US Gold Corp (NASDAQ:USAU) announced that its subsidiary, Gold King Corp., has received final approval for an Air Quality Permit from the Wyoming Department of Environmental Quality (WDEQ).
The permit marks the last condition required under the Surface Gold Mine Permit, granted in April, for the CK Gold Project, paving the way for the mine's development.
The CK Gold Project, located near Cheyenne, Wyoming, is poised to become the state’s next producing mine, targeting gold and copper production.
"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,” US Gold CEO George Bee said in a statement.
"We are well advanced in our engineering studies and poised to move toward development once the optimization studies announced in September are complete."
Executive chairman Luke Norman highlighted the project's potential to capitalize on rising commodity prices and strengthen Wyoming’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,” Norman told investors.
“This is such 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.”
Engineering work on the project, including the process plant design, is nearing completion, with updated bids for major equipment underway.
US Gold expects to release an updated prefeasibility study by year-end and plans to finalize feasibility studies shortly thereafter.
Shares of US Gold added 6.8% on Tuesday.