U.S. Silver Announces Exploration Drill Results
Toronto, Ontario -- September 19,
2011 ---- U.S. Silver Corporation (TSX:USA, OTCQX:USSSIF, Frankfurt:QE2)
"U.S. Silver" or "the Company" is pleased to
announce continued positive results from underground diamond drilling at the
Galena and Coeur Mines near Wallace, Idaho.
The Company previously announced positive diamond drilling results from the
4000 and 5200 levels at the Galena mine. The Company has also initiated
drilling on the 3700 level at the Coeur mine in support of resource validation
as part of the ongoing redevelopment planning. Drilling continues on all three
levels with 13,456 feet (4,101 meters) of drilling completed during the second
quarter of 2011 and 39,980 year to date. Currently, three drills are operating
underground with a total of four drill shifts per day.
U.S. Silver has also initiated a surface drilling program and is diamond
drilling the Argentine and Geraldine Veins, in Argentine Gulch, between the
Galena and Coeur Mines. The two veins are the surface expression of the 2400
level, 290 Vein. One deep drill hole has been completed and is being processed,
and a second wedge-off hole has been initiated. Additionally, U.S Silver is
collaring diamond drill holes at the Coeur D'Alene Mine to explore extensions
of known silver-copper bearing veins. Currently two drills are operating on the
surface 24 hours a day seven days a week. A total of 2,200 feet surface
exploration drilling has been completed.
"Increased drilling activity has continued to provide encouraging results
at the Galena and the Coeur mines as we work hard to expand our reserve base
from known areas of mineralization. Grades encountered are in excess of what we
anticipated and we are confident that the Company will once again expand our
reserves this year as we have every year since acquiring the property."
stated Tom Parker CEO of US Silver. "The addition of a surface exploration
drilling program opens the opportunity to define new discoveries on our
extensive land position in a silver rich region that has not been extensively
explored."
DRILLING HIGHLIGHTS
Drilling in 2011 continues U.S. Silver's 2010 trend of
identifying new silver veins as well as extensions of existing silver veins at
the Galena and Coeur Mines. The best intersection encountered on the Coeur 3400
level was 8.2 feet (2.50 m) of true thickness averaging 25.1 opt (780.70 gpt) Ag and 0.58 % Cu. Since March 4, 2011, the best
intersection encountered on the Galena 4000 level was 2.3 feet (0.70 m) of true
thickness grading 44.33 opt (1378.82 gpt) Ag and 2.2%
Cu. The best intersection on the Galena 5200 level was 10.3 feet (3.14 m) of
true thickness grading 26.0 opt (808.69 gpt) Ag and
0.93% Cu.
Coeur Mine, 3400 Level
A new drilling program was completed on the Coeur Mine
3400 Level to validate existing resource blocks. The drilling was conducted on
the 425 Vein and proved successful validating resource blocks and providing
additional new resources.
Results from the six holes intersecting the 425 Vein as follows (vein widths
are corrected for true thickness):
DDH
C34-090
|
from 266.5 ft: 8.2 ft (2.4500m)
|
25.07
opt Ag (777.6 gpt)
|
0.58%
Cu
|
DDH
C34-091
|
from 273.6 ft: 2.3 ft (0.70m)
|
21.36
opt Ag (664.4 gpt)
|
1.11%
Cu
|
DDH
C34-092
|
from 273.5 ft: 1.1 ft (0.34m)
|
37.60
opt Ag (1169.4 gpt)
|
1.79%
Cu
|
DDH
C34-093
|
from 295.7 ft: 6.9 ft (2.10m)
|
10.07
opt Ag (313.2 gpt)
|
0.38%
Cu
|
DDH
C34-095
|
from 225.0 ft: 3.7 ft (1.13m)
|
17.16
opt Ag(533.7 gpt)
|
0.71%
Cu
|
DDH
C34-096
|
from 201.0 ft: 7.8 ft (2.38m)
|
9.76
opt Ag(303.5 gpt)
|
0.32%
Cu
|
Step-out drilling on the 425 Vein also delineated a new adjoining resource
block of 9,000 tons having an average grade of 15.0 opt (466.55 gpt) Ag and 0.44% Cu, for an average thickness of 7.0 feet(
2.13 m).
