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Re: News Release - Wednesday, May 26, 2010
U.S. Silver Drilling Proves High-grade Ore Extensions
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May 26, 2010 - Toronto, Ontario - U.S. Silver Corporation (TSX-V: USA,
OTCQX: USSIF, Frankfurt: QE2) ("U.S. Silver" or "the Company") is
pleased to announce positive results from underground
Diamond drilling
indicating potential for higher-grade silver resources at the Company's
Galena mine near Wallace, Idaho.
DRILL HIGHLIGHTSSince June, 2006 the Company has conducted underground
Diamond drilling at the Galena mine for a total cost of approximately
US$5.1 million. This drilling, combined with development, successfully
increased proven and probable reserves as of December 31, 2009 to
21,665,700 contained ounces of silver as reported on April 16, 2010.
This is a 99% increase from the reserve base on June 1, 2006 when US
Silver acquired the Galena mine. The drill results discussed in this
press release were not complete at the time the December 31, 2009
reserves were calculated and thus were not included in the
calculations. The drilling programs also identified new mine
development targets including the extension of the 220 Vein.
After curtailing
Diamond drilling during the first half of 2009 to
conserve cash, a single core drill resumed drilling in July 2009 and a
second drill was added in November. Both drills continue to operate.
In addition, the Company operates a small portable core drill for
nearby exploration targets, mine planning and development purposes.
The Company will maintain the current rate of drilling for the
foreseeable future.
EXPLORATION RESULTS
Galena Mine, 220 Vein, 4600-4900 Level
During the second half of 2009, 13,699 feet (4,175 m) of underground
core drilling were completed. Three drill holes from this program
identified the 300 foot (91.4 m) down- dip extension of the 220 Vein
from the 4600 Level to the 4900 Level.
Based on encouraging drilling results, track drifting on the 4900 Level
was conducted on the 220 Vein which was further developed vertically by
a conventional timber raise towards the 4600 level. Initial stoping on
the vein has identified an ore shoot 241 feet (73.5 m) in length,
having an average width of 5.0 feet (1.52 m), and average diluted grade
of 34.19 ounces of silver per ton (1,172 gpt) and 0.68 percent copper.
The widths and silver grades are similar to results obtained from the
recently developed stope in the 220 Vein just above the 4600 Level.
Here the stope is 235 feet (71.6 m) in length with an average width of
5.0 feet (1.52 m) and an average diluted grade of 36.19 ounces of
silver per ton (1,241 gpt) and 0.79 percent copper.
Galena Mine, 114 Vein Complex, 2400 Level
Diamond drilling totaling 10,180 feet (3,103 m) was completed during Q1
2010. The primary focus of the drilling has been to delineate the
down-dip extensions of the 145, 146, 148, 171, 173 and 175 Veins below
the 2400 Level (referred to as the 114 Vein Complex; see Press Release
of May 28, 2008).
The 114 Vein Complex is being mined above the 2400 Level from the 170
Raise, a single transverse raise that accesses all six veins. Three of
the veins host silver-copper ores and three host silver-lead ores. In
2009, a decline ramp was driven to access the veins approximately 100
feet (30.5 m) vertically below the 2400 Level. From
Diamond drill
stations established at the bottom of the decline, a
Diamond drill
program was directed to define the down-dip extension of the veins. The
drilling continued though Q1 2010 and is on-going.
Drilling highlights from results to-date are listed below:
(Note: Silver-copper intercepts of less than 10 opt and/or 1 foot in
width are not reported. Silver-lead intercepts of less than 8 opt are
not reported.)
