U.S. Gold Corp (NASDAQ:USAU) chairman Luke Norman talked with Proactive about a key milestone for the CK Gold Project, confirming a major step forward in securing dedicated power for the development.
Norman explained that the company has reached an agreement for electricity delivery to the project site, located near Cheyenne, Wyoming.
He described the development as “a huge advancement,” noting that the transmission line will be amortized over the life of mine under a power consumption agreement soon to be finalized.
Norman said this update supports the company’s ongoing definitive feasibility study, transitioning from the pre-feasibility work announced earlier in the year.
He emphasized that the project is on track, both in terms of timing and budget.
“Electricity is going to be delivered to us right to the gate, at an amortized rate... we're going to be ahead of time, power and ready to construct,” Norman said.
The project requires around 30 megawatts of power, and the proximity to existing infrastructure – just 16 miles away – significantly reduces logistical hurdles.
Norman also credited U.S. Gold’s team, including CEO George Bee, for maintaining momentum and aligning contracts necessary for final project financing.