Galena Mine, 4000 Level
In the West Argentine area of the 4000 Level a new drill program was initiated
to validate resource and vein dip projection in support of automated mining of
the 260 vein and also testing extensions of the footwall 284 Vein. This program
is different from the previous 4000 level Central Area drilling program results
presented in the March 4, 2011 press release. The Central Area results are
currently being followed up with a second phase program currently underway.
Results received to-date are as follows (vein widths
are corrected for true thickness):
DDH
40-226
|
from 385.7 ft: 2.6 ft (0.79m)
|
9.81opt
Ag (305.1 gpt)
|
1.83%
Cu
|
DDH
40-227
|
from 297.3 ft: 1.4 ft (0.42m)
|
11.28opt
Ag (350.8 gpt)
|
1.06%
Cu
|
|
from 383.8 ft: 2.3 ft (0.70m)
|
44.33opt
Ag (1,378.8 gpt)
|
2.20%
Cu
|
|
from 429.0 ft: 1.4 ft (0.43m)
|
68.6opt
Ag (2,133.7 gpt)
|
4.20%
Cu
|
DDH
40-228
|
No
Significant Assays
|
|
|
DDH
40-229
|
from 238.0 ft: 4.6 ft(1.40m)
|
4.86opt
Ag (151.2 gpt)
|
0.13%
Cu
|
|
from 342.1 ft: 5.7 ft (1.74m)
|
7.22opt
Ag (224.6 gpt)
|
0.57%
Cu
|
DDH
40-230
|
from 325.5 ft: 1.0 ft (0.30m)
|
18.49opt
Ag (575.1 gpt)
|
0.88%
Cu
|
|
from 353.8 ft:1.9 ft (0.58m)
|
9.89opt
Ag (307.6 gpt)
|
0.90%
Cu
|
|
from 390.3 ft:3.02 ft (0.92m)
|
22.11opt
Ag (687.7 gpt)
|
2.51%
Cu
|
|
from 435.9 ft:3.6 ft (1.10m)
|
9.96opt
Ag (309.7 gpt)
|
0.90%
Cu
|
DDH
40-231
|
No
Significant Assays
|
|
|
DDH
40-232
|
from119.0
ft:5.3 ft (1.62m)
|
12.10
opt Ag(376.3 gpt)
|
1.58%
Cu
|
DDH
40-233
|
Assays Pending
|
|
|
DDH
40-234
|
from 220 ft:0.21 ft(0.7m)
|
58.8opt
Ag(1828.9 gpt)
|
3.15%
Cu
|
DDH
40-235
|
from 308.7 ft: 2.5 ft(.76m)
|
16.10opt
Ag(500.7gpt)
|
1.60%
Cu
|
|
from 463.4 ft:0.54 ft (.16m)
|
84.8opt
Ag(2,637.6 gpt)
|
3.79%
Cu
|
Galena Mine, 5200 Level
A second phase drilling program is being conducted on the 5200 Level to further
delineate the northern and southern strike extents of the silver-copper 220
Vein which has been developed on the 4600 and 4900 Levels. In addition, the
drilling has provided additional information regarding the adjacent
silver-copper 196 vein, and a new silver-copper vein, the 230 vein. Highlights
from the second phase drill program are as follows (vein widths are corrected
for true thickness):
DDH
52-314
|
from 465.1 ft: 1.8 ft (.55m)
|
31.3
opt Ag (973.5 gpt)
|
1.06%
Cu
|
DDH
52-315
|
from 218.6 ft: 2.8 ft (.85m)
|
6.4
opt Ag (200.6 gpt)
|
0.09%
Cu
|
|
from 349.1 ft: 0.2 ft (.06m)
|
48.4
opt Ag (1,505.4 gpt)
|
1.01%
Cu
|
DDH
52-316
|
from 566.4 ft: 3.9 ft (1.19m)
|
21.4
opt Ag (665.6 gpt)
|
0.47%
Cu
|
DDH
52-317
|
from 372.0 ft: 2.1 ft (.646m)
|
12.3
opt Ag (384.1 gpt)
|
0.15%
Cu
|
|
from 604.6 ft: 10.3 ft (3.14m)
|
26.0
opt Ag (808.6 gpt)
|
0.93%
Cu
|
|
from 684.6 ft: 1.5 ft (.46m)
|
33.6
opt Ag (1045.1 gpt)
|
0.60%
Cu
|
|
from714.6
ft: 2.7 ft (.82m)
|
10.0
opt Ag (311.03 gpt)
|
0.33%
Cu
|
DDH
52-318
|
from 327.0 ft: 0.2 ft (.06m)
|
29.1
opt Ag (905.1 gpt)
|
0.40%
Cu
|
DDH
52-319
|
from367.7
ft: 3.9 ft (1.19m)
|
