United Silver Corp. (“United Silver Corp.”, the “Company”, or
“USC”: TSX; USC: OTC; USCZF: Frankfurt: UM8) is pleased to
announce that the Board of Directors has approved a revision and
new emphasis of exploration and development priorities at the
Crescent Mine, located near the town of Kellogg, in the prolific
Coeur d’Alene Silver Belt, in the state of Idaho. Together, the
Crescent Mine, along with the adjoining Sunshine and Bunker Hill
mines, historically produced more than 550 million ounces of
silver. The Crescent remains largely unexplored both to depth and
along strike of its 3500 meter ownership of the South Vein and the
Alhambra Vein.
Recent drifting on the South Vein from the spiral decline (see
below) has returned face samples yielding up to 188 ounces per ton
silver, amongst the highest values from panel sampling of the
advancing face yet encountered. This opens up new territory for
exploratory drifting to test the down-rake extent of the shoot.
Below is a table listing the newly-received values from the third
test drift.
Recent Geochemical Results:
Three test exploration drifts have been made along the
mineralized South Vein. Results from the first drift were reported
in a news release dated 28 February 2012. A strike length of 788
feet has been opened up in the second drift, 40 feet vertically
below the first exploration drift. The first 351 feet of a third
test exploration drift, situated 90 feet below the first drift have
been completed.
WEST I WEST II CENTRAL EAST
Test I-
drift
length
(feet)
average
width
(feet)
average
grade
(opt Ag)
length
(feet)
average
width
(feet)
average
grade
(opt Ag)
length
(feet)
average
width
(feet)
average
grade
(opt Ag)
length
(feet)
average
width
(feet)
average
grade
(opt Ag)
first 88 9 15.7 not present at this elevation 210 8.3 16.3* 246 7.3
14.2 second 115 7 10.9 not present at this elevation 241 10.3 11.4
202 7.3 6.6 third not reached yet 51 9 25.6 106 11.2 12.6 not
reached yet
* incorrectly stated as 15.8 in 28 February 2012 press
release
Recently-Discovered High-Grade Shoot
A new shoot was encountered on the third exploration drift
between the west and central shoots which is called the “west II”
shoot. This high-grade silver-bearing zone is concentrated on the
immediate footwall of the main fault and includes individual face
samples of up to 188 opt Ag.
Selected face samples from the newly discovered west II
shoot:
distance along strike from centerline (feet) sample width
(feet) opt Ag 152.6 1.2 24.0 152.6 2.6 179.0 163.7 1.5 21.0
163.7 1.4 74.2 169.8 2.6 43.0 169.8 0.6 54.4 175.4 1.4 69.6 182.5
3.5 36.6 187.0 1.7 115.8 187.0 1.6 43.1 193.0 1.0 54.3 193.0 1.8
188.0 193.0 1.8 28.5 197.7 1.0 163.5 197.7 0.8 99.8
All samples are chip samples from vertical drift faces, with
sample widths measured in the horizontal plane perpendicular to
strike. Samples were analyzed by American Analytical Services, an
ISO 17025-accredited laboratory located in Osburn, Idaho. All
results reported are fire assays.
A siderite vein splay into the footwall of the main South Vein
shear appears within the central zone on all three test elevations.
This footwall splay is not fully tested at any of the three
elevations, but the splay has demonstrated persistent strong
mineralization through the vertical range tested so far. The splay
has been opened up for a length of about 30’ to date on the third
test drift, contributing 220 tons of material at an average grade
of 10.7 opt Ag. Further exploration on the splay is expected to
contribute additional ounces per vertical foot to all three test
elevations.
Much of the mineralization has been sheared into lenses of
higher grade by movement on the predominantly parallel South Vein
shear, and such lenses may abruptly terminate against the main
fault, but while they are of small size, they contribute a
disproportionate percentage of the contained ounces at each
elevation.
Recently, the majority of underground work at the Crescent has
focused on pre-development preparation and test mining to develop
material for test milling at the newly-expanded New Jersey Mining
Company mill, located 4.5 road-kilometers from the Crescent portal.
Initial mill testing using silver-bearing material excavated from
the first two exploration drifts has already begun. However,
Management has recently analyzed the underground progress, noted
discrepancies in the mill head grade relative to the voluminous
geochemical sampling which accompanied the bulk sample excavation
from the drifts, and, taking into account the higher grades and
greater variability recently encountered, decided to re-focus on
more detailed exploration before proceeding with additional test
milling.
