US Gold Corp TSX:UXG announced assays from the Palmarito Deposit of El Gallo Complex in Sinaloa State, Mexico. Results include 237.6 g/t silver and 0.2 g/t gold over 12.2 metres (including 891 g/t silver and 0.2 g/t gold over 2 metres), 5,870 g/t silver and 1.5 g/t gold over 0.4 metres, 102 g/t silver and 0.1 g/t gold over 18.3 metres, 263.2 g/t silver and 0.3 g/t gold over 6.5 metres (including 500 g/t gold and 0.5 g/t silver over 1 metre) and 130 g/t silver and 0.1 g/t gold over 12 metres (including 395 g/t silver and 0.1 g/t gold over 1.1 metres).
The complex includes El Gallo and Palmarito silver deposits and the Magistral gold deposit. Phase 1 mining is expected to begin in mid-2012, producing 30,000 gold ounces per year, with Phase 2 producing 5 million silver ounces per year beginning in 2014.
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Ian J. Ball
by Greg Klein