U.S. Gold Corp. Acquires Northern Panther Resource
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U.S. Gold Corp. has closed the acquisition of Northern Panther Resource Corporation in an all-share transaction pursuant to a merger agreement between company and Northern Panther.
Northern Panther, a Nevada corporation, has merged into a new subsidiary of U.S. Gold Corp. Northern Panther’s principal asset is the Challis Gold exploration project and it also has $2.5 million in cash.
Northern Panther’s Challis Gold Project provides U.S. Gold Corp. with its newest exploration project, located in Idaho. The founding group of Northern Panther has significant experience in growing mining companies with Challis Gold being a high-priority drill-ready target in a premier and growing U.S. gold district.
“Northern Panther Resource Corporation is another strategic acquisition for U.S. Gold Corp. In addition to acquiring this new high potential exploration project, we are very pleased to welcome George Bee, Robert Schafer, and others as new shareholders of U.S. Gold,” said Edward Karr, president and CEO of U.S. Gold Corp.
“We are acquiring not only an additional high-potential exploration project, but a significant cash balance and some of the industry’s leading shareholders, who plan to be very hands-on going forward. The Challis Gold project is located in the western state of Idaho and has, we believe, significant upside exploration potential. USAU shareholders now benefit from exploration and development projects in three of what we believe are the best U.S. states for mining development – Wyoming, Nevada, and Idaho,” added Karr.
The Challis Gold Project is located approximately 75 kilometers southwest of Salmon, Idaho, within the tertiary challis volcanic field. The Challis Gold Project is a low sulfidation, gold/silver epithermal vein and stockwork deposit localized along intersecting NW – NE trending shear structures in a window of sedimentary rocks exposed through the challis volcanics. The project has a historic 43-101 (not current) resource of approximately 313,825 ounces of gold at a grade of 1.22 grams / ton gold, with a potential low strip ratio and exploration upside potential. U.S. Gold Corp. will be designing and announcing future exploration programs to advance the project.
About U.S. Gold Corp.
U.S. Gold Corp. is a publicly traded, U.S. focused gold exploration company with a portfolio of exploration properties. Copper King is located in Southeast Wyoming and has a preliminary economic assessment (PEA) technical report, which was completed by Mine Development Associates. Keystone and Maggie Creek are exploration properties on the Cortez and Carlin Trends, respectively, in Nevada.
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