US Gold Corporation UXG:CA announced assay results from its El Gallo Project in Sinaloa State, Mexico. Highlights include 1,325.1 g/t silver and 2.1 g/t gold over 1.2 metres, 235 g/t silver and 18.3 g/t gold over 0.7 metres, 135.1 g/t silver over 21.1 metres, 121.4 g/t silver over 12.2 metres, 16.9 g/t gold over 2 metres, 7 g/t gold over 1.1 metres, 5.2 g/t gold over 2 metres, 218.3 g/t silver and 1.6 g/t gold over 4.6 metres, and 75.3 g/t silver over 22.2 metres.
The El Gallo Project has a measured and indicated resource estimate of 39.8 million ounces silver, 543,728 ounces gold, and an inferred resource of 19.7 million ounces silver and 23,764 ounces gold. Drilling on the new veins will focus on delineating the mineralization in order for them to be incorporated into an updated resource estimate. US Gold anticipates spending $15 million on exploration in Mexico during 2011, in addition to moving the project through to feasibility.
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Ian J. Ball
by Ted Niles