USAU - U.S. Gold sees next phase of engineering for CK Gold complete by mid-year

U.S. Gold (USAU +0.1%) says it is on track to complete the next phase of engineering for its CK Gold project in Wyoming, and expects to submit an application for a mine permit to state authorities, by mid-2022. "With proven and probable reserves that currently stand at over 1M oz of gold and 248M lbs of copper in a rising price environment, we believe that bringing this U.S. domestic production will have widespread benefits," President and CEO George Bee said. A recently completed pre-feasibility study showed "solid value" in gold and copper for the CK project, with a pre-tax net present value of $323M and internal rate of return of 39.4%. The project has a potential production of 100K oz/year of gold, a strategic location in the safe jurisdiction U.S., a manageable capex and accelerated permitting timeline, Florian Grummes writes in a bullish analysis recently published on Seeking Alpha.

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U.S. Gold sees next phase of engineering for CK Gold complete by mid-year