21.5
opt Ag (668.7 gpt)
|
0.78%
Cu
|
DDH
52-320
|
from 312.2 ft: 2.4 ft (.73m)
|
17.4
opt Ag (542.1 gpt)
|
0.35%
Cu
|
|
from 410.9 ft: 0.5 ft (.15m)
|
347.2
opt Ag (10,798.9 gpt)
|
10.6%
Cu
|
|
from 423.0 ft: 1.7 ft (.52m)
|
100.0
opt Ag (3110.3 gpt)
|
3.77%
Cu
|
DDH
52-321
|
from 106.3 ft: 1.8 ft (055m)
|
36.6
opt Ag (1,138.4 gpt)
|
1.21%
Cu
|
|
from 163.1 ft: 0.8 ft (.24m)
|
108.8
opt Ag (3,384.0 gpt)
|
3.69%
Cu
|
|
from 246.6 ft: 1.0 ft (.30m)
|
51.9
opt Ag (1,614.2 gpt)
|
1.70%
Cu
|
DDH
52-322
|
Pending
|
|
|
DDH
52-323
|
from 115.0 ft: 0.4 ft (.12m)
|
93.0
opt Ag (2,892.6 gpt)
|
3.18%
Cu
|
|
from 327.7 ft: 0.3 ft (.09m)
|
32.2
opt Ag (1001.5 gpt)
|
0.96%
Cu
|
DDH
52-324
|
from 106.3 ft: 0.8 ft (.24m)
|
36.3
opt Ag (1,129.0 gpt)
|
1.40%
Cu
|
|
from 309.8 ft: 0.3 ft (.09m)
|
427.2
opt Ag (13,287.2 gpt)
|
12.0%
Cu
|
|
from 356.1 ft: 0.7 ft (.21m)
|
26.6
opt Ag (827.3 gpt)
|
1.05%
Cu
|
|
from 367.0 ft: 0.6 ft (.18m)
|
44.6
opt Ag (1,387.2 gpt)
|
1.5%
Cu
|
QUALIFIED PERSON
Information of a technical nature in this press release respecting the
properties has been prepared and reviewed by Mr. Gregory P. Nickel, Chief
Geologist for U. S. Silver, who supervised the drilling and sampling programs.
Mr. Nickel is a "Qualified Person" within the meaning of National
Instrument 43-101 of the Canadian Securities Administrators.
All silver assay results reported in this new release were analyzed using
standard fire assay techniques by American Analytical Services located in Osburn, Idaho. Check assays are conducted by ACT Labs,
located in Ontario, Canada. All samples are obtained and assays are reported
under a formal quality assurance program. Underground diamond drill core holes
are drilled with BQ size tools.
ABOUT U.S. SILVER CORPORATION
U.S. Silver, through its wholly owned subsidiaries, owns and/or operates the
Galena, Coeur, Caladay and Dayrock
silver-lead-copper mines near Wallace, Idaho. U.S. Silver controls a land
package totaling approximately 14,000 acres. U.S. Silver is focused on
expanding the production from existing operations as well as exploring and
developing its extensive Silver Valley holdings in the Coeur d'Alene Mining
District.
Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
Certain information in this
press release may contain forward-looking statements. This information is based
on current expectations that are subject to significant risks and uncertainties
that are difficult to predict. Actual results might differ materially from
results suggested in any forward-looking statements. The Company assumes no
obligation to update the forward-looking statements, or to update the reasons
why actual results could differ from those reflected in the forward
looking-statements unless and until required by securities laws applicable to
the Company. Additional information identifying risks and uncertainties is
contained in filings by the Company with the Canadian securities regulators,
which filings are available at www.sedar.com.