PRINCETON, N.J., Dec. 8, 2016 /PRNewswire/ -- Dataram Corporation (NASDAQ: DRAM) today announced that its acquisition target U.S. Gold Corp. ("USGC") completed the staking of 71 additional claims for the Keystone Project, located on the Cortez Trend in North Central Nevada. The Keystone Project consists of 377 unpatented lode mining claims including the 71 additional and newly staked claims on the north eastern end of the property in Eureka County, Nevada. This represents approximately 7,500 acres or between 11 to 12 square miles.
"Keystone represents a large, district scale opportunity," said Dave Mathewson, U.S. Gold Corp.'s VP and Head of Nevada Exploration. "I have been on and off the Keystone property for the last 30 years and Keystone represents one of the best exploration opportunities in Nevada. This is the first time in the last 30 years that one single company has consolidated the entire district, providing the benefit of being able to design our exploration program based upon geology instead of claim boundaries. We are excited about the Keystone project and look forward to providing additional updates as our 2016 exploration program advances."
The 2016 exploration program consists of:
- Property scouting, additional claim staking and initial target reconnaissance
- Digitization of all prior analog data to build a current geological property database
- A detailed mapping program to accurately identify all of the properties geological characteristics
- A thorough gravity survey conducted by J L Wright Geophysics to help define initial drill targets
- Soil sampling and geo-chemistry
- Rock sampling
- Drill target selection and initial permitting
"We are excited about the 2016 Keystone exploration program," continued Mr. Mathewson. "My approach to exploration has always been a process driven, model-based methodology. This is the same approach we used at Gold Standard Ventures to make the initial discovery at Railroad. Keystone represents a tremendous opportunity as the rock formations, setting, location and geological indications present an ideal setting for a potential discovery. With these additional claims, I am confident our existing land package effectively controls every part of the visible system and prospective extensions based upon gravity data."
Dataram's Chairman and CEO Mr. Dave Moylan further commented "the Keystone project represents an excellent opportunity for Dataram's acquisition target. We believe the additional land position at Keystone provides significant exploration upside with what is now a much larger property position. With the additional 71 claims secured, the intent is to further explore and develop the project which includes selecting target drill sites initiating permitting and drilling. Our hope is this could lead to a potential discovery, a future mineral resource estimate, and eventually, commencing pre-feasibility work.
"We are encouraged by the momentum building at the acquisition target as it reaffirms our commitment to creating accretive value-added opportunities to our shareholders. The Keystone project represents an evolutionary step in assembling a portfolio of discovery and development stage projects in North America. The Copper King Project in southeastern Wyoming was the first step, and the Keystone Project in Nevada is the next significant growth step for the U.S. Gold Corp. business. As such, we are pleased to confirm that the staking of claims has been completed and the 2016 exploration program has begun. "
Keystone is an early tertiary aged intrusive in lower plate window. The property has extensive hydrothermal alteration systems with regional and range-front structure zones. The potential target is a "Cortez Hills" type deposit at shallow to medium depth. The Keystone Project is positioned on the prolific Cortez gold trend, one of the world's leading gold producing regions. The project is centered on a granitic intrusion that warped the local Paleozoic stratigraphy into a dome, allowing for exposure of highly favorable Devonian, Carboniferous (Mississippian-Pennsylvania) and Permo-Triassic rocks including key likely host rocks for mineralization, the silty carbonate strata of the Horse Creek Formation and the Wenban Limestone, as well as possible sandy clastic units of the Diamond Peak Formation. The Horse Canyon and Wenban rocks are the primary host rocks at the nearby Cortez Hills Mine and Gold Rush deposit currently operated by Barrick Gold.
In the late 1800's, the Keystone mine was a small producing mine with more than 140 historical drill holes on the property. No comprehensive, modern-era, model-driven exploration has ever been conducted on the Keystone Project. Previously, significant amounts of low grade (+/- 0.02 opt) and anomalous gold were intersected, but results were considered uneconomic, and prior projects were terminated.
About Dataram Corporation
Dataram is an independent manufacturer of memory products and provider of performance solutions that increase the performance and extend the useful life of servers, workstations, desktops and laptops sold by leading manufacturers such as Dell, Cisco, Fujitsu, HP, IBM, Lenovo and Oracle. Dataram's memory products and solutions are sold worldwide to OEMs, distributors, value-added resellers and end users. Additionally, Dataram manufactures and markets a line of Intel Approved memory products for sale to manufacturers and assemblers of embedded and original equipment. 70 Fortune 100 companies are powered by Dataram. Founded in 1967, the Company is a US based manufacturer, with presence in the United States, Europe and Asia. For more information about Dataram, visit www.dataram.com.
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These risks include, but are not limited to, risks and uncertainties associated with the price of the Company's common stock and its ability to satisfy the continued listing standards of The NASDAQ Stock Market, the impact of economic, competitive and other factors affecting the Company and its operations, markets, products, changes in the price of memory chips, changes in the demand for memory systems, increased competition in the memory systems industry, order cancellations, delays in developing and commercializing new products, risks related to the Company's previously announced acquisition target, U.S. Gold Corp., faced by junior exploration companies generally engaged in pre-production activities; maintenance of important business relationships; and other factors described in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including the Risk Factors with respect to U.S. Gold contained in the Current Report on Form 8-K filed on November 29, 2016, filed with the Securities and Exchange Commission, which can be reviewed at www.sec.gov. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks, contingencies, and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control. The Company does not assume any obligations to update any of these forward-looking statements.
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SOURCE Dataram Corporation