USPR Announces Results From Drill Hole #11
Friday May 1, 5:02 pm ET
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SANFORD, FL--(MARKET WIRE)--May 1, 2009 -- In connection with our ongoing drilling campaign, U.S. Precious Metals, Inc. (OTC BB:USPR.OB - News) ("USPR") announces assay results from drill hole 11. These results include an 8 foot intercept of .052 oz/ton gold, 1.69 oz/ton silver, 1.30% copper, a second intercept of 6 feet of .057 oz/ton gold, 1.16 oz/ton silver, 0.56% copper, a third intercept of 8 feet of 0.117 oz/ton gold, 0.41 oz/ton silver and 0.11% copper, a 12 foot intercept of .056 oz/ton gold, 1.34 oz/ton silver and 0.91% copper, and a 5 foot intercept of 0.168 oz/ton gold, 0.40 oz/ton silver and 0.32% copper. Independent umpire assayer Chris Christopherson Laboratory in Kellogg, Idaho conducted the tests and provided the results.
The 2009 drilling campaign is focusing on drill targets located within the southwestern portion of the Main Zone, where old mine workings intersect the mineralized trend. Also, as we previously reported, previous drilling intersected significant copper in this same area. Additionally, within the northeastern portion of the Main Zone are four oxidized quartz sulfide veins, 3 to 8 feet wide quartz veins with hematite (gold bearing iron-oxide), chalcopyrite (silver bearing copper-iron-sulfide) and pyrite (gold bearing iron-sulfide), occurring within the quartz.
Sampling from quartz veins exposed on the surface within the North Zone indicates positive gold, silver and copper values. Shown below is a table of assay results from seven surface samples. The North Zone is also targeted for drilling during 2009.
Surface sample Gold oz/ton Silver oz/ton Copper parts per million
-------------- ----------- ------------- ------------------------
Surface sample #2 0.444 9.56 4,478
Surface sample #3 0.504 4.74 1,525
Surface sample #4 0.224 6.18 2,876
Surface sample #5 0.568 6.07 9,005
Surface sample #9 0.310 0.30 1,222
Surface sample #14 0.434 0.16 1,430
Surface sample #15 1.256 0.50 1,115
The above assays from the various surface samples provided to us by Chris Christopherson Laboratory gives us a strong indication that there are additional resources in the ground encompassing these target areas.
After the 2008 drilling campaign, our current proven reserves are 57,432 ounces of gold, 403,532 ounces of silver and 3,057 tons of copper where sulfide mineralization is hosted in quartz sulfide veins. Gold, silver and copper mineralization have been consistently identified within a northeast-southwest linear trending zone referred to as the Main Zone.
In other USPR news, metallurgical testing for gold, silver and copper extraction has begun.
About U.S. Precious Metals, Inc.:
USPR is a mineral exploration company headquartered in Sanford, Florida and operating in Mexico through its Mexican subsidiary, U.S. Precious Metals de Mexico, S.A. de C.V. USPR owns significant exploration rights to approximately 37,000 acres of land in Michoacan, Mexico. USPR's common stock is quoted on the OTC Bulletin Board under the symbol "USPR."
Statements contained herein that are not based upon current or historical fact are forward-looking statements. Such forward-looking statements relate to future events and future operating results, performance, prospects and opportunities. The use of terms such as "anticipate," "believe," "estimate," "plan," "intend" and "expect" and similar expressions, as they relate to USPR, or its management, identify forward-looking statements. These forward-looking statements are based on information currently available to USPR and USPR's current plans, intentions and expectations. Forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause USPR's actual results, performance, prospects and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, such factors, including risk factors, discussed in USPR's Annual Report on Form 10-K/A for the fiscal year ended May 31, 2008, filed with the Securities and Exchange Commission on February 23, 2009. Except as required by the Federal securities law, USPR does not undertake any obligation to revise or update any forward-looking statements contained herein after the date hereof.
Contact:
CONTACT:
U.S. Precious Metals, Inc.
M. Jack Kugler
Chairman of the Board/CEO
(407) 566-9310
usprgold.com
Source: U.S. Precious Metals, Inc. |
