US Precious Metals, Inc. (USPR)Reports Initial Geophysical/VERS Results
October 07 2014 - 11:45AM
Access Wire
MARLBORO, NJ / ACCESSWIRE / October 7, 2014 / U.S.
Precious Metals Inc. (OTCQB: USPR) received on October 6,
2014 an update from its partner, Mesa Acquisitions Group, LLC (MAG)
which summarized the initial results of the geophysical survey work
performed on our Solidaridad Concessions in Michoacán, Mexico. To
date, 11 of the 71 previously identified anomalies have been
processed and analyzed with the geophysical/VERS technology and the
Company is excited by the significant amounts of gold, silver and
copper mineralization that have been identified. Mr. George Mesa of
MAG has informed the Company that he will be with the satellite
technicians overseas during the next week to review the data on the
remaining 60 anomalies. As previously mentioned, these 71 anomalies
are on approximately 2,000 of USPR's 37,000 concession acreage.
In the course of performing the ground work, the sub-contractor
conducted a surface sampling of 61 locations. The values were
determined by geochemical analysis completed by SGS of Durango,
Mexico. Of the 61 samples, 22 tested in excess of 1 g/t of gold. Of
the 22 samples, 14 tested in excess of 5 g/t of gold, and 7 of
these were re-analyzed because the values exceeded the test limits
(>10 g/t). Upon re-analysis, the results of these 7 samples
ranged from 12.06 g/t to 78.02 g/t of gold.
The Company believes that the geophysical/VERS technology
utilized on its concessions is an advanced technology and has
provided the Company with valuable exploration data. USPR had
intended to provide specific quantities of mineralization to its
shareholders. However, after discussions with regulatory
authorities, the data generated by the technology (apart from the
sampling data above) does not conform to SEC reporting guidelines.
Therefore, grade or tonnage will be reported as confirmed by actual
core drilling. The satellite and geophysical survey results have
confirmed the previously identified mineralized zones from our 2008
and 2010 drilling campaigns, and, more importantly, have identified
numerous additional areas of mineralization including extensions of
existing mineralized zones. In addition, the geophysical surveys
have mapped and pinpointed specific drilling targets.
Jerry Pane, CEO of U.S. Precious Metals, stated, "It has taken
quite a bit of time and lots of energy to get to our current
position, however, indications of mineralization have far exceeded
my expectations. We are so impressed with this satellite
technology, we are now in final negotiations to satellite the
entire 37,000 acre concession for gold, copper and silver. The
previous hurdles which required such a long time to get these first
results such as unrest in both Mexico and Ukraine have been
alleviated and I have been assured the results would be ready for
the entire property within 60 days from payment."
The Company has initiated arrangements with a third party
operator to conduct a 5,000 meter core drilling campaign at an
approximate cost of $1 million. Once initiated, the drilling
campaign will run between 45-60 days, and the Company will announce
results as drill cores are fire assayed and processed.
About USPR:
US Precious Metals, Inc. is an exploration stage company engaged
in the acquisition, exploration and development of mineral
properties. We focus on gold, silver and copper primarily located
in the State of Michoacán, Mexico owning exploration and
exploitation concessions to approximately 37,000 contiguous acres
of mineral rights, www.usprgold.com.
This press release may contain certain "forward-looking
statements" relating to the business of U.S. Precious Metals, Inc.
and its subsidiary. All statements, other than statements of
historical fact included herein are "forward-looking statements"
including statements regarding the Company's short term business
and operations, the general ability of the Company to achieve its
commercial objectives, the business strategy, plans and objectives
of the Company and its subsidiaries; and any other statements of
non-historical information. These forward-looking statements are
often identified by the use of forward-looking terminology such as
"believes," "expects", "intended" or similar expressions, involve
known and unknown risks and uncertainties. Although the Company
believes that the expectations reflected in these forward-looking
statements are reasonable, they do involve assumptions, risks and
uncertainties, and these expectations may prove to be incorrect.
Investors should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of factors, including those discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
Investment & Company Information
Contact:
Steve Chizzik
Investor relations
The Verrazano Group, LLC
+1(973) 232 5132
SOURCE: U.S. Precious Metals Inc.