peter Grandich thinks the silver correction is over

casey13

posted on Mar 02, 2009 09:29AM

I disagree with Grandich about using any form of previous history, we are breaking new ground and much of the status quo is/has been doctored by the powers that be.

So we are now through the looking glass!

I agree that Grandich is calling SILVER right, look at this one ..........

March 2, 2009

US Gold Corporation: El Gallo Delivers Exceptional High-Grade Core Drill Results From Surface!

31.6 opt Silver Over 104.0 ft

Incl. 176.3 opt Silver over 14.9 ft, Incl. 305.1 opt Silver Over 3.9 ft

TORONTO, ONTARIO--(Marketwire - March 2, 2009) - US GOLD CORPORATION (TSX:UXG)(NYSE Alternext US:UXG)(FRANKFURT:US8) is pleased to announce new step out drilling has intersected exceptional high-grade mineralization over excellent widths at the El Gallo project in Sinaloa State, Mexico!

DRILL RESULT HIGHLIGHTS (See Figure 1 for Hole Locations)

- Core drilling has intersected the highest silver values and thickest intersection to date! A step out hole located 165.0 ft (50.0 m) west of previous drilling returns 31.6 opt silver (1,082.4 gpt silver) over 104.0 ft (31.7 m), including 176.3 opt silver (6,046.1 gpt silver) over 14.9 ft (4.6 m) and including 305.1 opt silver (10,461.0 gpt silver) over 3.9 ft (1.2m). Mineralization starts from surface!

- Core drilling has confirmed conventional rotary drill results, in addition to locating a new deeper zone: 46.5 opt silver (1,593.2 gpt silver), 1.0 opt gold (32.8 gpt gold) over 16.1 ft (4.9 m).

- Conventional rotary drilling along the east area of the vein has returned excellent results: 13.8 opt silver (471.6 gpt silver) over 90.0 ft (27.4 m), including 38.5 opt silver (1,320.0 gpt silver) over 5.0 ft (1.5 m).

- Conventional rotary drilling has discovered a new high-grade area in the southwest part of the project: 25.9 opt silver (886.5 gpt silver), 0.17 opt gold (5.7 gpt gold) over 20.0 ft (6.1 m).

El Gallo: The Power of High-Grade!

In order to test the ultimate potential of El Gallo's high-grade mineralization, US Gold is undertaking an aggressive core and reverse circulation drill program. Results for an additional four core holes have been received. The most significant hole intersected 31.6 opt silver (1,082.4 gpt silver) over 104.0 ft (31.7 m), including 176.3 opt silver (6,046.1 gpt silver) over 14.9 ft (4.6 m) and including 305.1 opt silver (10,461.0 gpt silver) over 3.9 ft (1.2 m) expanding the strike length of the mineralization by 165.0 ft (50.0 m) to the west of the previous drilling. This hole returned the highest silver values and longest intercept to date from El Gallo, indicating that there is excellent potential to further expand the size of the discovery. The strike length of the mineralization has now been extended to 1,475.0 ft (450.0 m) and the mineralization remains open in every direction.

The three remaining core holes were designed to confirm the initial conventional rotary drilling and to prepare a Canadian NI 43-101 resource estimate. Hole GAX008, which returned 46.5 opt silver (1593.2 gpt silver), 1.0 opt gold (32.8 gpt gold) over 16.1 ft (4.9 m), is important because US Gold believes it may have intersected the top of a high grade gold-silver ore shoot. This hole also extended the shallow dipping zone to the north returning 10.8 opt silver (370.5 gpt silver) over 34.4 ft (10.5 m) and has intersected a possible new zone at depth, 17.4 opt silver (595.0 gpt silver) over 7.1 ft (2.2 m).

