U.S. Precious Metals Reports 46 Feet of 0.244 Oz/T Au and 59 Feet of 0.193 Oz/T Au From Historical Drilling at the La Sabila Gold-Copper Project, Michoacan, Mexico
U.S. Precious Metals Inc. (USPR-OTCBB) is pleased to report high-grade gold intercepts over substantial thicknesses from drilling by MIM Holdings (now part of Xstrata) in 1997-1998 on USPR’s wholly-owned, 16,690-hectare La Sabila gold-copper project in Michoacan, Mexico.
The 21 reverse circulation holes tested a structural corridor extending at least three kilometers north-south which contains multiple NE-trending, vertical to steeply SE-dipping zones of gold mineralization. The drilling, combined with mapping and channel sampling of drill road cuts, identified three major zones of gold mineralization: the Main Zone, estimated by MIM to contain 3 million tonnes of mineralized material grading 3.0 g/t (0.096 oz/t) gold, 20 g/t (0.64 oz/t) silver, and 0.5% copper to a depth of 150 meters; the North Zone, which occurs 300 meters north of and sub-parallel to the Main Zone; and the Cuendao Zone, which lies 2 kilometers to the south of the Main Zone.
Results of the drilling are summarized in the accompanying table.
Hole ID From To Interval Gold TD Interval Gold Area Meters meters gpt m Feet opt SD97-1 18 38 20 4.4 150 66 0.141 Main 58 60 2 4.7 7 0.151 122 140 18 6.0 59 0.193 SD97-2 30 46 16 0.7 150 52 0.023 Main 70 78 8 0.9 26 0.029 SD97-3 0 2 2 3.2 150 7 0.103 Main SE 22 36 14 7.6 46 0.244 64 68 4 4.6 13 0.148 SD97-4 158 164 6 10.3 204 20 0.331 Main SD97-5 38 48 10 0.8 150 33 0.026 Main NW 98 100 2 4.1 7 0.132 SD97-6 nil 164 Main reconn SD97-7 102 136 34 0.8 154 112 0.026 Main Tunnels SD97-8 14 20 6 8.1 172 20 0.260 North SD97-9 32 34 2 1.3 162 7 0.042 North 52 54 2 1.4 7 0.045 62 66 4 2.0 13 0.064 SD97-10 30 32 2 0.9 154 7 0.029 North SD97-11 54 70 16 0.6 156 52 0.019 Cuendeo SD98-12 nil 160 Main NW reconn SD98-13 nil 150 Main NW reconn SD98-14 nil 180 Main SW Tunnels SD98-15 nil 156 Main SW Tunnels SD98-16 nil 150 Main NE ext SD98-17 0 24 24 1.2 152 79 0.038 Main 116 126 10 2.5 33 0.079 SD98-18 56 68 12 1.7 170 39 0.054 Main 78 82 4 2.0 13 0.063 136 138 2 2.6 7 0.084 SD98-19 22 24 2 3.2 124 7 0.104 Main 52 58 6 6.4 20 0.205 84 88 4 2.7 13 0.086 SD98-20 56 74 18 1.3 134 59 0.041 Main 88 98 10 1.6 33 0.051 SD98-21 4 8 4 1.7 24 13 0.053 Main LA SABILA DRILL HOLE SUMMARY
Holes were drilled on a NW azimuth at inclinations of 55 to 75 degrees (most holes defining mineralization in the Main Zone were drilled at an inclination of 55 degrees to horizontal) in order to intercept the quartz-sulfide veins which strike N40-70E and dip 65 degrees SE to vertical. Thus, true thicknesses of the mineralized zones are approximately 70% to 80% of the apparent thicknesses reported in the table. Samples were collected at 2-meter intervals and submitted to ALS Chemex Labs for gold, silver, and copper assay, as well as for geochemical analysis of a suite of trace elements.
Peter Toscano, Chairman of USPR, stated, “The drilling by MIM demonstrates that significant, high-grade gold mineralization occurs at La Sabila, and only a small portion of the structural corridor has been tested to date.” The Company plans to define and drill additional gold targets during the upcoming field season, as well as to expand the existing zones of mineralization which are open along strike and to depth.
About U.S. Precious Metals, Inc:
U.S. Precious Metals, Inc. (USPR-OTCBB) is a gold exploration company operating in Mexico through its wholly-owned subsidiary, U.S. Precious Metals de Mexico. On March 13, 2003, the Company acquired Solidaridad I (175 hectares). On March 27, 2003, USPR acquired the Solidaridad II (2,164 hectares) exploration concession from the Mexican government. On July 22, 2003, the Company acquired the exploration concessions for Solidaridad III, (294 hectares) and Solidaridad IV (149 hectares). On May 25, 2004, the company received the exploration concession from the Mexican government for Solidaridad V (La Ceiba, 921 hectares). In February 2006, USPR claimed a gold mine concession lot named “La Sabila” (12,987 hectares) that surrounds the other concessions, bringing the total area under USPR’s control to 16,690 hectares (one hectare equals 2.47 acres).
Safe Harbor Act Disclaimer: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and as such, may involve risks and uncertainties. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations, are generally identifiable by the use of words such as “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project”, or similar expressions. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, potential future performance, perceived opportunities in the market, and statements regarding the Company’s mission and vision. The Company’s actual results, performance, and achievements may differ materially from the results, performance, and achievements expressed or implied in such forward-looking statements.