U.S. Gold (USAU) shares were higher Tuesday after the company said its CK Gold Project in Wyoming continues to demonstrate economic viability, citing the result of its updated prefeasibility study.
The stock was up more than 5% in recent trading.
The updated evaluation showed improvement of 15% in project payback and 42% in net present value over the prior study, the company said.
The prefeasibility study paves the way for a full feasibility evaluation, with the project's output estimated at about 1.1 million average gold equivalent ounces, or 111,250 AuEq ounces per year based on a 10-year processing life from the mine, the company said.
Mineral reserves are estimated at about 1.7 million AuEq ounces, which the company said supports an eight-year mine life and 10 years of processing.
Price: 9.39, Change: +0.48, Percent Change: +5.33
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