New Company President Advancing Mining Projects
Good day everyone,
We are continuing our coverage of U.S. Gold Corp. (NASDAQ: USAU) a gold, copper, silver, and zinc exploration and development company.
Current price $13.15 per share
Outstanding shares (est.) 5.76 million
Float (est.) 5.09 million
Insider ownership 20.12%
USAU has some things in common with our last two feature alerts, both of which had significant gains. All have been trending and US Gold has been trending all through the month of December. A look at the stock chart indicates USAU shares have broken through their 50 DMA of $9.94 and their 200 DMA of $8.17 in a bullish manner. Their Simple Moving Averages, at all levels, are green.
We last reported on USAU in mid-September. Over the summer of this year, gold prices reached a high of $2,063/ounce, it happened on August sixth. Since then, gold prices have meandered between $1,600 – $1,900/ounce and is currently at $1,884/ounce. What’s going on with gold prices?
Gold has a symbiotic relationship with the stock market. When the market is soft, investors turn to gold, raising the price. In that same time frame, August 6, to present, the NASDAQ has gained 15%, a gain that should have decimated the price of gold but has not. We believe investor interest in gold is still high for a couple reasons:
• The pandemic. While we seem to be at the beginning of the end for covid-19, the actual end of the pandemic may be 6 months to a year away.
• The stock markets are strong right now, near record levels for virtually all the indices. Our view of stocks remains bullish over the next decade, but investors look at history. On average, the S&P 500 has a 10% correction every 16 months, and a 20% correction every 7 years.
At the time of our last report, Mr. George Bee became President of the company and we wondered at the time what kind of impact he might have on the company.
Mr. Bee seems to be building a fire under some of the company projects. The news coming out from USAU indicates a new sense of urgency in developing stakeholder value through aggressive project development. Since our last report in September, USAU has released a dozen press releases providing investors with news of corporate updates and milestones achieved.
We want to highlight some of the recent milestones:
An end of field season report for its CK Gold Project. Mr. Bee has placed significant corporate resources on the CK gold Project in Wyoming and recently stated “With the drilling from 2017, 2018, and now 2020, we anticipate expanding the resource.” The company has established a good relationship with the local rancher who owns grazing rights on the CK Gold Project (we are city boys and didn’t know grazing rights were a thing).
The CK Gold Project announces an average gold equivalent grade of 1.126 g/t. The results of the drilling program, which are 177.5 meters (600 feet) of continuous gold, copper, and silver mineralization with an average gold equivalent grade of 1.126 g/t, demonstrate strong continuity of attractive gold and copper grades.
U.S. Gold Corp. Announces Maggie Creek Exploration Update. The Maggie Creek Project is in the heart of the Carlin Trend, immediately adjacent to Newmont’s (NYSE: NEM) 26-million-ounce Gold Quarry mine.
Reasons US Gold’s shares may experience a near term breakout:
The shares are trending and have passed their DMA’s in a bullish manner.
Very positive drilling results at the CK Gold project.
Tiny float (5.09M shares) may cause a rapid gain in the share price.
Insider ownership (20.12%) indicates a vested interest in creating shareholder value.
As many of you know, we have been watching USAU for some time. The management change this summer has changed the direction of the company somewhat with more emphasis on the CK Gold Project and the company seems to be operating at a new level of urgency.
Everything is looking lined up for a potential breakout in USAU shares.
We will be back with a full report soon.
Stay tuned and stay informed,
The Traders News Group
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