Imperial Measurement

--------------------------------------------------
Hole #     Silver    Gold  Length     From      To
------     ------    ----  ------     ----      --
             (opt)   (opt)    (ft)     (ft)    (ft)
--------------------------------------------------

--------------------------------------------------
GAX005        6.6       -    14.4     73.0    87.4
--------------------------------------------------
Including    21.0       -     3.6     73.0    76.6
--------------------------------------------------

--------------------------------------------------
GAX006        5.0       -    66.4     69.2   135.7
--------------------------------------------------

--------------------------------------------------
GAX008       10.8       -    34.4     10.0    44.5
--------------------------------------------------
And          46.5     1.0    16.1     87.6   103.7
--------------------------------------------------
And          17.4       -     7.1    161.4   168.5
--------------------------------------------------
And           4.7       -     6.7    176.7   183.4
--------------------------------------------------

--------------------------------------------------
GAX010       31.6       -   104.0      0.0   104.0
--------------------------------------------------
Including   176.3       -    14.9     37.9    52.8
--------------------------------------------------
Including   305.1       -     3.9     40.4    44.3
--------------------------------------------------
And           4.9       -    17.7    125.3   143.0
--------------------------------------------------
And           5.7       -     6.7    150.6   157.3
--------------------------------------------------
And          13.5       -     4.8    229.7   234.4
--------------------------------------------------

Metric Measurement

------------------------------------------------------
Hole #        Silver     Gold   Length     From     To
------        ------     ----   ------     ----     --
                (gpt)    (gpt)      (m)      (m)    (m)
------------------------------------------------------

------------------------------------------------------
GAX005         227.2        -      4.4     22.3   26.7
------------------------------------------------------
Including      718.4        -      1.1     22.3   23.4
------------------------------------------------------

------------------------------------------------------
GAX006         171.5        -     20.3     21.1   41.4
------------------------------------------------------

------------------------------------------------------
GAX008         370.5        -     10.5      3.1   13.6
------------------------------------------------------
And          1,593.2     32.8      4.9     26.7   31.6
------------------------------------------------------
And            595.0        -      2.2     49.2   51.4
------------------------------------------------------
And            161.9        -      2.1     53.9   55.9
------------------------------------------------------

------------------------------------------------------
GAX010       1,082.4        -     31.7      0.0   31.7
------------------------------------------------------
Including    6,046.1        -      4.6     11.6   16.1
------------------------------------------------------
Including   10,461.0        -      1.2     12.3   13.5
------------------------------------------------------
And            166.6        -      5.4     38.2   43.6
------------------------------------------------------
And            195.6        -      2.1     45.9   48.0
------------------------------------------------------
And            463.2        -      1.5     70.0   71.5
------------------------------------------------------

(1)Numbers may not balance due to rounding

In order to help delineate the orientation of the mineralization a conventional rotary hole was drilled 16.5 ft (5.0 m) from core hole GAX010. US Gold's early interpretation suggests the mineralization strikes east-west with north-south faults offsetting the zone. It is important to note that the area immediately north of this drilling includes an exciting geochemical soil anomaly that returned the highest silver values from US Gold's ongoing soil sampling program, indicating there is potential to further extend the high-grade mineralization. Highlights from this hole included:

Imperial Measurement                                    Metric Measurement

--------------------------------------------------------------------------
Hole #    Silver Length  From     To   Hole #     Silver Length  From   To
------    ------ ------  ----     --   ------     ------ ------  ----   --
            (opt)   (ft)  (ft)   (ft)               (gpt)    (m)   (m)  (m)
--------------------------------------------------------------------------

--------------------------------------------------------------------------
GABHA09-225  5.2    5.0   0.0    5.0   GABHA09-225 177.0    1.5   0.0  1.5
--------------------------------------------------------------------------
And          6.2   85.0  55.0  140.0   And         211.3   25.9  16.8 42.7
--------------------------------------------------------------------------
Including   21.4    5.0  60.0   65.0   Including   732.0    1.5  18.3 19.8
--------------------------------------------------------------------------

(1)Numbers may not balance due to rounding

East Area Continues to Deliver

A series of conventional rotary holes were designed to determine the direction of the mineralization in the east part of the vein. Outcrops in this area of the project suggest the high-grade may have been faulted to the south. Conventional rotary drilling to test this hypothesis encountered significant grades and widths. Further drilling is on-going in order to further expand the mineralization. Results are listed below:

