THOMPSON FALLS, Mont.–(BUSINESS WIRE)–United States Antimony Corporation (“USAC”)(NYSE MKT: UAMY) reported that a shallow reconnaissance drilling program at its Los Juarez deposit in Queretaro, Mexico was begun to delineate the higher grade zones for mining for the Puerto Blanco pilot mill in Guanajuato, Mexico and to direct the deeper drilling of the Los Juarez deposit in the future. To date, less than 5% of the property that is 3.5 kilometers long and up to 1 kilometer in width has been drilled. Eighty one holes were drilled, and with the exception of 5 holes that were drilled to 3-5meters, the balance of the holes were drilled to a total depth of 0.8-2 meters. Six of the drill holes were in mine pit areas, and the balance of the holes were all in unexplored areas over a distance of 1,600 meters. Most of the holes showed anomalous values of either gold, silver, antimony, or of two or three of these metals. Following are some of the assays from drill hole intercepts (values are per metric ton):.
“Following the successful operation of the pilot plants and permitting, the Company will explore the possibility of a mill adjacent to the deposit.”
USAC is actively drilling the property and will report the results accordingly.
Historically, the Los Juarez property was explored by one of the largest silver producers in the world for silver but was abandoned in about 1969 due to the complex metallurgy of separating the silver from the antimony. Little interest was shown for gold at $35 per ounce.
In 1979, Consejo de Recursos Minerales (Mexican Geological Survey) reported a potential of one million tons with a grade of 253 g/ton (8.1 opt) silver and 1.8% antimony in a layered deposit (“manto”) with a thickness of up to 5 meters. The Survey did not report any gold.
After 11 years and significant investments of management time and money, USAC reports that:
- the property is predominantly a gold property with substantial credits in silver and minor credits in antimony.
- the property is not a manto deposit but a series of deep-seated silica-rich pipes that carry the mineralization vertically for many meters.
- the Company has pilot tested every aspect of the project including the mining, milling, and smelting and has solved the metallurgical problems.
- the Company will dedicate its Puerto Blanco 150 tpd pilot mill to Los Juarez after permitting a cyanide leach plant at the mill site and various equipment at its Madero smelter.
USAC claims no reserves per SEC definitions, and the drilling does not comply with NI 43-101.
John Lawrence the USAC CEO said, “Following the successful operation of the pilot plants and permitting, the Company will explore the possibility of a mill adjacent to the deposit.”
Forward Looking Statements:
This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are based upon current expectations or beliefs, as well as a number of assumptions about future events, including matters related to the Company's operations, pending contracts and future revenues, ability to execute on its increased production and installation schedules for planned capital expenditures and the size of forecasted deposits. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent filings, including Form 10-KSB with the Securities and Exchange Commission.
United States Antimony Corporation
John Lawrence, 406-827-3523