The exploration work will include a more detailed mapping and
geochemical sampling, a search for conjugate and take-off veins
beyond the tunnel walls (which may contain very high grades of
silver), and a more exact identification of the contact between
silver-bearing mineralization and waste.
Mine development activities, principally directed towards
advancing the Big Creek #4 Incline and the Countess Spiral Decline
have been curtailed, including a substantial reduction in our work
force, until the geological evaluations described above, and
elaborated on below, have been completed. Test exploration drifting
will continue on the third exploration drift (3840) level on a
limited basis.
Ongoing exploration work will include selective re-sampling of
the backs along both the first and second exploration drifts.
Detailed sampling and re-mapping will determine more precise
contacts between ore and waste, leading to a re-assessment of
mining width. Detailed mapping will identify the potential presence
of splays and off-shoots (such as described above) of the silver
mineralization, utilizing both short cross-cuts and drilling into
the hanging-wall and foot-wall of the drift. Three-dimensional
figures will aid the analysis. Large, bulk samples will be used for
specific gravity re-assessments on a regular basis. With these
data, a detailed estimation will be calculated as to the degree of
internal waste that has been mined, and newly-calculated mining
widths will be determined.
The objective of the above program is to maximize the grade of
the South Vein mineralized block determined by earlier core
drilling. The third level exploration drift will provide a proving
ground to test the new geological sampling and estimation protocols
thus developed, leading to optimized silver excavation and
recovery. Material handling methods, moving the mineralized
stockpiles from the surface to the mill, will also be evaluated to
prevent any potential errors in material movement. The results of
the new program will result in higher grade material being shipped
to the New Jersey mill.
States USC CEO Graham Clark: “Management and the Board of
Directors have decided to scale back pre-development activities
while we continue to become more knowledgeable about the
characteristics of the silver-bearing mineralization at the
Crescent Mine. The results of our revised geological studies and
exploration protocols, along with future underground and surface
drilling of our large landholding position, will result in a much
more accurate understanding of the nature of the Crescent
mineralization."
ABOUT UNITED SILVER CORP.
USC is a vertically integrated mining company with operations in
Idaho, USA. It has a majority interest in the Crescent Silver Mine
project in Idaho's prolific Silver Belt - directly between two of
the world's historically largest silver producing properties, the
Sunshine and Bunker Hill mines. USC also offers a full suite of
mining services including contract mining and mine machine repair
and fabrication services to silver miners in the district. USC's
common shares trade on the Toronto Stock Exchange under the symbol
"USC". For more information about USC, please visit:
www.unitedsilvercorp.com
ON BEHALF OF UNITED SILVER CORP.
"Graham Clark" Chairman and CEO
FORWARD LOOKING STATEMENTS: This press release contains
forward-looking statements, which address future events and
conditions, which are subject to various risks and uncertainties.
Forward looking statements in this press release include that
further exploration on the splay is expected to contribute
additional ounces per vertical foot to all three test elevations;
that ongoing exploration work will include selective re-sampling of
the backs along both the first and second exploration drifts; that
sampling and re-mapping will determine more precise contacts
between ore and waste, leading to a re-assessment of mining width;
that mapping will identify the potential presence of splays and
off-shoots of the silver mineralization, that bulk samples will be
used for specific gravity re-assessments on a regular basis; that
results of the new program will result in a superior ore being
shipped to the New Jersey mill and a better understanding of the
mineralization; the details of the plans for development as set out
in this press release; and that there may be additional mineral
resources at our property. The Company's actual results and
financial position could differ materially from those anticipated
in such forward-looking statements as a result of numerous factors,
some of which may be beyond the Company's control. These factors
include: results of exploration and development activities,
mis-estimation of mineral reserves and resources, fluctuations in
the marketplace for the sale of minerals, the inability to
implement corporate strategies, the inability to obtain sufficient
financing, labor shortages, possible delays in completing the mill,
the inability to keep key employees, currency fluctuations, general
market and industry conditions and other risks disclosed in the
Company's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and
opinions of the Company's management on the date the statements are
made. The assumptions used in the preparation of such statements,
although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking statements. The Company expressly
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this
news release.