The new deposit, called the Sunday night anomaly, is located 2,000 ft southeast of the Mother Lode deposit and contains an estimated 450,000 tons grading 0.06 oz gold per ton. The deposit is open to the north and south.
Some of the results from the drilling on the new deposit are as follows: WidthGrade Hole(ft)(oz/t) ML-148 850.129 ML-175 900.060 ML-153 750.042 ML-1901050.050 MW-18 700.042
Additional drilling is currently under way to establish the limits of the new mineralization.
Recent drill holes on the west margin of the Mother Lode deposit included the following intercepts: WidthGrade Hole(ft)(oz/t) ML-1721150.069 400.059 ML-1801050.059 ML-1821650.060
The drill program was conducted by N.A. Degerstrom Inc. of Spokane, Wash., which has the right to earn a 20% joint venture interest by spending $2.5 million on the Mother Lode project. Upon Degerstrom earning its 20% interest, U.S. Precious Metals and GEXA Gold Corp of Reno, Nev., will each hold a 40% interest in the joint venture.
U.S. Precious Metals President David Reesor said, “every effort is being made to continue to expand the deposit and achieve commercial production this year.”
A plan of operations has been filed with the Bureau of Land Management and envisions annual production of 25,000 oz of gold at an estimated cost of $200(US) per oz.
U.S. Precious Metals has about 10,116,021 shares outstanding, trading this week in Toronto at about 75 cents .
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