U.S. Precious Metals
(PublicWire.com Press Release) U.S. Precious Metals, Inc. (OTCBB: USPR) (“USPR” or the “Company”) Chairman and Chief Executive officer, Michael Jack Kugler announced today that the Company has received final assay results on holes LS10-001 and LS10-002 at the La Sabila Project in southern Michoacan. The Company has completed a total of 8 drill holes in the current drilling campaign and is in the process of drilling hole LS10-009. Initial review of drill holes LS10-003 through LS10-008 show consistent mineralized intercepts but we will have more detailed information once we have received assay results for those holes. We also found that, LS10-005 intercepted significant mineralization at 211 meters and 231 meters, deeper than previously observed.
Results from hole LS10-001 show significant intercepts beginning at 16.6 meters (54 feet) with a grade of 14.4 gpt (0.42 opt) gold, 72.7 gpt (2.1 opt) silver and 1.74% copper. Drill hole LS 10-001 intercepted a total of 10.7 meters (see the Table below for the mineralized intercepts) grading 1.52 gpt (0.044 opt) gold, 36.1 gpt (1.05 opt) silver and 0 .744% copper. Drill hole LS10-002 intercepted mineralized material at 2.1 meters (7 feet) with a grade of 29.46 gpt (0.859 opt) gold, 42.6 gpt (1.24 opt) silver and 0.482% copper. LS10-002 intercepted a total of 8.7 meters of 5.42 gpt (0.158 opt) gold, 15.9 gpt (0.46 opt) silver and 0.344% copper. Both holes were drilled in the same location south of the Main Zone and within east-west trending quartz sulfide veins.
Mr. Kugler said, “We have completed 4,000 meters of the planned 2010 10,000 meter drilling program. With continued success of the drilling we plan to extend the drilling program into 2011 with another 10,000 meters.” The drilling company is maintaining a drilling rate of 75 meters per day while USPR has expanded its campaign to include the construction of new roads and drilling pads, maintenance of existing roads, and construction of new drill sites. USPR is also continuing surface exploration. Dave Burney, President and Chief Geologist of USPR states that the Company “has identified and is investigating additional significant exposed oxidized quartz sulfide veins. Some of these veins contain solid runs of high grade mineralization. This find is consistent with our belief that the property has excellent potential.” Mr. Burney also stated that the Company is in the process of completing its laboratory, which will enable it to complete on-site assay work on exploration samples and move forward on metallurgical testing in the core lab. Our independent assayer, ALS Chemex, will continue to assay our core samples.
Mike Floersch is the qualified person as defined by National Instrument 43-101 and supervised the preparation of the technical information in this release.
For all the latest in small cap news, videos, and information, visit us online at PublicWire.com, or call us, toll free, at 888-843-1412.