U.S. Silver mines 51.66 opt Ag from drift at Galena
US Silver Corp (C:USA)
Shares Issued 211,640,827
Last Close 3/10/2008 $0.79
Tuesday March 11 2008 - News Release
Mr. Bruce Reid reports
U.S. SILVER CORPORATION COMPLETES EXPLORATION DRIFT ON NEW SILVER-COPPER ZONE AT THE GALENA MINE
U.S. Silver Corp. has received results from the recently completed exploration drift mining on the 3400 level at the Galena mine near Wallace, Idaho. The actual mined grades in the drift were 51.66 ounces per ton silver and 2.77 per cent copper with an average width of 7.1 feet over a strike length of 66 feet. The undiluted vein averaged 4.1 feet wide, 84.36 ounce per ton silver and 4.56 per cent copper. This exploration drift was put in to test the potential of the new silver-copper zone. Mark Hartmann, president of U.S. Silver, commented, "The company is currently evaluating options on how to most efficiently develop and mine this newly discovered mineralization on the 3400 level."
This exploration drift on the 3400 level followed up on a diamond drilling intercept previously reported in Stockwatch July 25, 2007. The intercept in drill hole 34-105 hit 19.8 feet (true thickness 11.4 feet) of tetrahedrite mineralization grading 63.9 ounce per ton silver and 3.41 per cent copper. This was within an interval 32 feet thick (true thickness 18.4 feet) which averaged 46.25 ounces per ton silver and 2.64 per cent copper.
The drift was driven out from the 3400 level 287 west raise. The 287 west ore chute had ended 88 feet west of the raise. The new drift went through 154 feet of low-grade material prior to encountering the new ore zone. Because of the distance from the raise, the heading was stopped at a distance of 308 feet from the raise. Ore-grade material assaying 16.74 ounces per ton silver and 0.88 per cent Cu over a width of five feet remained in the face. The exploration drift is about 32 feet above the 3400 level track elevation and the diamond drill (34-105) intercept is about 72 feet above the exploration drift. Bruce Reid, chief executive officer, stated, "This is one of a number of new high-grade zones that the company has discovered and is developing for future production."
Other U.S. Silver exploration projects currently in progress include development and diamond drilling on the 2400 level of the Galena mine as well as surface diamond drilling. The current drift development on the 2400 level is being used as a diamond drilling platform to explore the recently discovered silver-copper and silver-lead zones reported in Stockwatch March 13, 2007. Twenty holes totalling 6,400 feet of drilling have been completed. Results to date indicate multiple high-grade vein structures with silver-copper as well as silver-lead mineralization. Assays have been received for 16 drill holes and 15 have ore intercepts. The drilling results are currently being analyzed and will be released in the near future. Significant drilling results received to date include 4.8 feet true thickness running 31.71 ounces per ton silver and 0.49 per cent copper in hole 24-147. Drill hole 24-149 had two silver-lead intercepts 124 feet apart that were 3.9 feet true thickness running 12.11 ounces per ton silver and 14.87 per cent lead, and 5.8 feet true thickness that runs 11.83 ounces per ton silver and 9.76 per cent lead.
A surface diamond drill was mobilized on Nov. 12, 2007, to drill properties leased by U.S. Silver from American Silver Mining Company and Gem State Mining Company. The properties are approximately 2.5 miles northwest and five miles east of the Galena mine. Drilling targets include mineralization associated with the Fort Wayne fault and the Silver Standard anticline. The diamond drilling was completed on Feb. 11, 2008, and an analysis of the results is pending. |
