U.S. Silver reviews Caladay history
2007-03-22 11:11 ET - News Release
Mr. Bruce Reid reports
U.S. SILVER CORPORATION UPDATES MINERAL POTENTIAL OF ITS CALADAY PROPERTY
U.S. Silver Corp. is releasing an update on its Caladay exploration project. Over the last several months, company personnel have been reviewing historic records on the Caladay property, which adjoins the producing Galena mine to the east. The Caladay shaft lies approximately 7,300 feet southeast of the Galena mine No. 3 shaft and the two mines are interconnected on the 4,900-foot level of the Galena.
In the early 1980s a joint venture of Day Mines, Callahan Mining and ASARCO spent approximately $32.5-million (about $80-million in 2006 dollars) on the Caladay property to construct surface facilities, a 5,101-foot-deep shaft and associated underground workings to explore the property. The hoist is currently fully operational.
The historical underground exploration program undertaken in the late 1980s included 94 drill holes. This program was designed to extend the Silver belt of the Coeur d'Alene district further east by delineating the down plunge extensions from the Galena mine. Exploration was curtailed in 1989 due to the softening of the silver market. As a result, exploration on the property remains incomplete.
In light of current metal prices, apparent widths and continuity of discovered mineralization, and the proximity of the Caladay property to the Galena and Coeur mines, the company is encouraged about the future potential of the property. In addition, the Caladay facilities benefit the Galena mine operations through improved ventilation, possible additional muck hoisting capacity, and as a secondary potential escapeway.
About 40 of the diamond drill holes delineated an interesting zone of silver-lead mineralization. Diamond drill holes containing mineralization are on 50- to 150-foot centres and occur over a vertical distance of 400 to 500 feet. The mineralized zone is open at depth and to the east with favourable rock types projected in both directions. Two types of mineralization are seen in Caladay drill holes -- disseminated silver-lead, and high-grade tetrahedrite (silver-copper) veins. Typical selected intercepts are listed below. Drill hole data listed in below are down hole lengths. The true thickness of the mineralized zone cannot be estimated until further geologic interpretation is completed. Callahan Mining Co., the operator of the project in the 1980s, calculated a polygonal resource estimate based on the exploration drill holes as also summarized under historical estimates below.
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