Imperial Measurement

------------------------------------------------------
Hole #         Silver       Length      From        To
------         ------       ------      ----        --
                 (opt)         (ft)      (ft)     (ft)
------------------------------------------------------

------------------------------------------------------
GABHA09-204       9.7         10.0       0.0      10.0
------------------------------------------------------
And              23.6         10.0      20.0      30.0
------------------------------------------------------
And              12.7          5.0      45.0      50.0
------------------------------------------------------

------------------------------------------------------
GABHA09-205      13.8         90.0       0.0      90.0
------------------------------------------------------
Including        33.8          5.0      10.0      15.0
------------------------------------------------------
Including        38.5          5.0      60.0      65.0
------------------------------------------------------

Metric Measurement

------------------------------------------------------
Hole #         Silver       Length      From        To
------         ------       ------      ----        --
                 (gpt)          (m)       (m)       (m)
------------------------------------------------------

------------------------------------------------------
GABHA09-204     332.0          3.0       0.0       3.0
------------------------------------------------------
And             810.0          3.0       6.1       9.1
------------------------------------------------------
And             436.0          1.5      13.7      15.2
------------------------------------------------------

------------------------------------------------------
GABHA09-205     471.6         27.4       0.0      27.4
------------------------------------------------------
Including     1,160.0          1.5       3.0       4.6
------------------------------------------------------
Including     1,320.0          1.5      18.3      19.8
------------------------------------------------------

(1)Numbers may not balance due to rounding

New High-Grade Area Demonstrates Early Potential!

Geochemical surface sampling in the southwest part of the project indentified a historical mine working that appears to be a continuation of the main mineralized structure. Rock chip samples from the working returned encouraging grades. A series of conventional rotary holes were drilled across the structure with two returning very significant values.

Imperial Measurement

------------------------------------------------------
Hole #      Silver   Gold   Length     From         To
------      ------   ----   ------     ----         --
              (opt)  (opt)     (ft)     (ft)      (ft)
------------------------------------------------------

------------------------------------------------------
GABHA09-216    8.2      -    105.0      0.0      105.0
------------------------------------------------------
Including     41.7      -     10.0      5.0       15.0
------------------------------------------------------

------------------------------------------------------
GABHA09-217   25.9   0.17     20.0     15.0       35.0
------------------------------------------------------
Including     38.8   0.25     10.0     20.0       30.0
------------------------------------------------------
And            6.7      -      5.0    140.0      145.0
------------------------------------------------------

Metric Measurement

------------------------------------------------------
Hole #       Silver   Gold    Length     From       To
------       ------   ----    ------     ----       --
               (gpt)  (gpt)       (m)      (m)      (m)
------------------------------------------------------

------------------------------------------------------
GABHA09-216   281.9      -      32.0      0.0     32.0
------------------------------------------------------
Including   1,429.5      -       3.0      1.5      4.6
------------------------------------------------------

------------------------------------------------------
GABHA09-217   886.5    5.7       6.1      4.6     10.7
------------------------------------------------------
Including   1,329.0    8.5       3.0      6.1      9.1
------------------------------------------------------
And           230.0      -       1.5     42.7     44.2
------------------------------------------------------

(1)Numbers may not balance due to rounding

"With each new drill hole El Gallo is looking more like a significant high-grade discovery! It is important to note US Gold controls 550,000 acres immediately around El Gallo. With this type of grade, our regional exploration will be increased drastically. US Gold is becoming an interesting exploration story," stated Rob McEwen, Chairman and CEO of US Gold.

ABOUT US GOLD

US Gold Corporation is a United States based gold and silver exploration company exploring in northeastern Nevada and north-central Mexico. US Gold's shares trade on the NYSE Alternext and Toronto Stock Exchanges under the symbol UXG and on the Frankfurt Exchange under the symbol US8.

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