Hole From True Width A Cu Pb
g
-------- -----------
(Ft) (Ft) (m) (opt) (gpt) (%) (%)
------------ ---- ---- ------ ----- ---- -----
24-233 105.0 1.6 0.49 17.10 586 0.29
24-234 82.1 1.8 0.55 63.93 2192 0.98
24-235 101.0 2.9 0.88 86.13 2953 1.59
249.9 2.0 0.61 20.49 703 0.42
24-236 146.1 3.1 0.94 27.79 953 0.39
158.3 1.1 0.34 40.40 1385 0.48
24-237 86.0 1.3 0.40 44.44 1524 0.73
24-238 201.5 2.8 0.85 17.53 601 3.82
24-240 118.2 2.1 0.64 14.60 501 0.24
262.7 1.1 0.34 17.40 597 2.77
280.5 6.7 2.04 12.34 423 0.81
24-241 173.5 3.1 0.94 12.50 429 0.16
229.7 1.0 0.30 120.00 4114 2.10
24-243 120.4 3.9 1.19 10.68 366 0.10
183.5 3.5 1.07 27.00 926 0.30
227.4 1.3 0.40 19.88 682 9.79
238.8 3.3 1.01 9.07 311 5.86
260.2 5.0 1.52 15.52 532 12.06
24-244 138.5 2.9 0.88 21.73 745 3.44
233.0 3.3 1.01 14.71 504 0.40
24-245 98.1 2.6 0.79 13.48 462 1.83
119.0 2.6 0.79 17.73 609 8.60
24-246 71.2 2.5 0.76 12.60 432 2.28
24-247 74.6 1.8 0.55 10.50 360 0.25
125.4 4.0 1.22 11.78 404 0.10
153.0 2.8 0.85 10.06 345 2.12
186.2 4.4 1.34 29.22 1002 6.55
244.2 7.4 2.26 23.86 818 15.12
24-248 96.8 2.0 0.61 10.60 363 0.11
107.4 5.4 1.65 12.69 435 0.47
142.0 3.7 1.13 27.79 953 10.80
175.8 4.2 1.28 13.02 446 1.80
196.2 2.5 0.76 22.28 764 0.98
215.8 4.2 1.28 13.72 470 7.04
24-249 87.9 4.7 1.43 8.90 305 0.64
120.0 2.0 0.61 9.34 320 4.32
145.7 5.5 1.68 12.21 419 6.00
182.8 4.6 1.40 10.61 364 3.06
240.8 4.0 1.22 12.77 438 0.27
24-250 175.5 2.5 0.76 13.49 463 0.16
201.7 4.0 1.22 21.71 744 0.24
225.0 2.9 0.88 8.41 288 7.01
250.0 4.4 1.24 31.18 1069 9.03
280.3 5.8 1.77 22.65 777 16.48
332.0 3.3 1.01 15.62 536 8.18
385.6 4.5 1.37 8.33 286 12.00
24-251 69.5 3.2 0.98 11.10 381 0.31
132.3 4.5 1.37 19.89 682 2.85
144.7 2.5 0.76 38.56 1322 0.42
182.5 3.9 1.19 15.46 530 4.31
261.4 6.4 1.95 13.42 460 5.56
24-252 111.2 1.8 0.55 10.20 350 1.84
138.2 4.6 1.40 9.65 331 7.21
The current 2400 Level drilling program is scheduled to be completed by
the end of May 2010. It will be followed by interpretation and
re-estimation of the resources and reserves incorporating the new data.
The grades and vein widths identified by drilling to-date indicate
that the mineralization in multiple veins continues at least 150 feet
(45.7 m) below the 2400 Level.
QUALIFIED PERSON
Information of a technical nature in this press release respecting the
properties has been prepared and reviewed by Mr. Daniel H. Hussey,
Manager of Exploration for U. S. Silver, who supervised the drilling
and sampling programs. Mr. Hussey 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
Diamonddrill core holes are drilled with BQ size tools.
ABOUT U.S. SILVER CORPORATION
U.S. Silver, through its wholly owned subsidiaries, owns and operates
the Galena, Coeur, Caladay and Dayrock silver-lead-copper mines in
Shoshone County, Idaho, with the Galena mine being the second most
prolific silver mine in US history. Total silver production from U.S.
Silver's mining complex has exceeded 210 million ounces of silver
production since 1953. U.S. Silver controls a land package now totaling
approximately 14,000 acres in the heart of the Coeur d'Alene Mining
District. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tom Parker, President and CEO (208) 752-0400
View News Release in PDF Format:
http://www.us-silver.com/i/pdf/2010-05-26_NR.pdf
529 KB in size, approx. 1 minute, 40 seconds to download at 56.6Kbps
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Copyright (c) 2010 US SILVER CORPORATION (USA) All rights reserved.
For more information visit our website at http://www.us-silver.com/ or
send mailto:hfairhurst@us-silver.com
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