U.S. Gold Corp. provided an update following receipt of assay results for a portion of the drilling conducted during the 2021 field season. The Company continues to be encouraged by the positive results confirming its prefeasibility study, released December 1, 2021.

This drilling informs the engineering work aimed at developing the CK Gold Project. The following figures are cross sections through CK21-01c posted with the block grade estimates from the prefeasibility study estimation model. The drill holes' gold and copper grades correlate well to the block model, however as discussed above it is difficult to capture local high-grade intercepts.

The effect of capping assay grades prior to estimation has limited the impact of higher grades. The Company reported initial results from 12 core and reverse circulation holes completed during the 2021 drilling program which was primarily focused on advancing geotechnical and hydrologic understanding. The plan map below shows the distribution of the reported holes relative to the proposed prefeasibility ultimate pit outline.

U.S. Gold has agreed to fund the master's degree of a University of Wyoming graduate student and contribute to the University's Center for Economic Geology Research. The Company believes this contribution will lead to new insight into the deposit. A greater understanding will aid in maximizing the potential of current resource and may identify additional opportunities within this historic mining district.

U.S. Gold Corp. employs a rigorous QA/QC protocol on all aspects of sampling and analytical procedure. Drill core is checked, logged, marked for sampling and sawn in half.

One-half of each drill core is maintained for future reference and the other half of each drill core is sent to ALS, an ISO 17025 accredited laboratory in Reno, Nevada to complete all sample preparation and assaying. Samples are analyzed employing fire assaying with atomic absorption finish for gold, and four-acid ICP-MS analysis for silver and copper. For QA/QC purposes, certified standards, blank samples and sample duplicates are inserted into the sample stream.

U.S. Gold Corp. also periodically submits sample pulps to another independent laboratory for check analysis.