U.S. Gold Corp. (NASDAQ:USAU), through its subsidiary Gold King Corp., has announced the approval of its Air Quality Permit by the Wyoming Department of Environmental Quality (WDEQ). This development clears the final regulatory hurdle for the company’s CK Gold Project, satisfying the final condition of the Mine Operating Permit granted earlier in April 2024. The project is set to bring gold and copper production to southeastern Wyoming.
George Bee, President, CEO and Director of U.S. Gold, commented in a press release: “WDEQ’s approval of the Air Quality Permit satisfies the remaining condition associated with the Mine Operating Permit granted in April 2024, completing a major hurdle in the CK Gold Project’s pathway to development. We are well advanced in our engineering studies and poised to move toward development once the optimization studies announced in September are complete.”
Luke Norman, Executive Chairman of U.S. Gold also commented: “The fulfillment of this remaining condition under the Mine Operating Permit positions the CK Gold Project to be Wyoming’s next producing mine, adding gold and copper production to the State’s resource portfolio. The CK Gold Project with its geographically advantageous location, now fully permitted, is poised to be able to leverage rising commodity prices. This is a rarity in today’s global mining context where a lack of funding for exploration and onerous permitting hurdles have hampered the supply of new projects to satisfy increasing demand. As significant shareholders of the Company, we are committed to forging the pathway to project financing without undue dilution to our fellow shareholders.”
The CK Gold Project, previously known as Copper King, represents a significant transition for U.S. Gold Corp. from exploration to development. Dormant for years after limited underground mining, the project gained momentum in 2020 when the company initiated development efforts. A Preliminary Economic Assessment was conducted in 2012, followed by a pre-feasibility study in December 2021. The mine’s location and regulatory readiness position it as a notable contributor to Wyoming’s resource industry.
Engineering for the CK Gold Project is in advanced stages, focusing on optimizing plans for the processing plant and updating equipment bids. The company halted its feasibility study in March 2023, citing alignment issues with the permit approval timeline, supply chain disruptions from the pandemic, and updates required from WDEQ’s review. An updated pre-feasibility study is expected by year-end, after which final feasibility work will resume.
The project aims to repurpose waste rock into construction materials, addressing local demand and reducing costs. This approach complements the core objective of extracting gold and copper, aligning with broader efforts to optimize the mine’s value.
U.S. Gold Corp., listed on Nasdaq as USAU, has other projects beyond the CK Gold Project, including exploration projects in Nevada and Idaho. However, the CK Gold Project remains its flagship project, reflecting the company’s shift toward production.
U.S. Gold Corp. now looks to secure full project financing on favorable terms while finalizing technical plans before breaking ground. The CK Gold Project is a rare and successful example of a fully permitted mine ready to proceed in an increasingly constrained global mining environment.
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.
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