UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: August 25, 2015
(Date of earliest event reported)
U.S. PRECIOUS METALS, INC.
(Exact name of registrant as specified
in its charter)
Delaware |
000-50703 |
14-1839426 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer I.D. No.) |
242A West Valley Brook Road
Califon, New Jersey 07830
(Address of Principal Executive Offices)
(732) 851-7707
(Registrant's telephone number, including
area code)
N/A
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] |
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 7.01 Regulation FD Disclosure.
On August 25, 2015, the Company issued the press release
attached hereto as Exhibit 99.1.
The information in this Item 7.01 of this Current Report
is furnished pursuant to Item 7.01 and shall not be deemed "filed" for any purpose, including for the purposes of Section
18 of the Exchange Act, or otherwise subject to the liabilities of that Section. The information in this Current Report on Form
8-K shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any
general incorporation language in such filing. The filing of this report and the furnishing
of this information pursuant to Item 7.01 do not mean that such information is material or that disclosure of such information
is required.
Item 8.01. Other Events.
As of August 21, 2015, the Company’s
issued and outstanding shares of common stock are 176,738,830.
Item 9.01. Financial Statements
and Exhibits.
99.1 Press Release of the Company dated
August 25, 2015.
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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U.S. PRECIOUS METALS, INC. |
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By: |
/s/ John Gildea |
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Name: John Gildea |
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Title: Chief Executive Officer |
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Date: August 25, 2015 |
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USPR Announces New Mineralized
Zones and Expansion of Existing Mineralized Zones
New York, New York- August 25, 2015-U.S. Precious Metals,
Inc. provides the following initial geologic update on 2015 Drilling Program.
Based upon information obtained to date (20 drill holes
cored and assayed), USPR has identified 1 new area of mineralization and expanded 3 areas of known mineralization. The new area
is approximately 100 meters east of the “Main Zone,” and called the “East Zone.” Definitional drilling
also extended known mineralization in the “Main Zone,” “West Zone” and the “Northwest Zone.”
Please refer to the attached a map which depicts various
zones of interest on approximately 120 acres of USPR’s 37,000 acre concession, www.usprgold.com/exploration/maps.
The following is a brief description of 4 of the zones
referenced above within the 120 acres.
Main Zone. [2008: 11 holes, 2010: 1 hole, 2015:
10 holes completed (#9, 13-15 & 19-25)] This area has been the subject of the most exploration work on our property to
date. Prior drill results showed strong mineralization with quartz sulfide veins. In 2008, hole #5 had high grade intercepts of
29 g/t Au and 135 g/t Ag. Our 2015 campaign, continued if not, exceeded our 2008 campaign with high grade intercepts ranging from
13 to 50 g/t Au and 2-3% Cu (1).
Northwest Zone: [2010: 3 holes, 2015: 7 holes
(#1-7)] In 2010, we did not encounter high grade intercepts in this zone. During our recent campaign, we had intercepts as
high as 39 g/t Au and 2-3% Cu (1). Previously, we believed the “North Zone” was separated from the “Main Zone”
by a fault because of the orientation of the quartz sulfide veins exposed on the surface. However, our recent drilling results
lead us to conclude that this mineralized zone appears to be connected with the “Main Zone.” This area is located approximately
220 meters from the closest point of the “Main Zone.”
East Zone: [2015: 5 holes (#14-18 & 24)]
We were unable to reach this area in prior drilling campaigns due to the lack of accessibility. New road construction during the
recent drilling campaign allowed access to this area. We had intercepts as high as 25.56 Au and 129 Ag 7.97 % Cu (1). This area
has been of interest due to exposed quartz sulfide veins of approximately 20 meters. This area is located approximately 300 meters
south and east of the closest point in the “Main Zone.”
West Zone: [2008: 3 holes, 2015: 4 holes (#8-12)]
In 2008, we encountered exceptionally high grade silver intercepts, as high as 123 g/t Ag. Our recent drilling was north of the
2008 locations. LS-15-011 was significant as it intercepted 10 feet of high grade copper and silver with a weighted average over
3.4 meters of 431 g/t Ag (1). This area is approximately 300 meters from the closest point in the Main Zone.
The purpose of the 2015 campaign was to expand known
areas of mineralization from prior drilling, which in turn would enable USPR to complete a resource estimate of mineralization.
Prior to our recent drilling, we did not have sufficient information to make a geologic connection of the Northwest, East and West
Zones to the Main Zones. The recent drilling, however, has yielded geologic characteristics in Northwest, East and West Zones,
which are similar in nature to that of the “Main Zone.” These characteristics lead us to reasonably conclude that there
appears to be a geologic continuity between Northwest, East and West Zones to the “Main Zone.” In addition, based upon
results from 2010, management believes the same geologic continuity exists between the “Main Zone” and the “Southern
Zone” (See attached Map - www.usprgold.com/exploration/maps).
Dave Burney, the Company’s Chief Geologist stated:
“Overall, our results to date in this 2015 drilling campaign encountered higher grades of mineralization than either of our
two prior drilling campaigns and we are extremely excited about our future exploration efforts.” Mr. Burney further stated,
“Prior to our current drilling program, we did not have sufficient subsurface information to establish a mineral resource
estimate on a substantial portion of the ‘Main Zone’ and surrounding areas. However, due to our recent drilling efforts,
for the first time in the history of this company, we will be in a position to compile a resource estimate of mineralization on
the ‘Main Zone’ and surrounding areas. Based on information and assumptions provided to us by third party mining engineers
on approximately 120 acres (or 0.4% of our property), we believe the resulting resource estimate will finally begin to place a
true value on this property“.
The Company has initiated discussions with a “Qualified
Person” to prepare a Technical Report compliant with NI 43-101 to incorporate the results of the 2015 drilling and prior
results, and expects a final report to be completed within 60-90 days.
In addition, the Company reports that ACT Holdings and
its contractors have begun digitizing all of the Company’s geological information, including all drilling results and surface
samples, so as to compile a comprehensive 3-D geological mapping system. USPR believes this technology and data will enhance the
ongoing geological efforts as well as assist them in increasing their resource estimates as they continue to explore their property.
Finally, the Company expects to receive assay results
for the remaining holes in the coming days. These results have been delayed due to an annual audit conducted on ACT Labs at their
facility in Mexico.
(1) To
view a complete table of available composited results for Holes 1 through 17, please click on the following link to the Company’s
website: http://www.usprgold.com/exploration/assays-2015-drill-campaign-results
About USPR
US Precious Metals, Inc. is an exploration stage company
engaged in the acquisition, exploration and development of mineral properties. The Company focuses 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, including the ability of
the Company to sustain growth; 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
Steve Chizzik
Investor relations
The Verrazano Group, LLC
+1(973) 232 5132
Contour Map of Zones of Interest
www.usprgold.com/exploration/maps